French government debt news

Transcription

1 m o n t h l y b u l l e t i n OAT 7, % 4-2 OATi 3% 7-29 OAT,2% 4-28 OAT TEC OAT 4 % 1-29 OAT 8, % OAT, % BTAN 7,7 % 4-2 OAT 4% 4-29 BTAN 4, % 7-23 BTAN 3, % /11/9 2/9/99 OAT 7, % 4-2 OATi 3% 7-29 OAT,2% 4-28 OAT TEC OAT 6, % OAT 8, % OAT, % BTAN 7,7 % 4-2 OAT 4% 4-29 BTAN 4, % /1/9 17/2/2 OAT 8, % OAT 7, % 4-2 OATi 3% 7-29 OAT,2% 4-28 OAT TEC OAT 6, % OAT 8, % OAT, % BTAN 7,7 % 4-2 OAT 4% 4-29 BTAN 4, % INNOVATION SIMPLICITY LIQUIDITY TRANSPARENCY INNOVATION SIMPLICITY LIQUIDITY TRANSPARENCY n 12 May 2 Bloomberg TRESOR <GO> Reuters <TRESOR> Reuters Web : French government debt news Launch of the MTS France electronic trading platform Launched on 2 April, the MTS France company is specialised in electronic trading of French debt. Thanks to this new tool, all French public debt securities (OATs and BTANs) can now be traded electronically, which will help optimise the liquidity and transparency of the French debt market. In order to salute this event, the opinion column in this issue of France Trésor's monthly bulletin is devoted to this subject. First joint auction of 1-year and 3-year OATis The 1-year and 3-year OATis were auctioned jointly for the first time on May 4th. This auction was a clear success since the issued amount was more than three times oversubscribed for both lines. Their amount outstandings were thus raised to EUR 8. bn and EUR 3.2 bn respectively. The 3-year real yield came out for the first time slighly below the 1-year real yield (3.71% vs 3.72%). The interest for the 3-year OATi is also visible when comparing its evolution with the OAT of same maturity. Indeed, as OAT 229 and OATi 229 were both auctioned on April 6th and May 4th, the real yied was stable over the period whereas the nominal yield increased during the same time by 17 basis points. France Trésor will continue issuing both OATi lines to support the growth of this market, particularly its internationalisation, and to ensure its liquidity. French government negotiable debt oustanding on May 4, 2 Non-resident holdings of French government negotiable debt securities as a % of negotiable debt outstanding EUR 93.2bn 17 issues with more than EUR 1 bn 29 issues with more than EUR 1 bn ATi 7/9 BTAN 1/2 AT 4/1 BTAN 7/ ATi 7/29 AT 4/ EUR 12.6 bn held by non-residents at end of January 2 of which OATs for EUR 8.1 bn BTANs for EUR 8.8 bn s for EUR 13.7 bn / 1/ 3/1 1/1 4/2 4/3 4/4 4/ 4/6 1/7 4/9 4/11 4/23 7/ /97 2/98 4/98 6/98 8/98 1/98 12/98 2/99 4/99 Source: Balance of payments 6/99 8/99 1/99 12/99 1/

2 primary market Auction calendar 9//2 Settlement on 1//2 Settlement on 18//2 Settlement on 22//2 Settlement on 29//2 Settlement on /6/2 Settlement on 8/6/2 Settlement on BTAN 13 W. 11//2 13 W. 18//2 2 years 23//2 13 W. 2//2 13 W. 31//2 13 W. 8/6/2 OAT 14/6/2 BTAN 2 W. 11//2 29 W. 18//2 years 23//2 49 W. 2//2 27 W. 31//2 47 W. 8/6/2 Last auctions OATs and BTANs EUR million OAT OAT OAT OATi OATi BTAN 2 years BTAN years April 26 April 21 April 229 July 29 July 229 January 22 July 2 7.2%.%.% 3.% 3.4% 4.%.% Auction date Settlement date Volume announced Amount bid Amount served Bid-to-cover ratio Stop price Weighted average rate Previous auctions Weighted average rate 4//2 4//2 4//2 4//2 4//2 2/4/2 2/4/2 1//2 1//2 1//2 1//2 1//2 26/4/2 26/4/2 from 3 1 to 3 6 from 4 to 6 from 3 to % 99.31% 94.9% 94.42% 94.3% 99.22% 99.88%.29%.9%.86% 3.72% 3.71% 4.46%.2% 7/1/1999 6/4/2 6/4/2 3/2/2 6/4/2 16/3/2 16/3/2 4.8%.31%.69% 3.8% 3.72% 4.1%.8% * including EUR 4 to 6 million of OAT TEC 1 Last auction s EUR million Long- and medium-term financing over the year May 4, 2 6 W. 13 W. 24 to 29 W. 4 to 2 W. 1/4/2 Average amount Weighted average rate 3.9% 3.93% 17/4/2 Average amount Amount forecast for Net cash amount issued 4 Weighted average rate 3.% 3.63% 4.17% 2/4/2 Average amount Weighted average rate 3.7% 3.78% 4.3% 2//2 Average amount Realized at: 39.3% Weighted average rate 3.93% 4.48% OAT BTAN BTANs and OATs 2 issues and cumulative total May 4, 2 OATs and BTANs : indicative repayment schedule May 4, 2* BTAN 4.% 1/22 BTAN.% 7/2 OAT 7.2% 4/26 OAT 8.% 1/28 OAT TEC 1 1/29 ATi 3.% 7/29 OAT 4.% 1/29 OAT.% 4/21 OAT.% 4/229 ATi 3.4% 7/ / 6/ 7/ 8/ 9/ 1/ 11/ 12/ 1/1 2/1 3/1 4/1 Issued before 2 Issued in 2 OATs interest OATs redemption BTANs interest BTANs redemption * Floating coupons estimated at present value 4//2 2

3 secondary market French government debt Source: SROT on 31/12/9, 96, 97, 98 and April Negotiable debt Long-term debt of which OAT Short & medium-term Treasury notes of which of which BTAN Non-negotiable debt nc Total government debt nc % of GDP 42.% 44.% 46.% 47.1% 48.7% nc Average life 6 years 6 years 6 years 6 years 6 years 6 years of negotiable debt 9 days 47 days 7 days 93 days 99 days 143 days Turnover on the most liquid OATs and the 4 most liquid BTANs daily average () OAT ownership by type of holder ownership structure in% French government yield curve monthly average in % Q3-99 households businesses credit institutions insurance companies and retirement funds UCITS public agencies and associations non-resident investors Source : These figures come from a Banque de France's survey; the pourcentage of non-resident holdings is compatible with the more exhaustive figures coming from the balance of payments (see page 1) /99 /99 6/99 7/99 8/99 9/99 1/99 11/99 12/99 1/ 2/ 3/ months 6 months 1year 2 years 3 years 4 years years 6 years 7 years 8 years 9 years 1 years 1 years 2 years 3 years OAT (Sicovam) OAT (Clearstream OAT (Euroclear) BTAN (Sicovam) April 3, 1999 March 31, 2 April 3, 2 International)* Source: Bloomberg * Clearstream International's statistics no longer available as from January 2 Primary dealers, monthly fixed-rate repo transactions /99 /99 6/99 7/99 8/99 9/99 1/99 11/99 12/99 1/ 2/ 3/ 1-3 days 4-11 days 12-3 days > 3 days Source: Primary dealers Primary dealers, repo outstanding at end of month 113 Real yield of the OATi 3% 7/29 in % indicative daily quote on the secondary market (1) Base reference (CPI July 2, 1998): (2) 2.1 Total outstanding: April 3, 2 EUR 7.7 bn 1.9 issue. 8/1/99 6//99 26/8/99 21/12/99 13/4/ Real yield of the OATi (1) Breakeven inflation (difference between the yields of the fixed-rate 1-year OAT and the OATi) (2) Nearly the whole french debt of maturity above 1 year is traded on MTS France f o c u s total negotiable debt outstanding ( excluded): EUR 64 bn bonds traded on MTS France: OAT TEC1 1/9 EUR 468 bn OAT TEC1 1/6 ATi 7/9 ATi 7/29 4/99 /99 6/99 7/99 8/99 9/99 1/99 11/99 12/99 1/ 2/ 3/ / 1/ 3/1 1/1 4/2 4/3 4/4 4/ 4/6 1/7 4/9 4/11 4/23 7/29 Fixed-rate repos Source: Primary dealers Floating-rate repos Other legal categories non traded on MTS France traded on MTS France

4 Forum for primary dealers Launch of MTS France MTS France, the new electronic quotation platform on the secondary French public debt market, was successfully launched on 2 April. This platform is managed by the MTS France company, whose ownership structure consists of ParisBourse SBF SA, MTS SpA and all Spécialistes en valeurs du Trésor ( SVT - primary dealers in government securities). The purpose of this new electronic trading platform is to optimise the efficiency, liquidity and transparency of the secondary French government debt market at a time when French government debt is becoming increasingly international and a recognised benchmark in the euro area. With total outstandings of EUR 9 billion, French public debt accounts for almost a quarter of euro-denominated sovereign debt. Indeed, French debt accounts for over 3% of the most liquid euro-denominated government debt lines, i.e. those whose outstandings exceed EUR 1 billion. Quoting more than 3 French government securities (see the focus graph) with maturities from 1 to 3 years, i.e. almost the entire French public debt, the MTS France platform can be used to trade in total outstandings of almost EUR 47 billion. The success of MTS France is underpinned by three pillars : First, the liquidity of the system is maintained by all the Spécialistes en valeurs du Trésor, who have supported this project from inception and are all shareholders. In collaboration with France Trésor, they form a Market Committee charged with laying down trading rules. As part of their obligations, they agree to make markets in the securities concerned in order to ensure at all times maximum liquidity of the entire French debt. Secondly, MTS France benefits from Clearnet SA's clearing expertise and the general expertise of the ParisBourse SBF SA staff in monitoring the market and performing back office duties. This expertise will be extremely valuable once the SVTs start implementing their plan to turn MTS France into a regulated market. Lastly, MTS France benefits from the expertise of MTS SpA, its third partner, with electronic public debt trading systems in Italy and other countries in the euro area. In short, the MTS France project is user-driven and has provided the main French debt players with the incentive to make the French fixed-income market benefit of new techniques, in the innovation tradition for which the French financial market is known. Jean-François THÉODORE, MTS France Chairman May 2, 2 3

5 international comparisons Consumer prices year on year % change /98 9/98 3/99 9/99 3/ Euro zone France USA Japan U.K.* * Excluding mortgage lending General government debt in 1999 as a % of GDP % 1.4% 114.9% % 8.6% 9.3% 61.1% 2 U.K. France USA Germany Canada Japan Italy Source: OECD estimates, December 1999; Maastricht defintion for European countries (new ESA 9) Timetable for the release of French economic indicators and for auctions May 2 2 auction Households confidence survey: April survey 4 OAT auction 9 auction 9 Gross foreign exchange reserves in April 12 Balance of payments in February 12 Consumer prices: provisional index for April 1 auction 17 Foreign trade in March 18 BTAN auction 18 Wage earners: provisional results Q Wages: provisional statistics Q auction 23 Industrial output in March 24 Consumer prices: final index for April 2 Q1-2 accounts: first results 2 Households consumption of manufactured goods in April 26 Industrial investments in April 29 auction 3 New building starts in April 3 Sales of new dwelling units: Q1-2 3 Industrial trends: May survey 31 Job seekers in April 31 Industrial sales prices: April index 31 Net foreign exchange reserves in April June 2 auction 6 Households confidence survey: May survey 8 OAT auction 8 Gross foreign exchange reserves in May 13 auction 14 Balance of payments in March 14 Consumer prices: provisional index for May 1 Wage earners: final results Q Foreign trade in April 19 auction 22 BTAN auction 22 Wages: final statistics Q Industrial output in April 23 Consumer prices: final index for May 26 auction 27 New building starts in May 27 Households consumption of manufactured goods in May 29 Industrial trends: June survey 3 Job seekers in May 3 Industrial sales prices: May index 3 Net foreign exchange reserves in May 4

6 the French economy Macro-economic forecast Real growth rate, n-1 prices GDP growth in France GDP growth in the euro zone Household consumption Investment of which: business investment of which: household housing investment Exports Imports Consumer prices Public deficit (as a % of GDP) Public debt (as a % of GDP) 1999* 2** 21** / Recent economic indicators Industrial output*, year-on-year Household consumption*, year-on-year Unemployment rate (ILO), in % Inflation, year-on-year Inflation, excl. tobacco, year-on-year Seasonally-adj. FOB/FOB data (EUR bn) Trade balance, 1999 Trade balance, cumulative, 2 Current account balance, 1999 Current account balance, cumulative, 2 1-year interest rate (OAT) 3-month interest rate (Euribor) EUR/$ EUR/Yen 4.6 % 2/2 4.1% 3/2 1.% 3/2 1.% 3/2 1.4% 3/ (+1.31% of GDP) 2/ / (+2.62% of GDP) 1/2 1. 1/2.43% at 28/4/ % at 28/4/2.98 at 28/4/ at 28/4/2 * Quaterly National Accounts Q final results ** Source: National Economic Commission, March 2 (median scenario for 21) Source: INSEE, Ministry of the Economy, Finance and Industry and Banque de France * manufactured goods Gross Domestic Product in % The French financial market: change in the CAC 4 index Q1 9Q2 9Q3 9Q4 96Q1 96Q2 96Q3 96Q4 97Q1 97Q2 97Q3 97Q4 98Q1 98Q2 98Q3 98Q4 99Q1 99Q2 99Q3 99Q4 Year-on-year basis (left-hand scale) Source: INSEE, Quarterly National Accounts (9 prices) Government budget monthly position FRF billion General budget balance - expenditure - revenue Balance of special Treasury accounts General budget outturn Quarterly growth rate (right-hand scale) end-of-february level Source: Ministry of the Economy, Finance and Industry, Budget Directorate For more information: Information on France Trésor INTERNET BLOOMBERG TRESOR<GO> REUTERS <TRESOR> REUTERS Web TELERATE Pages Menu /98 2/99 4/99 6/99 8/99 1/99 12/99 2/ 4/ Public finance as a % of GDP Index (index value) (right-hand scale) Source: Bloomberg , (2) 21 (2) General government deficit (1) (left-hand scale) Central government deficit (1) (left-hand scale) Traded volume (millions of securities traded per day) (left-hand scale) Source: (1) INSEE, General Government Accounts (ESA 9) (2) For 2 and 21, National Economic Commission forecasts, march / / General government debt (right-hand scale) French goverment debt news p. 1 Primary market p. 2 Secondary market/forum for primary dealers p. 3 International comparisons/the French economy p. 4 Negotiable government debt outstanding p. and 6 Auction and settlement dates for the 2 sd quarter 2 p. 7 and 8 France Trésor monthly bulletin French Available government in French, indicative English, German financing and program Japanese for 2 p. 9 and 1 Publication Manager: Michel Le Clainche Editor: France Trésor - Bureau A1 To subscribe, write to: France Trésor BP LILLE CEDEX 9 - France / Fax : Contents F.R.I. Communication / Paris - Imprimerie de Montligeon - Dépôt légal 3 ème trimestre 199 / N ISSN / Certificat d inscription à la CPPAP n 2 3 AD

7 n 12 mai 2 Dette négociable de l État French Government Negotiable debt outstanding OAT au 3 avril 2 / OAT at April 3, 2 CODE ISIN SICOVAM Libellé de l emprunt/bond Encours Échéance / Maturity EUR FR79 OAT 1% 27 mai FR71 3 ÉTAT 6,7% 17 juillet FR711 1 V OAT TRA 13 septembre Échéance / Maturity EUR FR713 7 V OAT TME 2 janvier FR714 OAT 9,% 2 janvier FR71 2 OAT 1% 26 février FR717 8 OAT 7,% 2 juillet Échéance / Maturity EUR FR719 4 OAT 8,% 1 mars FR722 8 OAT 6,7% 2 avril (encours démembrés/stripped bonds) (47 91 ) FR724 4 OAT 8,% 2 novembre Échéance / Maturity EUR FR727 7 OAT 8,% 2 avril (encours démembrés/stripped bonds) ( ) FR728 OAT 8% 2 avril (encours démembrés/stripped bonds) ( ) FR73 1 OAT 6,7% 2 octobre (encours démembrés/stripped bonds) (442 3 ) Échéance / Maturity EUR FR732 7 OAT 8,2% 27 février FR736 8 OAT,% 2 avril (encours démembrés/stripped bonds) ( ) FR734 3 OAT 6% 2 avril (encours démembrés/stripped bonds) (291 3 ) FR74 OAT 6,7% 2 octobre (encours démembrés/stripped bonds) ( ) Échéance / Maturity EUR FR743 4 OAT 7,% 2 avril (encours démembrés/stripped bonds) ( ) FR746 7 OAT 7,7% 2 octobre (encours démembrés/stripped bonds) ( ) Échéance / Maturity EUR FR749 1 OAT 7,2% 2 avril (encours démembrés/stripped bonds) ( ) FR7 9 OAT 7% 2 avril (encours démembrés/stripped bonds) (389 6 ) FR73 3 OAT 6,% 2 octobre (encours démembrés/stripped bonds) (499 1 ) FR74 1 V OAT TEC 1 2 octobre Échéance / Maturity EUR FR77 4 OAT,% 2 avril (encours démembrés/stripped bonds) ( ) FR79 OAT,% 2 octobre (encours démembrés/stripped bonds) ( ) Échéance / Maturity EUR FR763 2 OAT,2% 2 avril (encours démembrés/stripped bonds) (63 38 ) FR766 OAT 8,% 2 octobre (encours démembrés/stripped bonds) ( ) CODE ISIN SICOVAM Libellé de l emprunt/bond Encours Échéance / Maturity EUR FR767 3 V OAT TEC 1 2 janvier FR OAT 4% 2 avril (encours démembrés/stripped bonds) ( ) FR V OATi 3% 2 juillet FR V OATi 3% 2 juillet 29 particuliers août FR V OATi 3% 2 juillet 29 particuliers septembre FR22164 V OATi 3% 2 juillet 29 particuliers octobre FR22166 V OATi 3% 2 juillet 29 particuliers novembre FR V OATi 3% 2 juillet 29 particuliers décembre FR V OATi 3% 2 juillet 29 particuliers janvier FR V OATi 3% 2 juillet 29 particuliers février FR V OATi 3% 2 juillet 29 particuliers mars FR V OATi 3% 2 juillet 29 particuliers avril FR OAT 4% 2 octobre (encours démembrés/stripped bonds) (11 ) FR OAT 4% 2 octobre 29 particuliers novembre FR OAT 4% 2 octobre 29 particuliers décembre FR OAT 4% 2 octobre 29 particuliers janvier Échéance / Maturity EUR FR OAT,% 2 avril (encours démembrés/stripped bonds) (1 ) Échéance / Maturity EUR FR773 1 OAT 6,% 2 avril (encours démembrés/stripped bonds) (33 97 ) Échéance / Maturity EUR FR778 OAT 8,% 26 décembre Échéance / Maturity EUR FR792 1 OAT 8,% 2 octobre (encours démembrés/stripped bonds) ( ) FR79 4 ÉTAT 9,82% 31 décembre Échéance / Maturity EUR FR714 4 OAT 8,2% 2 avril (encours démembrés/stripped bonds) (1 2 7 ) Échéance / Maturity EUR FR718 OAT 8,% 2 avril (encours démembrés/stripped bonds) ( ) Échéance / Maturity EUR FR711 OAT 6% 2 octobre (encours démembrés/stripped bonds) ( ) Échéance / Maturity EUR FR OAT zéro coupon 28 mars (non offerte à la souscription) Échéance / Maturity EUR FR OAT,% 2 avril (encours démembrés/stripped bonds) ( ) FR V OATi 3,4% 2 juillet Durée de vie moyenne des obligations : 8 ans et 18 jours Average maturity of OATs: 8 years and 18 days OATi : OAT indexée sur l inflation. TRA : taux révisable, en fonction des taux de rendement des emprunts d État à taux fixe d échéance supérieure à 7 ans, publiés par la Caisse des dépôts et consignations. TME : moyenne arithmétique des taux de rendement moyens mensuels des emprunts d État à taux fixe d échéance supérieure à 7 ans sur l année précédant la date de mise en paiement du coupon. TEC 1 : taux de l échéance constante à 1 ans. Total général EUROS encours démembrés/stripped bonds EUROS en % des lignes démembrables 1,7 % as a % of strippable bonds OATi : inflation-indexed OAT. TRA : variable rate based on the yields of all fixed-rate French Government bonds (EE and OATs included) with maturities greater than 7 years, as published by the CDC. TME : the coupon rate is the arithmetic mean of the monthly average of all fixed-rate French Government bonds (EE and OATs included) with maturities greater than 7 years. The coupon rate is fixed every January based on the previous calendar year. TEC 1 : 1-year constant maturity Treasury. 1 euro = 6,97 FRF Source : ministère de l Économie, des Finances et de l Industrie

8 BTAN au 3 avril 2 Treasury notes at April 3, 2 CODE ISIN Libellé de l emprunt / Bond Encours Échéance / Maturity EUR FR1936 BTAN 4% 12 juillet FR1944 BTAN 7% 12 octobre Échéance / Maturity EUR FR191 BTAN,7% 12 mars FR1969 BTAN 6% 16 mars FR BTAN 3% 12 juillet FR1977 BTAN,% 12 octobre Échéance / Maturity EUR FR BTAN 4% 12 janvier FR198 BTAN 4,7% 12 mars FR1993 BTAN 4,% 12 juillet Échéance / Maturity EUR FR1961 BTAN 4,% 12 juillet Échéance / Maturity EUR FR BTAN 3,% 12 juillet Échéance / Maturity EUR FR BTAN % 12 juillet Durée de vie moyenne des BTAN : 2 ans et 72 jours Average maturity of BTANs: 2 years and 72 days Total général EUR au 3 avril 2 Treasury bills at April 3, 2 Échéance / Maturity EUROS 4// // // //2 31// /6/ /6/ /6/2 29/6/ /7/ /7/ /7/2 27/7/ /8/ /9/2 28/9/ /11/2 16/11/ /1/ /2/ /3/ Durée de vie moyenne des : 122 jours Average maturity of s: 122 days Total EUR Durée de vie moyenne totale de la dette au 3/4/2 : 6 ans et 143 jours Average maturity of debt at 4/3/2: 6 years and 143 days 1 euro = 6,97 FRF Total général* EUROS Source : ministère de l Économie, des Finances et de l Industrie * La réserve de titres du FSR a été mise à zéro. Elle peut être reconstituée à tout moment en cas de besoin / The FSR Securities reserve has been set to zero. Bonds can be created into the reserve at any moment 6

9 indicative calendar OAT 8, % OAT 7, % 4-2 OATi 3% 7-29 OAT,2% 4-28 OAT TEC OAT 6, % OAT 8, % OAT, % BTAN 7,7 % 4-2 OAT 4% 4-29 BTAN 4, % /11/99 2/9/99 OAT 8, % OAT 7, % 4-2 OATi 3% 7-29 OAT,2% 4-28 OAT TEC OAT 6, % OAT 8, % INNOVATION SIMPLICITY LIQUIDITY TRANSPARENCY Auction and settlement dates 2 sd Quarter 2 BTAN OAT Bills issued on 13 w. semestrial annual 2 years 4.% 1/22 years. % 7/2 3/4 6/4 Tuesday 1/4 11/4 13/4 17/4 2/4 Tuesday 2/4 Wednesday 26/4 27/4 Tuesday Tuesday 2/ 4/ Tuesday 9/ Wednesday 1/ 11/ 1/ 18/ 22/ 23/ 2/ 29/ Wednesday 31/ /6 8/6 Tuesday 13/6 Wednesday 14/6 1/6 19/6 22/6 Tuesday 26/6 27/6 29/6 Auction Settlement B TF 13 weeks semester 1 year Each * Generally 1 or 2 s per month * Generally 1 or 2 s per month * Following * Following * Following * B T A N O A T 1/22 7/2 3 rd working of the month * 3 rd working of the month * 1 st working of the month * Following Tuesday * Following Tuesday * Following Tuesday * * or the previous or following working day. 7

10 France Trésor 2 auction calendar OAT AUCTION OAT A fixed-rate 1-year line, CALENDAR FOR 1 st the April 2, 21 OAT or another OAT line to THE YEAR of the month be opened; if market conditions permit, other fixed-rate or floating-rate lines, either existing or to be opened, or inflation-indexed. BTAN SEMESTERLY BTAN Lines auctioned during the first AUCTION 3 rd half-year of 2 CALENDAR of the month BTAN 4.% January 22 BTAN.% July 2. QUARTERLY Each 13 weeks, semester, or 1 year AUCTION CALENDAR according to the calendar on the other side. The Treasury reserves the right to cancel an auction listed on the calendar if exceptional market conditions warrant it, or to hold an extra auction according to its borrowing needs and market trends. Furthermore, the Treasury reserves the right to create new, long- or medium-term during the year, or to issue further tranches of previous issues in accordance with market conditions. The Treasury also reserves the right to use banking syndicate issue procedures. The exact nature of the Treasury issues will be communicated to the market in the days preceding each auction with information on the volume of the issues. INDEX TRESOR Reuters pages on France Trésor MENU : TRESORMENU SVT BTAN OAT OATi STRIPS PENSIONS ABN-AMRO FIXED INCOME FRANCE BANQUE LEHMAN BROTHERS S.A. BANQUE PARIBAS BARCLAYS CAPITAL FRANCE S.A. BNP FINANCE CDC MARCHES CREDIT AGRICOLE INDOSUEZ CREDIT COMMERCIAL DE FRANCE CREDIT LYONNAIS DEUTSCHE BANK FRANCE S.A. DRESDNER KLEINWORT BENSON GOLDMAN SACHS PARIS INC. & Cie HSBC MARKETS AAFI AABOAT AABOAT/1/2 AABILB AAFISTRIP AAFIREPO LB1 LBBTAN2 LBOAT1 LBOAT2 - LBWE PB PBBTAN PBOAT1/2-PBTEC PBOAT2 PBSTRIP1-2-3 PBAMLEUR BARCAPPL BARCAPPL BARCAPOAT1/2 BARCAPIND BARCAPSTRIPS1-2 BZWPL BNPSVT1 BNPSVT2 BNPSVT2/ BNPSVT BNPSTRIP1 OBNQ CDCBILLS CDCBTAN CDCOAT1/2 CDCOAT3 CDCSTRIP1-2 CDCBILLS CAIEUCT1 CAIBTAN1 CAIOAT1/2/CAIVAR1 CAIVAR1 CAISTRIP1 CAIREPO CCF CCFBTAN CCFOAT-CCFTEC CCFTEC CCFSTRIP CCFREPO CL CLBTAN CLOAT1-4 CLOAT3 CLSTRIP1 CLREPO DB DBBTAN1 DBOAT1-2/DBILB DBILB #FRSTRIP=DEBP DBPPL DRB DRBBTAN DRBOAT1-2/DRBTEC1 DRBTEC1 DRBSTRIP1-2 DRBREPO1 GSPK GSPC GSPD-F GSPG GSPH-J GSFRREPO HSBC HSBCBTAN HSBCOAT1-2/HSBCVAR HSBCVAR - HSBC J.P.. MORGAN & Cie S.A. MGPK JPMFR1 JPMFR1-2 MGTEC JPMSTRIPFR MMQU MERRILL LYNCH FINANCE S.A MLFRONT MLFBTAN MLFOAT1-2/MLFTEC MLFOATI MLFSTRIP MLFRONT MORGAN STANLEY S.A. MSFRD MSFRB/D MSFRB-C MSFRC MSFRE MSFRR NATEXIS BANQUES POPULAIRES NBPGVT1 NBPGVT2 NBPGVT2-4 NBPVAR - NBPREPO SALOMON BROTHERS INTERNATIONAL LTD SOCIETE GENERALE SGREPO1 SGOAT1 SGOAT1-2 SGOATVAR1 SGSTRIP1 SGREPO1 UNION EUROPEENNE DE CIC CIC CICBTAN CICOAT1-2/CICTEC CICOATI CICSTRIP CICREPO DAILY BENCHMARKS ON TREASURY BILLS published by Banque de France SVTF-G-H INDEX TRESOR MENU : Telerate pages on France Trésor SVT BTAN OAT STRIPS BANQUE PARIBAS CDC MARCHES CREDIT AGRICOLE INDOSUEZ CREDIT COMMERCIAL DE FRANCE CREDIT LYONNAIS DRESDNER KLEINWORT BENSON J.P. MORGAN & Cie SOCIETE GENERALE UNION EUROPEENNE DE CIC DAILY BENCHMARKS ON TREASURY BILLS published by Banque de France / /34/ / /86/ / / / / /2/26 - Information on France Trésor INTERNET BLOOMBERG TRESOR<GO> REUTERS <TRESOR> REUTERS WEB 8