Bond Caisse Nationale du Financement Local 3.5% ( FR0010801068 ) in EUR

Caisse Nationale du Financement Local

100 % ⇌

France

FR0010801068 ( in EUR )

3.5% per year ( payment 1 time a year)

16/09/2016 - Bond has expired

Prospectus brochure of the bond CAISSE FRANCAISE DE FINANCEMENT LOCAL FR0010801068 in EUR 3.5%, expired

1 000 EUR

1 250 000 000 EUR

The Caisse Française de Financement Local (CFDL) is a French public financial institution that provides financing to local authorities for public infrastructure projects.

Analysis of the ISIN FR0010801068 bond, an obligation issued by CAISSE FRANCAISE DE FINANCEMENT LOCAL, a prominent French public sector financing institution established to provide long-term funding for local authorities and public entities, indicates a successful debt instrument lifecycle. This specific bond, denominated in EUR and issued from France, constituted a total issuance size of 1.25 billion, with a minimum purchase amount set at 1,000. It offered an annual interest rate of 3.5% and, having reached its maturity date on September 16, 2016, was fully redeemed at its par value of 100%, completing its financial obligation to investors.

Final Terms dated 12 November 2009

DEXIA MUNICIPAL AGENCY
(the "Issuer")
Euro 75,000,000,000
Euro Medium Term Note Programme
for the issue of Obligations Foncières
Due from one month from the date of the original issue

SERIES NO: 396
TRANCHE NO: 2
Euro 750,000,000 3.50 per cent. Obligations Foncières due 16 September 2016
to be assimilated (assimilables) and form a single series with the existing
Euro 1,000,000,000 3.50 per cent. Obligations Foncières due 16 September 2016

Issue Price: 100.064 per cent. of the Aggregate Nominal Amount of the Tranche plus an amount
corresponding to accrued interest at a rate of 0.58493 per cent. of such Aggregate Nominal
Amount for the period from, and including, 16 September 2009 to, but excluding, the Issue Date

Joint Lead Managers
CREDIT SUISSE
DEXIA CAPITAL MARKETS
LANDESBANK BADEN-WÜRTTEMBERG
NATIXIS

The Base Prospectus referred to below (as completed by these Final Terms) has been prepared
on the basis that any offer of Obligations Foncières in any Member State of the European
Economic Area which has implemented the Prospectus Directive (2003/71/EC) (the "Prospectus
Directive") (each, a "Relevant Member State") will be made pursuant to an exemption under the
Prospectus Directive, as implemented in that Relevant Member State, from the requirement to
publish a prospectus for offers of the Obligations Foncières. Accordingly any person making or
intending to make an offer in that Relevant Member State of the Obligations Foncières may only
do so in circumstances in which no obligation arises for the Issuer or any Joint Lead Manager to
publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus
pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer. Neither
the Issuer nor any Joint Lead Manager has authorised, nor do they authorise, the making of any
offer of Obligations Foncières in any other circumstances.

PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set
forth in the Base Prospectus dated 10 July 2009 (the "Base Prospectus") and the supplement to
the Base Prospectus dated 1 September 2009 which together constitute a base prospectus for the
purposes of the Prospectus Directive (Directive 2003/71/EC).
This document constitutes the Final Terms of the Obligations Foncières described herein for the
purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with such Base
Prospectus as so supplemented. Full information on the Issuer and the offer of the Obligations
Foncières is only available on the basis of the combination of these Final Terms and the Base
Prospectus as so supplemented. The Base Prospectus and the supplement to the Base
Prospectus are available for viewing at the office of the Fiscal Agent or each of the Paying Agents
and were published in accordance with the provisions of Article 14 of the Prospectus Directive,
admitting the validity of disclosure carried out, inter alia and always at the choice of the Issuer,
though release on the website of the Issuer (www.dexia-ma.com) or on the website of the
Luxembourg Stock Exchange (www.bourse.lu), and copies may be obtained from Dexia Municipal
Agency, Tour Dexia, La Défense 2 - 1, passerelle des Reflets, TSA 92202 - 92919 La Défense
Cedex, France.
For the avoidance of doubt, the Obligations Foncières do not, and are not intended to
benefit from any state guarantee.
1
Issuer: Dexia
Municipal
Agency
2
(i) Series
Number:
396

(ii) Tranche
Number:
2
The Obligations Foncières will be
assimilated (assimilables) and form a
single series with the existing
1,000,000,000 3.50
per cent.
Obligations Foncières due
16 September 2016 on the Issue Date
3
Specified Currency:
Euro ("")

4
Aggregate Nominal Amount:

(i) Series:
1,750,000,000

(ii) Tranche:
750,000,000
5
Issue Price:
100.064 per cent. of the Aggregate
Nominal Amount of the Tranche plus an
amount corresponding to accrued
interest at a rate of 0.58493 per cent. of
such Aggregate Nominal Amount for the
period from, and including,
16 September 2009 to, but excluding,
the Issue Date
6
Specified Denomination:
1,000
7
(i)
Issue Date:
16 November 2009

(ii)
Interest Commencement Date:
16 September 2009
8
Maturity Date:
16 September 2016
9
Interest Basis:
3.50 per cent. Fixed Rate
10
Redemption/Payment Basis:
Redemption at par
11
Change of Interest or Redemption/Payment

Basis:
Not Applicable
12
Call Options:
Not Applicable
13
(i) Status of the Obligations Foncières:
Obligations Foncières
(ii) Dates of the corporate authorisations for
Decision of the Directoire of Dexia

issuance of Obligations Foncières
Municipal Agency dated
obtained:
3 November 2009 deciding the issue of
the
Obligations Foncières and
authorising Mr.
François Laugier,
President or its Directeurs Généraux to
sign and execute all documents in
relation to the issue of the Obligations
Foncières.
14
Method of distribution:
Syndicated
PROVISIONS RELATING TO INTEREST (IF ANY)
PAYABLE
15
Fixed Rate Obligation Foncière Applicable
Provisions

(i)
Rate of Interest:
3.50 per cent. per annum payable
annually in arrear

(ii)
Interest Payment Date(s):
16 September in each year commencing
on (and including) 16 September 2010
to and including the Maturity Date
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(iii) Fixed
Coupon
Amount:
35
per
Obligation Foncière of 1,000 in
nominal amount

(iv)
Broken Amount(s):
Not Applicable

(v)
Day Count Fraction (Condition 5(a)):
Actual/Actual (ICMA) (unadjusted)

(vi) Determination Date(s) (Condition 16 September in each year
5(a)):

(vii) Other
terms
relating to the method of

calculating interest for Fixed Rate

Obligations Foncières:
Not Applicable
16
Floating Rate Provisions
Not Applicable
17
Zero Coupon Obligation Foncière Not Applicable
Provisions
18
Index Linked Interest Obligation Foncière
Not Applicable
/ other variable-linked interest Obligations
Foncières Provisions
19
Dual Currency Obligation Foncière
Not Applicable
Provisions
PROVISIONS RELATING TO REDEMPTION

20
Call Option
Not Applicable
21
Other Option
Not Applicable
22
Final Redemption Amount of each 1,000 per Obligation Foncière of
Obligation Foncière
1,000 Specified Denomination
23
Early Redemption Amount

Early Redemption Amount(s) of each

Obligation Foncière payable on redemption
for taxation reasons or on any early
redemption and/or the method of calculating
the same (if required or if different from that
set out in the Conditions):
Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE OBLIGATIONS FONCIÈRES
24
Form of Obligations Foncières: Dematerialised
Obligations Foncières

(i) Form of Dematerialised Obligations

Foncières:
Bearer dematerialised form (au porteur)

(ii) Registration
Agent:
Not
Applicable

(iii) Temporary Global Certificate:
Not Applicable

(iv) Applicable TEFRA exemption:
Not Applicable
25
Financial Centre(s) (Condition 7(h)) or other

special provisions relating to Payment Dates:
TARGET

(i) Adjusted Payment Date (Condition 7(h)):
The following business day
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26
Talons for future Coupons or Receipts to be

attached to definitive Materialised Obligations

Foncières (and dates on which such Talons

mature):
Not Applicable
27
Details relating to Partly Paid Obligations

Foncières: amount of each payment
comprising the Issue Price and date on which

each payment is to be made [and
consequences (if any) of failure to pay]:
Not Applicable
28
Details relating to Instalment Obligations

Foncières: amount of each instalment, date

on which each payment is to be made:
Not Applicable
29
Redenomination, renominalisation and
reconventioning provisions:
Not Applicable
30
Consolidation provisions:
Not Applicable
31
Representation of holders of Obligations
Applicable
Foncières - Masse (Condition 10):
The initial Representative will be:
Antoine de Chauveron
23, avenue Foch
75016 Paris
The alternative Representative will be:
Laurent Vallery Radot
23, avenue Foch
75016 Paris
The Representative will not be
remunerated.
32
Other final terms:
Not Applicable
DISTRIBUTION

33
(i)
If syndicated, names and addresses of

Managers and underwriting

commitments:
Joint Lead Managers:
Credit Suisse Securities (Europe)
Limited
One Cabot Square
London E14 4QJ
United Kingdom
Underwriting commitment: 187,500,000

Dexia Banque Internationale à
Luxembourg, société anonyme
(acting under the name of Dexia
Capital Markets)
69, route d'Esch
L-1470 Luxembourg
Grand-Duchy of Luxembourg
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Underwriting commitment: 187,500,000

Landesbank Baden-Württemberg
Am Hauptbahnhof 2
70173 Stuttgart
Germany
Underwriting commitment: 187,500,000

NATIXIS
47, quai d'Austerlitz
75648 Paris Cedex 13
France
Underwriting commitment: 187,500,000

(ii)
Date of Subscription Agreement:
12 November 2009

(iii)
Stabilising Manager(s) (if any):
Not Applicable
34
If non-syndicated, name and address of

Dealer:
Not Applicable
35
Total commission and concession:
0.30 per cent. of the Aggregate Nominal
Amount of the Tranche
36
Additional selling restrictions:
Not Applicable
37
Non-exempt Offer:
Not Applicable
PURPOSE OF FINAL TERMS
These Final Terms comprise the final terms required for the issue and admission to trading on
the Regulated Market of the Luxembourg Stock Exchange of the Obligations Foncières
described herein pursuant to the Euro 75,000,000,000 Euro Medium Term Note Programme of
Dexia Municipal Agency.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of the Issuer:

Duly represented by: François LAUGIER

A11356759
5

PART B OTHER INFORMATION
1. RISK
FACTORS
Not Applicable.
2. LISTING AND ADMISSION TO TRADING

Application has been made by the Issuer (or on its behalf) for the Obligations Foncières to be
listed on the official list of the Luxembourg Stock Exchange and admitted to trading on the
Regulated Market of the Luxembourg Stock Exchange with effect from 16 November 2009.
The existing 1,000,000,000 3.50 per cent. Obligations Foncières due 16 September 2016
are already admitted to trading on the Regulated Market of the Luxembourg Stock Exchange.
3. RATINGS
Ratings:
Obligations Foncières to be issued under the Programme are
expected to be rated AAA by Standard & Poor's Rating
Services and Fitch Ratings and Aaa by Moody's Investors
Services, Inc.
4. SPECIFIC
CONTROLLER
The specific controller (contrôleur spécifique) of the Issuer has certified that the value of the
assets of the Issuer will be greater than the value of its liabilities benefiting from the privilège
defined in Article L. 515-19 of the French Monetary and Financial Code, after settlement of
this issue and of the issues which have been the subject of previous attestations.
5. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save as disclosed in the "Subscription and Sale", so far as the Issuer is aware, no person
involved in the offer of the Obligations Foncières has an interest material to the offer.
6. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES
(i)
Reasons for the offer:
The net proceeds of the issue of the Obligations Foncières
will be used for the Issuer's general corporate purposes.
(ii) Estimated
net
752,616,990
proceeds:
(iii) Estimated
total

expenses:
Estimated listing fees: 400
7. YIELD
Indication of yield:
3.488 per cent. per annum
Calculated at the Issue Date in accordance with the ICMA
method, which determines the effective interest rate of the
Obligations Foncières taking into account accrued interest on
a daily basis on the Issue Date.
As set out above, the yield is calculated at the Issue Date on
the basis of the Issue Price. It is not an indication of future
yield.
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8. OPERATIONAL
INFORMATION
ISIN Code:
FR0010801068
Common Code:
045159337
Depositaries:

(i)
Euroclear France to act as Central

Depositary:
Yes
(ii)
Common Depositary for Euroclear Bank

S.A./N.V. and Clearstream, Luxembourg:
No
Any clearing system(s) other than Euroclear and
Clearstream, Luxembourg and the relevant
identification number(s):
Not Applicable
Delivery:
Delivery against payment
The Agents appointed in respect of the Obligations
Foncières are:
Fiscal Agent, Principal Paying Agent and
Luxembourg Listing Agent:
Dexia Banque Internationale à Luxembourg,
société anonyme
69, route d'Esch
L-1470 Luxembourg
Grand-Duchy of Luxembourg

Paying Agents:
Dexia Bank Belgium SA
44, boulevard Pachéco
B-1000 Brussels
Belgium

RBC Dexia Investor Services Bank France S.A.
105, rue Réaumur
75002 Paris
France
Name and address of the Calculation Agent:
Not Applicable
Names and addresses of additional Paying

Agent(s) (if any):
Not Applicable
The aggregate principal amount of Obligations

Foncières issued has been translated into Euro at

the rate of [currency] per Euro 1.00, producing a

sum of:
Not Applicable

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