With a nominal value of €1 billion and a maturity of 10 years (until April 25, 2033), the operation was met with strong demand from investors. At its close, the order book amounted to €13 billion, demonstrating the financial community's interest in Unédic's social and economic mission. The interest rate was set at 3.156%, representing a spread of 20 basis points compared to the French government bonds (OAT) issued by the French Treasury Agency (AFT). This interest rate positions Unédic as the French debt issuer with interest rate conditions closest to those of the state.
After two years marked by the COVID-19 crisis during which Unédic issued €31.5 billion of market financing (€19 billion in 2020 and €12.5 billion in 2021), 2022 marked a return to normalcy with a financing plan of €1 billion, similar to the pre-crisis years. In the context of reducing the system's debt, the financing program for Unemployment Insurance in 2023 amounts to €1 billion.
The Social Bond issued on April 26 will be the only one for the year. Despite having a positive cash balance, using market financing is necessary to manage a still substantial debt stock. During the year, Unédic will repay €3.8 billion of medium and long-term debt. In total, the reduction in the net debt of the system over the 2022-2023 period is expected to amount to €8.1 billion.