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Today France sells E8-9bln...>

FRANCE AUCTION PREVIEW: Today France sells E8-9bln of OATs 0.75% May-28, 1.25%
May-36 and 2% May-48
- BACKGROUND: It is a fairly liquid time of the year and today there are E28bln
of German redemption and coupon payments. ECB APP holdings will be reinvested
back into Bunds but other flows may leak into Spanish or French auctions.
- RV: The 10Y French spread to Germany has traded fairly stable to Germany since
last June. That said, France has underperformed slightly in the past two weeks.
France also underperformed Dutch paper in recent weeks. The French curve is
quite steep at the long end compared to other markets net inflows into life
insurance faded to virtually zero in the second half of 2017. The May-28 was
last issued in November at a yield of 0.76% and cover of 1.57x, the May-36 was
issued in September at a yield of 1.38% and cover of 1.76x and the May-48 was
last issued in Nov at a yield of 1.74% and cover of 1.42x. 
- RESULTS: Nominal Bidding closes at 0950GMT. Results due around 1000GMT.

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