French 10Y bond spreads had widened almost 50% (from 100bps to 149bps) in the last week of trading ahead of this critical auction and the EURUSD is over 200pips lower. The auction results are in and it is not a total disaster but the bid-to-cover dropped significantly to its lowest since October 2010 and they missed their maximum target.
*FRANCE SELLS TOTAL EU7.963B VS MAX TARGET EU8B OF BONDS
*FRANCE SELLS EUR4.02 BLN 3.25% 2021 BONDS; YLD 3.29%
*FRANCE SELLS EUR690 MLN 4.25% 2023
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