What Is the Agence France Trésor (AFT)?

The Agence France Trésor (AFT) is the French government agency responsible for managing the country’s debt and cash flow.

Operating under the Ministry of Economy, Finance, and Industrial and Digital Sovereignty, the AFT plays a crucial role in maintaining France’s financial stability.

What Does the Agence France Trésor Do?

The AFT carries out several key missions vital to the French economy:

1. Managing the State’s Cash Flow

The AFT ensures that the government can meet its financial obligations by maintaining a constant balance between cash inflows and outflows. This involves:

• Accurately forecasting daily cash flows,
• Investing surplus funds under optimal conditions,
• Raising necessary funds at the lowest possible cost.

2. Managing the National Debt

Agence France Trésor oversees France’s public debt following a strategy based on three core principles:

• Regularity: publishing an annual borrowing plan and issuing debt frequently,
• Transparency: keeping investors and markets well informed,
• Flexibility: adjusting issuance volumes to market demand to minimize financing costs.

What Types of Securities Does the AFT Issue?

To raise funds for the state, the AFT issues various types of marketable debt securities:

• Short-term Treasury bills (BTF): fixed-rate, discount securities with maturities under one year,
• Government bonds (OATs): medium- to long-term securities,
• Inflation-linked bonds (OATi and OAT€i): bonds whose principal is adjusted to French or European inflation.

An Autonomous and Expert Organization

The AFT is a national public service agency, which guarantees its operational independence. Its team is made up of specialized civil servants and financial market professionals dedicated to optimizing the management of public debt.

In Conclusion

Agence France Trésor is a key financial player in France. Its strategic role enables the government to fund its needs while minimizing costs for taxpayers.