Agence France Trésor issues their fourth sovereign green bond

Green finance

The French Republic, through the Agence France Trésor successfully issued their fourth French sovereign green bond with a maturity of 25 years.

The largest syndication of OATs in the history of the AFT

The Green OAT 3.00% 25 June 2049 issuance amount at a yield of 3.201% reached an all-time high of €8 billion, bringing the total amount of green OATs issued to date to €69.9 billion.

The order book (which reached €98 billion, more than twelve times the requested amount) reflects the diversity and the quality of the investor base of the French sovereign debt with nearly 470 final investors taking part in the operation. The geographical distribution of investors shows strong domestic and European demand. Around two thirds of the €8bn issued have been allocated to green investors.

This represents the largest syndication of OATs in the history of the AFT, and the AFT remains the largest sovereign issuer of green bonds in the world, thus contributing to the strong development of this sector.

Crédit Agricole CIB acted as joint bookrunner. This transaction strengthens the Bank's partnership with the AFT, which it supports on its ESG strategy and in particular in its four green OAT issues, including one indexed to European inflation.

Framework for France’s Green Bonds

Green OATs target State budget spending on climate change mitigation, adaptation to climate change, biodiversity protection and pollution control, in line with the Energy Transition and Green Growth Act and France's commitment to implement the Paris Agreement. The selection grid for Green Eligible Expenditures is defined in the framework document Will open in a new tab for the State's green bonds.

The Agence France Trésor issued the first sovereign benchmark green bond in 2017, paving the way to hundreds of billions of green bonds issued by countries across the globe.

Crédit Agricole CIB is proud and honoured to be a partner to the Agence France Trésor since the first day of this journey.

"This very successful mandate is further proof of the strength of Credit Agricole CIB’ s franchise with official institutions globally and in particular for green and sustainable bonds.”

Emmanuelle Trochu

Global Head of Official Institutions Coverage

“We are thrilled to have supported AFT in bringing this record breaking Green OAT, which is the largest ever OAT syndication and to have accompanied AFT on their ESG strategy from the very first day back in 2017.”

Pierre Blandin

Head of DCM SSAs

Green finance

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