Local refinancing

Among our activities: refinancing of loans to the local public sector, initiated by La Banque Postale.

The refinancing of loans to the local public sector initiated by La Banque Postale is entrusted to Caisse Française de Financement Local (Caffil), a subsidiary of SFIL.

Caisse Française de Financement Local  is a credit institution, duly authorized as a Société de Crédit Foncier. This vehicle created to issue covered bonds (obligations foncières) seeks to provide local authorities and public healthcare facilities in France with optimum financing conditions thanks to a first-tier rating and exceptional risk control.

Caisse Française de Financement Local plans to issue between €4 billion and €6 billion annually, with a goal of becoming a leading issuer in its class.

In 2013, Caffil was able to complete its entire annual financing program between July and September, raising more than €3 billion in loans to the local public sector. Caisse Française de Financement Local distinguished itself with a 15-year, €500 million public issue in addition to its inaugural transaction, a 7-year, €1 billion issue. Caffil also received substantial interest from private placement investors seeking very long maturities.

In 2014, the third public offering launched by Caffil (early January), a 10-year, €1 billion issue, followed by private placements totaling €500 million under excellent terms, confirmed Caffil’s excellent creditworthiness and the breadth of its investor base.