Securities issues by French residents - 2025-Q3
Published on the 13th of January 2026
The proportion of securities held by non-residents
continues to increase slightly
continues to increase slightly
- In the third quarter of 2025, the net issues of French debt securities amounted to €84 billion including €59 billion for general government and €15 billion for non-financial corporations.
- Non-resident investors purchased €80 billion of resident debt securities and €1 billion of listed resident shares.
- At the end of September 2025, non-residents held 59.7% of long-term debt securities, after 59.3% at the end of June 2025. This proportion increased for all issuer sectors, notably for non-financial corporations (61.6% after 60.5%).
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 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 Sep 2025 | Annual aggregate | Q3 2025 | |||
| TOTAL | 8,463 | 207 | 225 | 79 | 82 |
| DEBT SECURITIES (1) | 5,672 | 222 | 220 | 84 | 80 |
| Non-financial corporations | 737 | 24 | 42 | 15 | 17 |
| General government (4) | 3,088 | 159 | 120 | 59 | 45 |
| of which short-term issues (4) | 272 | 22 | 1 | 3 | 0 |
| of which central government (4) | 2,759 | 149 | 112 | 54 | 39 |
| Banks (2) | 1,488 | 22 | 50 | 6 | 14 |
| of which guaranteed by restricted assets | 329 | 3 | 23 | -1 | 4 |
| of which short-term issues | 222 | -24 | -15 | -3 | -1 |
| Non-monetary institutions (3) | 360 | 16 | 8 | 4 | 5 |
| QUOTED SHARES (1) | 2,791 | -15 | 4 | -5 | 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).
-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 Sep 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 Sep 2025 | end Sep 2024 | |
| DEBT SECURITIES | 23,557 | 24% | 3,050 | 10,550 | 29% | 31% |
| Non-financial corporations | 1,860 | 40% | 355 | 780 | 46% | 48% |
| General government | 12,262 | 25% | 1,106 | 3,282 | 34% | 34% |
| Banks | 5,528 | 27% | 1,338 | 3,649 | 37% | 37% |
| of which short-term issues | 605 | 37% | 1,100 | 2,668 | 41% | 42% |
| Non-monetary institutions | 3,907 | 9% | 250 | 2,840 | 9% | 12% |
Source and calculations: GENERAL DIRECTORATE OF STATISTICS, ECONOMICS AND INTERNATIONAL
Download the PDF version of the document
EN_Stat_Info_Securities_issues_by_French_residents_2025Q3.pdf
Updated on the 12th of January 2026