Fayolle outlines AFT’s power of three

The Agence France Trésor (AFT) has long been regarded as one of the most transparent and innovative borrowers within the universe of sovereign borrowers in the eurozone. It needs to be, because it has a sizeable funding requirement of some €174bn in 2014. Demand for eurozone sovereign issuance is robust, driving government bond yields ever lower. But many analysts believe that France’s economic fundamentals still look shaky, and that the jury is still out on whether the government will be able to deliver much-needed structural reforms and spending cuts. Speakers at the GlobalCapital AFT roundtable gathered to compare notes on the challenges facing the French economy, the outlook for French government bond yields, and the latest developments in the AFT’s funding strategy.