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French public development bank Sfil and its covered bond issuing subsidiary Caffil secured a pair of awards for their continued work to enhance its long-standing green, social and sustainable bond framework.
Caisse Française de Financement Local (Caffil) scooped the covered social bond of the year award for its landmark €1.25 billion ($1.4 billion) social covered bond in September 2024.
As well as being its largest social bond to date, the deal was also the first to finance social investments made by French local authorities related to public education, culture, and local development programmes. Previous social bonds issued by Caffil have focused on financing public hospital investments, and have picked up this award in previous years – including 2022, 2021 and 2020.
The latest covered social bond will be used to finance social investments such as schools, nurseries, and libraries as well as local development programmes such as high-speed broadband network construction and urban renewal programmes.
The deal was described by an awards judge as an example of a “successful and innovative” expansion of its covered social bond from a “committed issuer”.
According to Environmental Finance Data, Sfil/Caffil have raised more than €10 billion from green and social bonds since their market debut in 2019.
Sfil also secured the agency green bond of the year award for its €1.25 billion transaction in July 2024, which is the first of its green bonds to finance French export contracts related to renewable energy, local mobility, and clean transport projects, in addition to green investments by the French public sector. All previous Sfil green bonds were focused exclusively on financing critical green investments made by French local authorities.
One awards judge praised the addition of export contracts in the latest Sfil green bond for expanding the reach of its green finance impact beyond the borders of France.
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