Benchmark EUR 1bn – Jul 2041 : l'AFD émet avec succès une nouvelle obligation de 1 milliard d'euros de maturité 15 ans

scappaticcie@afd.fr

Published

10 Jul 2026

Benchmark EUR 1bn – Jul 2041: Agence Française de Développement successfully priced a new 4.375% EUR 1 billion benchmark due 15th July 2041scappaticcie@afd.frFri, 10 Jul, 2026 - 17:20 Financial press releases July 10, 2026 1 On Wednesday 8th July 2026, Agence Française de Développement (AFD), rated A+ (Stable) by S&P and A+ (Stable) by Fitch, successfully issued a new EUR 1 billion 15-year benchmark due on the 15th July 2041 which offers a spread of 19bps over the interpolated curve. TRANSACTION HIGHLIGHTSAFD was able to capture investors' attention despite heightened geopolitical uncertainty following President Trump's announcement that the ceasefire had come to an end, and amid a particularly crowded SSA primary market ahead of the traditional summer break.The EUR 1bn transaction offers a final spread of 19 bps over the OAT curve, equating to an annual re-offer yield of 4.428% and a re-offer price of 99.428%, with a coupon of 4.375%.The transaction met strong investor demand, attracting interest from a broad and diversified pool of high-quality accounts, with the final orderbook exceeding EUR 3.7bn (including JLM interest).Antoine Mannevy, Deputy Head of Funding and Market Operations at AFD:"We are delighted to have successfully completed this bond issuance on a key point in AFD's yield curve. Despite a more volatile market environment in recent days, our transaction was very well received by our investors, reflecting the ongoing dialogue we have with them throughout the year. We warmly thank them for their trust, which enabled us to complete this transaction on strong terms for AFD."EXECUTION AND ALLOCATIONSThe transaction was announced to the market at 12:30 pm CET on Tuesday 7 July for a new EUR 1bn Will Not Grow 15-year benchmark.Supported by positive indications of interest and constructive investor feedback collected throughout the day, AFD launched the transaction on Wednesday morning at around 9:00 am CET with guidance set at OAT +21 bps area, offering an attractive entry point for investors.By 11:00 am CET, the orderbook had already surpassed EUR 3.3bn (including JLM interest), allowing AFD to set the final spread at OAT +19 bps, 2 bps inside guidance.No demand attrition was observed following the tightening, as investor interest remained strong and the orderbook continued to grow, closing above EUR 3.7bn and representing an oversubscription ratio of 3.7x.The transaction priced at 2:08 pm CET with a coupon of 4.375% and a final yield of 4.428%, translating into a re-offer price of 99.428%.The final allocation highlights the depth and quality of investor demand:Asset managers: 47%Insurance companies and pension funds: 27%Bank treasuries: 12%Hedge funds and others: 8%Central banks and official institutions: 6%By geography:France: 37%Other European investors: 29%UK & Ireland: 29%Others: 5%TRANSACTION DETAILSIssuer: Agence française de développementRatings: A+ Stable (S&P) / A+ Stable (Fitch)Transaction size: EUR 1 billionIssue date: 8 July 2026Settlement date: 15 July 2026Maturity date: 15 July 2041Re-offer price: 99.428%Coupon: 4.375% Fixed Annual, Act/Act (ICMA)Annual re-offer yield: 4.428%Re-offer spread: +19 bpsReference OATs: FRTR 0.50 05/40 & FRTR 3.60 05/42Listing: Euronext ParisISIN: FR0014019UO3Joint Lead Managers: BofA Securities Europe SA, Barclays, Crédit Agricole CIB, Deutsche Bank, Goldman Sachs Bank Europe SE, HSBCINVESTOR DISTRIBUTION