French mortgage refinancing agency Caissede 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
