France net issues: central government debt securities
France net issues: central government debt securities stood at 44,968.5 EUR million in Q2 2026, 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 Q1 2008 to Q2 2026. 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt securities issued by: central government (state) | |||||||||||
| Net issues in the quarter | 44,968.5 | 89,392.66 | -42,682.93 | 54,013.97 | 55,626 | 60,983.9 | -21,924 | 59,910.5 | 59,962 | 64,215.49 | |
| Net purchases by non-residents | 79,356.67 | 90,909.43 | -272.24 | 39,438.21 | 43,433.13 | 29,289.59 | -11.93 | 26,118.26 | 42,330.97 | 39,996.83 |
Understanding france net issues: central government debt securities
Central government debt financing flows record the quarterly net change in negotiable debt securities issued exclusively by the central state administration, calculated as gross issues minus redemptions. This indicator reflects the direct budgetary borrowing requirement fulfilled through capital markets during the period. It contrasts with general government metrics by excluding sub-central administrative bodies and municipal debt operations.
Seasonal tax collection patterns and scheduled debt redemptions create pronounced quarterly volatility in these figures, making unadjusted period-on-period comparisons potentially misleading. Analysts should cross-reference these primary market flows with official central budget execution reports to verify consistency. Revisions typically arise when preliminary estimates of non-market debt conversions or debt exchange operations are finalized.
Frequently asked questions
- What specific entities are covered by this net issuance measure?
- It covers only the central state administration, excluding local and regional governments.
- Why do net flows exhibit strong seasonal patterns?
- Tax receipt inflows and scheduled bond redemption dates create predictable quarterly funding cycles.
- What causes revisions to these central government figures?
- Delayed settlement reports and adjustments to debt exchange transactions prompt regular revisions.