Gide on the first issue of European Green Bonds (EuGB) by a French issuer and the first issue in Europe by a public entity

The EU Green Bonds Standard Regulation (the EU Green Bonds Regulation), which came into force on 21 December 2024, established the long-awaited EU green bond standard for issues of green bonds, the proceeds of which must be allocated to environmentally sustainable activities and projects, in accordance with the EU Taxonomy Regulation, which will benefit from the label of “European Green Bonds” or “EuGB”. This new EU green bond standard, presented as the “gold standard” for the issue of green bonds, notably imposes more stringent transparency obligations upon green bond issuers.

Gide assisted Île-de-France Mobilités with the first issue of European Green Bonds by a French issuer, and the first issue in Europe by a public entity. This issue of European Green Bonds, for an aggregate principal amount of €1 billion, is documented with a standalone prospectus and the European Green Bonds have been admitted to trading on Euronext Paris. This is the first prospectus approved by the French Autorité des marchés financiers (AMF) implementing the new EU green bond sandard for the issue of EuGB.

The proceeds of this first issue of European Green Bonds will be allocated by Île-de-France Mobilités to the financing and/or refinancing of projects supporting low-carbon public transports in Ile-de-France.

The syndicate of banks comprised BNP Paribas and Crédit Agricole CIB as Green Co-Structuring Agents and Joint Lead Managers, and HSBC, Natixis and Société Générale Corporate & Investment Bank, as Joint Lead Managers.

The Gide team was led by partner Laurent Vincent, assisted by associates Emilie Radisson and Marie des Neiges Paupe on the capital market aspects; partner Bénédicte Mazel, counsel Tiphanie Mareuse and associate Sarah Assayag on the public law aspects; and by counsel Sacha Najafi on all tax law aspects.

The syndicate of banks was advised by A&O Shearman.