07 November 2016: Publication of AFT 2015 annual report

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AFT publishes its 2015 Annual Report

Today, AFT is releasing its 2015 Annual Report, which contains all the data about the State's debt, and details of AFT's activities in 2015 as part of its mandate to manage the State's debt and cash requirements.

France enjoyed extremely favourable financing conditions in 2015, primarily under the effect of the Central European Bank's asset purchase programme as part of its unconventional monetary policy, in an economic environment marked by modest growth and low inflation.
The AFT has been able to adapt to investors' changing requirements in order to ensure optimal liquidity over the whole yield curve.

Agence France Trésor's objective in the medium term is to minimise the cost of debt for taxpayers by guiding the government's issuance policy under the most secure conditions. The policy for the primary issuance of State debt must be tailored to meet investors' needs, while upholding the principles of regularity and transparency. It must ensure the deepest and most liquid market possible for Treasury securities.
The AFT also provides for the State's cash requirements so that the State can meet its financial commitments at all times, whatever the circumstances.

Key figures

  • Government borrowing requirements for 2015: €189.1bn
  • Short-term issuances in 2015: €353.7bn in three-, six- and twelve-month bonds at an average weighted yield of -0.19%
  • Medium- and long-term issuances in 2015: €220bn, at an average weighted yield of 0.63%
  • Outstanding negotiable debt at 31 December 2015: €1.5764 trillion (61.9% of which is held by non-residents)
  • Average residual maturity of debt at 31 December 2015: 7 years and 47 days