10 July 2015: Publication of AFT 2014 annual report

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Publication of AFT 2014 annual report

The 2014 Agence France Trésor (AFT) annual report is now available. It contains the latest news about AFT’s management of government debt and cash, as well as information on the latest government debt figures.

In 2014, interest rates were historically low against a low-growth, low- inflation backdrop and the European Central Bank’s Asset Purchase Programme.

AFT enjoyed historically favourable borrowing conditions in 2014. The Agency adjusted its issuance strategy to meet investors’ needs to ensure optimal liquidity for the entire yield curve.


AFT is tasked with keeping the medium-term cost of debt service for taxpayers to a minimum under optimum conditions of security.
The government primary debt issuance policy must be tailored to investors’ needs while complying with the principles of consistency and transparency, thus ensuring the market for French Treasury debt securities is as deep and liquid as possible.
AFT manages the State’s cash requirements so that it can meet its financial commitments at all times, whatever the circumstances.

Key figures

  • 2014 borrowing requirement: €179.1 billion
  • Issuance of short-term debt at end-2014 : €408 billion of 3-, 6- and 12-month BTFs at a weighted average yield of 0.07 %
  • Issuance of medium- and long-term debt at end-2014: €172 billion, weighted average yield of 1.31%
  • Negotiable debt securities outstanding at December 31, 2014: €1,528 billion (non-resident holdings at end-2014: 64.3%)
  • Average residual maturity of debt before swaps at December 31, 2014: 6 years and 363 days

2014 Annual report