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 20 th 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 €630 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 €300 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 : 17 th May 2017

Maturity : 20 th 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%






  • Agence France Locale was created further to the banking legislation dated 26 July 2013 and was granted a banking license on 12 January 2015.
  • 100% owned by French local authorities, Agence France Locale's mission is to provide members with cost-efficient and stable funding by raising funds in capital markets.
  • More information : www.agence-france-locale.fr




This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Agence France Locale via GlobeNewswire


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