Securities and stock market
Obligations en direct (directly held bonds)
Government and corporate debt securities held directly, with a known coupon and the nominal repaid at maturity.
Overview
A bond pays a coupon known at purchase and repays its nominal at maturity, subject to the issuer's solvency.
A bond is a debt security issued by a government, a supranational institution or a company. The holder receives coupons at regular intervals and repayment of the nominal at maturity. The bond may be sold before maturity on the secondary market, at a price that depends on prevailing rates and the issuer's credit quality. In a securities account, coupons and capital gains fall under the flat tax (31.4% in 2026).
How it works
Issuer selection
Rating, currency, maturity, coupon
Holding
Regular coupons, subject to the flat tax
Maturity or sale
Nominal repaid or bond sold on the market
Key points
Strengths
- Contractual coupon known at purchase
- Nominal repaid at maturity
- Portfolio diversification (low correlation with equities)
- Defensive or counter-cyclical component
- Liquid secondary market for listed bonds
Points to watch
- Issuer default risk (credit rating to be analysed)
- Interest-rate risk: prices fall when rates rise
- 31.4% flat tax on coupons in 2026, with no exemption comparable to the PEA's
- Possible volatility on the secondary market
- Minimum investment often high (€10,000 to €100,000)
Who it is for
Investors who want a component of defined income and lower volatility within a diversified portfolio. Amounts per line are often high (€10,000 to €100,000). Interest-rate risk and issuer risk are managed through maturity and credit rating.
Worked illustration
Example based on assumptions
Assumptions: a ten-year government bond with a nominal of €50,000 pays a 3.2% coupon. Gross coupons come to €1,600 a year, i.e. €1,098 net after the 31.4% flat tax (2026). Over ten years, the investor receives about €10,980 net, then repayment of the €50,000 at maturity if the issuer does not default. The 3.2% coupon is a calculation assumption and does not constitute an offer.
Regulatory information
This sheet is a general information document of a commercial nature. It constitutes neither personalised investment advice, nor a recommendation, nor a solicitation, and it is not a key information document. Any decision requires a prior analysis of your situation by a duly authorised professional. Investments carry a risk of capital loss. Past performance is no guide to future performance. Taxation depends on each person's situation and may change.
Risk of partial or total loss of capital. Equity markets experience sharp fluctuations, and smaller companies are less liquid. Bonds expose the holder to issuer default risk and to interest-rate risk: their value falls when rates rise. Recommended investment horizon: at least five to eight years.
Complaints and mediation
Any complaint may be sent to ASTERALE, 4 allée Django Reinhardt, 94110 Arcueil, France, or to sebastien.bailly@asterale.fr. Failing a satisfactory reply within two months, you may refer the matter to the competent mediator. For financial investment advice: the AMF Ombudsman (Médiateur de l'AMF), 17 place de la Bourse, 75082 Paris Cedex 02 (www.amf-france.org/fr/le-mediateur). For insurance broking and intermediation, banking and payment services intermediation and property transactions: ANM Conso, 2 rue de Colmar, 94300 Vincennes (www.anm-conso.com, contact@anmconso.com).
Information sheet updated on 6 October 2026. Download the sheet (PDF)
Book a meeting
The first meeting, of about an hour, is used to check whether this scheme has a place in your wealth.