What is negotiable state debt in France?

Negotiable state debt represents the portion of the French central government debt that is issued on financial markets in the form of tradable securities, such as short-term bills and medium-to-long-term bonds.

What sectors are covered in the French debt securities dataset?

The data covers debt securities issued by French residents across key sectors, including the general government, monetary financial institutions, non-monetary financial institutions, and non-financial corporations.

What are the TME and TMB reference rates in France?

The TME is the average yield on French government bonds with maturities over 7 years, while the TMB represents the 13-week Treasury bill auction rate.

How far back does the French debt securities data go?

This monthly dataset from the Banque de France provides continuous historical series starting from 1999.

France debt securities issuance

Name: France debt securities issuance
Creator: Banque de France – Webstat (webstat.banque-france.fr)
License: https://creativecommons.org/licenses/by/4.0/

France debt securities issuance and negotiable state debt from the Banque de France.

Source: Banque de France – Webstat (webstat.banque-france.fr)Last updated: Sep 15, 2026, 10:35Curated by Bui Thanh PhucAbout this data ↓

Indicator	08-2026	07-2026	06-2026	05-2026	04-2026	03-2026	02-2026	01-2026	12-2025	11-2025	10-2025	09-2025	08-2025	07-2025	06-2025	05-2025	04-2025	03-2025	02-2025	01-2025	12-2024	11-2024	10-2024	09-2024	08-2024	07-2024	06-2024	05-2024	04-2024	03-2024	02-2024	01-2024	12-2023	11-2023	10-2023	09-2023	08-2023
Outstanding amount of debt securities (notional value)11
All resident issuers, all maturities		5,900,756	5,881,017	5,833,106	5,817,230	5,798,092	5,769,174	5,779,724	5,658,679	5,710,056	5,697,956	5,717,993	5,682,884	5,666,911	5,634,787	5,590,177	5,558,060	5,535,096	5,541,849	5,527,067	5,453,337	5,478,705	5,497,959	5,492,359	5,443,895	5,419,342	5,412,229	5,368,398	5,370,165	5,319,308	5,275,680	5,243,840	5,169,987	5,148,485	5,094,552	5,105,640	5,051,856
Non-financial corporations, all maturities		828,873	826,793	825,688	823,020	811,864	815,505	816,028	804,292	815,464	804,139	807,474	796,861	797,202	792,300	789,035	777,364	776,744	772,266	775,948	775,174	784,976	782,546	782,539	782,981	783,286	786,830	786,621	780,115	767,872	766,024	767,967	770,073	775,014	770,143	764,679	757,850
Non-financial corporations, short-term		64,124	64,170	66,405	68,099	62,629	62,536	61,610	57,659	68,805	67,056	64,927	65,785	66,576	64,223	67,389	64,510	57,659	57,321	56,336	54,407	59,919	63,294	63,573	65,391	66,451	65,685	68,850	68,036	61,671	61,448	60,418	58,886	65,756	65,546	62,783	65,587
Non-financial corporations, long-term		764,750	762,622	759,283	754,921	749,235	752,969	754,418	746,633	746,659	737,083	742,548	731,076	730,625	728,077	721,646	712,854	719,085	714,944	719,613	720,767	725,057	719,252	718,967	717,590	716,835	721,145	717,771	712,079	706,201	704,576	707,549	711,187	709,257	704,597	701,897	692,263
Monetary financial institutions, all maturities		1,646,567	1,639,937	1,624,991	1,620,776	1,614,692	1,616,827	1,619,711	1,589,687	1,592,811	1,592,507	1,603,822	1,607,266	1,605,023	1,597,968	1,596,458	1,575,378	1,591,522	1,603,199	1,598,424	1,574,264	1,580,813	1,580,489	1,576,942	1,562,157	1,562,052	1,564,209	1,564,453	1,576,821	1,563,505	1,550,670	1,537,412	1,494,065	1,479,847	1,467,339	1,457,884	1,447,897
Monetary financial institutions, short-term		188,768	186,685	184,116	186,437	179,978	189,727	194,921	182,202	185,720	187,638	195,903	202,095	202,560	198,957	198,619	194,057	206,576	212,643	211,056	206,374	208,003	210,999	219,727	212,369	211,682	218,178	218,475	229,575	227,433	225,871	221,500	221,500	215,436	203,730	207,460	200,873
Monetary financial institutions, long-term		1,457,799	1,453,251	1,440,875	1,434,340	1,434,713	1,427,100	1,424,790	1,407,485	1,407,091	1,404,869	1,407,919	1,405,172	1,402,463	1,399,011	1,397,839	1,381,321	1,384,946	1,390,556	1,387,369	1,367,890	1,372,810	1,369,489	1,357,215	1,349,787	1,350,370	1,346,031	1,345,978	1,347,246	1,336,072	1,324,799	1,315,912	1,272,565	1,264,410	1,263,609	1,250,424	1,247,024
Non-monetary financial institutions, all maturities		296,477	304,140	300,951	293,646	311,197	297,262	296,456	302,263	292,903	289,948	295,438	289,458	289,217	291,984	271,135	268,437	275,026	268,324	268,197	280,590	271,113	272,857	281,102	271,372	274,074	280,490	266,947	264,546	271,701	262,440	267,251	269,248	258,733	243,039	248,782	234,030
General government, all maturities		3,128,839	3,110,147	3,081,476	3,079,788	3,060,338	3,039,579	3,047,529	2,962,437	3,008,879	3,011,363	3,011,260	2,989,299	2,975,469	2,952,534	2,933,549	2,936,881	2,891,804	2,898,061	2,884,498	2,823,309	2,841,804	2,862,069	2,851,775	2,827,384	2,799,930	2,780,700	2,750,378	2,748,683	2,716,230	2,696,546	2,671,210	2,636,602	2,634,893	2,614,031	2,634,295	2,612,079
General government, short-term		276,561	284,606	283,148	282,482	275,104	275,860	284,564	263,407	279,743	267,613	264,682	259,214	261,566	261,362	262,969	260,650	249,536	242,038	249,867	251,414	246,503	244,354	243,112	246,455	243,380	233,228	227,881	219,799	213,917	198,793	194,032	193,009	194,291	188,380	184,533	181,729
General government, long-term		2,852,278	2,825,541	2,798,329	2,797,306	2,785,235	2,763,719	2,762,965	2,699,030	2,729,136	2,743,750	2,746,577	2,730,085	2,713,904	2,691,172	2,670,580	2,676,231	2,642,269	2,656,023	2,634,630	2,571,895	2,595,301	2,617,715	2,608,664	2,580,929	2,556,550	2,547,472	2,522,496	2,528,884	2,502,313	2,497,753	2,477,178	2,443,593	2,440,601	2,425,651	2,449,762	2,430,350
Net issues of debt securities, seasonally adjusted11
All resident issuers, all maturities		10,443	35,191	30,109	13,284	35,861	-7,280	60,014	-2,452	20,286	-168	21,425	15,233	24,839	32,358	46,488	17,891	-489	16,315	20,900	18,006	-16,434	27,133	35,152	23,286	1,107	29,731	14,980	48,974	50,109	31,064	26,220	58,181	55,119	11,266	37,246	23,133
Non-financial corporations, all maturities		3,306	2,227	-1,496	4,293	-2,749	2,873	7,588	1,446	7,374	-3,312	8,203	1,662	5,991	6,161	6,489	-6,639	4,030	-317	-765	2,386	-2,230	-659	-1,097	362	-2,558	2,067	3,502	5,150	1,104	586	-4,312	5,984	3,031	4,599	4,523	1,530
Non-financial corporations, short-term		-1,405	730	-2,428	-536	-314	-308	860	-2,172	2,065	736	801	-554	921	-14	2,000	1,003	-183	-312	-945	3,288	-2,799	-1,636	-76	-1,116	-1,116	335	-331	976	-246	-489	-1,311	2,034	1,056	1,368	-1,004	-592
Non-financial corporations, long-term		4,711	1,497	932	4,829	-2,435	3,181	6,728	3,618	5,309	-4,048	7,402	2,216	5,070	6,175	4,489	-7,642	4,213	-5	180	-902	569	977	-1,021	1,478	-1,442	1,732	3,833	4,174	1,350	1,075	-3,001	3,950	1,975	3,231	5,527	2,122
Monetary financial institutions, all maturities		5,546	13,860	8,911	4,682	5,171	-2,266	15,986	1,777	578	-11,536	-6,054	4,623	6,133	-79	26,804	-18,225	-4,264	5,354	11,799	-2,112	4	2,850	11,752	2,613	-3,286	-2,407	-5,820	10,959	20,730	14,136	32,268	18,655	11,481	7,345	6,718	10,595
Monetary financial institutions, short-term		726	1,100	1,116	3,381	-5,392	-4,543	7,223	-2,156	-3,191	-2,814	-9,224	-414	2,284	-1,437	8,743	-15,833	-1,894	2,503	540	-311	-4,799	-3,564	3,371	620	-8,012	-2,344	-6,094	-964	5,336	6,147	-3,046	7,437	9,359	219	1,811	1,699
Monetary financial institutions, long-term		4,914	12,603	7,809	1,465	10,501	2,252	8,850	3,830	3,704	-8,545	3,143	4,922	3,876	1,306	18,089	-2,269	-2,428	2,836	11,308	-1,865	4,744	6,541	8,368	1,937	4,757	-139	302	12,014	15,359	7,977	35,318	11,171	2,065	7,220	4,910	8,845
Non-monetary financial institutions, all maturities		-9,114	3,478	5,617	-17,860	14,825	363	-6,413	11,487	2,201	-6,256	7,356	1,382	-4,071	21,160	1,258	-7,171	7,839	-147	-13,217	11,463	-2,598	-9,057	10,834	-1,462	-7,650	14,263	1,101	-8,046	10,602	-4,991	-2,955	12,419	14,755	-6,672	15,572	-1,033
General government, all maturities		10,705	15,626	17,077	22,169	18,614	-8,250	42,853	-17,162	10,133	20,936	11,920	7,566	16,786	5,116	11,937	49,926	-8,094	11,425	23,083	6,269	-11,610	33,999	13,663	21,773	14,601	15,808	16,197	40,911	17,673	21,333	1,219	21,123	25,852	5,994	10,433	12,041
General government, short-term		-8,045	1,458	665	7,379	-756	-8,704	21,157	-16,335	12,129	2,931	5,468	-2,352	204	-1,607	2,319	11,114	7,498	-7,830	-1,547	4,912	2,149	1,242	-3,343	3,075	10,152	5,346	8,082	5,882	15,124	4,761	1,023	-1,282	5,911	3,847	2,804	-1,189
General government, long-term		18,750	14,168	16,412	14,790	19,370	454	21,696	-827	-1,996	18,005	6,452	9,918	16,582	6,723	9,618	38,812	-15,592	19,255	24,630	1,357	-13,759	32,757	17,006	18,698	4,449	10,462	8,115	35,029	2,549	16,572	196	22,405	19,941	2,147	7,629	13,230
Net issues of debt securities, 12-month cumulative11
All resident issuers, all maturities		233,845.05	246,230.07	242,929.17	259,170.33	262,995.55	227,324.12	252,656.86	205,341.94	231,350.81	199,996.95	225,633.76	238,989.8	247,568.43	222,558	221,778.4	187,894.48	215,788.31	266,169.62	283,226.88	283,350.01	330,220.06	403,407.49	386,719.11	392,038.1	389,090.72	460,110.15	475,836	461,715.68	457,353.55	437,324.93	437,430.62	455,343.01	451,588.12	462,611.55	451,020.54	454,937.52
Non-financial corporations, all maturities		31,671.65	34,492.2	36,652.69	45,655.79	35,120.31	43,239.71	40,079.73	29,117.64	30,488.4	21,593.27	24,934.8	13,879.72	13,915.43	5,470.8	2,414.15	-2,750.89	8,872.14	6,241.24	7,981.15	5,101.8	9,961.93	12,402.52	17,860	25,131.21	25,427.12	28,654.09	17,289.17	17,178.23	13,041.91	5,111.64	7,971.66	12,433.1	12,780.2	16,327.81	8,599.18	-2,714.4
Non-financial corporations, short-term		-2,453	-53	-984	3,589	4,969	5,215	5,274	3,252	8,886	3,762	1,354	394	125	-1,462	-1,460	-3,526	-4,012	-4,127	-4,082	-4,479	-5,837	-2,252	790	-196	796	1,212	-884	144	-914	-564	-250	-5,845	-3,315	-4,341	-8,176	-8,458
Non-financial corporations, long-term		34,125	34,545	37,637	42,067	30,151	38,025	34,806	25,866	21,602	17,831	23,581	13,486	13,790	6,933	3,874	775	12,884	10,368	12,064	9,580	15,799	14,655	17,070	25,327	24,632	27,442	18,173	17,034	13,956	5,675	8,222	18,278	16,095	20,668	16,775	5,744
Monetary financial institutions, all maturities		41,543.45	41,968.54	28,533.53	45,398.69	23,169.37	13,627.97	21,286.76	15,423.84	11,997.58	12,017.95	26,879.56	45,109.64	42,971.15	33,759.65	32,005.34	-1,443.89	28,017.67	52,529.4	61,012.03	80,198.7	100,966.39	113,149.75	119,058.41	114,259.53	121,500.51	204,468.05	224,237.73	241,935.88	259,566.83	246,252.17	245,384.13	262,535.84	261,493.83	282,086.86	285,544.57	289,684.67
Monetary financial institutions, short-term		-13,819	-12,331	-14,518	-7,627	-26,604	-22,924	-16,143	-24,183	-22,286	-23,361	-23,814	-10,258	-9,101	-19,166	-19,874	-35,543	-20,879	-13,225	-10,441	-15,129	-7,443	7,259	12,239	11,461	12,285	6,924	14,644	26,419	35,186	33,663	33,753	49,864	53,808	66,773	71,320	75,455
Monetary financial institutions, long-term		55,336	54,240	43,036	53,019	49,767	36,544	37,422	39,596	34,281	35,380	50,704	55,384	52,093	52,981	51,862	34,074	48,875	65,757	71,456	95,325	108,399	105,880	106,791	102,764	109,133	197,395	209,527	215,451	224,308	212,502	211,545	212,681	207,694	215,326	214,219	214,265
Non-monetary financial institutions, all maturities		7,260.02	12,156.05	29,815.36	25,208.94	36,171.77	28,938.37	28,258.9	21,672.52	21,789.69	17,090.9	14,335.21	18,085.85	15,142.61	11,493.94	4,187.95	3,891.24	3,324.43	5,883.71	945.83	11,342.57	12,380.76	29,817.34	32,320.26	37,342.32	37,721.25	34,441.73	33,702.6	30,029.26	29,637.21	29,570.35	36,145.71	33,773.96	31,203.02	23,874.52	23,025.26	19,404.23
General government, all maturities		153,369.93	157,613.28	147,927.59	142,906.91	168,534.1	141,518.08	163,031.48	139,127.95	167,075.14	149,294.83	159,484.2	161,914.59	175,539.25	171,833.61	183,170.97	188,198.02	175,574.07	201,515.28	213,287.88	186,706.93	206,910.98	248,037.88	217,480.44	215,305.05	204,441.84	192,546.28	200,606.5	172,572.31	155,107.6	156,390.77	147,929.13	146,600.11	146,111.08	140,322.38	133,851.53	148,563.02
General government, short-term		14,995.39	23,244.55	20,178.97	21,832.19	25,567.94	33,822.61	34,696.49	11,993.09	33,240.02	23,259.74	21,570.53	12,758.92	18,185.72	28,133.58	35,087.18	40,851.06	35,618.7	43,244.41	55,835.61	58,405.14	52,211.45	55,973.71	58,578.79	64,726.12	60,462.27	49,283.18	50,162.08	34,247.53	35,106.7	31,281.17	21,069.98	16,239.53	12,857.7	4,387.02	-6,111.86	-321.13
General government, long-term		138,375	134,369	127,749	121,075	142,966	107,695	128,335	127,135	133,835	126,035	137,914	149,156	157,354	143,700	148,084	147,347	139,955	158,271	157,452	128,302	154,700	192,064	158,902	150,579	143,980	143,263	150,444	138,325	120,001	125,110	126,859	130,361	133,253	135,935	139,963	148,884
Debt securities of non-financial corporations: currency and growth6
Outstanding, euro-denominated		648,510	645,420	646,200	643,750	635,110	639,290	637,760	631,140	641,940	633,030	633,530	623,200	624,140	619,190	617,460	606,640	607,340	603,210	606,890	607,770	617,420	615,550	615,880	619,070	618,390	621,080	620,960	615,270	610,280	608,030	609,260	609,300	613,330	607,020	602,780	596,390
Outstanding, foreign currency		111,320	112,680	109,150	108,610	107,220	104,650	106,320	101,800	103,180	100,710	103,950	104,400	105,130	103,920	105,230	103,820	106,420	109,270	108,950	107,520	106,580	103,550	101,530	99,200	101,520	102,810	101,530	101,550	93,910	94,310	95,200	95,800	97,230	100,250	99,500	97,620
Gross issues, 12-month cumulative		401,830	398,980	394,660	390,920	377,400	376,290	378,020	373,020	375,090	365,000	355,190	349,630	351,000	351,640	348,970	344,720	355,860	360,160	358,170	358,810	361,660	364,220	369,460	371,670	373,040	375,080	372,360	378,120	371,120	364,730	369,660	378,280	379,400	384,260	387,900	390,700
Annual growth rate of outstanding debt securities		4.35	4.77	5.09	6.44	4.96	6.14	5.67	4.11	4.27	3.03	3.5	1.95	1.95	0.77	0.35	-0.38	1.26	0.9	1.14	0.73	1.4	1.75	2.54	3.62	3.66	4.12	2.45	2.46	1.89	0.74	1.15	1.79	1.84	2.36	1.24	-0.38
Annual growth rate, short-term		-4.36	-0.1	-1.72	6.62	10.49	11.09	11.46	7.37	17.91	7.1	2.54	0.71	0.22	-2.64	-2.5	-6.11	-7.81	-8.07	-8.15	-9.22	-10.53	-4.08	1.5	-0.36	1.43	2.23	-1.49	0.25	-1.75	-1.09	-0.5	-10.74	-5.63	-7.27	-13.46	-13.24
Annual growth rate, long-term		5.08	5.17	5.68	6.43	4.57	5.79	5.27	3.91	3.26	2.7	3.58	2.05	2.1	1.05	0.6	0.12	1.98	1.6	1.85	1.46	2.41	2.25	2.63	3.96	3.85	4.28	2.81	2.66	2.19	0.88	1.28	2.86	2.52	3.27	2.65	0.9
Negotiable state debt17
Negotiable central government debt outstanding amount - Total in euros		2,901,914	2,877,531	2,850,106	2,846,199	2,823,822	2,808,532	2,800,417	2,737,125	2,771,353	2,780,932	2,777,099	2,764,911	2,747,286	2,722,052	2,700,693	2,702,882	2,661,278	2,673,816	2,635,875	2,601,637	2,625,206	2,632,362	2,622,298	2,599,258	2,576,164	2,563,970	2,529,430	2,526,766	2,497,776	2,483,739	2,463,108	2,429,973	2,426,434	2,411,282	2,426,768	2,410,445
Negotiable central government debt outstanding amount - Short-term (maturity of less than one year) in euros		219,642	220,656	217,140	215,471	204,151	201,055	200,153	195,944	209,000	206,841	200,716	206,833	207,715	206,313	208,036	204,815	198,156	193,158	196,530	201,163	202,498	196,931	195,711	197,264	199,040	196,322	188,598	183,255	182,043	173,822	169,568	169,217	169,117	170,650	167,909	167,342
Negotiable central government debt outstanding amount - Medium and long-term (maturity of one year or more) in euros		2,682,272	2,656,875	2,632,966	2,630,728	2,619,671	2,607,477	2,600,264	2,541,181	2,562,353	2,574,091	2,576,383	2,558,078	2,539,571	2,515,739	2,492,657	2,498,067	2,463,122	2,480,658	2,439,345	2,400,474	2,422,708	2,435,431	2,426,587	2,401,994	2,377,124	2,367,648	2,340,832	2,343,511	2,315,733	2,309,917	2,293,540	2,260,756	2,257,317	2,240,632	2,258,859	2,243,103
Negotiable central government debt outstanding amount - Total in foreign currency		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negotiable central government debt outstanding amount - Short-term (maturity of less than one year) in foreign currency		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negotiable central government debt outstanding amount - Medium and long-term (maturity of one year or more) in foreign currency		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negotiable central government fixed rate debt outstanding amount		2,589,153	2,566,890	2,541,144	2,543,325	2,525,205	2,497,808	2,492,336	2,430,486	2,465,229	2,475,535	2,473,698	2,462,825	2,447,884	2,424,495	2,406,996	2,413,027	2,377,628	2,379,301	2,344,903	2,312,580	2,337,002	2,346,788	2,339,413	2,319,017	2,298,728	2,271,299	2,240,799	2,246,309	2,220,945	2,207,799	2,190,551	2,158,611	2,156,161	2,142,876	2,162,365	2,146,976
Negotiable central government inflation-indexed debt outstanding amount		312,761	310,641	308,962	302,874	298,617	310,724	308,081	306,639	306,124	305,397	303,401	302,086	299,402	297,557	293,697	289,855	283,650	294,515	290,972	289,057	288,204	285,574	282,885	280,241	277,436	292,671	288,631	280,457	276,831	275,940	272,557	271,362	270,273	268,406	264,403	263,469
Negotiable central government debt Year-to-date change - Total in euros		164,789	140,406	112,981	109,074	86,697	71,407	63,292	135,488	169,716	179,295	175,462	163,274	145,649	120,415	99,056	101,245	59,641	72,179	34,238	171,664	195,233	202,389	192,325	169,285	146,191	133,997	99,457	96,793	67,803	53,766	33,135	152,162	128,803	133,471	148,957	132,634
Negotiable central government debt Year-to-date change - Short-term (maturity of less than one year) in euros		23,698	24,712	21,196	19,527	8,207	5,111	4,209	-5,219	7,837	5,678	-447	5,670	6,552	5,150	6,873	3,652	-3,007	-8,005	-4,633	31,946	33,281	27,714	26,494	28,047	29,823	27,105	19,381	14,038	12,826	4,605	351	20,754	28,064	22,187	19,446	18,879
Negotiable central government debt Year-to-date change - Medium and long-term (maturity of one year or more) in euros		141,091	115,694	91,785	89,547	78,490	66,296	59,083	140,707	161,879	173,617	175,909	157,604	139,097	115,265	92,183	97,593	62,648	80,184	38,871	139,718	161,952	174,675	165,831	141,238	116,368	106,892	80,076	82,755	54,977	49,161	32,784	131,408	100,739	111,284	129,511	113,755
Negotiable central government debt Year-to-date change - Total in foreign currency		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negotiable central government debt Year-to-date change - Short-term (maturity of less than one year) in foreign currency		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negotiable central government debt Year-to-date change - Medium and long-term (maturity of one year or more) in foreign currency		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negotiable central government fixed rate debt Year-to-date change		158,667	136,404	110,658	112,839	94,719	67,322	61,850	117,906	152,649	162,955	161,118	150,245	135,304	111,915	94,416	100,447	65,048	66,721	32,323	153,969	178,391	188,177	180,802	160,406	140,117	112,688	82,188	87,698	62,334	49,188	31,940	143,030	122,994	127,295	146,784	131,395
Negotiable central government inflation-indexed debt Year-to-date change		6,122	4,002	2,323	-3,765	-8,022	4,085	1,442	17,582	17,067	16,340	14,344	13,029	10,345	8,500	4,640	798	-5,407	5,458	1,915	17,695	16,842	14,212	11,523	8,879	6,074	21,309	17,269	9,095	5,469	4,578	1,195	9,132	5,809	6,176	2,173	1,239
Negotiable central government debt outstanding amount - Total		2,901,914	2,877,531	2,850,106	2,846,199	2,823,822	2,808,532	2,800,417	2,737,125	2,771,353	2,780,932	2,777,099	2,764,911	2,747,286	2,722,052	2,700,693	2,702,882	2,661,278	2,673,816	2,635,875	2,601,637	2,625,206	2,632,362	2,622,298	2,599,258	2,576,164	2,563,970	2,529,430	2,526,766	2,497,776	2,483,739	2,463,108	2,429,973	2,426,434	2,411,282	2,426,768	2,410,445
Monthly reference rates4
Average yield on government bonds over 7 years (TME)	4.05	3.9	3.73	3.79	3.78	3.69	3.45	3.58	3.61	3.49	3.49	3.56	3.47	3.41	3.29	3.31	3.31	3.48	3.2	3.36	3.06	3.14	3.04	2.95	2.99	3.19	3.2	3.07	3.03	2.89	2.91	2.79	2.71	3.25	3.5	3.3	3.17
Average primary market yield on bond issues over 7 years (TMO)	4.25	4.1	3.93	3.99	3.98	3.89	3.65	3.78	3.81	3.69	3.69	3.76	3.67	3.61	3.49	3.51	3.51	3.68	3.4	3.56	3.26	3.34	3.24	3.15	3.19	3.39	3.4	3.27	3.23	3.09	3.11	2.99	2.91	3.45	3.7	3.5	3.37
13-week Treasury bill auction rate (TMB)	2.53	2.47	2.39	2.28	2.26	2.21	2.05	2.07	2.12	2.06	2.03	2.03	2.01	2	2	2.1	2.21	2.42	2.51	2.71	2.89	3.09	3.17	3.52	3.59	3.76	3.79	3.88	3.92	3.98	3.94	3.95	3.89	3.89	3.89	3.85	3.68
Constant maturity rates, monthly average3

Latest reading

All resident issuers, all maturities stood at 5,900,756 EUR million in Jul 2026. That is +0.3% from Jun 2026 and +4.1% from a year earlier. The series on this page is monthly and runs from Jan 1999 to Jul 2026. Source: Banque de France – Webstat (webstat.banque-france.fr).

Latest: 5,900,756 EUR million; Jul 2026
vs previous period: +0.3%; Jun 2026
vs a year earlier: +4.1%

About this data

France debt securities issuance and negotiable state debt from the Banque de France. The monthly dataset includes outstanding amounts and net issues of debt securities by resident sectors, including general government, monetary financial institutions, and non-financial corporations. It also provides details on negotiable central government debt by maturity, inflation-indexed debt, and monthly reference rates such as the average yield on government bonds over 7 years (TME). All series are available since 1999.

Frequently asked questions

What is negotiable state debt in France?: Negotiable state debt represents the portion of the French central government debt that is issued on financial markets in the form of tradable securities, such as short-term bills and medium-to-long-term bonds.
What sectors are covered in the French debt securities dataset?: The data covers debt securities issued by French residents across key sectors, including the general government, monetary financial institutions, non-monetary financial institutions, and non-financial corporations.
What are the TME and TMB reference rates in France?: The TME is the average yield on French government bonds with maturities over 7 years, while the TMB represents the 13-week Treasury bill auction rate.
How far back does the French debt securities data go?: This monthly dataset from the Banque de France provides continuous historical series starting from 1999.