Agence France Trésor announced today the successful launch of the fifth French sovereign green bond. The Green OAT 3.80% 25 June 2037 was issued at a yield of 3.899% for a total amount of €10 billion, bringing the total amount of green OATs issued to date to €100.1 billion.
Lead managers for this operation were Barclays, BNP Paribas, BofA, Crédit Agricole CIB, Deutsche Bank and Morgan Stanley. All primary dealers were part of the syndicate.
After the opening of the order book on Tuesday morning and its completion at midday, total demand reached more than €113bn, of which €10bn were allocated.
The price has been set at 99,106 reflecting a yield of 3.899% at issuance.
The allocation illustrates the diversity and the quality of the investor base of the French sovereign debt. More than 400 final investors took part in the operation. The syndicated amount has been allocated to asset managers for 33%, official institutions for 24%, banks for 23%, pension funds for 13%, insurers for 6%, and hedge funds for 1%.
The geographical distribution of investors shows strong domestic and European demand, in particular investors from the euro zone (39% of which 9% from France), the United Kingdom (26%), Nordic countries (11%), other European countries (10%), Asia (8%) and the rest of the world (6%).
Further details
The settlement date for the OAT is 21 April 2026. 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 Eligible Green Expenditures.
Framework for France’s Green Bonds
Green OATs target State budget spending dedicated to mitigating climate change, adapting to its impacts, protecting and restoring biodiversity, and preventing and reducing pollution, in line with the Energy Transition and Green Growth Act and France's commitment to implement the Paris Agreement. The selection grid for Green Eligible Expenditures is defined in the framework document for the State's green bonds.
The amount of eligible green expenditures underlying the State's green bond issuances for 2026 totals €23 billion.
AFT will ensure the liquidity of this new green OAT through subsequent reopenings. The outstanding amount of this Green OAT will grow accordingly. In addition, AFT will continue to tap its four otherexisting green bonds, in response to investor demand. In accordance with the framework document, future reopenings of the four green OAT series issued prior to May 2025 will not finance nuclear-related expenditures. All of these issues will be within the limit of the amount of Green Eligible Expenditures.
The State's green debt securities will continue to contribute to the State financing programme published in December 2025, in the same way as other OATs.
For more complete information about the Green OATs, visit the Agence France Trésor’s website.
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