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Securities issues by French residents 2021Q2

Published on 10/08/2021
French long-term debt remains majority-held by non-resident investors

  • In the second quarter of 2021, net issues of French debt securities reached €22 billion. General government issued €26 billion while banks and non-financial corporations repaid €6 and €4 billion respectively.
  • Non-resident investors purchased €13 billion in resident debt securities and €12 billion in resident quoted shares.
  • At the end of June 2021, the share of non-residents in the holdings of long-term debt securities amounted to 54.5%, after 54.7% at the end of March 2021. This slight decrease, started last quarter, continues for securities issued by general government and non-financial corporations. On the contrary, the share of non-residents in the holdings of securities issued by banks increased.
Graph 1 : Non-resident holdings of long-term debt (by resident issuer sector)
Graph 2 : Breakdown by holder sector of securities issued by residents (total debt and quoted shares) at end of June 2021
This document is prepared by the General Directorate of Statistics, Economics and International of the Banque de France (Balance of Payments Directorate). Issuance data is based on issuers' reporting, while holding statistics is calculated using custodian account statements. Further information on custodian activities : https://www.banque-france.fr/statistiques/parution-reference-name/conservation-de-titres
"Long-term" stands for securities with an original maturity of more than one year.

Data reported in this document can be revised following quarterly and annual corrections and supplements.
Table 1 : SECURITIES ISSUES BY SECTOR AND SHARE OF NON-RESIDENTS IN THEIR SUBSCRIPTION
(Stocks and flows in billions of euros)
Gross stock Net issues Transactions flows by non-
residents
Net issues Transactions flows by non-
residents
June 2021 (end of month) Annual aggregate Q2 2021
TOTAL 7,207 167 75 31 25
DEBT SECURITIES (1) 4,504 140 44 22 13
Non-financial corporations 694 4 -2 -4 -2
General government (4) 2,425 137 41 26 6
of which short-term issues (4 264 -23 2 -2 8
of which central government (4) 2,111 100 -2 16 -4
Banks (2) 1,176 -22 5 -6 5
of which guaranteed by restricted assets 278 -14 -11 -2 -1
of which short-term issues 187 -35 -11 -13 -5
Non-monetary institutions (3) 209 21 0 6 4
QUOTED SHARES (1) 2,704 27 32 9 12
((1) The total outstanding amount of debt securities is expressed in nominal value. The total outstanding amount of equities is expressed in market value. Transaction flows are expressed in transaction value.
(2) Excluding internal financing operations of banking groups but including issues of financial companies (as defined in article L515-1, Code Monétaire et Financier).
(3) Non-monetary issuer institutions include insurance companies, securitization funds, debt funds, and investment firms.
(4) Total net and unconsolidated issuance (this measure cannot be compared with the overall outstanding amount of securities used for the calculation of national public debt as specified by the Maastricht criteria).
Table 2 : SECURITIES ISSUES BY FRENCH RESIDENTS IN THE EURO AREA
(nominal values, stocks and flows in billions of euros)
Gross stock (by euro area residents) French residents (as % of euro area gross stock) Cumulative gross issues over 4
quarters.
June 2021 (end of month)
Share of French residents in the
gross issues of euro area.
12 month moving aggregate flows
June 2021 (end of month) France Euro area June 2021 (end of month) June 2020 (end of month)
DEBT SECURITIES 19,550 23% 2,526 8,535 30% 28%
Non-financial corporations 1,593 44% 269 687 39% 46%
General government 10,070 24% 1,061 3,290 32% 35%
Banks 4,450 26% 1,047 3,045 34% 29%
of which short-term issues 481 39% 879 2,338 38% 32%
Non-monetary institutions 3,438 6% 149 1,513 10% 8%
Source and calculations : GENERAL DIRECTORATE OF STATISTICS, ECONOMICS AND INTERNATIONAL
More information on : methodology, time series, calendar
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STAT INFO - 2nd quarter 2021
French securities issues and holdings
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Securities issues by French residents
  • Published on 10/08/2021
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Published on Friday, October 8, 2021