Public sector debt offers long-term investment opportunities and a significant yield premium over government bonds, for a comparable level of risk. Two main factors explain this yield pick-up: the fairly illiquid nature of the asset class and the fact that the public sector debt market remains largely unknown, with only a limited number of active lenders.
This is particularly true in France, where public sector entities currently have limited access to the capital markets and finance most of their borrowing needs on the banking market.
With this in mind, we have developed a specific product offering dedicated to French public sector private debt.
Our investment universe includes local authorities (regions, departments, cities, inter-municipal groupings, mixed syndicates), public hospitals, social landlords and any other type of institution governed by public law (e.g. public development agencies, public land agencies, etc.). We also invest in private entities that have strong links to the public sector, such as semi-public companies, private social landlords, private non-profit making hospitals, foundations, etc. In some cases, debt must be fully guaranteed by one or more local authorities to be eligible for investment.
Most of our investments take the form of bilateral loans, with the rest being private bonds.
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