Agence France Trésor

What Agence France Trésor does

Agence France Trésor (AFT) is the French State's debt management and cash management agency, constituted in February 2001 by decree as a Service à Compétence Nationale under the Ministry of Economy and Finance. Its mandate is to fund the State's financing needs and manage its cash position in the best interest of taxpayers, issuing negotiable debt securities including short-term BTF (Treasury bills up to one year), fixed-rate OAT (medium- and long-term bonds, 2-50 years), inflation-linked OATi and OAT€i variants, Green OATs, and stripped securities. As of June 30, 2026, AFT managed €2,857,530,878,943 of negotiable debt with an average life of 8 years and 180 days, executing a 2026 medium- and long-term issuance program of €310 billion net of buybacks. Issuance occurs via competitive auctions (weekly BTF on Mondays, monthly OAT adjudications) and syndication for innovative or very long-dated products.

The operational technology stack is built around the MAITRE auction platform, operated by Banque de France since 2022, which collects bids from Primary Dealers (SVTs) and supports secure adjudication. AFT also manages the Unique Treasury Account at Banque de France for centralized cash visibility and acts as calculation agent for daily OATi and OAT€i indexation coefficients using INSEE and Eurostat inflation data, as well as the daily TEC 10 constant-maturity rate. Distribution relies on a charter-mandated network of 15 designated Primary Dealers for the 2025-2027 cycle, supplemented by a Euronext-operated secondary market enabling retail participation with €1 minimum denominations.

AFT does not generate commercial revenue; operating costs are absorbed by the State budget and its role is structurally non-commercial under EU Treaty Article 123. Governance is exercised through the Director General (Antoine Deruennes, in office since October 2023), the Deputy Director General (Pierre-Eliott Rozan, appointed September 1, 2025), and a twice-yearly Strategic Committee. The agency also serves as France's auctioneer for EU ETS carbon quotas on the European Energy Exchange and provides operational support to the related Caisse de la Dette Publique and CADES entities.

Name

Agence France Trésor

Legal name

Agence France Trésor (AFT)

Website

https://aft.gouv.fr

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

Agence France Trésor is the French State's debt and cash management agency, issuing BTF, OAT, OATi, OAT€i and Green OAT securities via auctions through a network of 15 Primary Dealers, with no commercial revenue and costs borne by the State budget.

Ownership category

akta.pro rank

Product category

Sovereign Debt Management

NAICS

Monetary Authorities-Central Bank (52111)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Treasury & Cash Management (BPAIAEAB)

akta.pro secondary industry

Money Markets & Short-Term Funding (T-Bills, CP, CDs) (FSACAEAG)

Keywords

• Sovereign debt management
• Government bond issuance
• Treasury bill auctions
• Sovereign securities issuance
• Public debt management

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Government Debt Management Services: AFT is a government service (Service à Compétence Nationale) under the Ministry of Economy and Finance. It does not generate commercial revenue. Its function is to manage French State debt and cash position in the best interest of taxpayers. Costs are borne by the State budget. The agency conducts debt issuance operations (BTF, OAT, indexed OATs) to fund government financing needs.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Agence France Trésor (AFT) is the French government agency that manages the State's debt and cash position. It issues short-term Treasury bills (BTF), medium- and long-term bonds (OAT), inflation-linked variants (OATi, OAT€i), and sovereign green bonds (Green OATs) through weekly auctions and syndications, and manages all cash flows through the Unique Treasury Account at Banque de France.

Product overview

Agence France Trésor operates as a single-service government agency managing France's sovereign debt through two primary debt instruments: BTF (short-term Treasury bills with maturities under 1 year for cash management) and OAT (medium to long-term fixed-rate bonds with maturities of 2-50 years). The OAT family includes inflation-linked variants: OATi (indexed on French CPI) and OAT€i (indexed on Eurozone HCPI), as well as Green OAT variants supporting environmental finance. Additional products include stripped securities (STRIPS), and a retail investor channel. The agency also publishes the TEC 10 reference index and manages EU carbon quota auctions. The organization does not offer a commercial software product; its 'products' are government debt securities issued through auctions (primarily Dutch-style) and syndication.

Differentiator

Problem solved

Functional benefit

Products and services

• BTF (Bons du Trésor à taux fixe et à intérêts précomptés) Short-term Treasury bills with maturities up to one year (typical 13, 26, and 52 weeks), used to manage the French State's cash position. Issued weekly by auction.
• OAT (Obligations Assimilables du Trésor) Medium- and long-term fixed-rate government bonds with maturities between 2 and 50 years. The primary vehicle for France's medium- and long-term debt financing, issued by auction or syndication.
• OATi (Inflation-Linked Bonds, French CPI) Fixed-rate bonds indexed on the French consumer price index (CPI excluding tobacco), offering inflation protection. Provide investors with real yield protection.
• OAT€i (Inflation-Linked Bonds, Eurozone HICP) Fixed-rate bonds indexed on the Eurozone Harmonized Index of Consumer Prices (HICP excluding tobacco), providing eurozone inflation protection for French and international investors.
• Green OAT (OAT Vertes) Sovereign green bonds with proceeds dedicated to financing green public expenditure aligned with environmental objectives including climate change mitigation, biodiversity protection, and pollution prevention. Includes nominal and inflation-linked (OAT€i) green variants.
• OAT Démembrées (STRIPS) Stripped government securities in which interest and principal cash flows are separated into fungible zero-coupon certificates, allowing investors to isolate specific maturity exposures.
• TEC 10 (Taux de l'Échéance Constante à 10 ans) Daily constant-maturity 10-year Treasury benchmark rate calculated and published by AFT via linear interpolation between yields of the two outstanding OATs closest to 10-year maturity. Published at approximately 3pm on the AFT website and via Reuters/Bloomberg.
• Carbon Quota Auction Services Supervision of French carbon emission quota auctions on the European Energy Exchange (EEX) platform under the EU Emissions Trading System (EU-ETS).

Quantifiable outcome

• Negotiable debt outstanding: €2,857,530,878,943 (June 30, 2026)
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core, major and minor.

• Specialistes en Valeurs du Tresor (SVTs - Primary Dealers)coreChannel Partner/ Reseller/ Distributor · 1 January 202515 designated Primary Dealers (Bank of America Securities, Barclays, BNP Paribas, Citi, Credit Agricole CIB, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Natixis, NatWest Markets, Nomura, Santander, Societe Generale) serve as privileged counterparties for all AFT activities on financial markets. They assist with issuance policy and debt management, participate in adjudications and syndications, place Treasury securities, ensure secondary market liquidity, and provide continuous quality analysis to AFT. Selected by the Minister for 2025-2027 mandate. Governed by charter established in 2003.
• Banque de FrancecoreStrategic or Co-development Partner · 1 January 2022Banque de France serves as custodian of the State's unique account (Compte Unique du Tresor) and manages operational aspects of Treasury security auction sessions. Since 2022, uses MAITRE system (Mecanisme d'Adjudications Informatique du Tresor) for secure auction processing. Collects SVT submissions for auctions, presents anonymous summary to AFT for adjudication. Provides real-time centralized vision of State cash position.
• Caisse de la Dette Publique (CDP - Government Debt Fund)coreStrategic or Co-development PartnerPublic establishment created by 1986 law to support French State credit quality on financial markets. Can purchase State-issued or guaranteed securities for custody, cancellation, or resale. Authorized to lend and sell securities. AFT provides operational support as needed. CDP Board includes representatives from Ministry of Economy and Finance, Council of State, Court of Auditors, and Inspectorate General of Finance. A reserve facility of up to 20 billion euros may be established for CDP through short-term repurchase agreements.
• Caisse d'Amortissement de la Dette Sociale (CADES)majorStrategic or Co-development PartnerCADES was created in 1996 to finance and extinguish accumulated Social Security debt. Operational teams of AFT and CADES were integrated in October 2017. AFT provides support for CADES green bond program (obligations sociales). CADES has exclusive, dedicated revenue source (CRDS - Contribution au remboursement de la Dette Sociale).
• EEX (European Energy Exchange)majorTechnology or IntegrationAFT serves as auctioneer for France for EU Emissions Trading System (EU ETS) quotas on the EEX platform since 2013. Supervises settlement of carbon quota auctions for France under the EU greenhouse gas emission trading scheme. Represents AFT in Association des Professionnels de Titres de la Place (AFTI Groupe Marches Obligataires et Collateral).
• Euroclear FrancecoreTechnology or IntegrationEuroclear France operates as central securities depository for French government bonds. Manages dematerialized securities settlement for OATs, BTF, and related products. GIE (Groupement d'Interet Economique) with Euroclear France and SVTs manages OAT stripping and reconstitution operations.
• EuronextcoreChannel Partner/ Reseller/ DistributorEuronext manages the secondary market for OATs accessible to retail investors. Partnership enables individuals to easily buy and sell French government bonds through financial intermediaries or online brokers. Euronext operates the market under stock exchange regulations.
• INSEE (Institut national de la statistique et des etudes economiques)coreTechnology or IntegrationINSEE publishes the French Consumer Price Index (CPI) used by AFT for calculating OATi indexation coefficients. AFT serves as calculation agent for its inflation-linked securities, using INSEE CPI data for daily reference inflation calculations.
• EurostatcoreTechnology or IntegrationEurostat publishes the Harmonized Index of Consumer Prices (HICP) for the euro zone used by AFT for OATeCi indexation coefficients. AFT uses the first HICP indices published by Eurostat for indexation calculations, independent of subsequent statistical revisions.
• International Partners (EU Sovereign Debt Agencies)minorStrategic or Co-development PartnerAFT participates in working groups with international institutions and other public issuers (EU, OECD). Exchanges with other sovereign debt management agencies including those of EU member states (Germany, Austria, Belgium, Spain, Italy, etc.) and non-EU countries (US, UK, Japan, Australia, etc.) for best practice sharing and coordination.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Austrian Treasury (OeBFA): Austria's federal treasury and debt management office, issuing Austrian government bonds with a similar auction and primary dealer framework. Comparable functional scale and product set.
• Irish National Treasury Management Agency (NTMA): Ireland's DMO, managing sovereign and selected agency debt with a similar auction-based, primary-dealer-driven model. Comparable governance under ministerial authority.
• Belgian Federal Debt Agency: Belgium's federal debt management agency issuing OLOs via Dutch-style auctions. Comparable institutional structure as a small-team federal debt agency within a Eurozone ministry.
• UK Debt Management Office: The UK DMO is the closest peer to AFT: an Executive Agency of HM Treasury operating under a similar ministerial mandate, issuing gilts via auction and syndication, and managing treasury cash. Comparable structure, mandate, and product set.
• German Finanzagentur: Germany's federal debt management agency, issuing Bunds, Schätze, and Bobls via auction. The largest Eurozone sovereign DMO and the benchmark price leader that AFT's OATs price against. Most directly comparable functional peer.
• Italian Treasury (Direzione II - Debito Pubblico): Italian sovereign DMO issuing BTPs (fixed, floating, inflation-linked) with comparable product breadth and a similar primary dealer structure. Direct competitor for eurozone fixed-income investor flows.
• Spanish Tesoro Público: Spain's autonomous debt management office, issuing Bonos, Obligaciones, and Letras via a similar competitive auction system with a comparable primary dealer network. Functionally similar mid-sized Eurozone DMO.
• Portuguese Debt Management Office (IGCP): Portugal's Treasury and Government Debt Management Agency, issuing OTs and BTs via auction. Comparable institutional structure and Eurozone DMO function.
• Dutch State Treasury Agency (DSTA): Netherlands' DSTA, part of the Ministry of Finance, issuing DSLs via auction. Comparable small-team agency structure and Eurozone sovereign debt management function.

Broad incumbents

• US Treasury (Bureau of the Fiscal Service): The largest sovereign debt issuer globally, offering the closest large-scale precedent for AFT's auction, syndication, and active-debt-management framework. Operates at materially larger scale but with analogous institutional mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/agencefrancetresor

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Agence France Trésor