A change has been introduced in the calculation of the financing rates of debt securities issued by non-financial corporations:
- "Financing indicators of the non-financial sectors" (table 3.19
) - "Financing indicators of non-financial corporations" (table 3.20)
Until now, this rate was presented as the year-on-year change in outstanding amounts. From now on, it is calculated as the sum of net transactions (net financing received) over the past twelve months relative to the outstanding amount observed one year earlier.
This change has been made to prevent financing rates from being affected by other changes in volume in stocks, such as those arising from the transfer of issues to non-resident subsidiaries.
The new formula harmonizes the calculation method with that applied to loans. In addition, it aligns with the way interest rates are estimated by the European Central Bank (ECB) in its securities statistics.
For further details, please consult the "Methodological note on liquidity and financing indicators", available in the Financial Accounts section.