AFT has just published its Annual Report. It presents the duties and organisation of Agence France Trésor in 2025.
The year 2025 was characterised by:
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The issuance of €300 billion medium-and long-term securities, net of buybacks;
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Financing conditions marked by strong demand across all securities offered by AFT, despite an uncertain environment and volatile markets, with the average cost of medium- and long-term debt issuance standing at 3.14% for the year;
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The syndicated launch of two new benchmark securities: a 15-year OAT (the OAT 3.60% 25 May 2042) and a 30-year OAT (the OAT 3.75% 25 May 2056), as well as the syndicated tap of the OAT€i 0.95% 25 July 2043, and of the green OAT 3.00% 25 June 2049;
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The issuance of €11.3 billion in green bonds.
An informative annual report for the general public and experts
The Annual Report presents the management of the State’s debt and cash flows, notably through the development of educational materials such as technical datasheets and an economic and financial glossary.
The financial and statistical reports are comprehensive technical documents for experts in public finance and market professionals that contain all the data relating to AFT’s activities.
To download the report, please click on the picture
Key figures in 2025
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State net medium- and long-term financing programme in 2025: €300 billion
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Medium-term and long-term issuance in 2025: €347.7 billion with a weighted average yield of 3.14%
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Buybacks at 31 December 2025: €47.7 billion
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Negotiable debt securities outstanding at 31 December 2025: €2 737 billion
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Average maturity of debt at 31 December 2025: 8 years and 184 days
The translation of the Annual Report in English will soon be available.
Information:
(+33) 1.40.04.15.50 – [email protected]