FRANCE'S CRH CANCELS TWO BILLION FRANC TAP ISSUE
French mortgage refinancing agency Caisse
de Refinancement Hypothecaire (CRH) has cancelled today's
auction of between one and two billion francs worth of tap
stock, the Bank of France said.
    In a statement the agency cited "exceptional circumstances"
on the bond market which resulted in a low level of
applications.
    Today's issue would have been a new tranche of the agency's
March 1987 8.50 pct 12 year issue. At its last auction in May
the CRH sold 2.02 billion francs worth of the stock at a top
accepted price of 91.10 pct giving an average 9.79 pct yield.
 REUTER
