France debt securities outstanding: non-financial
France debt securities outstanding: non-financial stood at 63,516 EUR million in Aug 2026, according to Banque de France – Webstat (webstat.banque-france.fr). It is one of the indicators in the Debt securities issuance table (Value · Monthly), with a complete series running from Jan 1999 to Aug 2026. The complete series with an interactive chart, free to download.
This indicator in the Debt securities issuance table
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Outstanding amount of debt securities (notional value) | |||||||||||
| Non-financial corporations, short-term | 63,516 | 64,139 | 64,170 | 66,405 | 68,099 | 62,629 | 62,536 | 61,610 | 57,659 | 68,805 | |
| Non-financial corporations, long-term | 765,331 | 765,525 | 762,622 | 759,283 | 754,921 | 749,235 | 752,969 | 754,418 | 746,633 | 746,659 |
Understanding france debt securities outstanding: non-financial
This measure isolates negotiable debt securities with an original maturity of one year or less issued by business enterprises outside the financial sector. It captures short-term market borrowing instruments such as commercial paper and short-term notes designed to meet immediate working capital requirements and liquidity management needs. Excluded are long-term corporate bonds and short-term bank loans that lack market negotiability. By separating short-term liabilities from long-term obligations, this metric provides a precise indicator of corporate short-term debt exposure and corporate treasury funding strategies.
Seasonality plays a prominent role in short-term corporate debt, as firms frequently adjust commercial paper issuance to match cyclical working capital demands and tax payment schedules. Consequently, analyzing raw month-on-month changes can be misleading without adjusting for predictable calendar patterns. Analysts should review twelve-month variations to identify underlying shifts in short-term corporate funding reliance. A common pitfall is confusing this metric with broader monetary aggregates, as short-term corporate paper represents issuer liability rather than holder liquidity.
Frequently asked questions
- What is the maximum original maturity threshold for instruments in this series?
- Only debt instruments with an original maturity of one year or less are counted here.
- Are bank-issued short-term certificates of deposit included in this corporate total?
- No, monetary financial institutions are excluded, as this series strictly covers non-financial corporate issuers.
- Why do short-term debt volumes exhibit high monthly volatility?
- Firms frequently roll over commercial paper and adjust short-term funding to meet immediate seasonal liquidity requirements.