As the sole SNCF entity that issues bonds, SNCF SA raises funds for the Group’s core limited companies and subsidiaries, including SNCF Réseau. Proceeds are allocated within the Group as needed, using SNCF SA intragroup loans to its subsidiaries.

Our long-term financing was around €2 billion in 2022, with €1 to €3 billion added thereafter.

Our bond-based financing strategy is three-pronged:

• use benchmark issues—especially for long maturities—to construct credit spread curves in euros and in dollars, and for green bond markets
• be as active as possible in public sterling and Swiss-franc markets, where SNCF Réseau has benchmark curves
• issue innovative products such as inflation-linked bonds and NSVs, rounding them out with tailor-made private placements.

Our financing strategy focuses primarily on public benchmarks and tap issues. Private placements, in various currencies and formats, account for around 25% of our total.

We’re also diversifying our investor base through an active investor relations strategy in the Americas, Asia, Europe and the Middle East.