France 3-year constant maturity bond yield (TEC)
France 3-year constant maturity bond yield (TEC) stood at 3.77% 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) | |||||||||||
| 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 | |
| 5-year constant maturity rate | 4.14 | 4.11 | 4.16 | 4.17 | 4.2 | 4.11 | 4.2 | 4.16 | 4.08 | 4.26 |
Understanding france 3-year constant maturity bond yield (TEC)
This dataset measures the benchmark three-year constant maturity yield for French government obligations, utilizing interpolated market pricing to establish a uniform yield for a fixed duration. Positioned between ultra-short monetary policy gauges and intermediate fiscal benchmarks, this three-year rate reflects medium-term economic outlooks and intermediate refinancing costs for the state. The underlying mathematics strips away coupon variations among diverse physical bonds, generating a synthetic yield that applies solely to nominal fixed-rate debt while excluding inflation-indexed securities and private corporate obligations. Each adjacent maturity row utilizes a similar interpolation framework but targets a different point on the temporal spectrum.
Evaluation of this series is most effective through daily or weekly sequence tracking, observing directional momentum relative to shorter and longer duration peers rather than analyzing absolute levels in isolation. Day-to-day fluctuations are driven by shifting macroeconomic consensus and investor risk appetite, requiring no seasonal smoothing since markets operate continuously. Historical comparisons across long horizons must account for potential shifts in the underlying curve-fitting models used by debt administrators. Observers should avoid treating this yield as a proxy for consumer borrowing costs, as retail loan pricing incorporates substantial bank spread adjustments absent from wholesale sovereign debt benchmarks.
Frequently asked questions
- What role does the three-year maturity play on the yield curve?
- It acts as an intermediate bridge, capturing market sentiment spanning beyond immediate policy horizons without reaching into long-term structural risks.
- Are inflation-indexed bonds factored into this three-year rate?
- No, calculations are restricted to standard nominal fixed-rate government securities.
- How should analysts handle holiday periods when markets are closed?
- Published series simply carry forward the previous session's yield or leave dates blank depending on the specific dissemination calendar rules.