Securities issues by French residents - 2026-Q1
Published on 13th of July 2026
The proportion of securities held by non-residents continues to increase
- In the first quarter of 2026, the net issues of French debt securities reached €139 billion including €98 billion for general government and €25 billion for banks.
- Non-resident investors purchased €132 billion in French debt securities. They sold €3 billion of quoted shares issued by French corporations.
- At the end of March 2026, non-residents held 61.2% of long-term debt securities, after 60.4% at the end of December 2025. This proportion increased for all issuer sectors, notably for general government (55.9% after 54.6%).
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 2026
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 2026 | Annual aggregate | Q1 2026 | |||
| TOTAL | 8,441 | 246 | 273 | 138 | 129 |
| DEBT SECURITIES (1) | 5,749 | 256 | 282 | 139 | 132 |
| Non-financial corporations | 742 | 35 | 49 | 8 | 10 |
| General government (4) | 3,138 | 169 | 190 | 98 | 99 |
| of which short-term issues (4) | 283 | 26 | 28 | 12 | 13 |
| of which central government (4) | 2,806 | 156 | 174 | 89 | 91 |
| Banks (2) | 1,506 | 18 | 44 | 25 | 19 |
| of which guaranteed by restricted assets | 332 | 0 | 18 | 4 | 6 |
| of which short-term issues | 207 | -27 | -21 | -2 | -6 |
| Non-monetary institutions (3) | 362 | 35 | -1 | 9 | 4 |
| QUOTED SHARES (1) | 2,693 | -11 | -9 | -1 | -3 |
(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 2026 | 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 2026 | end Mar 2025 | |
| DEBT SECURITIES | 24,231 | 24% | 3,160 | 11,006 | 29% | 30% |
| Non-financial corporations | 1,885 | 39% | 377 | 834 | 45% | 47% |
| General government | 12,624 | 25% | 1,107 | 3,383 | 33% | 35% |
| Banks | 5,655 | 27% | 1,410 | 3,740 | 38% | 37% |
| of which short-term issues | 589 | 35% | 1,174 | 2,753 | 43% | 42% |
| Non-monetary institutions | 4,066 | 9% | 265 | 3,049 | 9% | 10% |
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_2026Q1.pdf
Updated on the 10th of July 2026