With a nominal value of €1 billion and a maturity of 10 years until November 2032, the operation was met with strong demand from investors. At its close, the order book amounted to €4.2 billion. The interest rate was set at 1.834%, which represents a spread of 23 basis points compared to French government bonds.
This issuance allows Unédic to initiate a financing program that is significantly reduced this year due to the economic recovery that began in 2021. The 2022 program is expected to return to a level similar to pre-COVID-19 years, following €19 billion in 2020 and €12.5 billion in 2021.
This social issuance will be primarily dedicated to financing support and assistance programs for job seekers towards sustainable employment and, to a lesser extent, financing partial employment activities whose expenses continue to decrease this year after being heavily mobilized to address the COVID-19 crisis.
Unédic's social issuance framework, "Protecting and Supporting Sustainable Employment," adheres to the Social Bond Principles of the International Capital Market Association (ICMA) and provides transparency in the use of the funds raised to fulfill Unemployment Insurance's dual mission: protecting French employees against socio-economic labor market uncertainties and assisting them in their reintegration into sustainable employment.
