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Published on Dec 7, 2012
The market seems to love French bonds at the moment, as the summer's ECB OMT programme has removed the tail risk of Euro break-up and investors have played France as a core country with yield pick-up benefits. The recent decline in Treasury and Bund yields on US fiscal cliff concerns and anticipation of more QE in 2013 has cemented the bullishness towards French fixed income. Foreign holdings of government bonds are pushing towards Eur1trn. However, are 10yr French yields at almost 2.00% too low now?