La dette publique...

Market Risk Refers to the risks associated with changes in market prices, such as interest rates, exchange rates, and commodity prices, on the cost of the government's debt servicing. For bath domestic and foreign currency debt, changes in interest rates affect debt servicing costs on new issues when fixce rate deht is refinanced and on floating rate debt at the rate reset dates. Hence short-duration debt (short-term or floating rate) is usually considered to be more risky than long-term, fixed-rate debt. (Excessive concentration in very long-term, fixed-rate debt can also be risky, since future financing requirements are uncertain. Debt denominated in or indexed to foreign currencies also adds volatility to debt servicing costs as measured in domestic currency owing to exchange rate movements. Bonds with embedded put options can exacerbate market and rollover risks.