SNCF’s EUR 500M Green Bond: Sustainable Rail Funding

SNCF issues EUR 500 million Green Bond, attracting strong investor interest. Funds support sustainable railway projects.

SNCF’s EUR 500M Green Bond: Sustainable Rail Funding
September 7, 2025 5:24 am
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Introduction

SNCF SA, the holding company of the SNCF Group, has issued a EUR 500 million seven-year Green Bond, maturing on 2 September 2032. The bond, with a fixed coupon of 3.25%, saw strong investor interest and was priced at a spread of +19 basis points above French government seven-year OATs.

Bond Issuance Details

The EUR 500 million Green Bond has a maturity date of 2 September 2032. The bond carries a fixed coupon of 3.25% and was priced at a spread of +19 basis points above French government seven-year OATs. The order book exceeded EUR 3.75 billion, with participation from 115 investors worldwide.

Investor Participation and Management

The issuance attracted a diversified group of 115 investors globally. The joint lead managers for the bond issue were Bank of America, Crédit Agricole CIB, CIC, Goldman Sachs, and ING.

Use of Proceeds

Proceeds from the bond will be allocated to green-eligible projects under the SNCF Green Securities Framework. This framework supports investments in sustainable transport infrastructure and environmentally responsible initiatives.

Strategic Context

This marks SNCF’s fourth public issue in 2025. SNCF launched its first Green Bond program in the transport and logistics sector in 2016. Since January 2025, the Group has raised 100% of its total funding in sustainable formats.

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Conclusion

SNCF SA successfully issued a EUR 500 million Green Bond, attracting significant investor interest. The proceeds will fund green projects, reinforcing the Group’s commitment to sustainable finance.

Company Summary

SNCF Group: Through its holding company SNCF SA, is a major player in the transport sector, committed to sustainable finance and infrastructure development.

Bank of America: One of the joint lead managers for the bond issuance.

Crédit Agricole CIB: A joint lead manager for the bond issuance.

CIC: A joint lead manager for the bond issuance.

Goldman Sachs: A joint lead manager for the bond issuance.

ING: A joint lead manager for the bond issuance.

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