Groupe BPCE announced on 16 June the success of its inaugural European Green Bond (EuGB), raising EUR 1.5 billion (about $1.7 billion) through a bond maturing in January 2033, with a 3.125% coupon and a final spread of 36 basis points over mid-swaps. Proceeds will be allocated exclusively to financing and refinancing EU Taxonomy-aligned real-estate loans. Groupe BPCE's main French retail networks are Banque Populaire and Caisse d'Epargne.
The transaction attracted more than EUR 5 billion of investor demand, more than three times the amount raised. BPCE said the deal made it the first private banking group in France to issue bonds under the new European standard, which it called the most demanding in terms of green finance.
THE EUGB STANDARD
The European Green Bond Standard was established by Regulation (EU) 2023/2631, published in the EU's Official Journal in November 2023. Use of the EuGB label is voluntary, and the standard relies on the detailed criteria of the EU Taxonomy to define which economic activities qualify as green.
Bonds issued under the label are subject to pre-issuance and post-issuance reviews by external reviewers, which are supervised by the European Securities and Markets Authority (ESMA).
THEMATIC ISSUANCE
The green bond adds to BPCE's thematic funding activity. In August 2025 the group, which owns Natixis, sold its first European defence bond. BPCE also completed its acquisition of Portugal's novobanco at the end of April 2026, a step it described as decisive for its European strategy.