France's legislative elections : reinforcing the higher bond yield regime

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      <subfield code="a">France's political uncertainty will likely manifest for the insurance sector primarily through sovereign bond market developments. With France's deficit risks extending out to the medium term, we do not expect the current uncertainty risk premium on French bonds to fully unwind. We also see underappreciated upward risk to German sovereign yields amid risks of less fiscal consolidation at European Union level over the coming years. Still, a higher bond yield regime is a positive tailwind for insurance asset portfolios</subfield>
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