French public financial institution Caisse des Dépôts has issued a €1 billion sustainable bond maturing on October 16, 2030. This is its 9th ESG bond since 2017.
The transaction is the first under Caisse des Dépôts’ updated green, social or sustainable financing framework, which was revised in July 2025 in collaboration with Crédit Agricole CIB and Natixis.
The €1 billion issuance was priced 8 basis points above the interpolated OAT curve ( yield curve of French government bonds), attracting over 94 investors and generating a final order book exceeding €3.5 billion.
Citibank Europe, Crédit Agricole CIB, La Banque Postale, Morgan Stanley Europe SE and Natixis CIB acted as joint lead managers.
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The new framework expands eligible categories to nine green and four social sectors, including industry decarbonisation, sustainable land management, battery storage, student housing and transgenerational housing. The approach aligns with EU Taxonomy and Paris-Aligned Benchmark exclusions.
Caisse des Dépôts is also shifting to a portfolio-based allocation method for its green, social and sustainable bond programmes. The current eligible portfolio comprises 58% social projects and 42% green projects, with 36.54% fully aligned to the EU Taxonomy.
By sector, 58% of proceeds are directed to social housing, 7% to sustainable transport, 15% to renewable energy and 20% to green real estate.
The French public entity has also committed to annual reporting on fund allocation, EU Taxonomy alignment and impact metrics. It will also publish an assurance opinion verifying the use of proceeds and make all data available via its ESG library and Open Data platform.
