SFIL Group has successfully launched its first green bond under covered bond format issued by CAFFIL. The transaction has a maturity of 10 years for an amount of EUR 750 m. This is the first green bond transaction exclusively dedicated to the financing of green investments by French local authorities. It is also the first ever green public sector covered bond issued at European level.
The transaction was announced on November 4th with order books opening on November 5th in the morning. The order book reached a volume above EUR 3 billion after less than two hours with the participation of 103 different investors including 17 new investors and a large number of ESG investors.
In Partnership with La Banque Postale, SFIL Group is the leading lender to the French local public sector with more than EUR 27 billion in loans provided since 2013. Together, they finance a significant share of green investments of local authorities in line with the sustainable sevelopment goals, in areas including clean local public transport, water treatment, waste recycling and green public buildings. Since May 2019, SFIL Group – in partnership with La Banque Postale – is proposing loans under a specific green loan format to finance environmental projects by French local authorities.
‘This inaugural Green green bond is close to the heart of our public policy mission. It is part of the many sustainable development initiatives we have taken in recent years: we joined the UN Global Compact last year, we recently established our carbon footprint and published our social and environmental strategy, as well as our first CSR report this year. We are proud to contribute to the development of a financial sector that promotes public sector initiatives for sustainable development, and to participate in France's leading role in the development of the green bond market.’ - Philippe Mills, CEO of SFIL and Chairman of the Supervisory Board of CAFFIL
About bonds issued by the SFIL Group
The SFIL Group – with its subsidiary CAFFIL - is the main European issuer of covered bonds secured by loans to public sector entities. Its bond issues provide adequate funding to cover the needs associated with the two missions that the SFIL Group has been entrusted with by the French State: the refinancing of loans to French local authorities and hospitals by its partner La Banque Postale, and the refinancing of large French export loans benefiting from a State guarantee (“enhanced guarantee”), as part of its refinancing platform for banks active in this sector.
With EUR 7 billion raised in 2018, the SFIL Group is the leading French public sector bond issuer after the State. Bonds issued by CAFFIL and SFIL are eligible for the purchase programs of the European Central Bank (PSPP and CBPP) and are classified in the best liquidity categories for regulatory ratios. They benefit from the Covered bond label and only have a hard bullet structure. SFIL is a signatory to the United Nations Global Compact.
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