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Sfil and Caffil, two reliable issuers on the SSA and covered bond markets, dedicated to public sector investment, export credit and sustainable finance

Sfil and Caffil, two reliable issuers on the SSA and covered bond markets, dedicated to public sector investment, export credit and sustainable finance

As a public development bank, we carry out two missions in the public interest: financing investment by local authorities and public hospitals, as well as supporting export contracts guaranteed by the French Republic. As a recurring issuer on the SSA market, we offer investors high-quality bonds supported by the soundness of our model.


Sfil benefits from credit ratings in line with those of France, with an additional enhancement attributed to the covered bonds issued by Caffil.


Caffil, fully owned by Sfil, is the leading issuer of covered bonds financing the public sector.


Our credit ratings

Sfil’s credit ratings are aligned with those of the French Republic based on 100% public-sector ownership and the commitments of Caisse des Dépôts and the French Republic.

Caffil’s covered bonds issuance programs ratings enhanced compared to those of Sfil in view of their legal framework, the quality of the cover pool and their level of over-collateralization.

Sfil
Caffil
AA-
Notation long terme
S&P
Aa3
Notation long terme
Moody’s
AA (high)
Notation long terme
DBRS
A-1+
Notation court terme
S&P
P-1
Notation court terme
Moody’s
R-1 (high)
Notation court terme
DBRS
Aaa
Notation long terme
Moody’s
AAA
Notation long terme
DBRS

A cornerstone of responsible finance, committed to implementing a sustainable future

Sfil and its subsidiary Caffil were among the pioneers in issuing green and social bonds, aligned with major environmental and societal issues.

Our green bonds finance high-impact environmental projects, and our social bonds support local development access to healthcare thanks to a rigorous project selection process.

Our methodological standards define clear criteria and guarantee a transparent management of the funds, in line with international standards.

A performing public development bank model

As a subsidiary of Caisse des Dépôts Group, our financial results underline the performance of the public development bank model.

An access to covered bonds through our subsidiary Caffil

We play a central role in financing public investment through our covered bonds issued in the “obligations foncières” format by Sfil’s fully-owned subsidiary, société de crédit foncier Caffil.

These financial instruments, backed by loans to public sector entities, make it possible to finance local authorities, public hospitals and projects of public interest in France and abroad for major national exporters, offering maximum security and reliability to our investors.

The figures that matters

1 st European issuer of public sector covered bonds

55 billion euros in financing provided to the the local public sector since 2013

33 % of our bonds under ESG format by 2030

Our expertise and savoir-faire contribute to Sfil's reputation as an award-winning solution organisation

  • Best Covered Bond Investor Relations Team

    2025

  • Best Covered Bond Issuer

    2025

  • European Deal of the Year

    2025

  • Best ESG Covered Bond Issuer

    2024

  • Editor’s Award

    2023

  • Best Green Bond – Asset Based & Covered Bonds

    2023

  • Best Social Bond – Asset Based & Covered Bonds

    2022

  • Best Euro Issuer

    2021

  • Best Covered Bond

    2021

  • Most impressive FI Funding Strategy during Covid Pandemic

    2020

  • Best Euro Issuer

    2020

  • Best green, social or sustainability deal

    2020

  • Best ESG Issuer

    2019

  • Best Social Bond

    2019

  • Most Impressive Social or Sustainability Issuer

    2019

  • Best Covered Bond Private Placement

    2018

  • Best Euro Issuer

    2016

Contact our experts

Ralf Berninger Head of Investors’ Relations ralf.berninger@sfil.fr
Mathilde Sobol Analyst mathilde.sobol@sfil.fr