Société de recherche indépendante en macro-économie et stratégie d’investissement

French public debt issue is a recurring market concern, particularly because of the rise in bond yields and major rating agencies revising their ratings (Moody’s left the rating of French debt unchanged on 20 October and Fitch’s review is on 27 October). Bear in mind that French debt downgrades have typically had virtually no impact on sovereign spreads (there have been seven downgrades since 2012)...