3 July 2019: Agence France Trésor publishes its 2018 Annual Report

Accompanied by a number of statements by experts in the government's issuing policy and the functioning of financial markets, the Annual Report presents AFT's duties, organisation and staff. The year 2018 was a year of actions on behalf of the French taxpayer:

  • Completion of an historic €195 billion financing programme carried out within the context of the ECB's continuing accommodative monetary policy;
  • Launch of the OAT€i 0.10% 25 July 2036 by syndication for a total of €3.5 billion. This bond achieved a real yield at issue of –0.361%, which is a record low yield for this type of bond;
  • A successful syndicated tap issue of the Green OAT for a total of €4 billion, which provided an occasion opportunity  for France to emphasise the importance it places on financing the energy transition;
  • A reduction of outstanding short-term debt to 6.4% by the end of 2018 – the lowest level since the early 2000s;
  • Renewal of the primary dealers for the next three years.

Rapport annuel 2018.PNG


An informative, multilingual report

By including materials such as datasheets and an economic and financial glossary, the Annual Report also gives the reader a better understanding and grasp of data relating to the management of the State’s debt and cash requirements.
In addition, to meet investors' needs, the report will soon be available in English, Japanese, Chinese, Spanish, Arabic and Russian translations.


AFT is an autonomous and accountable agency with national scope that reports to the Minister for the Economy and Finance and 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, in the medium term, with minimising the cost of debt in the taxpayers’ best interest. To this end, with respect to fixed income markets, it manages relations with investors, financial intermediaries and other issuers in a spirit of full transparency and a commitment to combining innovation, flexibility and security.

2018 key figures

  • State borrowing requirement in 2018: €192 billion
  • Short-term issuance in 2018: €288.3 billion in 3-month, 6-month and 12-month securities with a weighted average yield of –0.60%
  • Medium-term and long-term issuance in 2018: €225.4 billion with a weighted average yield of 0.53%
  • Outstanding interest rate swaps at 31 December 2018: €1 billion
  • Negotiable debt securities outstanding at 31 December 2018: €1,756 billion (non-residents hold 52.6% of this debt)
  • Average residual maturity of debt at 31 December 2018: 7 years and 336 days

Data about the State’s debt and details of AFT's activities can be found at www.aft.gouv.fr.

Agence France Trésor
+33 1 40 04 15 50