30 July 2020 : Agence France Trésor publishes its 2019 Annual Report

Accompanied by a number of statements by bond market experts, the Annual Report presents AFT’s duties, organisation and staff, and describes a year of actions on behalf of the French taxpayer:

  • Completion of an historic €200 billion financing programme carried out within the context of the ECB’s accommodative monetary policy ;
  • A record level for the cost of borrowing on medium-term and long-term debt securities of 0.11% for 2019 as a whole ;
  • Launch of the OAT 1.50% 25 May 2050 by syndication for a total of €7 billion and demand of €31 billion. The bond achieved a yield at issue of 1.609%, which is a record low yield for this type of bond.

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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 and Spanish translations.


AFT is an autonomous and accountable agency with national scope that reports to the Minister for the Economy, Finance and Recovery, 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.  


2019 key figures

  • State borrowing requirement in 2019: €220.5 billion
  • Short-term issuance in 2019: €253.9 billion in 3-month, 6-month and 12-month securities with a weighted average yield of -0.58%
  • Medium-term and long-term issuance in 2019: €245.6 billion with a weighted average yield of 0.11%
  • Outstanding interest rate swaps at 31 December 2019: €1 billion
  • Negotiable debt securities outstanding at 31 December 2019: €1,823 billion (non-residents hold 53.6% of this debt)
  • Average residual maturity of debt at 31 December 2019: 8 years and 63 days 

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

Information :
Agence France Trésor