31 August 2023: Agence France Trésor publishes its 2022 Annual Report

The Annual Report presents the duties, organisation and staff of Agence France Trésor in 2022, a year that was marked by the acceleration of inflation after the outbreak of the war in Ukraine and the swift normalization of monetary policy.

The year 2022 was characterised by:  

(i)    the completion of a €260 billion medium- and long-term financing programme;

(ii)    the financing conditions marked by the accelerated normalisation of monetary policy, which has resulted in a rapid rise in interest rates, with the cost of borrowing for medium- and long-term debt securities averaging 1.43% in 2022;

(iii)     the syndicated launch of 2 new very long-term benchmark bonds, 30-year (inflation-linked) and 20-year:

  • the OAT€i 0.10% 25 July 2053, in January 2022, with an issuance of €3 billion and a historically low real yield at issue of -0.926%,
  • the OAT 2.50% 25 May 2043, in September 2022, with issuance of €5 billion and a yield at issue of 2.596%;

(iv)    the syndicated launch of a third Green OAT in May 2022: the Green inflation-linked OAT€i 0.10% 25 July 2038, with issuance of €4 billion, with a yield at issue of -0.415%. As the first security to be both green and inflation-indexed, the Green OAT€i offers unique features and has met with strong market demand since its launch. In total, AFT's teams issued €9.6 billion of green bonds in 2022, as well as €38 billion of social bonds on behalf of the Social Security Debt Repayment Fund (CADES).

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 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.

Translation of the Annual Report in English will soon be available.


AFT is an autonomous and accountable agency with national scope that reports to the Minister for the Economy, Finance and Industrial and Digital Sovereignty, 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 2022

State net medium- and long-term financing programme in 2022: €260 billion

Short-term issuance in 2022: €148.5 billion in 3-month, 6-month and 12-month securities with a weighted average yield of 0.19 %

Medium-term and long-term issuance in 2022: €286.2 billion with a weighted average yield of 1.43%

Negotiable debt securities outstanding at 31 December 2022: 2,278 billion (non-residents holding 50.1% of this debt)

Average residual maturity of debt at 31 December 2022: 8 year and 184 days

Medium-term and long-term issuance on behalf of CADES: €38.1 billion, of which 38 billion as social bonds

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

Information :

(+33) – [email protected]