Today, as indicated in its 2025 State financing programme, Agence France Trésor syndicated a tap of the Green OAT 3.00% 25 June 2049.
After the opening of the order book on Tuesday morning and its completion at midday, total demand reached more than € 74 bn, of which € 5bn were allocated. The price has been set at 87.014 reflecting a yield of 3.834% at issuance.
This syndicated operation contributed to the financing of the Green eligible expenditures for 2025.
It reaffirms the importance France attaches to financing the energy and green transition. The outstanding amount of this green OAT, which now stands at €14.9 billion, confirms France's position as one of the most prominent sovereign green bond issuers.
Lead managers for this operation were Barclays, BNP Paribas, BofA Securities, Crédit Agricole CIB, HSBC et Natixis. All the primary dealers were part of the syndicate.
The allocation illustrates the strong demand for this type of bond, arising from a very diversified investor base. More than 340 final investors took part in the transaction. According to the lead managers, around two thirds of the €5 billion issued have been allocated to green investors.
The syndicated amount has been allocated to asset managers for 33%, official institutions for 28%, banks for 26%, insurance and pensions funds for 12% and hedge funds for 1%.
The geographical distribution reflects strong demand from European and international investors, with France representing 12%, the United Kingdom 22%, Nordics 12%, Germany 11%, Italy 10%, other euro area and European countries respectively 13% and 12%, and Asia 7%.
Further details
The settlement date for the OAT is 7 May 2025. The bond will be strippable and quoted on Euronext Paris. It will be tapped to guarantee sufficient market liquidity, depending on market demand, up to the limit of Green eligible expenditures. The total outstanding amount of green OATs is €82.18 billion.
Contact:
+33 1 40 04 15 50 – contact@aft.gouv.fr