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Higher end-2020 target for BTF issuance

FRANCE
  • The AFT has said that after the deficit forecast has been revised from EUR 222.9bln (EUR206.0bln previously), M/T and L/T issuance will remain unchanged.
  • However, BTF issuance will be increased and the net change in BTFs for 2020 is now EUR53.3bln, up from EUR42.8bln previously.
  • The rest of the deficit increase will be funded by changes in correspondents deposits accounts and "other sources".

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