AFD - Universal Registration Document 2020

PRESENTATION OF AFD Financing activities on its own behalf

1.4 Financing activities on its own behalf

1

Market borrowings AFD’s bond issues totalled €9,912M in 2020. AFD has made six bond issuances in the form of public issues on the euro and US dollar markets for a total of €8,234M: P €1,000M over 5 Ǿ years (maturity March Ǿ 2025) in climate bond format; P €1,500M for 10 Ǿ years (maturity May Ǿ 2030); P $2,000M for 3 Ǿ years (equivalent to €1,841M; maturity April Ǿ 2023); P a tap issue with order book opening for €1,000M for 15 Ǿ years (maturity May Ǿ 2035); P $1,000M for 18 Ǿ months (equivalent to €893M; maturity December Ǿ 2021); P €2,000M for 7 Ǿ years (maturity October Ǿ 2027) in SDG bond format. AFD has also undertaken: P 8 tap issues without order book opening for a total of €1,236M; P 7 private placements on the euro, US dollar and Australian dollar markets for a total of €442M.

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 (€212M of credit appropriations received in 2020). P Grants received from the State for project grant, French Overseas Departments and Collectivities and NGO activities (€483M of credit appropriations received in 2020). Loans from the State (RCS) Up to 2017 inclusive, AFD contracted loans with the State for a period of 30 Ǿ years including 10 Ǿ years deferred at 0.25%. Apart from the liquidity that they provide and their eligibility for Tier Ǿ 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 2020, AFD received €247M in RCS resources.

Based on the 2020 issues, the nominal burden of AFD debt was €40.3bn as of 31 Ǿ December 2020. The breakdown by maturity date is as follows:

In M€

ƪƯƣƠƭƮ

1,000.00 1,500.00 2,000.00 2,500.00 3,000.00 3,500.00 4,000.00 4,500.00 5,500.00 5,000.00

ưƮƟ

Ơưƭ

0 500.00

2020

2022

2024

2026

2028

2030

2032

2034

2037

2040

2044

2047

2049

2053

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2020 UNIVERSAL REGISTRATION DOCUMENT