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Issuance: Following the second amending......>

FRANCE
FRANCE: Issuance: Following the second amending finance law on April 25 2020,
AFT has confirmed that France will look to issue EUR245bln of M/T & L/T OATS
(net of repurchases) and an increase of short-term debt through BTFs of
EUR64.1bln (all in 2020).
- So far in 2020 net EUR108.7bln of M/T & L/T OATs have been issued (EUR111.7bln
gross issuance with EUR3.0bln repurchases) and short-term debt has been
increased by EUR33.8bln to EUR140.7bln.
- A new 20-year syndication will be planned (depending on market demand).
- The two reserve auction dates will be added to the auction calendar (1st Thurs
in August and 1st Thurs in December). Also added to the calendar will be an
auction on the third Thursday of August.
- Extra auctions:
6 August: Nominal OATS with maturity 8+ years
20 August: Nominal OATs with maturity 2-8 years
(Either August auction may also include index-linked issues)
3 December: A nominal OAT and/or an index-linked auction

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