GIVEN THE BEHAVIOUR of France’s capital markets so far this year, the republic’s motto – liberté, égalité, fraternité – ought to be augmented by “liquidité”.
“It has definitely been a year of liquidity in France,” says Julian van Kan, head of European, Middle Eastern and African loan syndications and trading at BNP Paribas. Agence France Trésor (AFT), the debt management office of the French treasury, has been a dominant driver of this liquidity, with its medium- and long-term net financing programme for 2004 set to reach a record high of €122 billion, compared with €111.4
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