investors presentation - afd.fr · march 2018 investors presentation established in 1941, agence...
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#WorldInCommon AGENCE FRANÇAISE DE DÉVELOPPEMENT | FRENCH DEVELOPMENT AGENCY
Investors presentation
March 2018
3
AFD: the French Development Agency AFD at a glance
March 2018 Investors presentation
Established in 1941, Agence Française de Développement (“AFD”) is the
bilateral Development Bank of France:
AFD’s missions consist in financing infrastructure and urban development, water and sanitation, agriculture,
education, health, environment and natural resources, private sector development
AFD’s activities are aimed at:
Reducing poverty and
inequalities
Promoting sustainable economic growth
Reducing negative climate change impacts
Promoting biodiversity, social and environmental responsibility
AFD :
Is 100% owned by the French State
Is an EPIC subject to Banking Regulation
Is AA rated by Fitch and
S&P
Is qualified as “Advanced” by Vigeo and is rated Prime Status by Oekom
4
A fresh impetus to French development policy
French Government relies on AFD to conduct and strengthen Public Aid :
End of 2016, French State strengthened AFD’s capital by turning EUR 2.4Bn subordinated loans (Tier
2) into Core Tier One capital
From 2016, an increase of commitments of EUR 1Bn/y until 2020, to reach a target of a EUR 4Bn
increase per year
From EUR 8.3Bn/y in total in 2015 to EUR 12.5Bn/y in total in 2020. In 2016, EUR 9.4Bn were approved
President Macron set for French public aid the objective to reach 0.55% of GDP by 2022
Commitments have been taken to support sustainable development and fight against climate
change
With climate as the top priority :
France hosted in 2015 the COP 21, Its commitments to support sustainable development and fight
against climate were confirmed during the last One Planet Summit in Paris on December 12th, 2017
Large part of French commitments in contribution to reduce green house gases will be provided
by AFD in the coming years
Half of the increase of AFD’s commitments will concern Climate projects (mitigation, adaptation
and budget support)
From EUR 3Bn/y in 2015 to EUR 5Bn/y of Climate projects in 2020. In 2016, EUR 3.58Bn were
approved
March 2018 Investors presentation
AFD at a glance
5
AFD operates in most of the emerging and emerged markets
AFD operates also in French overseas territories
(1.6bn€ in 2016, representing 17% of the commitments of AFD group)
March 2018 Investors presentation
AFD at a glance
6
AFD and its foreign partners
March 2018 Investors presentation
AFD at a glance
Partnerships with IBRD, EIB, KFW, ADB, …
AFD is a recognized institution amongst Development Banks
Since October 2017, our CEO Remy Rioux
has had the honour to lead the IDFC* which
brings together 23 development banks.
With USD 630 bn of commitments per year,
they are trying to reach ambitious goals in terms of sustainable
development.
It makes this worldwide organization the main
provider of public
finance for development.
* International Development
Finance Club
8
AFD’s Shareholding Structure
AFD benefits from the French State backing
AFD is under domestic supervision through ACPR
and Court of Auditors in particular
AFD’s mission is central to the French
government’s cooperation and aid policy
AFD plays a major role in government’s plan to
provide Official Development Assistance
AFD funds part of the French State contribution to the IMF and World Bank
Given its role and mission AFD benefits from a
dual status :
A banking institution as “Société de Financement”, regulated by the national banking authority (ACPR) – Risk weighting 20%
Etablissement Public Industriel et Commercial, immune from private-sector bankruptcy laws By law, the French State has ultimate responsibility for AFD’s solvency (Law 80-539)
March 2018 Investors presentation
Status & Credit
profile
French State
100%
Agence Française de
Développement
(AFD)
Proparco
(ownership à 64,95%)
Other subsidiaries
(Socredo, Sogefom…)
9
AFD benefits from High Quality Ratings
March 2018 Investors presentation
Status & Credit profile
AA/Outlook Stable
Short-Term A-1+
AA/Outlook Stable
Short-Term F1+
04/10/2017
“AFD ratings are aligned with those of the French state, reflecting its strong legal status as an EPIC, strategic importance to France, strong control by the French state and, to a lesser degree, integration with the state.”
“EPIC status reflects the ultimate responsibility of
the French state for AFD’s solvency and liquidity under the law of 16 July 1980. “
“recent change of status does not affect the EPIC
status“
“Because AFD has EPIC status, we view the French government as ultimately responsible for AFD's solvency.”
“We therefore equalize our long-term rating on AFD with our long-term sovereign rating on
France.”
AA/AA rating linked to dual-entity status and public nature of AFD’s mission
22/02/2017
10
AFD : a recognized Corporate Responsibility
March 2018 Investors presentation
Status & Credit profile
AFD is rated by two of the world’s leading rating agencies in the segment of sustainable investments
Last update: september 2017
AFD 2nd in the panel of 15 Specific Purpose Banks & Agencies
12
Key figures
March 2018 Investors presentation
Financial perf. RIsk manag.
IFRS (€ million) 2014 2015 2016
Total balance sheet 31,243 35,834 37,749
Consolidated capital 5,484 5,561 5,860
Loan outstanding 24,570 27,504 30,146
Net banking income 508 594 724
Operating profit 141 188 283
Pre-tax income 146 199 292
Net income 120 173 246
13
AFD Boasts Strong Capitalisation
AFD benefits from a
strong capitalisation,
well above the
regulatory minimums
Conversion of €2,4 Bn
of T2 into CET1 in 2016
March 2018 Investors presentation
Financial perf. RIsk manag.
AFD: Capital ratios
Regulatory capital ratios 2014 2015 2016
Capital adequacy ratio 19.05% 16.72% 16.82%
Minimum regulatory level 8% 8% 8.625%
T1 Ratio 8.71% 9.42% 16.82%
Minimum regulatory level 5.5% 6% 6.625%
CET1 Ratio 9.69% 8.70% 15.22%
Minimum regulatory level 4% 4.5% 5.125%
14
Solid asset quality
March 2018 Investors presentation
Financial perf. RIsk manag.
Total outstanding = EUR 30,146 Bn (31/12/16)
Sovereign and domestic loans: a low risk portfolio
Non sovereign loans: a provisioning policy very conservative
Type of borrower Outstanding Non-performing Not provisioned Non-performing
31/12/16 (millions) 31/12/16 (millions) 31/12/16 (millions) % Total outstanding
Non sovereign 10,967 534 227 2,1%
Sub-total (2) 10,967 534 227 2,1%
Type of borrower Outstanding Non-performing Not provisioned Non-performing
31/12/16 (millions) 31/12/16 (millions) 31/12/16 (millions) % Total outstanding
Sovereign 14,167 122 0 0,0%
French Overseas territories 4,934 76 39 0,2%
Sub-total (1) 19,101 198 39 0,2%
15
Conservative Risk Management
Exchange and interest rate risk All issues and loans swapped into Euros Single currency exposure < 1% of Consolidated
Capital Global forex position < 2% of Consolidated Capital No speculative trading
Liquidity risk Treasury ≥ 3 months of cash outflows (current treasury
equivalent to around 7,15 months of cash outflows) A CD and BMTN issue program of EUR 2Bn each A EUR 550 mn investment portfolio (100% ≥ AA)
eligible to repo market (5 to 7 years duration) A EUR 1,163 bn dynamic portfolio (2 to 3 years
duration)
Counterparty risk Minimum A1/P1 for short term investments, except
through UCITS (limited to 35% A2/P2) AAA/AA SSA euro zone for the investment portfolio
with small limit until BBB rating for dynamic portfolio Weekly ratings monitoring and collateral contracts
(move to daily margining on track) Clearing IRS under EMIR regulation, trades are
currently being onboard
March 2018 Investors presentation
Financial perf. RIsk manag.
Investment & LCR portfolio of € 1,93Bn c. Last update 28Feb2018
17
Capital Market Highlights
An increasing trend towards funding :
An increase in the commitments of EUR 1Bn per year until 2020 will impact disbursements
Upward trend to support disbursements growth
Amortization of older loans will partly finance this growth
March 2018 Investors presentation
Capital
Markets
AFD's disbursements (loans) (EUR millions)
Funding program (EUR millions)
Forecast Forecast
4 800 5 100 4 892
6 233 6 770
6 400 6 600
5 700
6 700
-
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
2014 2015 2016 2017 2018 2019 2020 2021 2022
4 200
3 400
4 463
5 597 5 800 5 300
5 900
6 700
7 300
-
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
2014 2015 2016 2017 2018 2019 2020 2021 2022
18
AFD’s funding strategy
March 2018 Investors presentation
Capital
Markets
Public Markets
Medium term funding
Private
Placements
Debt
Programme
EUR 40Bn
EMTN program
Short term funding
Neu CP €2Bn
Neu MTN €2Bn
Public benchmarks on most important debt markets to build a solid curve :
o EUR : across the curve potentially up to 20 years
o USD: focus on short and medium term tenors
o Climate bonds
Proactive and flexible in currency
Upon request
For any adjustments
19
AFD’s funding strategy
3 main axes will feed the development of volumes :
1. Explore less sollicited segments of the curve
o Short end (1 to 3 years)
o Long end (>12 years)
2. More active approach of the private placements market
o More frequent prices on PPs
o Non-vanilla coupon structures
3. Green bond
o New framework is currently being studied
o More frequent issuances
March 2018 Investors presentation
Status & Credit profile
20
2017 funding program
March 2018 Investors presentation
Capital
Markets
2018 funding program : EUR 6,77 Bn
• 60% to 80 %:
EUR public issues (1Y => 15Y)
USD public issues (2Y => 5Y)
• 20% to 40%:
Private placements
Bloomberg ticker : AGFRNC
Issue date Amount (m) Currency Coupon Tenor Maturity Type
1 400 EUR 1% 10Y janv-28 Public
2018 50 EUR 1,593% 20Y janv-38 Private
200 EUR 0% 2Y janv-20 Private
TOTAL 1 650 EUR Mn eq.
200 USD FRN 1,8Y sept-19 Tap
100 EUR 1,112% 13,5Y juin-31 Private
750 EUR 0,125% 6Y nov-23 Public
205 EUR 1,715% 20Y oct-37 Private
500 USD FRN 2Y sept-19 Private
150 EUR 1,375% 15Y juil-32 Tap
1 250 USD 1,875% 3Y sept-20 Public
350 EUR 1,375% 15Y juil-32 Tap
2017 50 AUD 3,538% 10Y juil-27 Private
300 USD FRN 2Y juil-19 Private
1 000 EUR 1,375% 15Y juil-32 Public
250 EUR 0,375% 7Y avr-24 Tap
1 500 EUR 0,125% 5Y avr-22 Public
TOTAL 6 233 EUR Mn eq.
1 000 EUR 0,13% 5Y avr-21 Public
150 EUR 0,00% 2,5Y déc-18 Private
50 EUR FRN 2Y févr-18 Tap
2016 200 USD FRN 2Y mars-18 Private
250 EUR 0,875% 15Y juin-31 Private
1 500 EUR 0,25% 10Y juil-26 Public
1 000 USD 1,375% 3Y août-19 Public
850 EUR 0,375% 7Y avr-24 Public
TOTAL 4 892 EUR Mn eq.
2015
250 USD 1,625% 5Y janv-20 Tap
250 GBP 0,75% 2Y mars-17 Public
1 000 EUR 0,875% 16Y mai-31 Public
500 USD FRN 3Y févr-18 Public
500 EUR 2,25% 6Y févr-21 Tap
1 000 USD 1,625% 5Y janv-20 Public
65 EUR 2,125% 6Y févr-21 Tap
20 EUR 2,125% 6Y févr-21 Tap
100 EUR 3,625% 5Y avr-20 Tap
100 EUR 3,625% 5Y avr-20 Tap
500 USD 1,375% 3Y août-18 Public
50 AUD 3,630% 10Y sept-25 Private
1 000 EUR 0,500% 7Y oct-22 Public
21
Redemption profile
March 2018 Investors presentation
Capital
Markets
Market debt outstanding under EMTN program : EUR 31.16 Bn
(01/03/2018)
Redemption profile of AFD bonds (EUR Bn eq.)
as of March , 1rst 2018
-
0,50
1,00
1,50
2,00
2,50
3,00
3,50
4,00
4,50
Other
USD
EUR
EUR 80%
USD 19%
Other 1%
22
Investor Distribution Overview: Public Issues (2013-2017)
March 2018 Investors presentation
Capital
Markets
Breakdown by Geographic Region Breakdown by Investor Type
24
New ambition – New approach
Programatic approach
o Creation of a persistent framework
o The broadening of the asset pool and the governance for it have been part of the framework
Ensuring a more frequent presence on the green bond market
o Benchmark size
o Different tenors
o Every 12 to 18 month minimum
Keeping the bond specifics in line with AFD climate strategy,
But better reflecting the nature, variety and complexity of AFD underlying
business
o Mitigation
o But also adaptation, credit lines, potentially budget support
March 2018 Investors presentation
Climate
bond
Framework
25
The framework is fully aligned with the Green Bond Principles
AFD is a member of the GBP
The framework has been designed in accordance with the 4 GBP
components :
1. Use of procceds
2. Process for project evaluation and selection
3. Management of proceeds
4. Reporting
Also follows the recommendation on external review
o Second party opinion : Cicero + annual review by auditors
March 2018 Investors presentation
Climate
bond
Framework
26
1.1 Use of proceeds
Taking place in all the geographies covered by the AFD group
Projects adressing climate distinguished in 3 categories:
o Mitigation: direct or indirect
o Adaptation
o Mixed projects
Future and existing projects initiated after january 1st 2011
Budget support loans may be included in the future, provided
that AFD develops a pertinent and robust reporting
methodology
March 2018 Investors presentation
Climate
bond
Framework
27
1.2 Use of proceeds
Mitigation : reduction of GHG emissions by 10Kt eq/year
o Projects directly financed by AFD (ex-ante analysis made by AFD)
• Sectors: renewable energy, energy efficiency, fuel switch, low carbon public transportation, biological sequestration, water management and waste management resulting in GHG avoidance
o Projects indirectly financed through credit lines : ex-ante analysis
provided by financial intermediaries with AFD methodology
• Sectors: renewable energy and energy efficiency
Adaptation : projects limiting vulnerability to climate change
consequences. AFD’s approach based on principles approved
by IDFC and MDBs • Sectors: water management, waste management, stress-resilient
agricultural systems
Mixed projects : direct projects contributing both to mitigation
and adaptation
March 2018 Investors presentation
Climate
Bond
Framework
28
1.3 Use of proceeds
Mitigation examples – projects directly financed by AFD
o Renewable energy :
AFD participated in the cofinancing of Ouarzazate’s solar program (total power of more than 500MW, among a Moroccan plan of 2 000MW) through two AFD loans totalizing EUR 150M, whose impact is evaluated at 1 200 Ktons eq / year.
https://www.afd.fr/fr/la-plus-grande-centrale-solaire-du-monde-ouarzazate
o Low carbon public transportation :
Namma metro in Bengalore: A USD 1.3 billion program to build about 100 kilometers
of railway. AFD loaned EUR 110M toward the program, which is co-financed by Japan (JICA) and the Asian Development Bank. After completion, the metro will carry 1.5 million passengers per day. Impact : reduction of CO2 emissions by 230 Ktons eq / year
http://www.afd.fr/base-projets/consulterProjet.action?idProjet=CIN1062
Mitigation examples – projects financed through credit lines
o A 100M€ loan to Halkbank in Turkey, supporting private investments in renewable energy and efficiency to 104 sub-projects
https://www.sunref.org/en/projet/turkish-smes-key-stakeholders-for-a-sustainable-use-of-energy-in-
turkey/
March 2018 Investors presentation
Climate
Bond
Framework
29
1.4 Use of proceeds
Adaptation Examples
o A 42M€ loan in Tunisia to depollute shorelines and improve sanitation service. Estimated impacts : 60 000 new people connected to sanitation service, access to a better sanitation service for 1 233 000 people, improved and installed water treatment capacity over 115 000 m3/day
https://www.afd.fr/en/depolluting-mediterranean?origin=https%3A//www.afd.fr/fr/page-region-
pays/tunisie
o A 50M€ loan in Senegal to tackle vulnerability to flood and unhealthy stagnant water of a 300 000 inhabitants Dakar’s district
https://www.afd.fr/fr/lutter-contre-les-inondations-dans-la-zone-de-pikine-irregulier-sud-dans-la-
banlieue-de-dakar?origin=https://www.afd.fr/fr/page-region-pays/senegal
March 2018 Investors presentation
Climate
Bond
Framework
30
2.1 Process for project evaluation and selection
A two layers scrutiny mechanism
March 2018 Investors presentation
Climate
Bond
Framework
General project evaluation and governance framework This process applies to all the projects at AFD independently from the climate bond framework
Identification committee
Sustainable Development
Opinion
Independent from project
team
Credit committee Board Approval
Systematic carbon footprint computation performed by project team and reviewed
by climate experts Preliminary sustainable development
analysis by project team
Formal analysis of environmental
and social risks by specialized
experts, independent from project
team
Dedicated climate projects selection process This governance has been specifically designed for the purpose of the climate bond framework
Selection committee: meets on a bi-annual basis
New reporting methodologies
Inclusion of new project lines
Supervision of the asset
pool:
- New entries
- Exclusion of projects
Supervision of the reporting and
the production of indicators:
- Availability
- Quality
31
2.2 Process for project evaluation and selection
Carbon footprint methodology
March 2018 Investors presentation
Climate
bond
Framework
Gases measured :
o Carbon Dioxide (CO2), which results primarily from combusting fossil fuels and from
producing aluminium, steel, cement and glass.
o Methane (CH4), which results from burning and/or decomposing biomass (organic material) and
from producing and/or refining gasoline and natural gas.
o - Nitrous Oxide (N2O), which results from incinerating solid waste, spreading fertilizers, and/or
various transportation means.
o Hydrofluorocarbons (HFC), which occur as a by-product of industrial processes making insulation,
refrigeration and air conditioning.
o Perfluorocarbons (PFC), which occur as a by-product of aluminium production.
o Sulphur hexafluoride (SF6), which is used for insulation and current interruption in electricity
transmission and distribution equipment and electronic systems.
CO2 equivalent: a common measurement unit for GHG impacts
Sources of emissions
o Project ‘Construction Phase’ emissions sources
o Project ‘Operating Phase’ emissions sources
32
2.2 Process for project evaluation and selection
Carbon footprint methodology
March 2018 Investors presentation
Climate
Bond
Framework
Scope o Scope 1 = Direct GHG emissions, from sources directly related to a project’s activity, e.g.,
combustion, etc.
o Scope 2 = Electricity indirect GHG emissions, from the generation of purchased electricity
and/or heat needed for the project’s activity.
o Scope 3 = Other indirect GHG emissions, from the production of materials purchased from other
parties and used in the project’s activity, e.g., production and/or extraction of purchased materials,
waste disposal, and use of sold products and services.
The methodology used to measure the GHG emissions of AFD-financed projects accounts for
direct and indirect emissions, both up- and downstream from a project, as per Scopes 1, 2 and 3.
Project lifetime o The standard lifetimes are set as:
• 50 years for dams
• 30 years for transportation infrastructure
• 20 years for other projects
Reference situation o The standard reference situation represents a situation without the project
o EXCEPT for renewables, where the reference situation represents the country’s energy
mix.
33
2.3 Process for project evaluation and selection
E & S risk management process
March 2018 Investors presentation
Climate
bond
Framework
Step 1 – Identification of the projects:
o Exclusion list
o Criteria for sustainable development (positive impacts of the projects)
• Sustainable and resilient growth
• Social well-being and inequalities reduction
• Gender equality and empowerment of women and girls
• Biodiversity protection and natural resources management
• Transition to a low carbon development (mitigation)
• Resilience to Climate Change (adaptation)
• Governance and lost lasting effects of the project
o E&S categorization that reflects the "level of E&S risk" of the project based on the nature of the operation, location and
sensitivity of the affected area, the severity of the potential E&S risks and impacts, client’s capacity to manage them
• Category A [High Risks]: Negative impacts may extend beyond the area of infrastructure right-of-way or extend
beyond the period of construction and operation.
• Category B + [Significant risks]: Negative impacts may extend beyond the area of infrastructure right-of-way or
extend beyond the period of construction and operation but be easily identified and mitigated by appropriate
measures.
• Category B [Moderate Risks]: Negative environmental or social impacts that are potentially reversible, or limited in
space and time, and whose sensitivity to the environment is less. They can be easily identified and mitigated by
appropriate measures.
• Category C [Low Risk]: Potential negative environmental or social impacts are minimal or non-existent
34
2.3 Process for project evaluation and selection
E & S risk management process
March 2018 Investors presentation
Climate
bond
Framework
Step 2 – Evaluation of the project :
o E&S Due-diligences and standards depending on the categorization:
• Different tools for the E&S assessment: E&S Impact Assessment, Resettlement Action Plan, E&S audit, and specific
studies depending on the risks (gender action plan, biodiversity plan, vulnerability study…)
• In line with local regulations and World Bank Standards for A/B+ projects
• In coordination with the feasibility studies
• Before financing approval
o E&S risk management process reducing the risks and improving the quality of the projects
Step 3 – Loan agreement
o E&S clauses => compliance with regulation and standards, reporting…
o E&S Commitment Plan for A/B+/B projects; will define specific E&S clauses to mitigate negative impacts, based on the gaps identified during the Due-Diligence
Step 4 – Monitoring during the execution of the project
o Based on E&S reports, E&S audits, AFD E&S experts’ visits
o To ensure effective implementation of the defined measures of the ESMP, RAP and ESCP
o To identify any unforeseen event (accident, complaint…)
o To adapt if needed the E&S management system of the project
o To support the beneficiary in improving the E&S performances of the project
o Complaint mechanism
35
3. Management of proceeds
Assets and liabilities perspective
Volume of issues ≤ 75% Asset pool
Insures immediate use of the sums invested
Enables to substitute some assets in the pool, in case of
controversies, or if data are insufficient for example
Very flexible approach in terms of tenors and volume
March 2018 Investors presentation
Climate
bond
Framework
36
4.1 Reporting
Reporting is published on a yearly basis
In order to provide the investors with some context, it is embbeded into the corporate social responsibility report
Report on assets and liabilities
For mitigation projects : Carbon footprint by sectors and by regions + examples
For adaptation : examples + output measures when available and relevant
March 2018 Investors presentation
Climate
Bond
Framework
Budget support projects included in the pool if and only if reporting methodology (still to be designed) is deemed sound enough by the selection committee
37
4.2 Reporting
March 2018 Investors presentation
Climate
Bond
Framework
Examples Breakdwon by region
Pool of assets versus bonds and by sector
Breakdown CO2 per sector
From 2016 Climate Bond reporting
From 2016 Climate Bond reporting
Amount - Kt eq./ year
Geographical areaEnergy
Efficiency
Renewable
EnergyFuel switch
Biological
SequestrationTransportation
Total
amount
Sub-Saharan Africa 1 785 160 142 2 087
Latin America and Caribbean 733 42 775
Asia and Pacifica 206 172 850 412 322 1 962
Middle East and Mediterranean 270 186 456
Total amount 206 2 960 1 010 554 550 5 280
38
External review
AFD’s Climate Bond Framework
https://www.afd.fr/sites/afd/files/2017-10/afd-climate-bond-framework.pdf
Climate Bond Framework reviewed by Cicero
o Overall assessment : « medium green »
o According to Cicero’s rating sectors, 66% of AFD’s projects in the 2016
Climate Bond reporting would have been « dark green »
o Strong governance structure
o Link : https://www.afd.fr/sites/afd/files/2017-10/cicero-second-opinion-
afd-climate-bond-framework.pdf
Annual reporting certificated by AFD’s auditors
March 2018 Investors presentation
Climate
bond
Framework
39
AFD Highlights
The French bilateral aid agency
o Established in 1941, entirely state-owned and controlled by the State, AFD benefits from the EPIC status
o Fulfil the ODA and Climate Change government policy
o Activity boosted with adding EUR 4Bn per year of commitments from 2020
Fully regulated by the ACPR (Autorité de Contrôle Prudentiel et de Résolution)
o Strong Basel II Capital Adequacy Ratio at 16,82%
o Strong Tier One ratio at 15,22%
AA / AA ratings by Fitch and S&P
o Conservative credit risk and provisioning policy backed by French State guarantees for non-
performing sovereign loans
o Prudent market risk management framework
Recurrent EUR and USD Benchmark Issuer
o 20% risk weighting under Basel II
o Euro transactions are ECB eligible as “Recognised Agency” https://www.ecb.europa.eu/ecb/legal/pdf/oj_jol_2016_014_r_0006_en_txt.pdf; https://www.ecb.europa.eu/mopo/assets/standards/marketable/html/index.en.html)
“Advanced” overall CSR performance by Vigeo and “Prime status” by Oekom
Climate Bond Framework assessed “medium green” by Cicero
March 2018 Investors presentation
40
Contacts
March 2018 Investors presentation
Funding team contact : [email protected]
Agence Française de Développement
5, rue Roland Barthes
75598 PARIS CEDEX 12
Internet : //www.afd.fr
Françoise Lombard CFO
Thibaut Makarovsky Head of Funding and Market Operations
Demba Tandia & Margaux Adida Funding Officers
Bokar Cherif Head of Treasury and Capital Markets
Samia Ben Mebarek Deputy Head of Funding and Market Operations
41 March 2018
Disclaimer These materials have been prepared by and are the sole responsibility of AFD (the “Company”) and have not been verified,
approved or endorsed by any lead manager, bookrunner or underwriter retained by the Company.
These materials are provided for information purposes only and do not constitute, or form part of, any offer or invitation to underwrite, subscribe for or otherwise acquire or dispose of, or any solicitation of any offer to underwrite, subscribe for or otherwise acquire or dispose of, any debt or other securities of the Company (“securities”) and are not intended to provide the basis for any credit or any other third party evaluation of securities. If any such offer or invitation is made, it will be done so pursuant to separate and distinct documentation in the form of a prospectus, offering circular or other equivalent document (a "prospectus") and any decision to purchase or subscribe for any securities pursuant to such offer or invitation should be made solely on the basis of such prospectus and not these materials.
These materials should not be considered as a recommendation that any investor should subscribe for or purchase any securities. Any person who subsequently acquires securities must rely solely on the final prospectus published by the Company in connection with such securities, on the basis of which alone purchases of or subscription for such securities should be made. In particular, investors should pay special attention to any sections of the final prospectus describing any risk factors. The merits or suitability of any securities or any transaction described in these materials to a particular person’s situation should be independently determined by such person. Any such determination should involve, inter alia, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of the securities or such transaction.
These materials may contain projections and forward looking statements. Any such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Any such forward-looking statements will be based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Further, any forward-looking statements will be based upon assumptions of future events which may not prove to be accurate. Any such forward-looking statements in these materials will speak only as at the date of these materials and the Company assumes no obligation to update or provide any additional information in relation to such forward-looking statements.
These materials are confidential, are being made available to selected recipients only and are solely for the information of the such recipients. These materials and must not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any purpose without the prior written consent of the Company.
This document and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States (within the meaning of Regulation S under the United States Securities Act of 1933, as amended (the Securities Act). The securities proposed to be offered by the Issuer have not been and will not be registered under the Securities Act and may not be offered or sold in the United States in reliance on exemption from, or as a transaction not subject to, the registration requirements of the Securities Act.
Investors presentation