France negotiable state debt YTD change: fixed rate
France negotiable state debt YTD change: fixed rate stood at 179,331 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 2009 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Negotiable state debt | |||||||||||
| Negotiable central government fixed rate debt Year-to-date change | 179,331 | 158,667 | 136,404 | 110,658 | 112,839 | 94,719 | 67,322 | 61,850 | 117,906 | 152,649 | |
| Negotiable central government inflation-indexed debt Year-to-date change | 7,305 | 6,122 | 4,002 | 2,323 | -3,765 | -8,022 | 4,085 | 1,442 | 17,582 | 17,067 |
Understanding france negotiable state debt YTD change: fixed rate
This series calculates the cumulative calendar year variation in the principal amount of central government obligations carrying a fixed nominal interest coupon. Unlike floating-rate or inflation-indexed instruments, fixed-rate state liabilities maintain an unchanging coupon payment schedule throughout their lifespan, meaning this accumulation reflects solely the net issuance volume of standard, non-indexed paper since the start of the current calendar cycle. The calculation encompasses all conventional sovereign bonds and medium-term negotiable notes sold via primary auctions, while omitting short-term discount paper and foreign-currency borrowings.
Interpreting this cumulative indicator requires accounting for the seasonality inherent in state budget execution and scheduled redemption clusters. Early estimates are subject to routine administrative adjustments as settlement data are finalized, though structural breaks are rare outside of formal debt management framework updates. Comparing this figure against annual fiscal deficit aggregates provides context on funding strategies, but analysts must avoid treating this series as a proxy for total public debt since it excludes unbundled loans, local government liabilities, and social security financing instruments.
Frequently asked questions
- How does this series differ from floating-rate debt measures?
- It tracks instruments with unchanging nominal coupon rates, whereas floating-rate variants adjust coupon payments according to reference market interest rates.
- Why is the year-to-date calculation restarted annually?
- The accumulation resets at the beginning of each calendar year to measure fiscal borrowing progress within a discrete budgetary period.
- Does this series include short-term Treasury bills?
- No, it focuses exclusively on medium- and long-term negotiable state debt instruments with fixed coupon structures.