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 231 1 640 204 377 816
municipal
EUR 26 4 504 283 000
CHF 3 630 000 000
corporate
EUR 1880 1 237 425 059 523
USD 364 271 449 313 000
CHF 91 21 100 000 000
GBP 90 43 581 405 000
AUD 47 7 291 030 000
JPY 32 941 238 000 000
CNY 26 18 099 000 000
NOK 23 15 295 000 000
HKD 16 7 089 000 000
RUR 13 16 059 050 000
NZD 12 1 165 700 000
SEK 11 7 125 000 000
SGD 8 1 166 000 000
CAD 8 2 300 000 000
CZK 8 5 848 000 000
BRL 6 991 000 000
ZAR 4 2 370 000 000
TRY 4 363 700 000
MXN 4 1 400 000 000
INR 3 2 450 000 000
FRF 3 4 667 000 000
IDR 2 407 000 000 000
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
Societe Generale SFH, 0.25% 23jan2024, EUR - Domestic bonds FR0013232071 0.25% 750 000 000  EUR 01/23/2017 01/23/2024
Agence Francaise de Developpement, 0.125% 30apr2022, EUR - Domestic bonds FR0013232105 0.125% 1 500 000 000  EUR 01/18/2017 04/30/2022
SNCF, 2.74% 20jan2025, HKD - International bonds XS1554079563 2.74% 494 000 000  HKD 01/13/2017 01/20/2025
Credit Agricole CIB, 0% 25jan2032, USD (5478D) - International bonds XS1490301667 0% 58 000 000  USD 01/13/2017 01/25/2032
BPCE, 1.403% 13jan2039, EUR - Domestic bonds FR0013230885 1.403% 27 000 000  EUR 01/13/2017 01/13/2039
BpiFrance, 0.875% 25nov2026, EUR - Domestic bonds FR0013232253 0.875% 1 000 000 000  EUR 01/12/2017 11/25/2026
Caisse Francaise de Financement Local, 0.75% 11jan2027, EUR - Domestic bonds FR0013230703 0.75% 1 500 000 000  EUR 01/11/2017 01/11/2027
BPCE, 1.125% 18jan2023, EUR - Domestic bonds FR0013231743 1.125% 1 000 000 000  EUR 01/10/2017 01/18/2023
Imerys, 1.5% 15jan2027, EUR - Domestic bonds FR0013231768 1.5% 600 000 000  EUR 01/10/2017 01/15/2027
UNEDIC, 0.125% 25may2022, EUR - Domestic bonds FR0124175367 0.125% 1 250 000 000  EUR 01/09/2017 05/25/2022

Exchange Bond Indices

Daily indices

Type: 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017
DAX EUROGOV® Indices
EUROGOV® France 10+ Total Return 305.05 304.68 307.27 308.05 307.00 306.49 305.96
EUROGOV® France 10+ Price 138.59 138.46 139.66 140.03 139.55 139.33 139.11
EUROGOV® France 1-11 Total Return 207.92 207.77 208.00 207.97 207.92 207.91 207.77
EUROGOV® France 1-10 Price 100.16 100.11 100.23 100.22 100.21 100.21 100.16
EUROGOV® France 1-4 Total Return 164.83 164.83 164.87 164.93 164.97 164.99 164.99
EUROGOV® France 1-3 Price 78.19 78.21 78.24 78.28 78.30 78.32 78.33
EUROGOV® France 3-6 Total Return 199.78 199.64 199.76 199.75 199.79 199.82 199.75
EUROGOV® France 3-5 Price 97.95 97.90 97.97 97.97 98.00 98.02 98.00
EUROGOV® France 5-11 Total Return 244.98 244.73 245.20 245.11 244.90 244.82 244.51
EUROGOV® France 5-10 Price 119.95 119.84 120.09 120.05 119.95 119.92 119.79
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World Bond Market Indicators

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
EU Long-term interest rates
France, % 0.75 0.67 0.33 0.18 0.15 0.17 0.39
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World Bond market statistics

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
Domestic govt Bonds markets (Western Europe)
French govt Bonds outst., EUR bln (without Bills) 1 557.88 1 553.50 1 566.26 1 570.95 1 552.77 1 541.22 1 556.90
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Quarterly indices

Type III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015 I 2015
BIS volume of internetional-bond market of developed countries
French international bonds, USD bln 449.800 434.600 1.439 1.387 1.424 1.449 1.436
BIS net issues of internetional-bond market of developed countries
International-bond net issue of France, USD bln 11.700 23.600 6.100 -6.000 -20.600 -32.500 20.524

New issues of Developed markets International Bonds

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
Developed Market International Bonds (excl. USA)
New issues of international bonds (France), USD bln 2.772 3.917 11.378 17.444 3.995 5.013 5.427
Number of new international bond issues (France) 5 12 19 28 15 9 19
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Developed Markets International Bonds

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
International bonds Developed Markets
France corporate international bonds, USD bln 624.752 626.378 638.318 640.001 637.873 636.450 632.819
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Credit Risk Indicators

Daily indices

Type: 01/17/2017 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017
CDS Developed markets (sov.) 
CDS 5Y France mid * * * * * * *
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Risk Management Institute

Daily indices

Type: 01/16/2017 01/13/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017 01/05/2017
RMI CVI - Europe
France CVI value weighted  6.90 6.95 7.12 7.00 7.01 7.03 7.13
France CVI tail  65.08 69.37 68.09 65.55 65.10 70.61 71.72
France CVI equally weighted  19.68 20.10 20.45 20.08 19.98 21.65 22.10
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Stock market (World)

Daily indices

Type: 01/17/2017 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017
Stock market (Developed countries)
CAC 40  4 859.69 4 882.18 4 922.49 4 863.97 4 888.71 4 888.23 4 887.57
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