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UK: Week Ahead

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The Agence France Tresor.....>

FRANCE AUCTION PREVIEW
FRANCE AUCTION PREVIEW: The Agence France Tresor will tap the market for
E9.0-11.5bln on Thursday, with E7.5-9.0 targeted for OAT auctions and
E1.5-2.5bln for the new linker. On offer are the 0.00% Feb-22 OAT, 0.00% May-22
OAT, 0.00% Mar-24 OAT, 1.00% Nov-25 OAT and the new 0.10% Mar-29 OATei.
- BACKGROUND: At the last auction of the 0.00% Feb-22 OAT, E3.5bln was sold at
an average yield of -0.34% and bid-to-cover of 2.67x. The 0.00% May-22 OAT was
last sold in January, with E1.5bln allotted at an average yield of -0.35%. The
0.00% Mar-24 OAT was last auctioned at a yield of -0.09% and bid-to-cover of
2.5x. The 1.00% Nov-25 OAT was last tapped in October 2018 with E1.8bln sold at
an average yield of 0.39% and bid-to-cover of 1.8x.
- RV/HISTORY: French OATs have broadly rallied since October, with yields taking
another sharp leg lower in March following the ECB's dovish tilt. Outperformance
at the long-end has caused the curve to flatten. OAT-Bund spreads have similarly
narrowed significantly since the beginning of the year.
- TIMING: The OAT auction results are due shortly after 0950GMT, while linker
results will be published an hour later.
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