Outright success for the inaugural USD benchmark transaction of SFIL
SFIL successfully launched its first USD transaction with a 3-year maturity and a volume of USD 1 billion.
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Very high demand for CAFFIL’s new public issue with a EUR 1.75 billion dual tranche transaction
Caisse Française de Financement Local (CAFFIL) executed today its second public covered bond issue of the year with a benchmark size (after a 10 year issue in January for EUR 1.5 billion). For this transaction, the subsidiary of the French State owned development bank SFIL has chosen to simultaneously offer two new bond issues with different maturities (7 and 15 years), corresponding to its asset-liability matching requirements, and meeting the needs of a diverse investor base.
In 2016, SFIL reported positive results that continue to grow strongly thanks to its robust business model and the success of the program to reduce the sensitivity of high-risk structured loans.
Fully operational and profitable since mid 2015, SFIL has posted six quarters of positive current income, demonstrating the strength of its model.
Download the annual financial report 2016 (interactive version)
Discover SFIL Info, the quarterly newsletter of SFIL!
Dear users, we are pleased to announce the creation of SFIL Info, the SFIL newsletter that will be published each quarter to keep you up to date on our latest news and developments.
We invite you to check out this first newsletter by clicking on the link below, and welcome your comments, critiques and suggestions for improving its quality in the coming editions.
Enjoy reading it and see you next June for the 2nd edition of SFIL INFOS!
Last public transaction of the year for CAFFIL:
EUR 500 million with a maturity of 15 years
Caisse Française de Financement Local (CAFFIL) today executed the fourth public
benchmark transaction of the year 2016. Investor demand for the transaction was strong and well diversified, paving the way for a quick execution following the announcement of the deal in the morning. The long maturity is in line with the profile of CAFFIL, providing long dated funding to the French local public sector.
SFIL issues a highly successful inaugural bond transaction
SFIL, the French local public sector and export financing agency, has today launched its inaugural bond transaction with a maturity of 8 years and a volume of EUR 1 billion.
Strong and well diversified demand for this inaugural bond issue reflects the public development bank status of SFIL, the classification as Level 1 debt for LCR purposes and the role of the French State as reference shareholder.
SFIL finalizes its first export deal in the cruise sector
SFIL, the public development bank, has finalized its participation in the financing of two cruise ships built by STX France for the US cruise line company RCCL. SFIL’s participation will represent nearly half of the €1.3 billion export credit provided by the banking pool. This operation is the first transaction completed by SFIL under its new mission to refinance large export contracts.
Over the course of the first half year of 2016, SFIL has successfully fulfilled its fundamental missions:
- the acquisition, within a strictly defined framework, of loans initially granted by La Banque Postale to eligible local governments and public health facilities;
- provision of specialised services by SFIL to La Banque Postale and CAFFIL, allowing for proper operations of the scheme;
- reduction in the sensitivity of certain structured loans contained in the assets on the balance sheet of CAFFIL, in line with the objectives defined by the State in terms of the management of public finances and in respect of SFIL’s strategic interests;
- the activity of refinancing large export credit contracts.
From 1 December 2014, SFIL's new address is:
Immeuble Bords de Seine II
1 - 3 rue du Passeur de Boulogne
92130 Issy-Les-Moulineaux
SFIL was created on February 1, 2013, with the aim of guaranteeing stability in local public sector financing in France.
SFIL is a 100% publicly-owned bank, having obtained approval from the French Prudential Supervision and Resolution Authority (ACPR). The French government is the principal shareholder, with a 75% stake in its capital, the remainder being owned by Caisse des Dépôts et Consignations (20%) and La Banque Postale (5%).
Through its société de crédit foncier Caisse Française de Financement Local (Caffil), SFIL refinances medium and long-term loans offered by La Banque Postale, in partnership with CDC, to local governments and public hospitals.
Its aim is to enable local governments and public hospitals to benefit from enhanced financing conditions thanks to a first-class rating and exceptional risk control.
To improve export competitiveness of companies established in France, a new mission has recently been entrusted to SFIL by the French state wich consists in reficancing large export credits insured by Coface.
SFIL in 2 minutes
Work at SFIL
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Anthony,
"After earning a second-level Master’s Degree in Banking, Finance and International Trade in Bordeaux, I worked for two banks in the management of local public debt before coming to financial operations at Sfil on February 1, 2013. I focused on the rescheduling of vanilla loans and certain delegated structured loans, while helping to train new recruits. This experience led me to the financial engineering department in March 2013, and since then, I have worked on reducing the sensitivity of structured loans within the framework of Sfil’s third mission and in application of the sensitivity reduction policy."
Project Manager, Financial Engineering,
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Marion, age 32,
"As part of SFIL's creation, I was responsible for setting up the training department. Working independently, I was named manager in April 2014, with a commitment to being both proactive and reactive. I love the idea of operating like a small company and being close to the employees. The qualities needed include curiosity, drive, interaction with others and the ability to ensure that our employees get the most from the training organizations."
Training Manager
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Stéphanie, age 46,
"I joined SFIL on February 1, 2013 as an executive assistant to Senior Management. My biggest challenge is providing our CEO and assistant CEO with the support needed to perform their duties seamlessly, from an organizational standpoint. I must be able to anticipate, adapt and respond very quickly. I think that having a clear view of one's agenda each morning and a strong mental capacity are essential for this position."
Executive Assistant
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André, age 58,
"I've had an exciting career that was diversified but always centered around local government finance, acquiring expertise that I am happy to put to work for SFIL. I began in the finance department of a large local government and then worked in local development financing in France and abroad with sales, financial engineering, marketing, studies and research teams in local public sector finance. Another thing I'm passionate about? The cello and chamber music."
General Secretary of the Risk Department
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Nathalie,
"After 10 years with the Paris National Opera Theater's Corps de Ballet, I took a new career path and held various positions in the banking sector. I joined SFIL in 2013. In addition to recurring tasks like managing loan transfers and dealing with unpaid loans, the Middle Office is the link between SFIL's customers and the other departments. As such, one of the main qualities needed is to be very diplomatic under all circumstances."
Middle Office Operations Manager
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Nathalie, age 43,
"I held several positions in the local public sector before joining SFIL in 2013. I oversee a team of 10 employees in two departments: the Middle Office, which is responsible for unpaid loans, borrower transfers and third party database updates, and the Applications & Reporting department, which produces activity tracking reports and ensures that SFIL and LBP have secure and appropriate business tools. My goal is to supervise my employees' work and have a positive and friendly attitude."
Middle Office & Applications Director
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Ronan, age 37,
"I joined SFIL's Cross-Functional Risk Management Department in May 2014. While the team is being set up, I am responsible for reworking, developing and maintaining the Credit Risk quantitative models, particularly for the rating systems and the related Basel parameters, which also entails doing back testing and stress testing. In addition to the required skills, this position demands one-third precision, one-third attentiveness, one-third technical expertise and 100% good spirits!"
Senior Quantitative Modeler
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Camille, age 24,
"After receiving my second year Master's degree in finance and completing several internships in the local government sector, I joined SFIL in March 2014 as a financial transactions manager. My work mainly involves responding to customers' contractual requests related to debt management and contributing to the sensitivity reduction policy. This position, which combines both customer relations and financial calculations, requires precision, the ability to listen and analyze, and the ability to work in a team.
Financial Transactions Manager,
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Jean-Baptiste, age 26,
"I joined SFIL in February 2013 when it was founded and currently hold the position of Actuarial Officer in the Financial Transactions Department. As a member of a five-person team, I work in various areas related to loan marketing, including the development and implementation of financial rules, APR calculations, support for La Banque Postale (definition of weekly financial terms, introduction of new products). I also work with the Outstanding Management Department, particularly in the area of sensitivity reduction. Joining a newly-formed company has enabled me to take part in numerous projects and develop the necessary methods and tools for SFIL's business. This position requires precision and intellectual curiosity as well as a high degree of adaptability in order to manage highly complex issues."
Actuarial Officer, -
Isabelle,
"After acquiring 17 years of experience first at an accounting and audit firm and then in a financial statements department in the banking sector, I joined SFIL's Human Resources Department in April 2013. As employee management controller, my responsibilities include accounting for all staff-related expenses and preparing and monitoring the human resources budget. This job requires precision, the ability to respond quickly and absolute confidentiality."
Employee Management Controller, -
Lionel, age 41,
"A specialist in local public debt with 18 years of experience, I joined SFIL when it was founded with two priorities:
Financial Engineering Director,
- Recruit, train and manage a team of some 20 employees from the banking and consulting sectors who specialize in financial management,
- Implement the sensitivity reduction policy approved by SFIL's Board of Directors and senior management.
Precision, teaching ability, a knack for dialogue, knowledge of operating risk and the ability to conduct lengthy, complex negotiations are the qualities needed to fulfill the mission assigned to us, namely helping local governments and public hospitals significantly reduce their interest-rate and foreign-exchange risks so that they can manage their finances with greater peace of mind."