19 December 2006: Survey of Holders of French Government Debt Securities 2006: SVTs as perceived by investors


This page is an archive, only available in English and French.

The survey

For the fourth consecutive year, IEM-Finance consultancy has carried out an on-line survey of investors, who are clients of the French primary dealers (SVTs). This survey, conducted on behalf of Agence France Trésor (AFT), assesses the quality of commercial relations and services provided by SVTs to their clients. In 2006, 344 individuals from 34 different countries, answered the questionnaire, compared to 296 in 2005 (+ 16.2 %).

Main results of the survey

- Intermediaries most frequently mentioned by the respondent as their main partner on the French Treasury securities market are, in order:  BNP Paribas, Société Générale, Deutsche Bank, Barclays Bank, JP Morgan.

- Although the fact of being a SVT remains the most important criterion when it comes to choosing an intermediary (64%), the importance of the League Table published by AFT continues to increase (30%) especially for those surveyed abroad. The League Tables published by the main financial media are also more important in 2006 than in previous years (25.5%).

- Asked what they expect as constituting a high degree of service, clients still rank the quality of pricing (78.3%), and the quality of information, advice and sales coverage (50.4%), as being the most important.

- The average score of the SVTs increases again compared to last year and reaches 7.6/10 for the quality of research and 7.5/10 for the quality of pricing. It is stable (7.3/10) for the quality of information, advice and sales coverage.

- Those surveyed were asked about their expectations from a sovereign issuer such as AFT. Liquidity (86.2%) and transparency (69.2%) remain the most frequently mentioned criteria.

- The use of electronic trading platforms is growing rapidly, especially in France. 46.6% of the SVTs' clients are using the platforms for more than half of their operations against 38,1% in 2005.

- Finally, 95% of clients are "very satisfied" or "satisfied" with the functioning of the French government debt market, compared to 93% last year.


Press Contact:
Agence France Trésor
Corinne Dromer
33 1 40 04 15 50
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