AFD // 2021 Universal Registration Document

PRESENTATION OF AFD Financing of own-account activities

1.4 Financing of own-account activities

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Market borrowings AFD’s bond issues totalled €7,475M in 2021. AFD has made five bond issuances in the form of public issues on the euro and US ɸ dollar markets for a total of €6,915M: P $2,000M for 5 ɸ years (equivalent to €1,646M; maturity January ɸ 2026); P €1,250M for 15 ɸ years (maturity May ɸ 2036); P €1,500M for 7.5 ɸ years (maturity November ɸ 2028) in SDG bond format; P €2,000M for 10 ɸ years (maturity September ɸ 2031) in SDG bond format; P $600M SOFR FRN for 3 ɸ years (equivalent to €519M; maturity November ɸ 2024). AFD has also undertaken: P 2 ɸ tap issues without order book opening for a total of €200M; P 6 ɸ private placements on the euro, US ɸ dollar and Australian dollar markets for a total of €360M.

AFD’s lending and grant activities are financed by different kinds of resources. For activities carried out on its own behalf, AFD uses three main types of financing: Budgetary resources P Funds for foreign country and French Overseas Departments and Collectivities loan subsidies (€224M of credit appropriations drawn in 2021) (1) . P Grants received from the State for project grant, French Overseas Departments and Collectivities and NGO activities (€714M of credit appropriations drawn in 2021) (2) . Loans from the State (RCS) Up to 2017 inclusive, AFD contracted loans with the State for a period of 30 ɸ years including 10 ɸ years deferred at 0.25%. Apart from the liquidity that they provide and their eligibility for Tier ɸ 2 of the regulatory capital, these resources contribute to subsidising the outstandings that justify the use of State rates: the financial advantage in comparison with market resources is thus measured and injected into operations making use of subsidies. In 2021, AFD received €225M in RCS resources.

Based on the 2021 issues, the nominal burden of AFD debt was €42.7bn as of the end of 2021. The breakdown by maturity date is as follows:

M€

6,000.00

ƪƯƣƠƭ

5,000.00

ưƮƟ

4,000.00

Ơưƭ

3,000.00

2,000.00

1,000.00

0

2036

2022

2024

2026

2028

2030

2032

2034

2038

2041

2044

2046

2048

2052

2054

(1) Excluding RCS. (2) Grants excluding DGT.

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2021 UNIVERSAL REGISTRATION DOCUMENT