Financing of non-financial corporations 2021Sep

Published on 12 November 2021

The growth of the NFCs financing remained dynamic
In September 2021, the annual growth of financing of non-financial corporations in France stabilized at +1.6%, after +1.5% in August. If compared to the pre-crisis situation, the financing of non-financial corporations is still dynamic, growing by +13.8% between September 2019 and September 2021.

The average cost of corporate financing is also stable at 1.0% : the slight drop in bank financing (from 1.28% to 1.21% between August and September 2021) balanced out the modest increase in corporate market cost (from 0.52% to 0.65%).

Financing of non-financial corporations
(Gross stocks and flows in billions of euros, growth rate and interest rate in %)
Outstanding amount Annual net issuance Annual growth rate Two-year growth rate (compared to 2019) Cost of financing in euros
September-21 September-21 August 21 September-21 August 21 September-21 August 21 September-21
Financing of NFCs 1,911 29 1.5 1.6 14.1 13.8 1.00 1.00
- Of which : bank loans 1,211 34 2.3 2.8 14.5 15.1 1.28 1.21
- Of which : market financing 699 -4 0.2 -0.6 13.5 11.6 0.52 0.65
in euros 596 2 1.3 0.4 17.1 14.9
in currencies 103 -7 -6.0 -6.2 -3.4 -4.1
Annual growth rate, by type of financing (in %)
Average cost of financing in euros (in %)
Source and calculations : General Directorate of Statistics, Economics and International
Two-year growth rate, by type of financing (in %)
Composition of non-financial corporate debt
Non-financial corporate debt in this « Stat Info » refers to debt securities issues (bonds and negotiable debt securities) subscribed by residents and non-residents as well as to the credits granted by resident credit institutions.
Negotiable debt securities include short-term commercial papers (less than one year) and medium-term negotiable notes. Further details on loans to non-financial corporations is available in the « Stat Info » referring to loans to non-financial corporations :
https://www.banque-france.fr/en/statistics/loans/loans/loans-non-financial-corporations
Overall non-financial corporate debt also includes bank loans from non-resident credit institutions. This measure can be found in the « Stat Info » related to non-financial sector debt :
https://www.banque-france.fr/en/statistics/savings/financial-accounts/financial-accounts

The average cost of bank loans to non-financial corporations is computed using the monthly interest rate applied by French banks. This indicator only covers euro-denominated loans with a term of at least one year and with an initial amount of at least one million euros. It excludes revolving term facilities and overdratfs.
The average cost of market financing is calculated on the basis of month-end actuarial rates of return of alive securities. It only covers euro-denominated securities with an initial maturity longer than one year and with a fixed coupon rate. A specific calibration process using the yield curve is performed to align different maturities with a constant 5-year maturity. The average cost of market financing calculation methodology excludes extreme values.
The average cost of bank loans and the average cost of market financing cannot be directly compared since they often differ in their maturity horizon.


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Financing of non-financial corporations STAT INFO - September 2021
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