France monthly reference rate: 10-year constant maturity
France monthly reference rate: 10-year constant maturity stood at 4% 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 Nov 2004 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Constant maturity rates, monthly average | |||||||||||
| 10-year constant maturity rate | 4 | 3.85 | 3.68 | 3.74 | 3.73 | 3.64 | 3.4 | 3.53 | 3.56 | 3.44 | |
| 2-year constant maturity rate | 2.97 | 2.86 | 2.76 | 2.79 | 2.73 | 2.6 | 2.18 | 2.24 | 2.29 | 2.19 |
Understanding france monthly reference rate: 10-year constant maturity
Long-term secondary market yield conditions are summarized via a standardized constant maturity rate calculated for a ten-year horizon as a monthly average. This benchmark serves as a primary baromoter for long-term borrowing costs, mortgage pricing benchmarks, and investor sentiment regarding multi-year economic prospects. It differs from shorter constant maturity series by capturing the long end of the sovereign yield curve.
Reading this ten-year benchmark requires understanding its sensitivity to long-term inflation expectations, fiscal policy announcements, and global bond market spillovers. Because it is a monthly average, sharp intraday market swings are smoothed, making it appropriate for macro-level research rather than tactical trading. Analysts comparing this rate with primary issuance yields should remember that secondary constant maturity rates reflect seasoned, highly liquid benchmark securities.
Frequently asked questions
- Why is the ten-year constant maturity rate widely followed?
- It acts as the universal benchmark for long-term sovereign borrowing costs and influences a wide range of long-term lending rates.
- How does this series account for bonds approaching maturity?
- The constant maturity calculation models a fixed ten-year duration continuously, substituting new benchmark bonds as older ones age.
- Is this rate published daily before being averaged?
- Yes, daily constant maturity figures are compiled and averaged over all trading days to produce the monthly release.