Obbligazione Caisse Nationale du Financement Local 3.125% ( FR0010231357 ) in EUR

Caisse Nationale du Financement Local

100 EUR ⇌

Francia

FR0010231357 ( in EUR )

3.125% per anno ( pagato 1 volta l'anno)

15/09/2015 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Caisse Francaise de Financement Local FR0010231357 in EUR 3.125%, scaduta

1 000 EUR

2 570 000 000 EUR

La Caisse Française de Financement Local (CFFL) è un istituto finanziario pubblico francese che finanzia le collettività territoriali locali.

The Obbligazione issued by Caisse Nationale du Financement Local ( France ) , in EUR, with the ISIN code FR0010231357, pays a coupon of 3.125% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 15/09/2015

Final Terms dated 5 July 2006

DEXIA MUNICIPAL AGENCY
(the "Issuer")
Euro 75,000,000,000
Euro Medium Term Note Programme
for the issue of Obligations Foncières

SERIES NO: 194
TRANCHE NO: 3
Euro 500,000,000 3.125 per cent. Obligations Foncières due 15 September 2015 to be
assimilated (assimilables), upon listing, and form a single series with the existing
EUR 1,500,000,000 3.125 per cent. Obligations Foncières due 15 September 2015

Issue Price: 91.575 per cent. of the Aggregate Nominal Amount of the Tranche plus an
amount corresponding to accrued interest at a rate of 2.526 per cent. of the Aggregate
Nominal Amount of the Tranche for the period from, and including, 15 September 2005 to, but
excluding, 7 July 2006

FINAL TERMS

BNP PARIBAS
IXIS CORPORATE & INVESTMENT BANK

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 18 August 2005 and the supplements to the Base Prospectus dated
18 November 2005, 10 January 2006, 14 April 2006, 30 May 2006 and 26 June 2006 which together
constitute a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the
"Prospectus Directive").
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, the Base Prospectus
and the supplements to the Base Prospectus dated 18 November 2005, 10 January 2006, 14 April
2006, 30 May 2006 and 26 June 2006. The Base Prospectus and the Supplements 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 Cristal,
7-11 Quai André Citroën, 75015 Paris, France.

1 Issuer: Dexia
Municipal
Agency
2 (i) Series
Number:
194

(ii) Tranche
Number:
3

The Obligations Foncières will, upon listing
on the Luxembourg Stock Exchange, be
assimilated (assimilables), interchangeable
for trading purposes and form a single
series with the existing EUR 1,500,000,000
3.125 per cent. Obligations Foncières due
15 September 2015
3 Specified Currency or Currencies:
Euro ("EUR")
4 Aggregate Nominal Amount:

(i) Series:
EUR
2,000,000,000

(ii) Tranche:
EUR
500,000,000
5 Issue
Price:
91.575 per cent. of the Aggregate Nominal
Amount of the Tranche plus an amount
corresponding to accrued interest at a rate
of 2.526 per cent. of such Aggregate
Nominal Amount for the period from, and
including, 15
September 2005 to, but
excluding, 7 July 2006.
6 Specified Denominations:
EUR 1,000
7 (i)
Issue Date:
7 July 2006

(ii)
Interest Commencement Date:
15 September 2005
8 Maturity Date:
15 September 2015

1

9 Interest Basis:
3.125 per cent. per annum Fixed Rate
(further particulars specified below)
10 Redemption/Payment Basis:
Redemption at par
11 Change of Interest or Redemption/Payment
Not Applicable
Basis:
12 Call Options:
None
13
(i) Status of the Obligations
Obligations Foncières
Foncières:

(ii) Dates
the
corporate Decision of the Directoire of Dexia
authorisations for issuance of the
Municipal Agency dated 29
June
2006
Obligations Foncières:
deciding the issue of the Obligations
Foncières and authorising Mr François
LAUGIER, President or any of its Directeurs
Généraux officers 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 Provisions Applicable

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

(ii)
Interest Payment Date(s):
September 15 in each year, from and
including September 15, 2006 to and
including the Maturity Date

(iii) Fixed
Coupon
Amount:
EUR 31.25 per Obligation Foncière of EUR
1,000 in nominal amount

(iv)
Broken Amount(s):
Not Applicable

(v)
Day Count Fraction (Condition 5(a)):
Actual/Actual ICMA (formerly known as
ISMA), (unadjusted)

(vi)
Determination Date(s) (Condition 15 September in each year commencing on
5(a)):
15 September 2006

(vii)
Other terms relating to the method
Not Applicable
of calculating interest for Fixed Rate
Obligations Foncières:
16 Floating Rate Provisions
Not Applicable
17 Zero Coupon Obligation Foncière Provisions
Not Applicable
18 Index Linked Interest Obligation
Not Applicable
Foncière /other variable-linked interest
Obligations Foncières Provisions
19 Dual Currency Obligation Foncière
Not Applicable
Provisions
PROVISIONS RELATING TO REDEMPTION

20 Call Option
Not Applicable

2

21 Other Option
Not Applicable
22 Final Redemption Amount of each EUR 1,000 per Obligation Foncière of
Obligation Foncière
EUR 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
Not Applicable
set out in the Conditions).
GENERAL PROVISIONS APPLICABLE TO THE OBLIGATIONS FONCIÈRES
24 Form of Obligations Foncières: Dematerialised
Obligations Foncières

(i)
Form of Dematerialised Obligations
Bearer dematerialised form (au porteur)
Foncières:

(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
Target
Following Business Day
special provisions relating to Payment Dates:
Convention
26 Talons for future Coupons or Receipts to be
Not Applicable
attached to definitive Materialised Obligations
Foncières (and dates on which such Talons
mature):
27 Details relating to Partly Paid Obligations
Not Applicable
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
28 Details relating to Instalment Obligations
Not Applicable
Foncières: amount of each instalment, date
on which each payment is to be made:
29 Redenomination, renominalisation and Not Applicable
reconventioning provisions:
30 Consolidation provisions:
Not Applicable

3

31 Representation of holders of Obligations
Holders of Obligations Foncières will be
Foncières Masse (Condition 10):
grouped automatically for the defence of
their common interests in a Masse.
The Masse will be governed by the
provisions of the French Code of commerce
with the exception of Articles
L.228-47,
L.228-48 and L.228-59 and by the decree
no. 67-236 of 23 March 1967, with the
exception of Articles 218, 222 and 224.
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
BNP Paribas
of Managers and underwriting 10 Harewood Avenue
commitments:
London NW1 6AA
United Kingdom
Underwriting commitment of
EUR 250,000,000

IXIS Corporate & Investment Bank
47, quai d'Austerlitz
75648 Paris Cedex 13
France
Underwriting commitment of
EUR 250,000,000

(ii)
Date of Subscription Agreement:
5 July 2006

(iii)
Stabilising Manager(s) (if any):
IXIS Corporate & Investment Bank
34 If non-syndicated, name and address of
Not Applicable
Dealer:
35 Total commission and concession:
0.035 per cent. of the Aggregate Nominal
Amount of the Tranche
36 Additional selling restrictions:
FRANCE:
Each of the Managers and the Issuer has
acknowledged that the Obligations
Foncières are deemed to be issued outside

4

the Republic of France and, accordingly
each of the Managers and the Issuer has
represented and agreed that, (i) it has not
offered or sold and will not offer or sell,
directly or indirectly, any Obligations
Foncières to the public (appel public à
l'épargne) in the Republic of France and (ii)
offers and sales of Obligations Foncières in
the Republic of France will be made to
qualified investors (investisseurs qualifiés)
as defined in, and in accordance with,
Articles L.411-1, L.411-2 and D. 411-1 to
D. 411-3 of the French Code monétaire et
financier, but excluding individuals referred
to in Article D.411-1 II 2° of the French Code
monétaire et financier.
In addition, each of the Managers and the
Issuer has represented and agreed that, it
has not distributed or caused to be
distributed and will not distribute or cause to
be distributed in the Republic of France, the
Base Prospectus, any of the supplements to
the Base Prospectus, these Final Terms or
any other offering material relating to the
Obligations Foncières other than to those
investors (if any) to whom offers and sales
of the Obligations Foncières in the Republic
of France may be made as described
above.
The Base Prospectus and these Final
Terms have not been submitted to the
clearance procedures of the French Autorité
des marchés financiers.

LISTING AND ADMISSION TO TRADING APPLICATION
This Final Terms comprises the Final Terms required to list the issue of 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: Jean-Claude SYNAVE

5

PART B OTHER INFORMATION

1. RISK
FACTORS
See "Risk Factors" in the Base Prospectus; there are no additional risk factors.
2. LISTING

(i) Listing:
Bourse de Luxembourg (regulated market of the
Luxembourg Stock Exchange)
(ii) Admission to trading:
Application has been made for the Obligations Foncières
to be admitted to trading on the regulated market of the
Luxembourg Stock Exchange with effect from 7 July
2006.
The existing EUR 1,500,000,000 3.125 per cent.
Obligations Foncières due 15
September 2015 are
already admitted to trading on the regulated market of the
Bourse de Luxembourg.
3. PUBLIC
OFFERS
Not Applicable
4. RATINGS
Ratings: Applicable
The Obligations Foncières to be issued under the
Programme are expected to be rated AAA by Standard &
Poor's Rating Services, AAA by Fitch Ratings and Aaa by
Moody's Investors Services, Inc.

5. 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 privilege
defined in article L.515-19 of the French Code monétaire et financier, after settlement of this
issue and of the issues which have been the subject of previous attestations.
6. NOTIFICATION
Not Applicable.
7. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE OFFER
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

8. 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 proceeds:
EUR 470,330,000

(iii) Estimated total expenses:
EUR 175,000 (Managers' commission)

9. OFFER
STATISTICS
AND EXPECTED TIMETABLE

(i) Offer statistics
Not Applicable
(ii) Expected timetable
Not Applicable
10. YIELD
Indication of yield:
4.255 per cent.
Calculated at the Issue Date in accordance with the ICMA
(formerly known as ISMA) method, which determines the
effective interest rate of the Obligations Foncières taking
into account accrued interet 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.
11. HISTORIC INTEREST RATES
Not Applicable (Floating Rate Obligations Foncières only)
12. PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE, EXPLANATION OF
EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER
INFORMATION CONCERNING THE UNDERLYING
Not Applicable (Index-Linked or other variable-linked Obligations Foncières only)
13. PERFORMANCE OF RATE[S] OF EXCHANGE AND EXPLANATION OF EFFECT ON
VALUE OF INVESTMENT
Not Applicable (Dual currency Obligations Foncières only)
14. EXPLANATION OF EFFECT ON VALUE OF INVESTMENT, RETURN ON
DERIVATIVES SECURITIES AND INFORMATION CONCERNING THE UNDERLYING
Not Applicable (Derivatives only)

7

15. OPERATIONAL INFORMATION
ISIN Code:
FR0010231357
Common Code:
022917609
Stabilising Manager (if
IXIS Corporate & Investment Bank
syndicated) :
Depositaries:

Euroclear France to act as
Central Depositary
Yes
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. (formerly
known as Dexia Investor Services Bank France)
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

8