The SNCF Group, through its holding company SNCF SA, has successfully issued a EUR 500 million seven-year Green Bond maturing on 2 September 2032. The benchmark bond, carrying a fixed coupon of 3.25%, attracted strong demand from international investors, reflecting confidence in the Group’s financial strength and sustainability strategy.
The bond was priced at a spread of +19 basis points above French government seven-year OATs (Obligations Assimilables du Trésor), one of the lowest margins SNCF has ever achieved for this maturity.
Despite ongoing economic and political uncertainty in France, the transaction generated an order book exceeding EUR 3.75 billion and attracted participation from 115 highly diversified investors worldwide.
The joint lead managers for the issue were Bank of America, Crédit Agricole CIB, CIC, Goldman Sachs and ING.
Financing green investments
Proceeds from the issuance will be allocated to green-eligible projects under the SNCF Green Securities Framework, which supports investments in sustainable transport infrastructure and environmentally responsible initiatives.
This transaction marks the Group’s fourth public issue in 2025, following:
- A GBP 300 million 30-year Green Bond,
- A EUR 600 million 10-year Green Bond,
- A CHF 100 million 9-year Green Bond.
Together, these issues highlight SNCF’s consistent presence in the sustainable finance market and reinforce its commitment to socially responsible investment.
Commitment to sustainable finance
SNCF has been a pioneer in green financing since 2016, when it launched the first Green Bond programme in the transport and logistics sector.
Since January 2025, the Group has raised 100% of its total funding in sustainable formats, spanning both short- and long-term instruments.
Share on:
