France sold 3, 6 and 12-month bills at at rock-bottom rates.
- The 13-weeks sold at 0.074%, the lowest in 4 auctions since April 14 but only marginaly.
- The 26-weeks sold at 0.111%, which is roughly inline with the past 4 sales.
- The 50-week bills sold at 0.185%, slightly higher than 0.174% at lat weeks auction but 3-4 bps lower than the April auctions.
This was business as usual. France will continue to be seen as a safe haven. Thursday’s sale of Spanish 3-year and 4-year notes is the highlight this week.
