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 233 1 673 861 377 816
municipal
EUR 29 5 321 283 000
CHF 3 630 000 000
corporate
EUR 1895 1 224 358 391 974
USD 367 259 876 322 000
CHF 93 21 300 000 000
GBP 88 42 641 405 000
AUD 48 7 466 030 000
JPY 31 916 738 000 000
CNY 26 15 599 000 000
NOK 23 15 295 000 000
HKD 20 9 460 000 000
SEK 14 8 925 000 000
RUR 14 21 405 050 000
NZD 12 1 165 700 000
SGD 9 1 416 000 000
CAD 8 2 300 000 000
CZK 8 5 848 000 000
BRL 5 901 000 000
ZAR 5 2 825 000 000
TRY 3 273 700 000
INR 3 2 450 000 000
MXN 3 950 000 000
IDR 2 407 000 000 000
FRF 2 4 500 000 000
ITL 1 100 000 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
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.) ***
Rating Agency RAEX (Expert RA) *** Foriegn curr. scale ***
Rating Agency RAEX (Expert RA) *** Local curr. scale ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Cerba Healthcare, 5.375% 15apr2025, EUR - International bonds XS1584024837 5.375% 180 000 000  EUR 03/21/2017 04/15/2025
UNEDIC, 1.25% 28mar2027, EUR - Domestic bonds FR0013246873 1.25% 2 000 000 000  EUR 03/21/2017 03/28/2027
Banque Federative du Credit Mutuel, 2% 19sep2019, EUR - International bonds XS0906403059 2% 1 300 000 000  EUR 03/21/2017 09/19/2019
Societe Generale, FRN 1apr2022, EUR - International bonds XS1586146851 3M EURIBOR + 0.85% 1 250 000 000  EUR 03/20/2017 04/01/2022
Veolia Environnement, 0.672% 30mar2022, EUR - Domestic bonds FR0013246725 0.672% 650 000 000  EUR 03/20/2017 03/30/2022
Veolia Environnement, 1.496% 30nov2026, EUR - Domestic bonds FR0013246733 1.496% 650 000 000  EUR 03/20/2017 11/30/2026
France, BTF 30aug2017 6m - Domestic bonds FR0124095433 0% 1 598 000 000  EUR 03/20/2017 08/30/2017
Paprec, 5.25% 1apr2022, EUR - International bonds XS1583063794 5.25% 225 000 000  EUR 03/16/2017 04/01/2022
Dexia Credit Local, 2% 22jan2021, EUR - International bonds XS1019709069 2% 1 575 000 000  EUR 03/16/2017 01/22/2021
BNP Paribas, FRN 22sep2022, EUR - International bonds XS1584041252 3M EURIBOR + 0.85% 1 000 000 000  EUR 03/15/2017 09/22/2022

Exchange Bond Indices

Daily indices

Type: 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017 03/13/2017
DAX EUROGOV® Indices
EUROGOV® France 10+ Total Return 295.56 294.42 295.03 294.95 297.44 295.01 294.96
EUROGOV® France 10+ Price 133.57 133.05 133.37 133.34 134.49 133.39 133.37
EUROGOV® France 1-10 Total Return 205.10 205.00 205.05 205.02 205.59 205.20 205.29
EUROGOV® France 1-10 Price 98.32 98.28 98.32 98.31 98.60 98.42 98.47
EUROGOV® France 1-3 Total Return 164.21 164.24 164.27 164.26 164.39 164.32 164.37
EUROGOV® France 1-3 Price 77.51 77.54 77.57 77.57 77.64 77.61 77.64
EUROGOV® France 3-5 Total Return 197.86 197.83 197.86 197.79 198.24 198.04 198.10
EUROGOV® France 3-5 Price 96.58 96.57 96.61 96.58 96.81 96.72 96.75
EUROGOV® France 5-10 Total Return 240.05 239.81 239.92 239.92 240.85 240.01 240.14
EUROGOV® France 5-10 Price 117.04 116.93 117.00 117.01 117.48 117.07 117.14
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World Bond Market Indicators

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
EU Long-term interest rates
France, % 1.03 0.86 0.75 0.67 0.33 0.18 0.15
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World Bond market statistics

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
Domestic govt Bonds markets (Western Europe)
French govt Bonds outst., EUR bln (without Bills) 1 589.24 1 582.36 1 557.88 1 553.50 1 566.26 1 570.95 1 552.77
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Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of developed countries
French international bonds, USD bln 393.800 449.800 434.600 1.439 1.387 1.424 1.449
BIS net issues of international-bond market of developed countries
International-bond net issue of France, USD bln 8.800 11.700 23.600 6.100 -6.000 -20.600 -32.500

New issues of Developed markets International Bonds

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
Developed Market International Bonds (excl. USA)
New issues of international bonds (France), USD bln 2.772 17.106 2.772 3.917 11.547 17.470 4.235
Number of new international bond issues (France) 10 23 5 13 20 30 16
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Developed Markets International Bonds

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
International bonds Developed Markets
France corporate international bonds, USD bln 631.194 641.220 624.752 626.378 638.318 640.001 637.873
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Credit Risk Indicators

Daily indices

Type: 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/10/2017 03/09/2017
CDS Developed markets (sov.) 
CDS 5Y France mid * * * * * * *
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Risk Management Institute

Daily indices

Type: 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017 03/13/2017
RMI CVI - Europe
France CVI value weighted  7.20 7.21 7.15 7.19 7.26 7.30 7.19
France CVI tail  61.72 62.93 62.10 62.36 62.64 59.40 63.27
France CVI equally weighted  14.58 14.69 14.78 14.71 14.24 14.70 14.38
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Stock market (World)

Daily indices

Type: 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017
Stock market (Developed countries)
CAC 40  4 994.70 5 002.43 5 012.16 5 029.24 5 013.38 4 985.48 4 974.26
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