France non-financial corp debt holdings: non-financial corps
France non-financial corp debt holdings: non-financial corps stood at 3,919 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 Q4 2017 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 non-financial corporations | 792,164.1 | 765,433.2 | 767,580.1 | 768,357.3 | 750,771.5 | 735,036.1 | 734,200.4 | 739,167.9 | 731,097.4 | 717,993.4 | |
| Held by residents | 310,471.4 | 307,873.1 | 311,817.8 | 317,272.5 | 315,614 | 314,375.6 | 315,708 | 325,823.5 | 326,065.1 | 325,805.9 | |
| Non-financial corporations | 3,919 | 3,537.1 | 3,428.9 | 3,492.2 | 3,313.1 | 3,289.9 | 3,159 | 3,349.5 | 3,459.4 | 3,345.8 |
Understanding france non-financial corp debt holdings: non-financial corps
Commercial enterprises frequently hold debt instruments issued by their peers, and this series measures the nominal value of non-financial corporate debt securities owned by non-financial businesses. It captures inter-company lending executed through marketable securities rather than direct loans, reflecting corporate treasury management strategies. Excluded from this category are financial sector holdings and household investments, isolating the business-to-business debt market.
Inter-firm debt holdings are influenced by corporate liquidity cycles and merger and acquisition activity, which can introduce volatility into quarterly figures. Revisions typically arise from late reporting of corporate treasury transactions or restructurings. Analysts should evaluate these figures alongside broader corporate liquidity metrics to understand whether debt ownership reflects surplus cash management or strategic cross-holding. Comparing this series with financial corporation holdings highlights how corporate treasuries allocate capital relative to professional asset managers.
Frequently asked questions
- What type of transaction does this series capture?
- It records marketable debt securities issued by non-financial firms and held by other non-financial enterprises.
- How do corporate mergers affect these holdings?
- Corporate reorganizations and acquisitions often lead to sudden shifts in inter-firm debt portfolios.
- Why exclude financial corporations from this specific series?
- The metric focuses exclusively on business-to-business holdings, separating corporate treasuries from professional financial intermediaries.