23 January 2017: Creation of the Green OAT

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As part of the 2017 State Financing Programme published in December 2016, Agence France Trésor announces the creation of the Green OAT maturing on 25 June 2039. This announcement follows the presentations made on 3 January 2017 by Ségolène Royal, Minister for the Environment, Energy, Oceans and International Climate Relations, and by Michel Sapin, Minister for the Economy and Finance, on the approach France has chosen for structuring France's first sovereign green bond ("Green OAT").

The full details of the Green OAT will be similar to those of other OATs issued by the French government; the coupon rate will be announced later. The new bond will finance expenditure identified as promoting energy and ecological transition. One year from now, the State will publish a report on the expenditure and investments financed by the bond.

The new bond will be issued by syndication in the near future, subject to market conditions.

The joint lead managers for the issue are Barclays, BNP Paribas, Crédit Agricole CIB, Morgan Stanley, Natixis and SG CIB. Crédit Agricole CIB is in charge of structuring the Green OAT. All primary dealers will be members of the syndicate.

The new Green Bond will be tapped in the future to meet investor demand and ensure its liquidity, as long as the government can identify enough eligible green expenditure.

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