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Saint-Quentin-en-Yvelines district council’s inaugural bond issue.


CMS Bureau Francis Lefebvre and Spitz & Poulle act as advisors on the Saint-Quentin-en-Yvelines district council’s inaugural bond issue

CMS Bureau Francis Lefebvre acted as legal advisor to HSBC France, lead manager for the Saint-Quentin-en-Yvelines district council’s inaugural bond issue.

Spitz & Poulle acted as legal advisor to the Saint-Quentin-en-Yvelines district council.

The 3.5%, 12 year notes were issued in an aggregate nominal amount of €20,000,000, and were admitted for trading on the NYSE Euronext Paris stock exchange on 4 December 2012. It was the first time that the Saint-Quentin-en-Yvelines district council had tapped the bond market.

The Saint-Quentin-en-Yvelines district council, like many local authorities, has looked to diversify its sources of financing as bank liquidity has tightened. Bond issues offer an alternative solution, allowing funds to be raised at competitive rates and in a transparent manner.

The success of this transaction demonstrates the level of investor confidence in the Issuer’s credit quality, as evidenced by the A+ rating awarded by Standard & Poor’s Credit Market Services France SAS. This bond issue will allow the council to continue its development and to finance part of the planned spending budgeted in its multi-year investment plan.

The prospectus for the offering was filed with the French securities regulator AMF on 29 November 2012 and is available on the Issuer's website (www.saint-quentin-en-yvelines.fr) and the AMF website (www.amf-france.org).

The CMS Bureau Francis Lefebvre team included Marc-Etienne Sébire, Head of the Capital Markets Group, assisted by Valérie Tessler and Yaël Fitoussi (for the capital markets aspects) and François Tenailleau, Partner, assisted by Kawthar Ben Khelil and Thomas Carenzi (for the public law aspects).

The Spitz & Poulle team comprised Jean-Baptiste Poulle, and Nicolas Spitz.

This issue follows similar forays into the bond market in recent months by the Dordogne department and the Cergy-Pontoise district council.

For CMS Bureau Francis Lefebvre, it is the latest is a series of operations carried out recently by local authorities, with EMTN programmes put in place by the Pays de la Loire region, the Provence-Alpes-Côte d’Azur region, the Val d’Oise department and the Seine et Marne department, as well as the stand alone bond issues by the Dordogne department, the Marseille Provence Métropole urban community, the Cergy-Pontoise district council, the Champagne-Ardenne region and the Provence-Alpes-Côte d’Azur region.

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