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Seminar Green Bonds Bloomberg CNO 18/07/2017

On July 7th 2017, the CNO (French Bond Association), in partnership with Bloomberg, invited market participants to a presentation about the Green bond market. About 60 people were present in the amphitheatre provided by Bloomberg. Philippe LAROCHE coordinated this event. With more than EUR30bn of outstanding, the green bonds issued by French issuers account for over 10% of the world total issues, a proportion well above the global weight of the French economy. The stakes of energy transition are high and the green bond market needs to inspire trust, be transparent as well as innovative in order for the investors to make use of the available savings. Through the event, the CNO hopes it will help develop this market and maintain France’s leadership in this segment. Besides, the CNO thanks Julia HAAKE (Société OEKOM), Frederic BONNARDEL (Caisse des dépôts et consignations) and Marc DEROUDILHE (société Bloomberg) for their great presentations.
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Inflation-indexed bonds and price index seasonality 29/06/2016

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Negatives rates 29/09/2015

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Method for calculating a CNO Zero Coupon Yield Curve 27/02/2015

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Euro Inflation Linked Bonds Markets 02/09/2014

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Computing ZC curve as of Euribor Rates 06/06/2014

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Make Whole Call 18/02/2014

FBA/CNO has just released its overwiew on Make Whole Call thanks to Hervé Labbé's contribution (Orange Head of dealing room and chief economist).

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Typology of the private placement market in France 05/11/2013

The French Bond Association (FBA) has undertaken the task of putting together a classification of private placement issuances, jointly with non-exhaustive information on issuers and amounts.

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A first for the French Bond Association (Comité de Normalisation Obligataire) in Frankfurt 12/06/2013

Société Générale's teams invited investors, lawyers and local bankers for a presentation of the FBA/CNO.
Jacques Fournier and Philippe Laroche presented the association's activities, as well as recent developments of the TEC and the inflation bond market.
Many thanks to Pierre Lebel, Société Générale Paris, Klaus von Massenbach and Max Gerling, Société Générale Frankfurt, for this initiative.

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TEC Tecnical Memorandum - Revised version 20130529 03/06/2013

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Areva TEC10 issue has been awarded by MTNi 11/04/2013

The  AREVA EUR200 mln FRN issue linked to TEC10 has been awarded by MTNi during the 10th Global & European MTN, Structured Note & Funding Awards.


CNO TEC Tecnical memorandum 29/01/2013

The CNO-TEC index was designed to be accessible to both French and foreign investors. It is both transparent and reliable and its calculation method is simple. It is also fully consistent with benchmark references that are well known to international investors, such as Constant Maturity Treasuries and Constant Maturity Swaps....

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Pricing fixed income securities against IRS : current FBA standards 06/12/2012

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AREVA TEC10 bond issue 19/10/2012

In April 2012, AREVA issued a EUR200mln floating rate note indexed on TEC10. Maturity is 21st March 2021. The TEC10 index is computed by Banque de France with the data provided by MTS on behalf the French Bond Association (CNO-FBA) who own the trade mark. TEC10 means the constant maturity yield of the 10 year OAT curve. This index could also be used as a reference for non sovereign issuers and is frequently used for various commercial contracts ISIN : FR0011227339 Final terms available on the AMF website.

Inflation-linked bonds 24/04/2012


France was the first euro zone country to issue inflation-linked bonds with, in September 1998, the July 2009 3% OATi indexed to the French consumer price index excluding tobacco and, in October 2001, the OAT€i indexed to the euro zone’s harmonised price index excluding tobacco, the HICP. As a pioneer in euro-denominated indexed bonds, the AFT benefited from the experience already acquired in this field by the UK, Canada and the US, which began issuing such securities in 1981, 1993 and 1997 respectively. As might be expected, this example was followed by other sovereign issuers in the euro zone, namely Italy, Greece and Germany. 
Since 2007, all of the G7 sovereign issuers have been issuing inflation-linked bonds. When indexed OATs were launched, the French Bond Association (FBA) or CNO set up a working group to help harmonise the calculation methods applicable to this new class of bonds, drawing on existing bond markets and preparing for the introduction of new sovereign indexed issues. This wish of market participants to harmonise the calculation methods applicable to sovereign indexed bonds was once again strongly demonstrated when, in 2005, the DMO, the British debt agency, decided to change the method for calculating indexed Gilt coupons.
This note mainly covers the calculation definitions and standards applicable to inflation-linked sovereign issues structured as OATis and OAT€is, with indexing of the principal and coupons. Non sovereign issuers also issue on the indexed bond market, however, either with the same structure as those used by sovereign issuers, or with structures where only the bonds’ coupons are indexed. This structure will be explained in the paragraph looking at private issuers’ indexed issues. Inflation-linked bonds are also known as inflation-indexed bonds or I/L bonds and these terms are used interchangeably in this presentation.

France Télécom TEC10 23/01/2012


In December 2011, France Telecom issued a floating rate note indexed on TEC10.
In 2012, the AFT is planning to issue floating rate notes indexed on TEC10. 
This index could also be used as a reference for non sovereign issuers.

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Comité de Normalisation Obligataire | 8, rue du Mail 75002 PARIS | tel. 01 42 86 95 47 | Legal notices | Partners : Banque de France - AFTB - ACI

last update 02 June 2020