SFIL Annual financial report 2018

1 I Management report 10 SFIL Annual Financial Report 2018 SFIL Group other resources Short-term liquidity In 2018, SFIL actively pursued its issuance of debt securi‑ ties with a maximum one-year maturity under the certificate of deposit program it launched in 2015. SFIL’s certificate of deposit outstandings totaled EUR 647 million as of Decem‑ ber 31, 2018. Liquidity provided by SFIL’s shareholders As of December 31, 2018, the financing that SFIL received under the loan agreements with its shareholders amounted to EUR 1.1 billion for Caisse des dépôts et consignations and EUR 0.8 billion for La Banque Postale, representing an over‑ all decrease of EUR 2.3 billion compared with December 31, 2017. CAFFIL refinancing (covered bonds or obligations foncières ) In 2018, CAFFIL raised a total of EUR 4.9 billion by issu‑ ing debt benefiting from the legal privilege, via obligations foncières offerings. It launched three issues in the public primary market for a total of EUR 3.5 billion, adding to its reference yield curve in the 8-year (EUR 1 billion), 10-year (EUR 1.5 billion), 15-year (EUR 500 million) and 20-year (EUR 500 million) maturities. At the same time, over the course of the year it raised additional liquidity on several of its reference issues via four tap transactions for a total of EUR 600 million. In addition to these public issues, CAFFIL implemented an active private placement policy, focused on long and very long maturities, in response to specific demand from inves‑ tors whose appetite was not satisfied by its public primary offerings. This activity enabled it to raise close to EUR 800 million with an average maturity of more than 16 years. It issued 86% of this amount under a euro medium-term note (EMTN) program and the other 14% in the form of regis‑ tered covered bonds. Obligations foncières outstandings totaled EUR 50.3 billion as of December 31, 2018.