Credit Agricole sees interest from real-money accounts in Thursday's tap of the October 2018 French bond. The one-year roll down for the 2018 bond is tightening by approximately 9bps versus Germany, compared with narrowing of around 3bps for the October 2022 bond. "Our house economic view of sub-par core euro-zone growth in 2013 [0.3% year-on-year] and of further spread-convergence would tend to agree with such a position," Credit Agricole says.
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