Commentary & Deal Flow

Caisse des Dépôts et Consignations (ticker: "CDCEPS"), rated Aa3 (neg) / A+ (stb) / A+ (stb) by Moody's/S&P/Fitch, has mandated Barclays, BNP Paribas, Crédit Agricole CIB, La Banque Postale, Natixis and Santander to lead manage its upcoming 5-year €1bn (will not grow) benchmark sustainable bond maturing on 25-Feb-31.

The transaction will be launched in the near future subject to market conditions.

• Issuer: Caisse des Dépôts et Consignations
• Ratings: Aa3/A+/A+ (Moody's/S&P/Fitch) (neg/stb/stb)
• ESG Rating: AA by MSCI
• Size: €1bn (will not grow)
• Maturity: 25-Feb-31
• Format: Reg S Bearer Dematerialised
• Programme: EMTN Programme
• Classification: HQLA Level 1, 0% RW
• Use of Proceeds: The net proceeds will be used to finance or refinance Eligible Projects as set out in the Issuer’s Green, Social or Sustainable Financing Framework dated 04-Jul-25.
• Target Market: Eligible counterparties and professional investors, each as defined in MiFID II / UK MIFIR (all channels for distribution of the Bonds are appropriate).
• Stabilisation: FCA/ICMA Stabilisation
• Investor presentation: https://www.caissedesdepots.fr/sites/cdc.fr/files/2026-04/CDC_Investor_presentation_English_April_2026.pdf
• Green, Social and Sustainability Bond Framework: https://www.caissedesdepots.fr/sites/cdc.fr/files/2026-02/Framework_Green_Social_or_sustainable_Financing-July_2025.pdf
• Second Party Opinion: https://www.caissedesdepots.fr/sites/cdc.fr/files/2025-09/Obligations%20durables%20CDC%20-%20Second%20Party%20Opinion%20par%20Moody%27s%20Investors%20Service%20-%20EN%20-%202nd%20july%202025.pdf
• Sustainability Bonds Annual Report 2024: https://www.caissedesdepots.fr/sites/cdc.fr/files/2025-10/Sustainability%20Bonds%20-%202024%20annual%20report.pdf
• ESG library: https://www.caissedesdepots.fr/en/investisseurs/librairie-esg