France issues €6bn of BTFs at negative rates

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Agence France Trésor (AFT), which manages French government debt, said France has borrowed €3.395bn over 13 weeks as part of an overall €6.065bn issue of short term debt via BTF instruments at a negative rate.

Issued on 13 April 2015, the BTFs (bons du Trésor à taux fixe et à intérêts précomptés) are negotiable fixed-rate short-term discount Treasury bills and the French government’s cash management instrument. They are used to cover short term fluctuations in the government’s cash position.

France has issued €3.395bn of three-month BTFs (13 weeks) with a rate of -0.189% against -0.175% for the last issuance on 7 April 2015.

The AFT has also issued €1.275bn of six-month BTFs (24 weeks) and €1.395bn of one-year BTFs (50 weeks), both with a weighted average rate of -0.196%.

As of 28 February 2015, the French government negotiable debt outstanding reached €1.54trn.

 

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