This covered bond transaction issued by CAFFIL with a volume of EUR 1 billion and a maturity of 5 years is the second transaction by SFIL Group under social bond format financing public hospitals, following the inaugural transaction in February 2019.
Highly successful social bond transaction by SFIL Group in support of French public hospital investments. This covered bond transaction issued by CAFFIL with a volume of EUR 1 billion and a maturity of 5 years is the second transaction by SFIL Group under social bond format financing public hospitals, following the inaugural transaction in February 2019.
The transaction was launched on April 28th in the morning with the order book above EUR 4.5 billion and 130 investors participating in late morning. In a context of gradual improvement in market conditions since early April, this operation represented a remarkable success:
- this is the first "COVID 19" related covered bond aimed at directly or indirectly funding sectors affected by the pandemic
- it is the covered bond transaction with the tightest spread since the start of the Covid19 crisis (week of March 9)
- this was the largest order book for a covered bond transaction in 2020
- the rate of oversubscription of 4.5 was the highest ever for SFIL group since 2013
- at 0.01% it was the lowest coupon ever paid on a CAFFIL benchmark transaction
"As the first lender to public hospitals in France, with the dedication of the medical staff that honors our country, we are proud to be at their side in this period of a global pandemic. This second social transaction of SFIL Group received an extremely positive reception with the participation of 130 different investors and more than EUR 4.5 billion in orders”
Philippe Mills, CEO of SFIL and Chairman of the Supervisory Board of CAFFIL
Ralf Berninger - email@example.com
Christine Lair – Tel.: + 33 (0)1 73 28 87 36
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.
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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