France has already sold 85 percent of this year's debt
Banque de France Governor Emmanuel Moulin said French government debt was very attractive and that investors were asking for more paper than was offered, with borrowing rates the highest since 2008. Economy Minister Roland Lescure said 85 percent of the year's issuance programme was done. Sud Radio, citing AFP, put the 10-year yield at 4.49 percent Tuesday morning.
Economics & Markets··Morning
Lescure: 85 percent of issuance is already done
Banque de France Governor Emmanuel Moulin said French government debt was very attractive and that investors were asking for more paper than was offered. Economy Minister Roland Lescure said 85 per cent of the year's issuance programme had been completed without trouble, at higher interest rates. Moulin said borrowing rates were the highest since 2008 and recalled borrowing around 10 per cent in the 1990s. Lescure said that over the past year rates had risen by 80 basis points in Germany, a little more than 90 in France and 100 in the United States. The remarks came on Tuesday in Paris after a meeting of the High Council for Financial Stability.[1]
AFP puts the 10-year at 4.49 percent Tuesday morning
Moulin said French paper is very attractive and that Agence France Trésor is raising funds without trouble even with the highest borrowing rates since 2008. Lescure restated the global rate tension and said 85 percent of the issuance programme was done at higher rates, with the debt burden too high. AFP put the 10-year yield at 4.49 percent Tuesday morning versus 4.47 percent the previous close, and the German bund at 3.53 percent. The High Council on Tuesday left extra bank capital and housing-loan rules unchanged.[2]
Demand for the paper is the shared official line
Both texts print Moulin's attractive-debt line, the 2008 high and Lescure's 85 percent issuance complete. Bloomberg counts the 80-90-100 basis-point yearly rise; Sud Radio adds the 4.49 percent 10-year and AFT issuing without trouble. Borrowing rates are the highest since 2008. The Tuesday Paris press conference is the shared scene.[1], [2]
