France monthly reference rate: 2-year constant maturity
France monthly reference rate: 2-year constant maturity stood at 2.97% 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 | |||||||||||
| 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 | |
| 5-year constant maturity rate | 3.34 | 3.2 | 3.05 | 3.1 | 3.08 | 2.97 | 2.65 | 2.77 | 2.81 | 2.69 |
Understanding france monthly reference rate: 2-year constant maturity
Yield curve positioning at the short-to-medium horizon is evaluated through a standardized constant maturity rate calculated as a monthly average for a precise two-year duration. This synthetic indicator derives from underlying secondary market pricing across multiple securities to construct a constant maturity point, removing distortions caused by the aging of individual bond issues. It differs from specific bill rates by capturing a structured two-year benchmark.
Reading this monthly average requires recognising that constant maturity smoothing adjusts for the changing time-to-maturity of actual bonds, offering a stable series for trend analysis. Sudden shifts in monetary policy expectations can alter this rate rapidly within a monthly period, meaning the average smooths intra-month volatility. Analysts should compare this point with longer constant maturity benchmarks to assess term premium changes.
Frequently asked questions
- What is a constant maturity rate?
- It is a theoretical yield derived from the yield curve for a fixed maturity horizon, calculated using underlying market prices.
- How does this two-year rate differ from the thirteen-week bill rate?
- This measure captures a longer two-year horizon reflecting medium-term expectations, whereas the bill rate covers a much shorter three-month window.
- Are revisions common for constant maturity series?
- Values are generally stable once published, provided no retrospective correction is applied to the underlying yield curve modeling methodology.