BANK OF FRANCE SELLS 8.45 BILLION FRANC TAP STOCKS
The Bank of France said it sold a total
8.45 billion francs worth of treasury tap stocks through its
latest monthly tender, at which it offered a choice of one
floating rate and two fixed rate tranches.
    It sold 3.6 billion francs worth of the treasury's 8.50 pct
June 1997 tap at an average price of 96.86 pct giving an
average yield of 8.78 pct, up from 8.72 pct at its last tender
of the same tap a month ago.
    It also sold 3.15 billion worth of 8.50 pct November 2002
stock at an average price of 97.24 pct and average yield of
8.83 pct, against 8.98 pct when it was last sold on January 8.
    The bank sold 1.7 billion francs of floating rate 1999 tap
stock at an average price of 97.06 pct, giving an average
spread of 0.39 percentage points above the 13-week treasury
bill reference rate, little changed from the 0.40 point spread
at the last offering a month ago.
    Total demand at today's auction was 28.7 billion francs,
including 5.1 billion for the 8.50 pct 2002 tranche, 13.95
billion for the 8.50 pct 1997 tranche and 9.65 billion for the
1999 floating rate tranche.
 REUTER
