An issue driven by a dynamic primary market
The operation comes at a particularly robust time in the debt market, following the traditional summer break. By opting for complete transparency, Unédic announced its target issuance amount of €2 billion as soon as the order book opened.
This clarity quickly reassured investors: by mid-morning, the order book had already exceeded €6.6 billion. This momentum continued until the close, with the order book peaking at €8.3 billion, more than four times the amount issued.
A signature confirmed across the entire curve
This broadcast follows three previous operations conducted in 2026:
- €3.5 billion over 10 years, on March 11th
- €3.0 billion over 6 years, on April 9th
- €1.5 billion over 15 years, on May 27th
The transaction was concluded at an interest rate of 3.076%, representing a 10 basis point spread over the benchmark French government bond (OAT), the standard for government borrowing on financial markets. This spread, slightly higher (+1 basis point) than that of the three previous issues, is explained by the unconventional nature of the 2-year maturity rather than by a deterioration in risk perception.
A large and diverse investor base
Central banks , official institutions and management companies were particularly active in this operation, with a particularly diverse geographical distribution of investors.
Breakdown by investor type
Breakdown by geographical area
Funding earmarked for employee protection
The bond issue complies with the ICMA Social Bond Principles, an international framework guaranteeing transparency in the use of funds raised. In accordance with its mission, Unédic intends to allocate these resources to protecting employees against economic risks and supporting them towards sustainable employment.
