The first issue in the euro benchmark market of Caisse Française de Financement Local, at the beginning of July 2013, proved successful with an issue of EUR 1.0 billion with maturity of 7 years after a month’s absence of transactions in the covered bond market.
This inaugural issue was followed by a second public issue at the end of September of EUR 500 million with maturity of 15 years. It was the first issue with this maturity in the obligation foncièremarket for three years.
These two issued were accompanied by private placements with long maturities, the number of which has been significant this year.
This year’s private placements partially took the form of registered covered bonds, a type of private placement designed for German investors. This type of issue makes it possible to meet the specific needs of certain investors in a reactive and flexible manner.
The breakdown of new production between public issues and private placements is presented below.
Caisse Française de Financement Local thus accomplished its full annual issuance program of EUR 3.1 billion in less than three months.
Issues in 2013 were exclusively in euros.