Bond Caisse Nationale du Financement Local 0% ( FR0010363325 ) in EUR

Issuer Caisse Nationale du Financement Local
Market price 100 %  ⇌ 
Country  France
ISIN code  FR0010363325 ( in EUR )
Interest rate 0%
Maturity 22/08/2022 - Bond has expired



Prospectus brochure of the bond Caisse Francaise de Financement Local FR0010363325 in EUR 0%, expired


Minimal amount 50 000 EUR
Total amount 200 000 000 EUR
Detailed description The Caisse Française de Financement Local (CFDL) is a French public financial institution that provides financing to local authorities for public infrastructure projects.

The French local financing agency, Caisse Française de Financement Local, FR0010363325 EUR 0% bond, with a total issuance size of ?200,000,000 and a minimum trading size of ?50,000, matured on August 22, 2022, at 100% of face value, having been fully repaid.








Final Terms dated November 20, 2006






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: 281
TRANCHE NO: 2
Euro 31,000,000 Index Linked Rate Obligations Foncières due August 22, 2022 to be
assimilated (assimilables), upon listing, and form a single series with the existing Euro
200,000,000 Index Linked Rate Obligations Foncières due August 22, 2022 issued on August
22, 2006 as Tranche 1 of Series 281


Issue Price: 98.7396129 per cent. of the Aggregate Nominal Amount of this Tranche 2

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 July 21, 2006 and the supplement to the Base Prospectus dated
October 4, 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 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 on the
website of the Issuer (www.dexia-ma.com) or on the website of the Luxembourg Stock Exchange, 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:
281

(ii)
Tranche Number:
2
The Obligations Foncières will upon listing be
assimilated (assimilables) and
interchangeable for trading purposes with the
existing Euro 200,000,000 Index Linked Rate
Obligations Foncières due August 22, 2022
issued on August 22, 2006 as Series 281
Tranche 1.
3
Specified Currency or Currencies: Euro
("EUR")
4
Aggregate Nominal Amount of Obligations

Foncières admitted to trading:

(i) Series:
EUR
231,000,000

(ii) Tranche:
EUR
31,000,000
5
Issue
Price:
98.7396129
per cent. of the Aggregate
Nominal Amount of this Tranche 2
6
Specified Denominations:
EUR 50,000
7
(i)
Issue Date:
November 22, 2006

(ii) Interest
Commencement Date:
November 22, 2006
8
Maturity Date:
August 22, 2022

2


9
Interest Basis:
Index Linked Interest
(further particulars specified below)
10
Redemption/Payment Basis:
Redemption at par
11
Change of Interest or Redemption/Payment Not Applicable
Basis:
12
Call Options:
Not Applicable
13
(i)
Status of the Obligations Foncières:
Obligations Foncières

(ii)
Dates of the corporate authorisations
Decision of the Directoire of Dexia Municipal
for issuance of the Obligations
Agency dated 13 October 2006 deciding the
Foncières:
issue of the Obligations Foncières and
authorizing Mr François LAUGIER, President
or any of its Directeurs Généraux to sign and
execute all documents in relation to the issue
of the Obligations Foncières
14
Method of distribution:
Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY)
PAYABLE
15 Fixed
Rate
Obligation Foncière Provisions
Not Applicable
16
Floating Rate Provisions
Not Applicable
17 Zero
Coupon
Obligation Foncière Provisions
Not Applicable
18
Index Linked Interest Obligation Foncière
Applicable
Provisions / other variable-linked interest
Obligations Foncières

(i)
Index/Formula/other variable:
For each Interest Period from and including
the Interest Commencement Date to but
excluding the Maturity Date, the Obligations
Foncières will bear interest payable in
amounts determined by the Calculation Agent
in accordance with the provisions set out
below and in accordance with the following
formula:



Specified Denomination x CMS Rate

Where :

CMS Rate will be equal to:

[(1+ EUR CMS 10 years ­0.43%)1/4 ­1]

The CMS Rate will be subject to the Minimum Rate of Interest as defined in item
18 (x)


3





"EUR CMS10 years" means the annual swap rates (expressed as a percentage) for
euro swap transactions with a maturity of 10 years (annual, 30/360) versus EURIBOR 6
month, expressed as a percentage that appears under the heading "EURIBOR BASIS "
and above the caption " 11 :00 AM FRANKFURT TIME " as of 11 :00 a.m. Frankfurt time
on the Reuters Screen ISDAFIX2 page (or any successor) on the Fixing Date.

"Fixing Date" means the second Target Business Day prior to the first day of each
Interest Period.

"TARGET Business Day" means a day on which the TARGET system is operating

For the avoidance of doubt no Day Count Fraction will be applicable in order to
determine the Interest Amount.
PROVIDED THAT the Day Count Fraction Actual/Actual ICMA (unadjusted) shall
apply only for the calculation of an accrued interest due to a broken period.

(ii) Calculation
Agent
responsible
for Société Générale
calculating the interest due:

(iii)
Provisions for determining Coupon where
See item 18(i)
calculated by reference to Index and/or
Formula and/or other variable:

(iv) Interest
Period(s):
Interest Period means the period from and
including the Interest Commencement Date
to but excluding the first Specified Interest
Payment Date and each subsequent period
from a Specified Interest Payment Date
(included) to the next following Specified
Interest Payment Date (excluded).

4



(v)
Provisions for determining Coupon where
If, in respect of any Fixing Date in the Interest
calculation by reference to Index and/or
Period, the EUR CMS 10 years does not
Formula an/or other variable is impossible
appear on the Reuters Screen "ISDAFIX2"
or impracticable or otherwise disrupted:
(or any successor) or for any other reason is
unavailable or cannot be reasonably
calculated, such rate will be determined by
the Calculation Agent as if the "EUR-annual-
Swap Rate Reference Banks" (as defined in
the 2000 ISDA Definitions) had been
specified as the applicable rate for which:
"Reset Date" shall be replaced by "the first
day of the Interest Period",
"on the day that is two TARGET
Settlement Days preceding that Reset
Date" by "on the Fixing Date",
"Designated Maturity" means ten years,
and
"Representative Amount" means the
"Aggregate Nominal Amount".

(vi) Calculation
Period(s):
Not
Applicable

(vii) Specified
Interest
Payment
Dates:
February 22, May 22, August 22 and
November 22 in each year from and including
February 22, 2007 to and including August
22, 2022

(viii)
Business Day Convention: Not
Applicable

(ix)
Business Centre(s) (Condition 5(a)):
Not Applicable

(x)
Minimum Rate of Interest:
0 per cent. per annum

(xi)
Maximum Rate of Interest:
Not Applicable

(xii)
Day Count Fraction (Condition 5(a)):
Not Applicable
Except for the purpose of calculating accrued
interest due to a broken period, an Actual/
Actual ICMA (unadjusted) Day Count Fraction
will apply.
19 Dual
Currency
Obligation Foncière Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION

20 Call
Option
Not Applicable
21 Other
Option
Not Applicable
22
Final Redemption Amount of each Obligation
EUR 50,000 per Obligation Foncière of EUR
Foncière:
50,000 Specified Denomination
23 Early
Redemption
Amount



5



Early Redemption Amount(s) of each Obligation
Not Applicable
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).
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
special provisions relating to Payment Dates:

(i)
Adjusted Payment Date (Condition 7(h)):
For the purposes of these Obligations
Foncières only the adjustment of Payment
Dates shall be in accordance with the Modified
Following Business Day Convention, where if
any Payment Date would otherwise fall on a
day that is not a business day, then such date
shall be postponed to the next day that is a
business day unless it would thereby fall in the
next calendar month, in which such event
such date for payment shall be brought
forward to the immediately preceding business
day
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

6


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 Valery Radot
23, avenue Foch
75016 Paris
The Representative will not be remunerated.
32
Other final terms:
Not Applicable
DISTRIBUTION

33
(i) If syndicated, names of Managers:
Not Applicable


(ii) Stabilising Manager(s) (if any):
Not Applicable
34
If non-syndicated, name of Dealer:
IXIS Corporate and Investment Bank
35
Additional selling restrictions:
FRANCE:
Each of the Dealer 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 in France and (ii) it has
not distributed or caused to be distributed and will
not distribute or cause to be distributed to the
public in France, the Base Prospectus, the
relevant Final Terms or any other offering material
relating to the Obligations Foncières and (iii) such
offers, sales and distributions have been and will
be made in France only to qualified investors
(investisseurs qualifiés), as defined in, and in
accordance with, Articles L.
411-1, L.
411-2,
D. 411-1 to D. 411-3 of the French Monetary and
Financial Code, but excluding individuals referred
to in Article D.411-1 II 2° of the French Monetary
and Financial Code.


LISTING AND ADMISSION TO TRADING APPLICATION
These Final Terms comprise the final terms required to list and have admitted to trading the issue of
Obligations Foncières described herein pursuant to the Euro 75,000,000,000 Euro Medium Term Note
Programme of Dexia Municipal Agency.

7


RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.
Signed on behalf of the Issuer:


Duly represented by:


8


PART B ­ OTHER INFORMATION
1. RISK
FACTORS
Not applicable
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 Bourse de Luxembourg (regulated market of
the Luxembourg Stock Exchange) with effect from November 22,
2006
The existing Euro 200,000,000 Index Linked Rate Obligations
Foncières due August 22, 2022 issued on 22 August 2006 as Series
281 Tranche 1 is already admitted to trading on the Regulated
Market of the Luxembourg Stock Exchange.
(iii) Estimate of total

expenses related to
admission to trading:
Not Applicable
3. RATINGS
Ratings: Applicable
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. NOTIFICATION
Not Applicable
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 Monetary and Financial Code, after settlement of this
issue and of the issues which have been the subject of previous attestations.
6. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE [ISSUE/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.
7. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

(i) Reasons for the offer:
See "Use of Proceeds" wording in Prospectus




9


(ii) Estimated net proceeds:
EUR 30,609,280



(iii) Estimated total expenses:
Not Applicable

8. YIELD
Not Applicable
9. PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE AND OTHER INFORMATION
CONCERNING THE UNDERLYING
For information purposes only, information and historical data for EUR-CMS may be found on
Reuters page EURSFIXA10Y=
10. PERFORMANCE OF RATE[S] OF EXCHANGE
Not Applicable
11. EXPLANATION OF EFFECT ON VALUE OF INVESTMENT, RETURN ON DERIVATIVES
SECURITIES AND INFORMATION CONCERNING THE UNDERLYING*
Not Applicable
12. OPERATIONAL INFORMATION
ISIN Code:
FR0010363325
Common Code:
026417716
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

Names and addresses of additional Paying Agent(s) Fiscal Agent, Principal Paying Agent and
(if any):
Luxembourg Listing Agent:
Dexia Banque Internationale à Luxembourg, société
anonyme
69, route d'Esch
L-1470 Luxembourg
Paying Agents:
Dexia Bank Belgium SA (formerly known as Dexia
Banque S.A. / Dexia Bank N.V.)

10