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France revised Budget adopted but no change to issuance

EUROZONE ISSUANCE
  • France has adopted the revised Draft Budget Bill today (the PLFR).
  • Financing needs for 2021 are now estimated to be E327.7bln (up from E293.0bln previously).
  • However, there is no change to MT/LT issuance (still E260.0bln net of buybacks) or BTF issuance (net E19.5bln increase).
  • There will be a drawdown of E47.8bln from the Treasury's account (largely financed by the 2020 fiscal deficit coming in E45.2bln lower than expected at the time of the initial 2021 Budget act).

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