France covered bonds: outstanding amount
France covered bonds: outstanding amount stood at 337,814.81 EUR million in Q2 2026, according to Banque de France – Webstat (webstat.banque-france.fr). It is one of the indicators in the Debt securities holders table (Value · Quarterly), with a complete series running from Q1 2008 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the Debt securities holders table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Covered bonds | |||||||||||
| Outstanding amount | 337,814.81 | 331,763.6 | 327,680.19 | 328,548.33 | 329,237.73 | 325,021.02 | 322,009.54 | 319,030.25 | 320,627.87 | 320,744.21 | |
| Net issues in the quarter | 2,809.17 | 4,016.71 | -4,140.37 | -658.78 | 970.9 | 3,090.6 | -332.87 | -1,636.95 | -185.75 | 11,502.78 |
Understanding france covered bonds: outstanding amount
Cumulative nominal stocks of dual-recourse secured liabilities issued by specialized credit institutions quantify the aggregate principal amount of active collateralized debt obligations remaining on balance sheets at period close. The metric captures the total live pool of debt instruments backed by dedicated asset pools, typically residential mortgages or public sector loans, excluding uncollateralized senior notes and subordinated debt categories. This aggregate tracks the overall debt capacity utilized through specialized legal structures designed to offer investors preferential recovery rights over ring-fenced cover pools in the event of default.
Interpreting these figures requires accounting for regular portfolio amortization, early redemption schedules, and the continuous addition of newly originated collateral assets to maintain statutory cover ratios. Analysts must examine period-on-period changes cautiously because fluctuations reflect both fresh primary market floatation volume and the natural run-off of mature underlying loans. Comparing this metric against general unsecured bank bond totals reveals the extent to which funding strategies rely on secured structural enhancements rather than plain vanilla debt issuance.
Frequently asked questions
- What assets serve as collateral for the underlying debt pool?
- Cover pools typically consist of high-quality residential mortgage loans, commercial real estate loans, or public sector exposures that meet strict regulatory eligibility criteria.
- How do these obligations differ from standard senior unsecured bank bonds?
- Secured obligations grant investors dual recourse to both the issuing institution and a dedicated, legally segregated pool of assets in case of insolvency.
- Why might this stock fluctuate independently of new issuance activity?
- The total volume is constantly altered by scheduled principal repayments, early borrower prepayments, and the removal of non-performing loans from the cover pool.