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France Sets Record €310 Billion Borrowing Plan for 2026

Issuance begins in January under a special law authorizing borrowing before a 2026 budget.

Overview

  • The Agence France Trésor unveiled its 2026 financing program, targeting €310 billion in market funding.
  • The first government bond auction is scheduled for 8 January 2026 in Bercy.
  • The planned total is €10 billion higher than previously indicated to cover state spending.
  • The agency said the annual amount could be revised once the 2026 loi de finances is adopted.
  • The AFT set out the program despite the absence of an approved 2026 budget.