24/04
Source :
GlobeNewswire
On 10th May 2017, Agence France Locale, the French local government funding agency, priced their third Euro benchmark since the beginning of their activities. The new issue has a final maturity of 20th June 2024, pays an annual coupon of 0.5% to give a spread of +25bps over interpolated OAT.
The orderbook grew rapidly and closed at over EUR630 million. Strong investor interest with over 30 diverse investors (asset managers, central banks, bank treasuries, official institutions, etc.) making up nearly 75% of foreign investors.
Agence France Locale, having already priced over EUR300 million this year, has hence achieved 94% of their 2017 funding program.
Deal characteristics
Issuer: Agence France Locale
Issuer Rating: Aa3 stable outlook (Moody's)
Programme Rating: Aa3 stable outlook (Moody's)
Format: EMTN Programme (the Final Conditions regarding the Issue are available on the AMF web site (French Market Authority - Autorité des Marchés Financiers - www.amf-france.org) and that of Agence France Locale (www.agence-france-locale.fr). The Base Prospectus received the AMF visa n°17-170 on 21st April 2017 and can be found on the above-mentioned websites.
Size: EUR 500 million
Bond denomination: EUR 100 000
Settlement: 17th May 2017
Maturity: 20th June 2024 (7 year)
Coupon: 0.50%
Spread: OAT + 25 bps
Exchange: Paris Euronext
Final investor distribution :
Distribution by type of investor | |
Asset Managers | 21% |
Central Banks / Official Institutions | 13% |
Corporates | 10% |
Insurance / Pension Funds | 0,50% |
Bank Treasury | 55,50% |
Distribution by geographical location | |
France | 26% |
Germany / Austria / Switzerland | 37% |
United Kingdom & Nordics | 8% |
Other Europe | 2,00% |
Asia | 9,00% |
Italy | 18% |
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