Securities issues by French residents 2024Q1
Published on 12 July 2024
The proportion of securities held by non-residents continues to rise
- In the first quarter of 2024, net issues of French debt securities reached €123 billion. General government issued €60 billion and banks €67 billion.
- Non-resident investors purchased €109 billion in French debt securities and €2 billion in French quoted shares.
- At the end of March 2024, non-residents held 58.2% of long-term debt securities, after 57.7% at the end of December 2023. This share continued to rise, especially for securities issued by general government, in a context of quantitative tightening of the monetary policy, with the Banque de France reducing its holdings of government securities.
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 2024
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 |
|
| Mar. 2024 (end of month) | Annual aggregate | Q1 2024 | |||
| TOTAL | 8,300 | 344 | 295 | 125 | 111 |
| DEBT SECURITIES (1) | 5,285 | 343 | 306 | 123 | 109 |
| Non-financial corporations | 695 | 9 | 24 | -4 | 1 |
| General government (4) | 2,779 | 135 | 147 | 60 | 59 |
| of which short-term issues (4) | 223 | 35 | 40 | 21 | 18 |
| of which central government (4) | 2,472 | 141 | 146 | 44 | 49 |
| Banks (2) | 1,474 | 163 | 109 | 67 | 31 |
| of which guaranteed by restricted assets | 321 | 16 | 19 | 12 | 8 |
| of which short-term issues | 258 | 35 | 11 | 5 | -15 |
| Non-monetary institutions (3) | 338 | 36 | 25 | 1 | 18 |
| QUOTED SHARES (1) | 3,015 | 1 | -12 | 1 | 2 |
(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)
| Gross stock (by euro area residents) | French residents (as % of euro area gross stock) | Cumulative gross issues over 4 quarters. Mar. 2024 (end of month) |
Share of French residents in the
gross issues of euro area. 12 month moving aggregate flows |
|||
| Mar. 2024 (end of month) | France | Euro area | Mar. 2024 (end of month) | Mar. 2023 (end of month) | ||
| DEBT SECURITIES | 22,312 | 24% | 3,057 | 9,628 | 32% | 32% |
| Non-financial corporations | 1,699 | 41% | 365 | 793 | 46% | 48% |
| General government | 11,443 | 24% | 957 | 3,097 | 31% | 33% |
| Banks | 5,427 | 27% | 1,469 | 3,547 | 41% | 42% |
| of which short-term issues | 609 | 42% | 1,197 | 2,444 | 49% | 48% |
| Non-monetary institutions | 3,744 | 9% | 266 | 2,191 | 12% | 10% |
Source and calculations : GENERAL DIRECTORATE OF STATISTICS, ECONOMICS AND INTERNATIONAL
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Updated on 11 July 2024