AFD sets 2021 funding target at €9bn
France's Agence Française de Développement has approved its 2021 funding program, setting the target at €9 billion.
The agency will finance loans related to development projects in order to contribute to reaching the target of 0.55% of GNP dedicated to Public Aid by 2022 set by the French State. The proceeds will also refinance reimbursement of bonds. AFD will execute these transactions under its €50 billion EMTN program.
AFD will issue on the medium and long part of the curve with at least two EUR benchmarks, one of which will be a SDG Bond. The agency already issued last month a $2 billion benchmark with a five-year maturity. Another USD benchmark could be considered this year, up to market conditions.
Like the previous years, AFD will adapt to the demand of investors. Issuance of taps and Floating Rate Notes either under public or private format will be subject to the shape of demand.
