Securities issues by French residents - 2024-Q3

Published on the 13th of January 2025

The proportion of securities held by non-residents is stable

  • In the third quarter of 2024, net issues of French debt securities reached €83 billion. General government issued €71 billion and banks €16 billion.

  • Non-resident investors purchased €40 billion in French debt securities. They sold €1 billion of quoted shares issued by French.

  • At the end of September 2024, non-residents held 58.3% of long-term debt securities, after 58.5% at the end of June 2024. This proportion decreased for securities issued by banks (69.4% after 69.9%) and rose for those issued by non-financial companies (58.7% after 58.4%).

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 the end of September 2024
Note : total may differ from 100% due to rounding.
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 : Statistiques | Banque de France (banque-france.fr)

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
Sept. 2024 (end of month) Annual aggregate Q3 2024
TOTAL 8,293 365 273 83 39
DEBT SECURITIES (1) 5,458 363 269 83 40
Non-financial corporations 707 13 29 -5 1
General government (4) 2,913 198 154 71 38
of which short-term issues (4) 251 59 63 10 13
of which central government (4) 2,593 166 120 60 25
Banks (2) 1,480 110 60 16 0
of which guaranteed by restricted assets 319 6 8 -2 -2
of which short-term issues 249 12 -14 1 -7
Non-monetary institutions (3) 357 42 26 1 1
QUOTED SHARES (1) 2,835 2 3 0 -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.

Sept. 2024 (end of month)
Share of French residents in the
gross issues of euro area.
12 month moving aggregate flows
Sept. 2024 (end of month) France Euro area Sept. 2024 (end of month) Sept. 2023 (end of month)
DEBT SECURITIES 22,742 24% 3,012 9,319 32% 32%
Non-financial corporations 1,745 41% 363 766 47% 47%
General government 11,725 25% 1,059 3,116 34% 29%
Banks 5,446 27% 1,286 3,202 40% 45%
of which short-term issues 605 41% 1,038 2,207 47% 52%
Non-monetary institutions 3,827 9% 303 2,235 14% 10%
Source and calculations : GENERAL DIRECTORATE OF STATISTICS, ECONOMICS AND INTERNATIONAL
More information on : methodology, time series, calendar
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STAT INFO - 3rd quarter 2024
Securities issues by French residents
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Updated on the 10th of January 2025