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France 2022 funding plan

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The AFT has published its updated 2022 funding plan:

  • Redemptions E144.4bln (down from E149.8bln since preliminary; up from E118.3bln in 2021).
  • Estimated deficit E155.1bln (from E143.4bln in initial plan; E197.6bln in 2021).
  • Total financing requirements E298.9bln (prelim estimate E292.7bln; E313.5bln in 2021).
  • M/T issuance net of buybacks at E260bln (in line with preliminary and same as 2021).
  • No net change in stock of BTFs (from E5.0bln in prelim estimate).
  • Linkers to make up approximately 10% of issuance.
  • New bonds planned: One 3-year OAT, one 5/6-year OAT, two 10-year OATs, one 15-year OAT, one new 30-year OATei (via syndication).
  • Potential issues to be examined: 20-30-year OAT via syndication, 10-15-year inflation-linked Green bond.
  • Newly created OATs to have March/September redemption dats, linkers March/July.
  • Green bond taps to continue with limit of green expenditures communicated in January.

Schedule: Jan-Nov: OATs of 8.5+ years first Thursday of each month. OATs of 2-8.5 years third Thursday of each month and inflation-linked third Thursday of each month. Dec 2022: Optional auction of nominal and/or inflation-linked OATs.