France Targets €310 Billion of Long-Term Issuance in 2026 as AFT Maintains Heavy Supply Across Curve

30 December 2025

By Marta Vilar – MADRID (Econostream) - France’s Agence France Trésor has mapped out a hefty €310 billion funding plan for 2026, a total that sets the tone for sovereign bond markets as investors brace for continued supply across the yield curve, the agency announced on Tuesday.

According to the program, nominal OATs will continue to form the backbone of issuance, while around 10% of the total is expected to come in the inflation-linked segment.

The agency indicated that auction activity will remain the primary issuance channel, with benchmark points across the 3- to 10-year sector to be consistently supplied.

The AFT also left open the possibility of syndicated operations in the very long end, including potential new lines in the 20- or 30-year sector should market conditions warrant.

The announcement also said that the possibility of issuing shorter-maturity syndicated green OATs in 2026 could also be explored, contingent on investor demand and the volume of eligible green expenditure.