You are here

Securities issues by French residents 2019Q2

Published on 10/11/2019
Non-resident strengthen their position on French long-term debt
  • In the second quarter of 2019, non-residents strengthened their positions on debt securities and quoted shares issued by residents with respectively €51 billion and €4 billion of net purchases.
  • At the end of June 2019, the share of non-residents in the holdings of long-term debt securities rose to 56% against 55% at the end of March. This increase concerned all issuing sectors and extended the movement initiated in the first quarter.
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 2019
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/economie-et-statistiques/stats-info/detail/conservation-de-titres.html

"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 2019 (end of month) Annual aggregate Q2 2019
TOTAL 6,197 170 62 26 55
DEBT SECURITIES (1) 3,987 167 90 21 51
Non-financial corporations 619 26 15 7 9
General government (4) 2,035 63 29 7 28
of which central government (4) 1,842 71 42 13 28
Banks (2) 1,161 67 45 11 13
of which guaranteed by restricted assets 278 7 6 -1 1
of which short-term issues 232 5 -5 4 4
Non-monetary institutions (3) 172 10 0 -4 1
QUOTED SHARES (1) 2,210 4 -28 5 4
(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 2019 (end of month)
Share of French residents in the
gross issues of euro area.
12 month moving aggregate flows
June 2019 (end of month) France Euro area June 2019 (end of month) June 2018 (end of month)
DEBT SECURITIES 17,411 23% 2,187 7,735 28% 31%
Non-financial corporations 1,414 44% 349 725 48% 45%
General government 8,291 25% 857 2,318 37% 36%
Banks 4,323 27% 851 2,976 29% 34%
of which short-term issues 557 42% 659 2,143 31% 38%
Non-monetary institutions 3,384 5% 129 1,715 8% 8%
Source and calculations : GENERAL DIRECTORATE OF STATISTICS, ECONOMICS AND INTERNATIONAL
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
Apple and Android
STAT INFO - 2nd quarter 2019
French securities issues and holdings
Contact Stat Info

Download the PDF version of this document

Securities issues by French residents
  • Published on 10/11/2019
  • EN
  • PDF (538.69 KB)
Download (EN)

Published on Friday, October 11, 2019