Bond Caisse Nationale du Financement Local 0.01% ( FR00140006K7 ) in EUR

Issuer Caisse Nationale du Financement Local
Market price 100 %  ▲ 
Country  France
ISIN code  FR00140006K7 ( in EUR )
Interest rate 0.01% per year ( payment 1 time a year)
Maturity 19/10/2035 - Bond has expired



Prospectus brochure of the bond Caisse Française de Financement Local FR00140006K7 in EUR 0.01%, expired


Minimal amount /
Total amount /
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 Caisse Française de Financement Local's FR00140006K7 bond, a EUR-denominated 0.01% coupon bond maturing on 19/10/2035, issued in France, has reached maturity and been repaid at 100% of its face value.








Base Prospectus dated 12 June 2020

CAISSE FRANÇAISE DE FINANCEMENT LOCAL
(société de crédit foncier duly licensed as a French specialised credit institution)
Euro 75,000,000,000 Euro Medium Term Note Programme
for the issue of Obligations Foncières
Due from one month from the date of original issue
Under the Euro Medium Term Note Programme (the "Programme") described in this Base Prospectus (as defined below), Caisse Française de Financement Local (the "Issuer",
"Caisse Française de Financement Local" or "Caffil"), subject to compliance by the Issuer with all relevant laws, regulations and directives applicable to the Issuer and the
Obligations Foncières, may from time to time issue obligations foncières (the "Obligations Foncières") benefiting from the statutory privilège created by Article L.513-11 of the
French Code monétaire et financier, as more fully described herein. The aggregate nominal amount of Obligations Foncières (issued under the Programme) outstanding will not at
any time exceed Euro 75,000,000,000 (or the equivalent in other currencies at the date of signing of the documentation relating to the issue of any Obligations Foncières).
This document constitutes a base prospectus (the "Base Prospectus") for the purpose of Article 8 of the Regulation (EU) 2017/1129 of the European Parliament and of the Council
dated 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, as amended (the "Prospectus Regulation").
This Base Prospectus has been approved by the Autorité des marchés financiers (the "AMF") in France in its capacity as competent authority under the Prospectus Regulation. The
AMF only approves this Base Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should
not be considered as an endorsement of either the Issuer or the quality of the Obligations Foncières that are the subject of this Base Prospectus and investors should make their own
assessment as to the suitability of investing in the Obligations Foncières.
Application may be made for Obligations Foncières issued under the Programme during a period of twelve (12) months after the date of the approval granted by the AMF on the
Base Prospectus to be admitted to trading on Euronext Paris and/or any other Regulated Market (as defined below) and/or to be offered to the public pursuant to a non-exempt offer
in accordance with the Prospectus Regulation in any member state (the "Member State(s)") of the European Economic Area (the "EEA") or in the United Kingdom (the "UK").
Euronext Paris is a regulated market for the purposes of Directive 2014/65/EU of the European Parliament and of the Council dated 15 May 2014 on markets in financial instruments,
as amended ("MiFID II"), appearing on the list of regulated markets issued by the European Securities and Markets Authority (each, a "Regulated Market"). The Obligations
Foncières may also be admitted to trading on any other stock exchange, or may not be admitted to trading on any market. The relevant final terms (the "Final Terms") (forms of
which are contained herein) in respect of the issue of any Obligations Foncières will specify whether or not such Obligations Foncières will be admitted to trading and/or offered to
the public pursuant to a non-exempt offer in a Member State of the EEA or in the UK and, if so, the relevant market and/or jurisdiction.
This Base Prospectus shall be valid for the admission to trading of Obligations Foncières on a Regulated Market and/or the offering of Obligations Foncières to the public
pursuant to a non-exempt offer in accordance with the Prospectus Regulation until 11 June 2021, provided that it is completed by any supplement, pursuant to Article 23
of the Prospectus Regulation, following the occurrence of a significant new factor, a material mistake or a material inaccuracy relating to the information included (or
incorporated by reference) in this Base Prospectus which may affect the assessment of an investment in the Obligations Foncières. The obligation to supplement this Base
Prospectus in the event of a significant new factor, material mistake or material inaccuracy does not apply when this Base Prospectus is no longer valid.
Obligations Foncières may be issued either in dematerialised form ("Dematerialised Obligations Foncières") or in materialised form ("Materialised Obligations Foncières") as
more fully described herein. Dematerialised Obligations Foncières will at all times be in book entry form in compliance with Articles L.211-3 and R.211-1 of the French Code
monétaire et financier. No physical documents of title will be issued in respect of the Dematerialised Obligations Foncières.
It is expected that the Obligations Foncières issued under the Programme will be rated AA+ by Standard & Poor's Ratings Services ("S&P") and/or Aaa by Moody's France SAS
("Moody's") and/or AAA by DBRS Ratings Limited or any entity that is part of DBRS and any successor to the relevant rating activity ("DBRS") and by their respective successors
and/or any other rating agency. The rating (if any) will be specified in the relevant Final Terms. The credit ratings included or referred to in this Base Prospectus or in any Final Terms
have been issued by S&P, Moody's and/or DBRS, which are established in the European Union and registered under Regulation (EC) No. 1060/2009 on credit ratings agencies, as
amended (the "CRA Regulation"), and included in the list of credit rating agencies registered in accordance with the CRA Regulation published on the European Securities and
Markets Authority's website (https://www.esma.europa.eu/supervision/credit-rating-agencies/risk) as of the date of this Base Prospectus. A rating is not a recommendation to buy,
sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating agency.
The final terms of the Obligations Foncières will be determined at the time of the offering of each Tranche based on then prevailing market conditions and will be set out in the
relevant Final Terms.
Since 1 January 2013, Caisse Française de Financement Local benefits for all its obligations foncières from the Covered Bond Label granted by the Covered Bond Label
Foundation.
This Base Prospectus, any supplements thereto (if any) and the Final Terms related to the Obligations Foncières admitted to trading on any Regulated Market in the EEA or in the
UK and/or offered to the public pursuant to a non-exempt offer in accordance with the Prospectus Regulation will be published on the websites of the Issuer (www.caffil.fr) and of
the AMF (www.amf-france.org).
Prospective investors should have regard to the factors described under the section headed "Risk factors" in this Base Prospectus before deciding to invest in the Obligations
Foncières issued under the Programme.



Arranger
Barclays

Dealers
Barclays
BNP PARIBAS
Commerzbank
Crédit Agricole CIB
Deutsche Bank
Goldman Sachs International




HSBC
J.P. Morgan
Landesbank Baden-Württemberg
Morgan Stanley
NATIXIS
NatWest Markets
Nomura
Société Générale Corporate & Investment Banking
UBS Investment Bank
UniCredit Bank




2



This Base Prospectus (together with any supplements to this Base Prospectus published from time to time
(each a "Supplement" and together the "Supplements")) constitutes a base prospectus for the purposes of
Article 8 of the Prospectus Regulation in respect of, and for the purpose of giving information with regard to
the Issuer and the Obligations Foncières which is necessary to enable investors to make an informed
assessment of the assets and liabilities, financial position, profit and losses and prospects of the Issuer, the
rights attaching to the Obligations Foncières, the reasons for the issuance and its impact on the Issuer and
may only be used for the purposes for which it has been published.
This Base Prospectus should be read and construed in conjunction with any Supplement that may be
published from time to time and with all documents incorporated by reference (see section entitled
"Documents Incorporated by Reference" below) and in relation to any Series (as defined herein) of
Obligations Foncières, should be read and construed together with the relevant Final Terms.
No person has been authorised to give any information or to make any representation other than those
contained in this Base Prospectus in connection with the issue or sale of the Obligations Foncières and, if given
or made, such information or representation must not be relied upon as having been authorised by the Issuer
or the Arranger or any of the Dealers. Neither the delivery of this Base Prospectus nor any sale made in
connection herewith shall, under any circumstances, create any implication that there has been no change in
the affairs of the Issuer since the date hereof or the date upon which this Base Prospectus has been most
recently amended or supplemented or that there has been no adverse change in the financial position of the
Issuer since the date hereof or the date upon which this Base Prospectus has been most recently amended or
supplemented or that any other information supplied in connection with the Programme is correct as of any
time subsequent to the date on which it is supplied or, if different, the date indicated in the document
containing the same.
The distribution of this Base Prospectus and the offering or sale of the Obligations Foncières in certain
jurisdictions may be restricted by law. Persons into whose possession this Base Prospectus comes are required
by the Issuer, the Arranger and the Dealers to inform themselves about and to observe any such restriction.
For a description of certain restrictions on offers and sales of Obligations Foncières and on distribution of this
Base Prospectus, see section entitled "Subscription and Sale".
NOTICE
Each prospective investor of Obligations Foncières must determine, based on its own independent review and
such professional advice as it deems appropriate under the circumstances, that its acquisition of the
Obligations Foncières is fully consistent with its financial needs, objectives and condition, complies and is fully
consistent with all investment policies, guidelines and restrictions applicable to it and is a fit, proper and
suitable investment for it, notwithstanding the clear and substantial risks inherent in investing in or holding
the Obligations Foncières.
A prospective investor may not rely on the Issuer, the Arranger or the Dealers or any of their respective
affiliates in connection with its determination as to the legality of its acquisition of the Obligations Foncières
or as to the other matters referred to above.
Neither the Issuer, the Arranger or the Dealers nor any of their respective affiliates has or assumes
responsibility for the lawfulness of the acquisition of the Obligations Foncières by a prospective investor of
the Obligations Foncières, whether under the laws of the jurisdiction of its incorporation or the jurisdiction
in which it operates (if different), or for compliance by that prospective investor with any law, regulation or
regulatory policy applicable to it.
OBLIGATIONS FONCIÈRES ISSUED UNDER THE PROGRAMME MAY NOT BE A SUITABLE
INVESTMENT FOR ALL INVESTORS
Each potential investor in the Obligations Foncières must determine the suitability of that investment in light
of its own circumstances. In particular, each potential investor should:
3



(i)
have sufficient knowledge and experience to make a meaningful evaluation of the relevant Obligations
Foncières, the merits and risks of investing in the relevant Obligations Foncières and the information
contained (or incorporated by reference) in this Base Prospectus or any applicable supplement;
(ii)
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the relevant Obligations Foncières and the impact such
investment will have on its overall investment portfolio;
(iii)
have sufficient financial resources and liquidity to bear all of the risks of an investment in the
Obligations Foncières, such as instances where Obligations Foncières have principal or interest payable
in one or more currencies, or where the currency for principal or interest payments is different from
the currency in which such potential investor's financial activities are principally denominated;
(iv)
understand thoroughly the terms of the relevant Obligations Foncières issued under the Programme
and be familiar with the behavior of any relevant indices and financial markets; and
(v)
be able to evaluate (either alone or with the help of a financial advisor) possible scenarios for economic,
interest rate and other factors that may affect its investment and its ability to bear the applicable risks.
(vi)
consult its own advisers as to legal, tax and related aspects of an investment in the Obligations Foncières
(in particular to determine whether and to what extent (i) Obligations Foncières are legal investments
for it, (ii) Obligations Foncières can be used as collateral for various types of borrowing and (iii) other
restrictions apply to its purchase of any Obligations Foncières).
Obligations Foncières are complex financial instruments and such instruments may be purchased as a way to
reduce risk or enhance yield with an understood, measured, and appropriate addition of risk to their overall
portfolios. A potential investor should not invest in Obligations Foncières which are complex financial
instruments unless it has the expertise (either alone or with the assistance of a financial advisor) to evaluate
how the Obligations Foncières will perform under changing conditions, the resulting effects on the value of
such Obligations Foncières, and the impact this investment will have on the overall investment portfolio of
the potential investor.
A number of Member States of the European Union are currently negotiating to introduce a financial
transactions tax ("FTT") in the scope of which transactions in the Obligations Foncières may fall. If the
proposed directive is adopted and implemented in local legislation, holders of Obligations Foncières may be
exposed to increased transaction costs with respect to financial transactions carried out with respect to the
Obligations Foncières and the liquidity of the market for the Obligations Foncières may be diminished.
Prospective investors should consult their own tax advisers in relation to the consequences of the FTT
associated with subscribing, purchasing, holding and disposing the Obligations Foncières.
The Materialised Obligations Foncières are subject to U.S. tax law requirements and may not be offered, sold
or delivered within the United States or its possessions or to a U.S. person, except in certain transactions
permitted by U.S. tax regulations.
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer or the
Arranger or the Dealers to subscribe for, or purchase, any Obligations Foncières.
The Arranger and the Dealers have not separately verified the information contained or incorporated by
reference in this Base Prospectus. None of the Arranger or the Dealers makes any representation, express or
implied, or accepts any responsibility, with respect to the accuracy or completeness of any of the information
in this Base Prospectus. Neither this Base Prospectus nor any other financial statements nor any other
information incorporated by reference are intended to provide the basis of any credit or other evaluation and
should not be considered as a recommendation by any of the Issuer, the Arranger or the Dealers that any
recipient of this Base Prospectus or any other financial statements or any other information incorporated by
reference should purchase the Obligations Foncières. Each potential purchaser of Obligations Foncières
should determine for itself the relevance of the information contained in this Base Prospectus and its purchase
of Obligations Foncières should be based upon such investigation as it deems necessary. None of the Arranger
4



or the Dealers undertakes to review the financial condition or affairs of the Issuer during the life of the
arrangements contemplated by this Base Prospectus nor to advise any investor or potential investor in the
Obligations Foncières of any information coming to the attention of any of the Arranger or the Dealers.
The ratings may not reflect the potential impact of all risks related to structure, market and other factors that
may affect the value of the Obligations Foncières. A credit rating is not a recommendation to buy, sell or hold
securities and may be revised or withdrawn by the rating agency at any time.
IMPORTANT NOTICE RELATING TO INFLATION LINKED INTEREST OBLIGATIONS FONCIÈRES
Obligations Foncières linked to an inflation index, which will be one of (i) the consumer price index (excluding
tobacco) for all households in France or the relevant substitute index, as calculated and published monthly
by the Institut National de la Statistique et des Etudes Economiques ("INSEE"), or (ii) the harmonised index
of consumer prices (excluding tobacco), or the relevant substitute index, measuring the rate of inflation in the
European Monetary Union as calculated and published monthly by Eurostat (each an "Inflation Index" and
together, the "Inflation Indices") (the "Inflation Linked Obligations Foncières") are not in any way
sponsored, endorsed, sold or promoted by the INSEE or Eurostat, as the case may be, and the INSEE or
Eurostat makes no warranty or representation whatsoever, express or implied, either as to the results to be
obtained from the use of any of the Inflation Indices and/or the figure at which such indices stand at any
particular time. The Inflation Indices are determined, composed and calculated by the INSEE or Eurostat, as
the case may be, without regard to the Issuer or the Obligations Foncières. The INSEE or Eurostat, as the
case may be, is not responsible for or has not participated in the determination of the timing of, prices of, or
quantities of the Inflation Linked Obligations Foncières to be issued or in the determination or calculation of
the interest payable under such Obligations Foncières.
None of the Issuer, the Arranger, the Dealers or any of their respective affiliates makes any representation as
to the Inflation Indices. Any of such persons may have acquired, or during the term of the Obligations
Foncières may acquire, non-public information with respect to any of the Inflation Indices that is or may be
material in the context of Inflation Linked Obligations Foncières. The issue of Inflation Linked Obligations
Foncières will not create any obligation on the part of any such persons to disclose to the holders of Obligations
Foncières or any other party such information (whether or not confidential).
Neither the current nor the historical levels of any of the Inflation Indices should be taken as an indication of
future performance of such index during the term of any Inflation Linked Obligations Foncières.
IMPORTANT NOTICE RELATING TO GREEN OBLIGATIONS FONCIÈRES OR SOCIAL
OBLIGATIONS FONCIÈRES
Prospective investors should have regard to the information set out in the relevant Final Terms regarding use
of proceeds and must determine for themselves the relevance of such information for the purpose of any
investment in green Obligations Foncières (the "Green Obligations Foncières") or social Obligations Foncières
(the "Social Obligations Foncières"), as the case may be, together with any other investigation such investor
deems necessary. In particular, no assurance is given by the Issuer or the Dealers that the use of proceeds for
any loan will satisfy, whether in whole or in part, any present or future investor expectations or requirements
as regards any investment criteria or guidelines with which such investor or its investments are required to
comply, whether by any present or future applicable law or regulations or by the Issuer's own by-laws or
other governing rules or investment portfolio mandates, in particular with regard to any direct or indirect
environmental or social impact of any loan or uses related to any loan. Furthermore, it should be noted that
there is currently no clearly defined definition (legal, regulatory or otherwise) of, nor market consensus as to
what constitutes a "green", a "social" or an equivalently-labelled asset. In addition the requirements of any
such label may evolve from time to time, accordingly, no assurance is or can be given to investors that any
loan or use(s) the subject of, or related to, any loan will meet any or all investor expectations regarding such
"green", "social" or other equivalently-labelled performance objectives.
No assurance or representation is given as to the suitability or reliability for any purpose whatsoever of any
opinion or certification of any third party (whether or not solicited by the Issuer) which may be made
5



available in connection with the issue of any Green Obligations Foncières or Social Obligations Foncières, as
the case may be, and in particular with any loan, to fulfil any environmental, social and/or other criteria.
Currently, the providers of such opinions and certifications are not subject to any specific regulatory or other
regime or oversight. Any such opinion or certification is not, nor should be deemed to be, a recommendation
by the Issuer or any other person to buy, sell or hold any such Green Obligations Foncières or such Social
Obligations Foncières, as the case may be. For the avoidance of doubt, neither the second party opinions, nor
any such other opinion or certification is, or shall be deemed to be, incorporated in and/or form part of this
Base Prospectus.
No Dealer makes any representation as to the suitability of the Green Obligations Foncières or the Social
Obligations Foncières to fulfil environmental or social criteria required by prospective investors. The Dealers
have not undertaken, nor are responsible for, any assessment of the eligibility criteria, any verification of
whether the Green Obligations Foncières or the Social Obligations Foncières, as the case may be, meet the
eligibility criteria, or the monitoring of the use of proceeds.
For the avoidance of doubt, it is however specified that payments of principal and interest (as the case may
be) on the Green Obligations Foncières or the Social Obligations Foncières, as the case may be, shall not
depend on the performance of the relevant loan.
PRIIPS REGULATION - PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS ­ In respect
of (i) any Obligations Foncières with a denomination of less than 100,000 for which the Final Terms specify
the "Prohibition of Sales to EEA and UK Retail Investors" as "Applicable" and (ii) any Obligations Foncières
with a denomination of at least 100,000, the Obligations Foncières are not intended to be offered, sold or
otherwise made available to and should not be offered, sold or otherwise made available to any retail investor
in the EEA or in the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a
retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of
Directive 2016/97/EU of the European Parliament and of the Council dated 20 January 2016 on insurance
distribution, where that customer would not qualify as a professional client as defined in point (10) of Article
4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Regulation. Consequently, no
key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs
Regulation") for offering or selling the Obligations Foncières or otherwise making them available to retail
investors in the EEA or in the UK has been prepared and therefore offering or selling the Obligations
Foncières or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful
under the PRIIPs Regulation.
MiFID II Product Governance / target market ­ The Final Terms in respect of any Obligations Foncières may
include a legend entitled "MiFID II Product Governance" which will outline the target market assessment in
respect of the Obligations Foncières, taking into account the five (5) categories referred to in item 18 of the
Guidelines published by the European Securities and Markets Authority (ESMA) on 5 February 2018 and
which channels for distribution of the Obligations Foncières are appropriate. Any person subsequently selling
or recommending the Obligations Foncières (a "distributor" as defined in MiFID II) should take into
consideration the target market assessment; however, a distributor subject to MiFID II is responsible for
undertaking its own target market assessment in respect of the Obligations Foncières (by either adopting or
refining the target market assessment) and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the Product
Governance rules under EU Delegated Directive 2017/593 (the "MiFID II Product Governance Rules"), any
Dealer subscribing for any Obligations Foncières is a manufacturer as defined in MiFID II in respect of such
Obligations Foncières, but otherwise neither the Arranger nor the Dealers nor any of their respective affiliates
will be a manufacturer for the purpose of the MiFID II Product Governance Rules. For the avoidance of
doubt, the Issuer is not a MiFID II regulated entity and does not qualify as a distributor or a manufacturer
under MiFID II Product Governance Rules.
SINGAPORE SFA PRODUCT CLASSIFICATION ­ In connection with Section 309B of the Securities and
Futures Act (Chapter 289) of Singapore (the "SFA") and the Securities and Futures (Capital Markets
6



Products) Regulations 2018 of Singapore (the "CMP Regulations 2018"), unless otherwise specified before an
offer of Obligations Foncières, the Issuer has determined, and hereby notifies all relevant persons (as defined
in Section 309A(1) of the SFA), that the Obligations Foncières are 'capital markets products other than
prescribed capital markets products' (as defined in the CMP Regulations 2018) and Specified Investment
Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice
FAA-N16: Notice on Recommendations on Investment Products).

7



TABLE OF CONTENTS
GENERAL DESCRIPTION OF THE PROGRAMME ............................................................................................. 9
RISK FACTORS ...................................................................................................................................................... 18
DOCUMENTS INCORPORATED BY REFERENCE ............................................................................................ 47
CONDITIONS ATTACHED TO THE CONSENT OF THE ISSUER TO USE THE PROSPECTUS .................... 51
SUPPLEMENT TO THE BASE PROSPECTUS..................................................................................................... 53
TERMS AND CONDITIONS OF THE OBLIGATIONS FONCIÈRES ................................................................... 54
TEMPORARY GLOBAL CERTIFICATES ISSUED IN RESPECT OF MATERIALISED OBLIGATIONS
FONCIÈRES .......................................................................................................................................................... 109
USE OF PROCEEDS ............................................................................................................................................. 111
DESCRIPTION OF CAISSE FRANÇAISE DE FINANCEMENT LOCAL ........................................................ 112
THE LEGAL REGIME APPLICABLE TO CAFFIL ............................................................................................ 116
BUSINESS OVERVIEW ....................................................................................................................................... 120
ORGANISATIONAL STRUCTURE ..................................................................................................................... 126
ADMINISTRATIVE, MANAGEMENT, AND SUPERVISORY BODIES ........................................................... 131
MAJOR SHAREHOLDERS .................................................................................................................................. 133
MATERIAL CONTRACTS ................................................................................................................................... 134
RECENT DEVELOPMENTS ................................................................................................................................ 136
SUBSCRIPTION AND SALE ............................................................................................................................... 137
FORM OF FINAL TERMS 1 ................................................................................................................................. 143
FORM OF FINAL TERMS 2 ................................................................................................................................. 165
GENERAL INFORMATION ................................................................................................................................. 188
PERSON RESPONSIBLE FOR THE INFORMATION GIVEN IN THE BASE PROSPECTUS........................ 193

8



GENERAL DESCRIPTION OF THE PROGRAMME
The following general description of the Programme does not purport to be complete and is taken from, and is qualified
in its entirety by the remainder of this Base Prospectus and, in relation to the terms and conditions of any particular
Tranche of Obligations Foncières, the relevant Final Terms. The Obligations Foncières will be issued on such terms as
shall be agreed between the Issuer and the relevant Dealer(s) and will be subject to the Conditions set out in this Base
Prospectus as completed by the relevant Final Terms.
This General Description constitutes a general description of the Programme for the purposes of Article 25.1(b) of
Commission Delegated Regulation (EU) 2019/980 of 14 March 2019. It does not, and is not intended to, constitute a
summary of this Base Prospectus within the meaning of Article 7 of the Regulation (EU) 2017/1129 of the European
Parliament and of the Council dated 14 June 2017 on the prospectus to be published when securities are offered to the
public or admitted to trading on a regulated market, as amended, or any implementing regulation thereof.
Words and expressions defined in the section entitled "Terms and Conditions of the Obligations Foncières" below shall
have the same meanings in this general description.
Issuer:
Caisse Française de Financement Local, a limited liability company (société
anonyme) incorporated under French law and a société de crédit foncier duly
licensed as a French specialised credit institution (établissement de crédit
spécialisé) by the French Resolution and Prudential Control Authority
(Autorité de contrôle prudentiel et de résolution) on 1 October 1999.
Arranger:
Barclays Bank PLC.
Permanent Dealers:
Barclays Bank Ireland PLC,
Barclays Bank PLC,
BNP Paribas,
Commerzbank Aktiengesellschaft,
Crédit Agricole Corporate and Investment Bank,
Deutsche Bank Aktiengesellschaft,
Goldman Sachs Bank Europe SE,
HSBC France,
J.P. Morgan Securities plc,
J.P. Morgan AG,
Landesbank Baden-Württemberg,
Morgan Stanley & Co. International plc,
Natixis,
NatWest Markets N.V.,
Nomura Financial Products Europe GmbH,
Nomura International plc,
Société Générale,
UBS Europe SE,
UniCredit Bank AG.
The Issuer may from time to time terminate the appointment of any Dealer
under the Programme or appoint additional dealers either in respect of one
or more Tranches or as Permanent Dealers under the Programme. References
in this Base Prospectus to "Permanent Dealers" are to the persons referred
to above as Dealers and to such additional persons that are appointed as
dealers in respect of the whole Programme (and whose appointment has not
been terminated) and references to "Dealers" are to the Permanent Dealers
and all persons appointed as a dealer in respect of one or more Tranches.
9



Description:
Under the Euro Medium Term Note Programme (the "Programme"), the
Issuer, subject to compliance by the Issuer with all relevant laws, regulations
and directives applicable to the Issuer and the Obligations Foncières, may
from time to time issue obligations foncières (the "Obligations Foncières")
the principal and interest of which benefit from the statutory priority right of
payment (privilège) created by Article L.513-11 of the French Code
monétaire et financier (the "Privilège") (for further description, see section
entitled "The Legal Regime Applicable to Caffil").
Programme Limit:
Up to 75,000,000,000 (or the equivalent in other currencies at the date of
signing of the the documentation relating to issue of any Obligations
Foncières) aggregate nominal amount of Obligations Foncières issued under
the Programme outstanding at any time.
The Programme Limit may be increased from time to time, subject to
compliance with the relevant provisions of the amended and restated dealer
agreement entered into between the Issuer, the Arranger and the Permanent
Dealers.
Fiscal Agent, Paying Agent,
Redenomination
Agent,
Consolidation Agent and
Calculation Agent in respect of
the Obligations Foncières:
Banque Internationale à Luxembourg, société anonyme.
Method of Issue:
The Obligations Foncières may be issued on a syndicated or non-syndicated
basis.
Series and Tranches:
The Obligations Foncières will be issued in series (each a "Series") having
one or more issue date(s). The Obligations Foncières of each Series will be
fungible with all other Obligations Foncières of that Series.
Each Series of Obligations Foncières may be issued in tranches (each a
"Tranche") on the same or different issue date(s) and on terms identical to
the terms of other Tranches of the same Series, save in respect of the issue
date, issue price, first payment of interest and aggregate nominal amount of
the Tranche. The specific terms of each Tranche of Obligations Foncières
will be determined by the Issuer and the relevant Dealer(s) at the time of the
issue and will be set out in the final terms of such Tranche (the "Final
Terms").
Maturities:
Subject to compliance with all relevant laws, regulations and directives, the
Obligations Foncières may have any maturity as specified in the relevant
Final Terms.
Currencies
Obligations Foncières may be denominated and/or payable in any currency
agreed between the Issuer and the relevant Dealer(s) in the relevant Final
Terms.
In this Base Prospectus, unless otherwise specified or the context otherwise
requires, references to "", "Euro", "EUR" or "euro" are to the currency of
the participating Member States of the European Union which was
introduced on 1 January 1999, references to "£", "GBP", "pounds sterling"
and "Sterling" are to the lawful currency of the United Kingdom, references
to "$", "USD" and "US Dollars" are to the lawful currency of the United
States of America, references to "¥", "JPY", "Japanese yen" and "Yen" are
to the lawful currency of Japan, references to "CHF" and "Swiss francs" are
10