France negotiable state debt share: non-residents
France negotiable state debt share: non-residents stood at 56% in Q4 2025, 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 Q4 1999 to Q4 2025. 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share of all State securities held by non-residents and residents | |||||||||||
| Non-residents, negotiable State debt (Banque de France series) | 56 | 55.1 | 55.4 | 54.7 | 54.6 | 54.5 | 54.7 | 54.1 | |||
| Non-residents | 59.66 | 57.5 | 56.07 | 55.15 | 55.02 | 54.33 | 54.62 | 54.06 | 54.27 | 53.69 |
Understanding france negotiable state debt share: non-residents
Focusing specifically on marketable instruments, this series calculates the non-resident share of tradable state debt securities issued or cataloged through official national central bank statistics, separating negotiable debt from non-negotiable loans and specialized non-market instruments. It measures foreign participation strictly within the segment of sovereign debt that can be freely bought and traded on secondary financial markets, providing a targeted view of international portfolio flows. The denominator consists exclusively of negotiable state debt held by both residents and non-residents.
When reading this metric, analysts must account for secondary market liquidity, benchmark index rebalancing, and cross-border custodial shifts that specifically impact tradable paper. Quarter-on-quarter comparisons can be volatile due to shifting foreign exchange hedging costs and international portfolio reallocations, rendering year-on-year trends more suitable for tracking structural foreign demand. Comparing this negotiable debt share with total debt shares highlights differences between liquid market positioning and non-market official holdings.
Frequently asked questions
- What defines negotiable state debt in contrast to total debt?
- Negotiable debt consists of standardized securities that can be freely traded on secondary markets, excluding direct loans and non-tradable claims.
- Why isolate non-residents in the negotiable debt segment?
- Foreign investors primarily trade marketable securities rather than holding non-tradable official loans or specialized administrative debt.
- How do benchmark bond indices affect this series?
- Inclusion or weight adjustments in global bond indices can trigger substantial buying or selling by foreign funds tracking those benchmarks.