SNCF Réseau successfully issued the first-ever 100-year Green Bond
Press Release - Paris, 13th August 2019
SNCF Réseau, the French railway infrastructure manager, rated Aa2 (Moody's)
/AA (S&P)/ AA (Fitch), launched on the 14th of August the world's first ever
100-year Green Bond, all issuers combined (SSA, corporates, etc). This new bond
was issued for a total amount of 100 million euros with an all-time low coupon
of 1.425% considering the maturity.
Following the first 100-year bond executed back in 2015, this is the second
deal for SNCF Réseau on this maturity and the first in Green format. Prior to
this bond, the longest Green bonds have been issued by Energias de Portugal
(EDP) and Energie Baden-Wuerttemberg (EnBW) - 60-year Green Bond.
As part of SNCF Group reorganization provided by law in the June 2018 French
National Railways reform, this bond underscores investors'confidence given to
SNCF Group and SNCF Réseau Green Bond Programme strong recognition in the
capital markets since its launch in 2016.
Actually, with a total outstanding amount of EUR 5.4 Bn, SNCF Réseau Green
Bond Programme position is ranked 2nd among french market issuers and 7th
Furthermore, in 2019 alone, SNCF Réseau has already issued EUR 2.8 Bn putting
itself at the 3rd place in the world(2).
The assets financed thanks to this transaction will enable the financing of
"Eligible Green Projects", including : i) investments related to maintenance,
upgrades and energy efficiency of the rail system and, ii) investments related
to implementation of new rail lines and rail lines extensions.
HSBC acted as Sole Lead Manager on this transaction.
Terms and conditions
Issuer SNCF Réseau
Rating Aa2/AA/AA (Moody's / S&P / Fitch)
Amount EUR 100 million
Launch date 5 August 2019
Settlement date 14 August 2019
Maturity date 14 August 2119
Coupon 1.425%, Fixed, Annual, ACT/ACT ICMA
Spread reoffer FRTR 1.75% 05/66 + 65 bps
Reoffer price 100.000%
Reoffer yield 1.425%
Listing / Law Euronext Paris / French law
Sole Lead Manager HSBC
SNCF RESEAU CONTACTS
Audrey Breton - Press Contact, email@example.com
Nicolas Marchessaux - Head of Capital Markets & Derivatives,
+33 (0)1 45 19 28 54, firstname.lastname@example.org
Florian Morini - Investor Relations & Credit Analysis,
+33 (0)1 85 58 85 31, email@example.com
(1) Excluding sovereign States (France, Netherlands)
(2) Excluding sovereign States (France, Netherlands)