Our subsidiary Caffil
Useful links for Caffil investors
A 100% owned subsidiary of Sfil, Caffil is a French credit institution, authorised as a specialised credit institution and a société de crédit foncier (a type of covered bond issuer).
It issues covered bonds, which are bonds secured by a portfolio of loans to public sector institutions, or fully guaranteed by them, that are held on its balance sheet.
Caffil’s covered bonds are labelled European Covered Bonds (premium).
Sfil and Caffil provide financing for French local authority and exporter projects on very favourable terms
Caffil: Caffil provides financing for loans granted to French public sector institutions through the issue of secured bonds, known as obligations foncières, whose legal structure offers enhanced protection to investors.
Sfil, as the parent company, is responsible for the operational management of Caffil, providing the non-privileged resources necessary to finance Caffil’s overcollateralisation and acting as the counterparty for some of Caffil’s risk hedging derivatives.
Caffil in a few figures
European leader in covered bonds backed by public sector assets
Nearly € 65 billion in portfolio assets
More than € 53 billion issued in obligations foncières
Over 19 % of overcollateralisation ratio
Our obligations foncières offer double protection to investors
The obligations foncières issued by Caffil are strictly regulated, which allows them to obtain the best ratings from rating agencies and to offer minimal risk to investors.
These obligations foncières offer double protection to investors :
A portfolio of high-quality assets
They are guaranteed by a low-risk asset portfolio on Caffil’s balance sheet, which consist of loans to French public sector institutions or loans fully guaranteed by them
Legal and economic security
They benefit from legal privilege, with the sums from the asset portfolio being allocated as a priority to the payment of interest and the redemption of the obligations foncières.
Caffil ensures the security of these obligations foncières thanks to four pillars
To benefit from the legal privilege, the ratio between the asset portfolio and the obligations foncières issued (coverage ratio), set by law, is a minimum of 105%. In reality, Caffil maintains a higher level of overcollateralisation in order to meet the requirements of the rating agencies in this respect.
