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The Ecu exchange offer launched two weeks ago is already a very large success. It has ended on Thursday 9 April for institutional investors, but is still running until Wednesday 15 April for retail investors.
Among the Ecu 17 billions of bonds affected by the exchange, more than Ecu 10 billions have already been presented to the exchange offer. The success ratio is therefore already around 60%, which is quite exceptional for this kind of operation.
With this outstanding success, France confirms its benchmark status for sovereign debt issuance across the euro yield curve. This status is the guarantee of the lowest possible cost of financing, and of a rigorous discipline in managing public finance. By this operation, the French government reinforces what have been the main strengths of its issuing policy for over 10 years : its tradition of innovation, of transparency, and the high degree of liquidity offered to investors.