12 August 2022: Agence France Trésor publishes its 2021 Annual Report

The Annual Report presents the duties, organisation and staff of Agence France Trésor in 2021, a year that was once again marked by the pandemic and the implementation of policies to deal with it.

The year 2021 was characterised by:

(i)    The completion of a major €260 billion financing programme, financing in particular the France Relance plan;

(ii)    The financial conditions remained particularly favourable, with the cost of borrowing for medium- and long-term debt securities at a negative yield for the second time in history, at -0.05% on average over 2021;

(iii)    The syndicated launch of 2 new very long-term benchmark bonds:

  • The OAT 0.50% 25 May 2072, in January 2021, with a record issuance of €7 billion and a historically low yield at issue of 0.593%,
  • The OAT 0.75% 25 May 2053, with issuance of €5 billion and a yield at issue of 0.918%;

(iv)    The launch of a second Green OAT: the Green OAT 0.50% 25 June 2044, with issuance of €7 billion, identical to the level reached in January 2017 at the time of the inaugural issue of the first Green OAT, with a yield at issue of 0.526%. In total, AFT's teams issued €15 billion of green bonds in 2021, as well as €36 billion of social bonds on behalf of the Social Security Debt Repayment Fund (CADES);

(v)    The strengthening of the centralisation of cash on the Treasury Account, which reduced the State's financing requirement by more than €4 billion.

"Rapport d'activité 2021 de l'Agence France Trésor"

To download the report, please click on the picture (French only, English version available soon)

An informative annual report for the general public and experts

The Annual Report features contributions from bond market experts on the impact of the pandemic. It also includes materials, such as fact sheets and a glossary of economic and financial terms to provide the general public with a better grasp of the data relating to management of State’s debt and cash requirements.
The financial and statistical reports are comprehensive technical documents for public finance experts and market professionals that contain all of the data relating to AFT’s activities.
Translations of the Annual Report in English, Japanese, Chinese, Spanish, Arabic and Russian will soon be available to meet investors’ needs.


AFT is an autonomous and accountable agency with national scope that reports to the Minister for the Economy and Finance, and to the Director General of the Treasury.
AFT is responsible for managing the State’s cash requirements so that it can meet its financial commitments at all times, whatever the circumstances.
AFT is also tasked with managing the State’s debt and, more specifically, with minimising the medium-term cost of borrowing in the taxpayers’ best interest. For this purpose, it maintains relations with investors, financial intermediaries and other issuers on the fixed-income markets that are totally transparent, along with a commitment to combining innovation, flexibility and security.
AFT is also responsible for conducting financing transactions on behalf of CADES.

Key figures in 2021

State borrowing requirement in 2021: €260 billion

Short-term issuance in 2021: €155.3 billion in 3-month, 6-month and 12-month securities with a weighted average yield of -0.67%

Medium-term and long-term issuance in 2021: €285.1 billion with a weighted average yield of -0.05%

Negotiable debt securities outstanding at 31 December 2021: €2,145 billion (non-residents hold 47.8% of this debt)

Average residual maturity of debt at 31 December 2021: 8 years and 153 days

Medium-term and long-term issuance on behalf of CADES: €39.4 billion, of which €36 billion as social bonds

Complete State debt and cash data and AFT news can be found at www.aft.gouv.fr


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