French monthly reference rates: bond yield over 7 years TMO
French monthly reference rates: bond yield over 7 years TMO stood at 4.69% in Sep 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 Oct 2004 to Sep 2026. The complete series with an interactive chart, free to download.
This indicator in the Debt securities issuance table
| Indicator | 09-2026 | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Monthly reference rates | |||||||||||
| Average primary market yield on bond issues over 7 years (TMO) | 4.69 | 4.25 | 4.1 | 3.93 | 3.99 | 3.98 | 3.89 | 3.65 | 3.78 | 3.81 | |
| 13-week Treasury bill auction rate (TMB) | 2.65 | 2.53 | 2.47 | 2.39 | 2.28 | 2.26 | 2.21 | 2.05 | 2.07 | 2.12 |
Understanding french monthly reference rates: bond yield over 7 years TMO
Initial borrowing costs established at primary market auctions for medium-term state bonds are quantified through the average monthly primary yield metric. This rate captures the actual pricing achieved when the sovereign issues new debt exceeding the seven-year maturity threshold directly to primary dealers. It stands apart from secondary market indicators by reflecting the marginal cost of fresh debt issuance rather than pre-existing paper traded among investors.
Reading this series requires noting that auction yields depend heavily on bidding dynamics and syndication conditions on specific tender days, making monthly figures sensitive to auction timing. Revisions are rare since initial auction results are definitive, but methodological adjustments can occur when benchmark definitions are updated. Analysts comparing this primary rate with secondary benchmarks must account for the liquidity premiums typically attached to newly issued benchmark bonds.
Frequently asked questions
- What distinguishes this primary yield from secondary market yields?
- This rate measures the actual interest cost incurred by the state at the moment of new issuance auction, whereas secondary yields reflect ongoing market trading.
- What maturity bracket does this rate cover?
- It applies to bond issues with maturities extending over seven years.
- Why might this rate diverge from secondary yields during certain months?
- Primary issuance often incorporates a new-issue concession to attract large-scale bidding, causing temporary divergence from seasoned secondary market levels.