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AFD’s Board of Directors approved the 2024 funding program on January 25, setting the target at €9 billion.
In an effort to support and accelerate the transition to a fairer and more sustainable world, AFD will continue to finance its lending activity. These new issues will also contribute to bond repayments over the year.
AFD will execute these transactions under its EMTN (Euro Medium Term Note) program, which will be increased to €70 billion when it is next updated.
In 2023, AFD issued a total of €8.03 billion through eleven issues. These trades were carried out over six public transactions:
- Three bonds in euros: a fifteen-year bond of €500mn, a ten-year bond of €2bn and a seven-year bond of €1.5bn.
- Two bonds in US dollars: a three-year bond of $1.75bn and a two-year bond of $1.5bn.
- One bond in British pound: a three-year bond of £500mn.
Among those six public transactions, almost a half was funded through SDG bonds : the fifteen and seven-year euros bonds described above and the two-year US dollars bond. Thematic bonds accounted for 43% of the total €8.03 billion issued last year.
With these transactions, AFD demonstrated its ability to provide liquidity to its investors and to become a frequent actor on the SDG bond market.
What to expect for 2024?
In line with its commitments to the market, and pending conditions and investors’ requirements, Agence Française de Développement will issue in the medium and long term, at least two euros benchmarks and one or two US dollars benchmarks.
AFD has already issued the equivalent of €2.407bn through a €2bn benchmark with a ten-year maturity and a £350mn benchmark with a long three-year maturity.
AFD’s commitment is to issue around 50% of its 2024 funding program through SDG bonds.
As in previous years, Agence Française de Développement will adapt to investor demand. Issuance of taps and Floating Rate Notes either under public or private formats will be subject to demand. AFD will also endeavor to meet the liquidity needs of investors, within the limit of a maximum of 2 billion per issue.
AFD will also continue to explore opportunities for private placements, both in euros and in other currencies). In 2023, AFD issued private placements in offshore renminbi (CNH) and Turkish lira (TRY).
Investor relations: _AFD_Funding@afd.fr
See more: https://www.afd.fr/en/investors-page