You are here

Financing of non-financial corporations 2019Feb

Published on 04/08/2019
The market-based funding of non-financial corporations continued its upward trend in February

Non-financial corporations continued to expand their market-based funding in February (+ 7.0%, year-over-year, against + 5.9% in January). The annual growth of bank loans remained dynamic at 6.1%. Overall, the market financing of non-financial corporations has grown by 6.4% over one year, reaching its highest point since August 2017.

In February, the average 5-year cost of market financing fell by 14 basis points, while that of bank loans increased by 12.

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 Average cost of new financing
Feb.- 2019 Feb.- 2019 Jan.- 2019 Fev.- 2019 Jan.- 2019 Fev.- 2019
Financing of NFCs 1,633 99 6.0 6.4 1.41 1.42
- Of which : bank loans 1,022 59 6.0 6.1 1.44 1.56
- Of which : market financing 611 40 5.9 7.0 1.34 1.20
in euros 501 42 8.0 9.2
in currencies 110 -3 -3.0 -2.5
Annual growth rate, by type of financing (in %)
Average cost of financing (in %)
Source and calculations : General Directorate of Statistics
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 :

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 :
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 bank loans and the average cost of market financing cannot be directly compared since they often differ in their maturity horizon.

More information on :
methodology,time series,calendar
All series published by Banque de France can be accessed on
Webstat Banque de France
Available on mobile devices
Appleand Android
Financing of non-financial corporations STAT INFO - February 2019
Contact :
Contact Banque de France

Download the PDF version of this document

Financing of non-financial corporations
  • Published on 04/08/2019
  • EN
  • PDF (504.6 KB)
Download (EN)

Published on Monday, April 8, 2019