France 2-year constant maturity bond yield (TEC)
France 2-year constant maturity bond yield (TEC) stood at 3.57% 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) | |||||||||||
| 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 | |
| 3-year constant maturity rate | 3.77 | 3.76 | 3.79 | 3.81 | 3.82 | 3.78 | 3.84 | 3.8 | 3.73 | 3.91 |
Understanding france 2-year constant maturity bond yield (TEC)
This series calculates the daily constant maturity yield for French sovereign debt carrying a fixed two-year horizon, derived mathematically from a curve fitted to multiple underlying bonds. Distinct from one-year instruments, this two-year measure captures a slightly extended horizon of monetary policy expectations while remaining sheltered from the multi-decade structural risks embedded in long-term debt. The calculation standardizes coupon payments to isolate the pure time value of money over this specific duration, excluding floating-rate notes, inflation-linked bonds, and shorter money market paper. Sibling series in the constant maturity family isolate other exact annual intervals, allowing observers to construct a granular yield curve.
Reading this indicator effectively involves tracking day-to-day shifts against the one-year and three-year markers to spot curve steepening or flattening phases. Analysts should avoid seasonal adjustments since financial market rates trade continuously without seasonal patterns, making business-day comparisons the standard practice. Revisions to published daily levels do not occur under normal operating conditions unless errors in the primary trade feeds are discovered. When contrasting this yield with private sector instruments of identical duration, remember that sovereign debt carries distinct risk weightings and liquidity advantages that suppress its yield relative to corporate alternatives.
Frequently asked questions
- How is the two-year constant maturity yield constructed?
- It is interpolated daily from the active secondary market prices of multiple French government bonds to match an exact two-year duration.
- Why look at the two-year yield instead of overnight rates?
- The two-year rate encapsulates market expectations for monetary policy over a medium-term horizon rather than just current overnight borrowing costs.
- Does this series include inflation-linked bonds?
- No, the calculation relies exclusively on standard fixed-rate nominal government bonds.