Securities issues by French residents - 2026-Q2
Published on 13th of October 2026
The proportion of general government securities held by non-residents increases sharply
- In the second quarter of 2026, the net issues of French debt securities reached €87 billion including €50 billion for general government and €16 billion for banks.
- Non-resident investors purchased €8 billion in quoted shares issued by French corporations and €130 billion in French debt securities, of which €85 billion in French general government securities.
- At the end of June 2026, non-residents held 63% of long-term debt securities, after 61.3% at the end of March 2026. This proportion increased for securities issued by non-financial companies (63.4% after 62.5%) and significantly for those issued by general government (58.4% after 55.9%).
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 June 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 June 2026 | Annual aggregate | Q2 2026 | |||
| TOTAL | 8,662 | 231 | 327 | 87 | 138 |
| DEBT SECURITIES (1) | 5,843 | 246 | 323 | 87 | 130 |
| Non-financial corporations | 758 | 34 | 49 | 15 | 17 |
| General government (4) | 3,189 | 158 | 221 | 50 | 85 |
| of which short-term issues (4) | 293 | 23 | 9 | 10 | -2 |
| of which central government (4) | 2,851 | 146 | 209 | 45 | 79 |
| Banks (2) | 1,526 | 29 | 51 | 16 | 23 |
| of which guaranteed by restricted assets | 338 | 2 | 17 | 3 | 7 |
| of which short-term issues | 214 | -12 | -8 | 7 | 6 |
| Non-monetary institutions (3) | 371 | 25 | 2 | 6 | 5 |
| QUOTED SHARES (1) | 2,819 | -15 | 4 | 0 | 8 |
(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 June 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 June 2026 | end June 2025 | |
| DEBT SECURITIES | 24,678 | 24% | 3,287 | 11,251 | 29% | 29% |
| Non-financial corporations | 1,921 | 39% | 399 | 867 | 46% | 45% |
| General government | 12,820 | 25% | 1,126 | 3,502 | 32% | 34% |
| Banks | 5,809 | 26% | 1,498 | 3,776 | 40% | 36% |
| of which short-term issues | 611 | 35% | 1,264 | 2,698 | 47% | 41% |
| Non-monetary institutions | 4,128 | 9% | 264 | 3,106 | 8% | 9% |
Source and calculations: GENERAL DIRECTORATE OF STATISTICS, ECONOMICS AND INTERNATIONAL
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Banque de France
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EN_Stat_Info_Securities_issues_by_French_residents_2026Q2.pdf
Updated on the 12th of October 2026