France government debt by instrument: debt securities
France government debt by instrument: debt securities stood at 3,533 EUR billion in Q1 2026, according to INSEE – Institut national de la statistique et des études économiques (BDM). It is one of the indicators in the Government debt and financial accounts table (Value · Quarterly), with a complete series running from Q2 2009 to Q1 2026. The complete series with an interactive chart, free to download.
This indicator in the Government debt and financial accounts table
| Indicator | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt by instrument | |||||||||||
| Debt securities | 3,533 | 3,434.38 | 3,521.09 | 3,477.42 | 3,404.61 | 3,349.63 | 3,413.5 | 3,278.27 | 3,281.1 | 3,229.6 |
Understanding france government debt by instrument: debt securities
Negotiable financial instruments issued in capital markets by public sector entities to finance budget deficits and manage cash flows make up this specific debt instrument category. This aggregate encompasses Treasury bills, medium-term notes, and long-term government bonds that can be bought and sold on secondary financial markets prior to maturity. It excludes non-negotiable liabilities such as direct bank loans, trade credits, and intergovernmental advances, focusing strictly on marketable securities. This series highlights the component of public liabilities that relies on open market pricing, standard issuance auctions, and broad participation from institutional investors.
Reading these marketable debt figures requires attention to yield curve developments, auction calendars, and maturity structures that influence refinancing operations across different quarters. Analysts should avoid interpreting quarterly issuance totals as direct measures of annual budget deficits, since gross debt security issuance often includes refinancing of maturing obligations rather than net new borrowing. Revisions are infrequent for nominal debt security valuations but can occur when classification boundaries between loans and securities are adjusted. Comparing this instrument category with total borrowing reveals the extent to which public authorities rely on standardized market paper versus bilateral lending arrangements.
Frequently asked questions
- What specific instruments are included in this debt security category?
- Treasury bills, bonds, and notes issued by public authorities that are tradable on secondary financial markets.
- Does this series measure net new borrowing or gross debt issuance?
- It measures the total outstanding nominal stock of debt securities, which incorporates both past borrowings and ongoing refinancing activity.
- How do debt securities differ from public loans in this dataset?
- Debt securities are standardized, tradable market instruments, whereas loans are direct, non-negotiable credit agreements between specific parties.