France 1-year constant maturity bond yield (TEC)
France 1-year constant maturity bond yield (TEC) stood at 3.3% on Oct 16, 2026, according to Banque de France – Webstat (webstat.banque-france.fr). It is one of the indicators in the Daily debt market rates table (Value · Daily), with a complete series running from Nov 3, 2004 to Oct 16, 2026. The complete series with an interactive chart, free to download.
This indicator in the Daily debt market rates table
| Indicator | 16-10-2026 | 15-10-2026 | 14-10-2026 | 13-10-2026 | 12-10-2026 | 09-10-2026 | 08-10-2026 | 07-10-2026 | 06-10-2026 | 05-10-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Constant maturity rates of French government bonds (TEC) | |||||||||||
| 1-year constant maturity rate | 3.3 | 3.27 | 3.28 | 3.28 | 3.28 | 3.25 | 3.26 | 3.26 | 3.25 | 3.37 | |
| 2-year constant maturity rate | 3.57 | 3.54 | 3.57 | 3.61 | 3.63 | 3.6 | 3.65 | 3.59 | 3.54 | 3.69 |
Understanding france 1-year constant maturity bond yield (TEC)
This metric tracks the theoretical annual yield of a standard French Treasury bond with an exact remaining maturity of one year, computed through interpolation of actual market transactions rather than tracking a single static instrument. Unlike longer-duration debt benchmarks on the curve, this short-term rate responds with heightened sensitivity to central bank policy adjustments and immediate money market liquidity conditions. The methodology isolates a precise duration point from the broader basket of negotiable state debt, filtering out coupon distortions to reflect pure temporal pricing. Excluded from this specific calculation are short-term commercial papers and notes issued outside the formal Treasury bond framework, as well as any sovereign instruments with embedded options or non-standard structures.
Interpreting daily changes requires caution regarding intraday market volatility and holiday settlement schedules that can temporarily distort liquidity. Analysts should evaluate business-day shifts against adjacent maturities rather than relying on month-over-month comparisons, because short-term yields frequently diverge from medium and long-term segments during monetary policy transitions. Revisions to early estimates are rare since the underlying transaction data derives from regulated trading platforms, though methodology adjustments to the curve-fitting algorithm can introduce minor historical breaks. Comparing this short-duration yield directly against corporate money market instruments requires accounting for sovereign credit premia and differing tax treatments inherent in government debt.
Frequently asked questions
- What does a constant maturity rate mean for a one-year bond?
- It represents the yield an imaginary bond with an exact one-year lifespan would command, calculated daily from actual market trades of various issues.
- Why does this short-term yield differ from longer maturity benchmarks?
- Short-term rates reflect immediate monetary policy expectations and near-term liquidity, whereas longer yields incorporate inflation and growth forecasts over extended horizons.
- Are there revisions to daily constant maturity figures?
- Calculations are based on finalized market sessions, so subsequent revisions typically only occur if underlying curve-fitting models undergo structural updates.