Securities issues by French residents 2019Q3

Non-resident strengthen their position on French debt
  • In the third quarter of 2019, non-residents purchased €65 billion in resident debt securities, including 38 billion issued by central government and 15 billion issued by non-financial corporations.
  • At the end of June 2019, the share of non-residents in the holdings of long-term debt securities rose to 57% against 54% at the end of 2018. This increase concerned all issuing sectors and extended the movement initiated in the first quarter.
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 September 2019
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
September 2019 (end of month) Annual aggregate Q3 2019
TOTAL 6,311 177 127 70 65
DEBT SECURITIES (1) 4,068 173 127 68 65
Non-financial corporations 632 35 23 22 15
General government (4) 2,078 82 57 41 36
of which central government (4) 1,885 84 57 43 38
Banks (2) 1,177 50 44 4 9
of which guaranteed by restricted assets 278 5 5 0 1
of which short-term issues 236 6 3 0 5
Non-monetary institutions (3) 182 7 3 2 5
QUOTED SHARES (1) 2,243 4 0 1 0
((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.
September 2019 (end of month)
Share of French residents in the
gross issues of euro area.
12 month moving aggregate flows
September 2019 (end of month) France Euro area September 2019 (end of month) September 2018 (end of month)
DEBT SECURITIES 17,651 23% 2,176 7,785 28% 30%
Non-financial corporations 1,445 44% 359 767 47% 46%
General government 8,339 25% 869 2,323 37% 37%
Banks 4,399 27% 815 2,953 28% 33%
of which short-term issues 593 40% 632 2,124 30% 36%
Non-monetary institutions 3,467 5% 133 1,743 8% 8%
Source and calculations : GENERAL DIRECTORATE OF STATISTICS, ECONOMICS AND INTERNATIONAL
More information on : methodology, time series, calendar
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STAT INFO - 3rd quarter 2019
French securities issues and holdings
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Securities issues by French residents
  • Published on 01/13/2020
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Published on Monday, January 13, 2020