In 2022, Agence France Trésor (AFT) de Bercy plans to raise 260 billion euros in the medium and long term, as much as the record amount of 2021. However, all these issues will not be included in the official French debt ratio. on gross domestic product (GDP).
This gap is explained by the existence of a very specific financial mechanism: issue premiums, which appear when AFT, instead of issuing a new security, offers investors to subscribe to an old bond.
If the characteristics of the loan remain identical to the first issue, the rates on the other hand change.
In times of decline, the securities are therefore put on the market at lower rates and the price of the bond then adjusts upwards.
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In this case, the State pockets an immediate gain, which will be offset to the nearest penny by the lower yield.
“The downward movement in interest rates automatically generates issue premiums and had led us to record…
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