Securities issues by French residents 2019Q1

Non-resident strengthen their position on French long-term debt
  • At the end of March 2019, the non-resident holding rate of securities issued by French residents, excluding unlisted shares, reached 49 %.
  • The share of non-residents in the holdings of long-term debt securities rose to 55 % against 54 % at the end of 2018. Their share increased mainly for securities issued by banks (62 % vs. 61 %) and non-financial corporations (59 % vs. 58%).
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 end of December 2018
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 : https://www.banque-france.fr/economie-et-statistiques/stats-info/detail/conservation-de-titres.html

"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
March 2019 (end of month) Annual aggregate Q1 2019
TOTAL 6,115 167 33 118 41
DEBT SECURITIES (1) 3,975 162 54 118 54
Non-financial corporations 614 29 14 21 6
General government (4) 2,029 60 -6 52 22
of which central government (4) 1,829 73 17 46 20
Banks (2) 1,155 55 45 40 27
of which guaranteed by restricted assets 279 6 6 2 1
of which short-term issues 230 -7 -5 7 0
Non-monetary institutions (3) 176 19 0 5 -2
QUOTED SHARES (1) 2,140 5 -21 0 -14
(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.
March 2019 (end of month)
Share of French residents in the
gross issues of euro area.
12 month moving aggregate flows
March 2019 (end of month) France Euro area March 2019 (end of month) March 2018 (end of month)
DEBT SECURITIES 17,315 23% 2,200 7,596 29% 31%
Non-financial corporations 1,396 44% 329 694 47% 46%
General government 8,255 25% 876 2,330 38% 35%
Banks 4,319 27% 866 2,943 29% 37%
of which short-term issues 564 41% 675 2,115 32% 42%
Non-monetary institutions 3,345 5% 128 1,628 8% 8%
Source and calculations : GENERAL DIRECTORATE OF STATISTICS, ECONOMICS AND INTERNATIONAL
More information on : methodology, time series, calendar
All series published by Banque de France can be accessed on:
Webstat Banque de France
Available on mobile devices
Apple and Android
STAT INFO - 1st quarter 2019
French securities issues and holdings
Contact Stat Info

Download the PDF version of this document

Securities issues by French residents
  • Published on 07/12/2019
  • EN
  • PDF (564.79 KB)
Download (EN)

Published on Friday, July 12, 2019