Obbligazione Caisse Nationale du Financement Local 4.875% ( FR0010762039 ) in EUR

Caisse Nationale du Financement Local

100 EUR ⇌

Francia

FR0010762039 ( in EUR )

4.875% per anno ( pagato 1 volta l'anno)

02/06/2021 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Caisse Francaise de Financement Local FR0010762039 in EUR 4.875%, scaduta

1 000 EUR

1 650 000 000 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 FR0010762039, pays a coupon of 4.875% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 02/06/2021

Final Terms dated 24 March 2010

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: 392
TRANCHE NO: 2
150,000,000 4.875 per cent. Obligations Foncières due 2 June 2021
to be assimilated (assimilables) upon listing and form a single Series with the existing
1,500,000,000 4.875 per cent. Obligations Foncières due 2 June 2021

Issue Price: 107.318 per cent. of the Aggregate Nominal Amount of the Tranche plus an amount
corresponding to accrued interest at a rate of 3.96678082 per cent. of the Aggregate Nominal Amount
of such Tranche for the period from and including 2 June 2009 to but excluding the Issue Date

Société Générale Corporate & Investment Banking

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) (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 Dealer 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 Dealer 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 (the
"Conditions") set forth in the Base Prospectus dated 24 July 2008 and the supplements to the Base
Prospectus dated 1 September 2008, 24 December 2008 and 16 April 2009. This document
constitutes the Final Terms of the Obligations Foncières described herein for the purposes of
Article 5.4 of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive") and must
be read in conjunction with the Base Prospectus dated 10 July 2009 and the supplements to the Base
Prospectus dated 1 September 2009, 8 December 2009, 15 January 2010, 9 February 2010 and 4
March 2010, which together constitute a base prospectus for the purposes of the Prospectus Directive,
save in respect of the Conditions which are extracted from the Base Prospectus dated 24 July 2008
and the supplements to the Base Prospectus dated 1 September 2008, 24 December 2008 and 16
April 2009 and are attached hereto. 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 dated 24 July 2008 and the supplements to the Base Prospectus dated 1 September
2008, 24 December 2008 and 16 April 2009 and the Base Prospectus dated 10 July 2009 and the
supplements to the Base Prospectus dated 1 September 2009, 8 December 2009, 15 January 2010, 9
February 2010 and 4 March 2010. 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, on the website
of the Luxembourg Stock Exchange (www.bourse.lu), or otherwise in accordance with the provisions
of Article 14 of the Prospectus Directive, 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 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:
392

(ii) Tranche
Number:
2

The
Obligations Foncières will
be
assimilated (assimilables) upon listing on
the Luxembourg Stock Exchange and form
a single Series with the existing Euro
1,500,000,000 4.875 per cent. Obligations

Foncières due 2 June 2021.
3
Specified Currency or Currencies:
Euro ("")
4
Aggregate Nominal Amount:

(i) Series:

1,650,000,000

(ii)
Tranche:
150,000,000
5
Issue Price:
107.318 per cent. of the Aggregate Nominal
Amount an amount corresponding to
accrued interest at a rate of 3.96678082 per
cent. of the Aggregate Nominal Amount of
such Tranche for the period from and
including 2 June 2009 to but excluding the
Issue Date
6
Specified Denomination:
1,000
7
(i)
Issue Date:
26 March 2010

(ii)
Interest Commencement Date:
2 June 2009
8
Maturity Date:
2 June 2021
9
Interest Basis:
4.875 per cent. Fixed Rate
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 for
Decision of the Directoire of Dexia

issuance of Obligations Foncières obtained:
Municipal Agency dated 19 March 2010

deciding the 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
Applicable

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

(ii)
Interest Payment Date(s):
2 June in each year, commencing on (and
including) 2 June 2010 to (and including)
the Maturity Date

(iii)
Fixed Coupon Amount:
48,75 per Obligation Foncière of 1,000 in
nominal amount in respect of each Interest

Payment Date

(iv)
Broken Amount(s):
Not Applicable

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

(vi)
Determination Date(s) (Condition 5(a)):
2 June in each year

(vii)
Other terms relating to the method of

calculating interest for Fixed Rate
Obligations Foncières:
Not Applicable

(i)
Business Day Convention:
Not Applicable

(ii)
Business
Centre(s):
Not
Applicable
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 Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION

20 Call
Option
Not Applicable
21 Other
Option
Not Applicable
22
Final Redemption Amount of each Obligation
1,000 per Obligation Foncière of 1,000
Foncière
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
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)):
The following 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
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 and addresses of
Not Applicable
Managers and underwriting
commitments:

(ii)
Date of [Subscription] Agreement:
Not Applicable

(iii)
Stabilising Manager(s) (if any):
Not Applicable
34
If non-syndicated, name and address of Dealer:
Société Générale
17, cours Valmy
92987 Paris La Défense Cedex
France
35
Total commision and concession:
0.185 per cent. of the Aggregate Nominal
Amount
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 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:

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 26 March 2010.

The existing Euro 1,500,000,000 4.875 per cent. Obligations Foncières due 2 June 2021 are
already listed on the official list of the Luxembourg Stock Exchange and admitted to trading on
the Regulated Market of the Luxembourg Stock Exchange.
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. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save as disclosed in "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.
5. 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:
166,649,671

(iii) Estimated total expenses:
Estimated Listing fees: 700

6.
YIELD
Indication of yield:
4.047 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.
7.
OPERATIONAL INFORMATION
ISIN Code:
FR0010762039

Common Code:
043065726
Depositaries:

(i)
Euroclear France to act as Central Yes
Depositary:
(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 Fiscal Agent, Principal Paying Agent and
Foncières are:
Luxembourg Listing Agent:
Dexia Banque Internationale à Luxembourg,
Société anonyme,
69, route d'Esch
L-1470 Luxembourg
Luxembourg

Paying Agents:

Dexia Banque Belgium S.A.
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
Not Applicable
Foncières issued has been translated into Euro at
the rate of [currency] per Euro 1.00, producing a
sum of:

TERMS AND CONDITIONS OF THE OBLIGATIONS FONCIERES

extracted from the Base Prospectus dated 24 July 2008