Compagnie de Financement Foncier

Obligations Foncières may be issued in the following forms:

• EMTN program (click here)
• Australian domestic program AMTN (click here)
• USMTS program (click here)

The minimum size of a "BENCHMARK OF" issue is 1 billion euros and all benchmarks benefit from a market marking agreement. 

The EMTN program with a maximum ceiling of 125 billion euros:

• is governed by French law;
• authorises:
  - all amounts,all currencies: Euro, USD, JPY, CHF, GBP, etc.;
  - a large variety of structures : fixed rate, variable rate, zero coupon, dual currency, index-linked, step up, etc.

Diversification of the Compagnie de Financement Foncier's investor base continued with the establishment of the Australian Domestic program (AMTN, A $ 5bn) in 2005.

The USMTS program (in American dollars) implemented in 2010 expands Compagnie de Financement Foncier’s investor base, becoming one of the widest in the world.

• "BENCHMARK Obligations Foncières" refer to issues with a minimum size of 1 billion euros for up to and including 12 years and 750 millions euros beyond 12 years. They are listed on at least one European stock exchange and benefit from at least two ratings from rating agencies;
• At least three market makers per issue undertake to quote the issue throughout the life of the issue;
• Market making commitments for at least €15M;
• A dedicated quotation page (detail of the issue, price, spreads);
• REPO facilities for issues exceeding €1bn. 

List of banks signatories of the Market Making charter: BNP-Paribas ; Bank of America Merrill Lynch; Barclays Bank PLC ; HypoVereinsbank AG ; Commerzbank ; Calyon CIB ; HSBC; Citigroup ; Credit Suisse ; Deutsche Bank ; Goldman Sachs ; JP Morgan ; Landesbank Baden-Württemberg ; Morgan Stanley ; Natixis ; Nomura ; Royal Bank of Scotland ; Société Générale ; UBS ; WestLB.