La Poste successfully launched its first Sustainable Bond amounting to €1.2 billion, under a dual-tranche:
- a 6yr tranche (maturing in Sept-2028) of €600 million, carrying an annual fixed coupon of 2.625%,
- a Long 10yr tranche (maturing in March-2033) of €600 million, carrying an annual fixed coupon of 3.125%.
Yesterday's transaction, 2.4 oversubscribed, was a great success, with 130 investors participating, particularly SRI investors, both in France and internationally.
For the 6-year tranche, France accounted for 38% of allocations, Germany/Austria 25%, Benelux 11%, Southern Europe 8%, Switzerland 6%, UK/Ireland 6% and other countries 6%.
For the Long 10-year tranche, France accounted for 44% of allocations, Germany/Austria 35%, the UK/Ireland 10%, Asia 6%, Benelux 2%, Switzerland 2% and other countries 1%.
La Poste thus increased its investor base, particularly SRI investors, and comforted its position in the bond market.
This issuance is part of La Poste's social commitment. The group has always accompanied changes in society to enable everyone, everywhere and every day, to benefit from social progress and technological innovation. Its purpose (“raison d'être”), validated at the beginning of 2021, explains the fundamental meaning of its action: "Serving all, useful to everyone, La Poste, a proximity company with local anchorage, develops exchanges and forges essential links by contributing to the common good of society as a whole". In the same year, La Poste adopted the status of a mission-driven company (“société à mission”).
The funds raised through this operation will be used to finance or refinance assets and projects relating to the four social and environmental objectives now enshrined in La Poste's articles of association:
- Contribute to the development and cohesion of local areas,
- Improve social inclusion,
- Promote ethical, inclusive and frugal digital technology,
- Work to accelerate the ecological transition for all.
La Poste's Sustainable Finance Framework defines eligible assets on the basis of demanding criteria grouped into the following categories:
|Green categories: |
- Clean transportation,
- Renewable energy,
- Green Buildings,
- Energy Efficiency,
- Circular economy,
|Social categories : |
- Access to essential services,
- Socio-economic Advancement and Empowerment,
- Employment generation and preservation.
The allocation of funds will be subject to a specific traceability process that will be verified annually by an external auditor.
Annual reporting will be available on the anniversary of the issue and will allow investors to verify the allocation of funds and to assess the environmental and social impact of their investments.
Summary of the transaction:
|Rating||A+ (Stable) S&P / A+ (Stable) Fitch|
|Size||EUR 600 million||EUR 600 million|
|Issue date||7 September 2022|
|Settlement date||14 September 2022 (T+5)|
|Maturity date||14 September 2028||14 March 2033|
|Price / Yield||99.323% / 2.749%||99.073% / 3.232%|
|Spread||MS + 45bps||MS + 77bps|
|Denominations||EUR 100k + 100k||EUR 100k + 100k|
The shares will be listed on Euronext Paris.
ING and Société Générale acted as Joint Sustainable Structuring Advisors and Joint Bookrunners while Crédit Agricole CIB, HSBC and La Banque Postale acted as Joint Bookrunners on the transaction.
All documentation regarding this Sustainable Bond is available on La Poste Group website: www.groupelaposte.com/en/financial-debt
About La Poste Group:
La Poste is a state-owned public limited company, a subsidiary of Caisse des Dépôts and the French State. La Poste Groupe is divided into four business units: Services-Mail-Parcels, Retail Customers and Digital Services, GeoPost and La Banque Postale, which, with its subsidiary CNP Assurances, is the 11th largest European banking and insurance company. Every year, La Poste delivers over 18 million items worldwide (letters, printed advertising media and parcels), 6 days a week. Committed to its regional coverage, the Group has 17,000 retail outlets (post offices, local postal agencies, retail pickup points) and 18,000 points of access to a postal service (Pick-Up, business centres, lockers and parcel drive-thru collection service). In 2021, La Poste Groupe generated €34.6 billion in revenue (41% outside France) and had a headcount of almost 245,000, in 63 countries over 5 continents, of which 193,000 in France. As a mission-driven company since June 2021 and a leader in environmental transition and green finance, La Poste aims to achieve "zero net emissions" by 2050. Through is strategic plan “La Poste 2030, committed for you”, the company has set itself the goal of becoming the leading European platform for links and exchanges, providing digital, people-oriented, green and socially-responsible services for the benefit of its customers and the transformation of society as a whole.
|PRESS CONTACT |
|INVESTORS CONTACT |
Stéphane Dalla Sartora