Securities issues by French residents - 2025-Q1
Published on the 11th of July 2025
The proportion of securities held by non-residents increased slightly
- In the first quarter of 2025, the net issues of French debt securities reached €62 billion. General government issued €48 billion and banks €19 billion.
- Non-resident investors purchased €44 billion in French debt securities and €6 billion in French quoted shares.
- At the end of March 2025, non-residents held 59.1% of long-term debt securities, after 58.7% at the end of December 2024. This proportion stabilized for securities issued by banks (at 70.1%), and continued to rise for those issued by non-financial companies (59.7% after 59.4%).
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 March 2005
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.
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 |
|
| end Mar. 2025 | Annual aggregate | Q1 2025 | |||
| TOTAL | 8,328 | 204 | 170 | 51 | 49 |
| DEBT SECURITIES (1) | 5,514 | 217 | 153 | 62 | 44 |
| Non-financial corporations | 704 | 8 | 25 | 2 | 6 |
| General government (4) | 2,956 | 176 | 105 | 48 | 30 |
| of which short-term issues (4) | 259 | 36 | 12 | -2 | -19 |
| of which central government (4) | 2,632 | 160 | 97 | 41 | 29 |
| Banks (2) | 1,503 | 27 | 21 | 19 | 13 |
| of which guaranteed by restricted assets | 326 | 2 | 10 | 4 | 6 |
| of which short-term issues | 238 | -21 | -21 | 0 | -3 |
| Non-monetary institutions (3) | 351 | 6 | 2 | -7 | -4 |
| QUOTED SHARES (1) | 2,814 | -13 | 17 | -11 | 6 |
-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).
-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)
| Euro area gross stock end Mar. 2025 | Cumulative gross issues over 4 quarters | Share of French residents in the gross issues of euro area. Cumulative over 4 quarters | ||||
| Gross stock | Share of France | France | Euro area | end Mar. 2025 | end Mar. 2024 | |
| DEBT SECURITIES | 23,031 | 24% | 2,982 | 9,650 | 31% | 32% |
| Non-financial corporations | 1,783 | 39% | 354 | 745 | 48% | 46% |
| General government | 11,933 | 25% | 1,101 | 3,210 | 34% | 31% |
| Banks | 5,497 | 27% | 1,261 | 3,245 | 39% | 42% |
| of which short-term issues | 588 | 40% | 1,046 | 2,323 | 45% | 49% |
| Non-monetary institutions | 3,817 | 9% | 266 | 2,450 | 11% | 13% |
Source and calculations: GENERAL DIRECTORATE OF STATISTICS, ECONOMICS AND INTERNATIONAL
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EN_Stat_Info_Securities_issues_by_French_residents_2025Q1.pdf
Updated on the 10th of July 2025