Financing flows to eurozone NFCsBank financing flows to eurozone corporations are expanding faster than market financing flows. The decline in the cost of bank credit has intensified demand for intermediated financing, while the cost of market financing remained fairly stable in 2025. As a result, bank credit flows to eurozone corporations, net of repayments and accumulated over one year, almost quadrupled between November 2024 and November 2025, rising from EUR 30.1 bn to EUR 119.3 bn. At the same time, net debt securities issuance also increased, but to a lesser extent (from EUR 57.2 bn to EUR 65.6 bn). They have returned to the average levels observed since 2017. With market interest rates expected to stabilise over the coming months, the costs of bank financing and market financing (debt) should, on average, remain relatively close.
Growth rate of outstanding loans in FranceOutstanding loans continue to recover overall in France. Growth in outstanding investment loans to corporations in France remained fairly stable in November 2025 (+4.0% y/y, -7 bp m/m). However, it remains below its long-term average (~5%). Outstanding treasury loans continued to decline (-2.6% y/y), still affected by the repayment of state-guaranteed loans (PGE). Outstanding loans to households for house purchase have been stagnant since June 2025 (0.1% in November). New home loans are stabilising due to the weak growth in households' real estate purchasing capacity. We do not expect this to recover in the coming months, given the foreseeable evolution of its determining factors. Outstanding loans for house purchase are therefore likely to continue growing at a modest pace. Growth in outstanding loans for consumption remains surprisingly strong y/y (+4.0% in November, virtually unchanged since September 2025). According to our forecasts, household consumption could remain relatively strong thanks to gains in purchasing power and easing fears about unemployment.
