Caffil to launch inaugural euro-denominated social covered bond

By Sarah Lizee

Olympia, Wash., Jan. 25 – Caisse Francaise de Financement Local (Caffil) plans to launch an inaugural euro-denominated social public sector covered bond, according to a market source.

Caffil mandated BayernLB, BNP Paribas, Credit Agricole CIB, ING and SGCIB to arrange a series of investor meetings across Europe starting from Feb. 4 to present a social note framework.

Credit Agricole and SGCIB are acting as joint structuring advisers.

The proceeds of the bond will be applied to the financing of the health loan portfolio as defined in the framework, the source said.

The transaction is expected to be rated Aaa by Moody's Investors Service, AA+ by S&P and AAA by DBRS.

The offering is subject to market conditions, the source added.

Caffil is a credit institution based in Paris.

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