AFT has just published its 2023 Annual Report. It presents the duties and organisation of Agence France Trésor in 2023, a year notably marked by the resilience of the French economy and the ongoing normalisation of monetary policy.
The year 2023 was characterised by:
The completion of a net €270 billion medium-and long-term financing programme;
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 3.03% in 2023;
The syndicated launch of two new long-term benchmark bonds, 30-year and 15-year linked to French inflation:
• The OAT 3,00% 25 May 2054, in February 2023, with a €5 billion issuance and a yield at issue of 3.13%;
• The OATi 0.55% 1st March 2039, in June 2023, with a €3 billion issuance and a real yield at issue of 0.65%;
AFT issued €9.9 billion of green bonds in 2023, as well as €22.2 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 provides the general public with data, fact sheets and a glossary of economic and financial terms to better understand the management of the State’s debt and cash requirements.
The financial and statistical reports are comprehensive technical documents for experts in public finance and market professionals that contain all the data relating to AFT’s activities.
The translation of the Annual Report in English will soon be available.
Key figures in 2023
State net medium- and long-term financing programme in 2023: €270 billion
Short-term issuance in 2023: €169.2 billion in 3-month, 6-month and 12-month securities with a weighted average yield of 3.33%
Medium-term and long-term issuance in 2023: €303.1 billion with a weighted average yield of 3.03%
Negotiable debt securities outstanding at 31 December 2023: €2.429 billion
Buybacks at 31 December 2023: €30.3 billion
Average maturity of debt at 31 December 2023: 8 years and 168 days
Agence France Trésor's 2023 annual report is available here: https://www.aft.gouv.fr/index.php/en/annual-reports (French only)
Information :
01.40.04.15.50 – contact@aft.gouv.fr