Financing key actors of public investment with a strong focus on environmental and social policies
(1) as of investment date
(2) based on Rivage Investment’s internal credit ratings as of 12/31/2022
Since the launch of the public sector debt platform in 2015, Rivage Investment invested €963m in French local authorities.
A total of 116 trades were made, involving 104 debt instruments and 64 local authorities: 29 municipalities, 11 intermunicipal groupings (including mixed syndicates), 18 departments and 6 regions.
Out of these investments, the majority was made on the secondary market, although the proportion of primary transactions has increased dramatically in recent years.
When investing, we focus on the relative value of the investment given the type of local authority, its location and its financial situation.
The Grand Est region is located in the north-eastern part of France, at the border with Belgium, Luxembourg, Germany and Switzerland. It is one of the new regions created by the 2014 territorial reform, resulting from the merger of the former Alsace, Lorraine and Champagne-Ardenne regions.
Grand Est comprises 9 departments : Ardennes, Aube, Marne, Haute-Marne, Meurthe-et-Moselle, Meuse, Moselle, Vosges and the Collectivité européenne d’Alsace (itself resulting from the merger of the former Bas-Rhin and Haut-Rhin departments).
Grand Est is the 6th largest region in metropolitan France by population (out of 13) and the 4th largest region by surface area. Its population density is in line with the metropolitan average excluding Ile-de-France (97 inhabitants per km²).
Its administrative capital is Strasbourg, the 7th largest French city and the 9th largest French urban area. Other main cities in the region include Reims, Metz, Mulhouse and Nancy.
Acquisition on the secondary market of Dailly receivables originated in connection with a public-private partnership (PPP) involving the construction of a technical high-school located near Metz. The assignment of the Dailly receivables has been notified and accepted by the Grand-Est region, meaning that the lenders benefit from a direct claim on the region.
The city of Laval is located in the west of France. Prefecture of the department of Mayenne, it has 49,617 inhabitants, which makes it the 131st French city in terms of population, the 7th in the Pays de la Loire region and the 1st in the department of Mayenne.
Laval is the main member of the Laval Agglomération intermunicipal grouping, which comprises 34 municipalities and approximately 117,000 inhabitants.
One bilateral loan acquired in 2018 on the secondary market and two bilateral loans originated on the primary market in 2019 and 2020.
Bil Ta Garbi is a public establishment for local cooperation (établissement public de coopération locale) organized as a mixed syndicate (syndicat mixte), which was created in 2002.
The syndicate currently has two members (intermunicipal groupings Communauté d’agglomération du Pays Basque and Communauté de communes Béarn de Gaves), covers a territory of 211 municipalities and services approximately 333,000 inhabitants in the Pyrénées-Atlantiques department.
The syndicate is responsible for the treatment and recycling of household waste, the disposal of final waste as well as related transportation, sorting and storage operations.
Its two members remain responsible for the collection of household waste.
Two bilateral loans acquired in 2018 on the secondary market and one bilateral loan originated on the primary market in 2022.
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