Strong Success for Sfil Group’s First Issuance of 2025

After executing the last French covered bond issuance in November 2024, Caffil successfully reopens the market with its first public issuance of 2025. This transaction was launched in a secured bond format for a total amount of €1.25 billion with a long 8-year maturity.

This issuance was met with exceptionally strong demand, attracting 150 investors in total. The order book reached €5 billion, resulting in an oversubscription rate of 4x, underscoring the strong market confidence in Caffil’s signature.

Successful Issuance & 2025 Financing Program

This transaction was priced at 69 basis points above the swap curve, equivalent to -8 basis points compared to the OAT.

This first issuance marks the launch of Sfil Group’s 2025 financing program, which plans to issue a total of €8 to €10.5 billion:

• €2.5 to €4 billion to be issued by Sfil in the SSA market,
• €5.5 to €6.5 billion to be issued by Caffil via covered bond transactions,
• At least one green bond and one social bond in 2025.

Market Recognition & Investor Confidence

“ ”