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Securities issues by French residents 2022Q2

Published on 10/14/2022
French long-term debt still mostly held by non-resident investors
  • In the second quarter of 2022, repayments of French debt securities exceeded issuances by €14 billion, mainly because of general government and banks (by respectively €13 billion and €8 billion). On the contrary, over four quarters issuances were superior to repayments by €136 billion.

  • Non-residents sold €17 billion of French securities in the second quarter. Cumulatively over four quarters, total purchases exceeded sales by €79 billion.

  • At the end of June 2022, non-residents held 54.8% of long-term debt securities, after 54.4% at the end of March 2022. This share continued to rise for securities issued by banks and by general government whereas that of non-financial corporations continued to decline.

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 2022
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 2022 (end of month) Annual aggregate Q2 2022
TOTAL 7,046 135 79 -6 -17
DEBT SECURITIES (1) 4,697 136 78 -14 -18
Non-financial corporations 703 5 -15 -3 -6
General government (4) 2,544 107 49 -13 -2
of which short-term issues (4) 213 -57 -30 -29 -17
of which central government (4) 2,225 114 58 -2 12
Banks (2) 1,208 1 24 -8 -14
of which guaranteed by restricted assets 283 6 8 7 4
of which short-term issues 165 -30 -22 -18 -24
Non-monetary institutions (3) 242 24 20 10 5
QUOTED SHARES (1) 2,350 -1 1 8 1
(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.
Jun. 2022 (end of month)
Share of French residents in the
gross issues of euro area.
12 month moving aggregate flows
June 2022 (end of month) France Euro area June 2022 (end of month) June 2021 (end of month)
DEBT SECURITIES 20,693 23% 2,605 8,241 32% 32%
Non-financial corporations 1,640 43% 285 649 44% 41%
General government 10,548 24% 1,028 3,011 34% 32%
Banks 4,691 26% 1,119 2,588 43% 44%
of which short-term issues 414 40% 936 1,771 53% 53%
Non-monetary institutions 3,815 6% 174 1,992 9% 9%
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 2022
Securities issues by French residents
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Securities issues by French residents
  • Published on 10/14/2022
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Published on Friday, October 14, 2022