MNI BRIEF: US Nov Existing Home Sales Jumps 4.8% To 4.15M

MNI BRIEF: BOE Leaves Rates Unchanged In 6-3 Vote Split

MNI BOE WATCH: Bank Keeps Rate At 4.75%, But Three Vote To Cut

MNI BRIEF: CNB Pauses Easing Cycle As Expected

MNI China Daily Summary: Thursday, December 19

MNI BRIEF: China Working On Trade-in Scheme Expansion - MOFCOM

US EIA:NAT GAS STORAGE -125 BCF TO 3,622 BCF DEC 13 WK

MNI: US NAR: NOV EXISTING HOME SALES 4.15M SAAR

MNI: US DEC PHILADELPHIA FED MFG INDEX -16.4

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGB FUNDING UPDATE: France 2025 Funding Plan

EGB FUNDING UPDATE
EurozoneBulletMarketsFixed Income Bullets

France has confirmed the provisional target set in October for E300bln of OAT issuance net of buybacks (and including linkers). The AFT notes that "The funding requirement may be adjusted, if necessary, depending on the 2025 Budget Bill."

  • New issues via auction: One 3-year, one 5/6-year, two new 10-year OATs.
  • "Prospect of" a new 15-20 year OAT via syndication.
  • "Prospect, depending on demand and up to the limit of eligible green expenditures, of a syndicated tap" of the 3.00% Jun-49 Green OAT.
  • "Prospect of" new 30-year OAT.
  • "Consider, depending on market demand" a syndicated launch of a new OATei (no maturity given).
  • "The gross nominal value of medium- and long-term debt issuance in 2024 stood at €339.8bn, consisting of €310.49.4bn in fixed-rate bonds and €29.4bn in inflation-linked bonds. In 2024, AFT bought back €25.0bn of debt maturing in 2025 and € 29.8bn in debt maturing in 2026."
  • Auction schedules will remain as in 2024.
  • Nothing unexpected here.
149 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

France has confirmed the provisional target set in October for E300bln of OAT issuance net of buybacks (and including linkers). The AFT notes that "The funding requirement may be adjusted, if necessary, depending on the 2025 Budget Bill."

  • New issues via auction: One 3-year, one 5/6-year, two new 10-year OATs.
  • "Prospect of" a new 15-20 year OAT via syndication.
  • "Prospect, depending on demand and up to the limit of eligible green expenditures, of a syndicated tap" of the 3.00% Jun-49 Green OAT.
  • "Prospect of" new 30-year OAT.
  • "Consider, depending on market demand" a syndicated launch of a new OATei (no maturity given).
  • "The gross nominal value of medium- and long-term debt issuance in 2024 stood at €339.8bn, consisting of €310.49.4bn in fixed-rate bonds and €29.4bn in inflation-linked bonds. In 2024, AFT bought back €25.0bn of debt maturing in 2025 and € 29.8bn in debt maturing in 2026."
  • Auction schedules will remain as in 2024.
  • Nothing unexpected here.