Overview
- Agence France Trésor confirmed a €310 billion target for net medium- and long‑term issuance in 2026, defined as maturities of one year or more net of early redemptions.
- A special law promulgated by President Emmanuel Macron authorizes tax collection and market borrowing from January despite the absence of a voted budget.
- The agency noted the amount may be revised once Parliament adopts the 2026 finance law, with budget debates scheduled to resume in January.
- France’s debt burden and funding costs have risen, with public debt near €3.5 trillion in Q3 2025 and an average 2025 medium/long‑term rate of 3.14% and a 10‑year rate around 3.37%.
- Market pricing has turned less favorable for France, with reported spreads wider than Germany, Italy and Spain, and the next market operation scheduled for Thursday, 8 January.