In 2014, Caisse Française de Financement Local reported a volume of issues totaling EUR 4.0 billion by enriching its reference curve with two additional points and developing its presence in the segment of private placements. On three occasions, Caisse Française de Financement Local sought funding in the public primary market for a total of EUR 2.7 billion:
- in January a 10 year issue for EUR 1.0 billion;
- in April a 15 year issue for EUR 500 million (increase in the existing 2028 souche);
- in September a 5 year issue for EUR 1.25 billion.
Each of these transactions met significant demand on the part of investors, in all segments, with the highpoint being the five-year transaction, which benefited from excellent market conditions to collect almost EUR 5 billion, making it possible to price the first issue of French covered bonds with a negative spread vis-à-vis Euribor since the crisis.
In addition to these public transactions, Caisse Française de Financement Local was very active in the private placement segment and, in particular, in registered covered bonds (RCB). This allowed the bank to satisfy investors’ search for long and very long maturities. Altogether, EUR 1.3 billion were raised in this market segment.
Issues in 2014 were exclusively realized in euros with an average maturity of 11.5 years.
As of December 31, 2014, issues can be broken down by currency as follows :
As of December 31, 2014, issues can be broken down by format as follows :