12 September 2017: AFT publishes its 2016 Annual Report

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AFT publishes its 2016 Annual Report

Agence France Trésor published its 2016 Annual Report today. It contains all of the State debt data and the highlights of the year for AFT in its management of the State’s debt and cash requirements. Translations of this report in English, Arabic, Chinese, Spanish, Japanese and Russian will soon be available.

In 2016, the ECB’s accommodative monetary policy was stepped up and the Brexit vote pushed down yields for the safest sovereign borrowers in an environment of moderate growth and weak inflation.
In 2016, France enjoyed the most favourable financing terms in its history. AFT also continued to adapt its issuance policy to investor demand to ensure the greatest liquidity possible in every segment of the yield curve.


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 debt in the taxpayers’ best interest.
AFT’s strategy is to take a long-term view, while tracking the market closely. It promotes liquidity across the full range of its debt issuance, while maintaining full transparency and a commitment to combining innovation, flexibility and security.

Key figures


  • State borrowing requirement in 2016: €194.1 billion
  • Short-term issuance in 2016: €324.7 billion in 3-month, 6-month and 12-month securities with a weighted average yield of -0.53%
  • Medium-term and long-term issuance in 2016: €214.3 billion with a weighted average yield of 0.37%
  • Outstanding interest rate swaps at 31 December 2016: €1 billion
  • Negotiable debt securities outstanding at 31 December 2016: €1,620 billion (non-residents hold 58.5% of this debt)
  • Average residual maturity of debt at 31 December 2016: 7 years and 195 days

2016 Annual Report