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France 2021/22 funding plans

EUROZONE ISSUANCE

Following the French Budget Bill, AFT has published updated financing numbers for France and the first estimate of 2022 funding.

2021 Funding:

  • Deficit estimate revised down to E197.6bln (from E220.1bln).
  • Total financing requirements revised to E313.5bln (from E338.3bln).
  • M/T issuance net of buybacks remains at E260bln
  • Net change in stock of BTFs reduced to E5.0bln from E19.5bln.
2022 Funding:
  • Redemptions E149.8bln (up from E118.3bln in 2021).
  • Estimated deficit E143.4bln (from revised E197.6bln in 2021).
  • Total financing requirements E292.7bln (from revised E313.5bln in 2021).
  • M/T issuance net of buybacks at E260bln (in line with 2021).
  • Net change in stock of BTFs E5.0bln (in line with revised 2021 increase).

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