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France: bonds

Agence France Tresor is tasked with handling public debt and treasury management. It was created by a Ministry of the Economy, Finance and Foreign Trade order on 8 February 2001.

There are three categories of standardized government securities: OATs, BTANs and BTFs. These securities, whose nominal value is EUR 1, are distinguished by their maturity on issue.

Obligations assimilables du Tresor (OATs, or fungible Treasury bonds) are the government's long-term debt instruments with maturities from seven to fifty years. Most OATs are fixed-rate bonds redeemable on maturity. However, the Treasury also issues floating-rate bonds (TEC 10 OATs pegged to the constant 10-year maturity rate) and inflation-indexed bonds (OATi, OAT€i). OATs are auctioned on the first Thursday of each month.

Bons du Trésor à intérêts annuels (BTANs or negotiable fixed-rate medium-term Treasury notes with annual interest) represent medium-term government debt. On issue, their maturity is either two or five years.

Bons du Trésor à taux fixe et à intérêts précomptés (BTFs or negotiable fixed-rate discount Treasury bills) are the government's cash management instrument. They are used to cover short-term fluctuations in the government's cash position (less than one year), mainly due to differences in the pace with which revenues are collected and expenses are paid and in the debt amortization schedule. On issue, BTFs have a maturity of less than one year.

As of Q1 2013 total amount outstanding is EUR 1373 billion.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
EUR 258 1 779 779 497 358
municipal
EUR 75 10 256 300 000
NOK 1 824 000 000
AUD 1 70 000 000
corporate
EUR 2082 1 283 872 926 260
USD 515 261 098 762 360
GBP 89 43 274 660 000
CHF 82 16 295 000 000
AUD 60 9 752 630 000
NOK 41 27 660 000 000
JPY 39 978 603 000 000
CNY 26 13 984 000 000
HKD 18 12 549 000 000
SEK 17 10 250 000 000
RUB 16 12 797 730 000
NZD 12 935 700 000
ZAR 10 5 139 000 000
SGD 8 1 555 000 000
CZK 8 5 304 000 000
CAD 3 700 000 000
FRF 3 10 449 500 000
TWD 3 1 600 000 000
INR 2 2 300 000 000
RON 2 184 500 000
BRL 1 578 900 000
PLN 1 0
TRY 1 114 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Scope Ratings *** Issuer Rating ***
Scope Ratings *** Issuer Rating (foreign currency) ***
Scope Ratings *** Senior Unsecured Debt Rating ***
Scope Ratings *** Senior Unsecured Debt Rating (foreign currency) ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
France, BTF 28aug2019 - Domestic bonds FR0125375081 0% 1 095 000 000  EUR 03/18/2019 08/28/2019
Banque Federative du Credit Mutuel, 1.75% 15mar2029, EUR - Domestic bonds FR0013408960 1.75% 1 000 000 000  EUR 03/15/2019 03/15/2029
VINCI SA, 2.25% 15mar2027, GBP - Domestic bonds FR0013409166 2.25% 400 000 000  GBP 03/15/2019 03/15/2027
VINCI SA, 2.75% 15sep2034, GBP - Domestic bonds FR0013409174 2.75% 400 000 000  GBP 03/15/2019 09/15/2034
Credit Industriel et Commercial, FRN 20dec2023, EUR - International bonds XS1959991719 15 000 000  EUR 03/13/2019 12/20/2023
Faurecia, 3.125% 15jun2026, EUR - International bonds XS1963830002 3.125% 500 000 000  EUR 03/13/2019 06/15/2026
Natixis, 4% 21mar2034, AUD - International bonds XS1881320490 4% 13 000 000  AUD 03/13/2019 03/21/2034
Credit Agricole CIB, 3.9% 19mar2019, AUD - International bonds XS1885956182 3.9% 13 000 000  AUD 03/12/2019 03/19/2033
Credit Mutuel Arkea, 3.375% 11mar2031, EUR - Domestic bonds FR0013407418 3.375% 750 000 000  EUR 03/11/2019 03/11/2031
France, BTF 13jun2019 - Domestic bonds FR0125375040 0% 5 081 000 000  EUR 03/11/2019 06/13/2019

BIS

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS international bonds outstanding volume
[10215] French international bonds, USD bln 1 479.600 1 492.500 1 561.000 1 531.100 1 498.000 1 468.300 1 406.200
BIS new international bonds volume
[10571] International-bond net issue of France, USD bln -4.000 3.600 -4.400 16.500 -6.900 -5.200 8.100

Domestic bonds outstanding volume

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018
Western Europe domestic bonds outstanding volume
[4343] French govt Bonds outst., EUR bln (without Bills) 1 778.53 1 772.50 1 750.97 1 746.97 1 751.23 1 766.14 1 743.02
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GDP

Yearly indices

Type: 2017 2016 2015
Government debt-to-GDP (Western Europe)
[15427] Government Debt to GDP(France) 97.00 96.00 95.60

Stocks indices

Daily indices

Type: 03/18/2019 03/15/2019 03/14/2019 03/13/2019 03/12/2019 03/11/2019 03/08/2019
Stock market (Developed countries)
[266] CAC 40  5 412.83 5 405.32 5 349.78 5 306.38 5 270.25 5 265.96 5 231.22
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Credit Default Swaps (CDS)

Daily indices

Type: 08/10/2018 07/23/2018 07/18/2018 07/11/2018 06/29/2018 06/28/2018 06/22/2018
CDS Developed markets (sov.) 
[11861] CDS 5Y France mid * * * * * * *
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Inflation

Monthly indices

Type: Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018
Inflation (Western Europe)
[15793] Inflation Rate (France) 1.90 2.20 2.20 2.30 2.30 2.00 2.00
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International bonds outstanding volume

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018
DM international bonds outstanding volume
[11413] France corporate international bonds, USD bln 654.598 653.335 651.604 653.637 655.511 670.506 654.452
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Historical yields (monthly)

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018
Yields for Western Europe long-term domestic bonds
[4271] France, %   0.55 0.65 0.70 0.76 0.82 0.77 0.70
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Deutsche Borse Group

Daily indices

Type: 03/18/2019 03/15/2019 03/14/2019 03/13/2019 03/12/2019 03/11/2019 03/08/2019
DAX EUROGOV® Indices
[4491] EUROGOV® France 10+ Total Return 338.01 337.28 336.60 335.97 336.25 336.98 337.32
[4493] EUROGOV® France 10+ Price 145.54 145.24 144.96 144.69 144.82 145.15 145.33
[4495] EUROGOV® France 1-10 Total Return 212.24 212.19 212.14 212.20 212.14 212.25 212.16
[4497] EUROGOV® France 1-10 Price 97.02 97.02 97.00 97.03 97.01 97.07 97.04
[4499] EUROGOV® France 1-3 Total Return 163.30 163.29 163.31 163.34 163.33 163.34 163.31
[4501] EUROGOV® France 1-3 Price 73.13 73.14 73.16 73.17 73.18 73.19 73.19
[4503] EUROGOV® France 3-5 Total Return 201.08 201.05 201.03 201.10 201.06 201.15 201.06
[4505] EUROGOV® France 3-5 Price 93.13 93.14 93.14 93.18 93.17 93.22 93.19
[4507] EUROGOV® France 5-10 Total Return 256.65 256.56 256.45 256.50 256.39 256.60 256.47
[4509] EUROGOV® France 5-10 Price 120.43 120.40 120.35 120.38 120.33 120.44 120.39
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New international bonds volume

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018 Oct 2018 Sep 2018
DM new international bonds volume
[14819] New issues of international bonds (France), USD bln 6.282 13.476 0.121 0.089 1.072 2.832 13.883
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Risk Management Institute

Daily indices

Type: 03/15/2019 03/14/2019 03/13/2019 03/12/2019 03/11/2019 03/08/2019 03/07/2019
RMI CVI - Europe
[4589] France CVI value weighted  4.80 4.89 4.98 5.06 5.10 5.66 5.46
[4925] France CVI tail  91.96 89.92 96.59 96.23 94.55 104.47 102.89
[4927] France CVI equally weighted  24.16 24.26 25.14 25.42 25.30 26.40 25.67
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New international bonds number

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018 Oct 2018 Sep 2018
DM new international bonds number
[14821] Number of new international bond issues (France) 21 65 16 15 25 36 43
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