In the first half of 2010, three benchmark issues were launched, with the following characteristics.

• EUR 1.0 billion, maturity January 2022 (12 years),
• EUR 1.0 billion, maturity February 2018 (8 years),
• EUR 1.0 billion, maturity July 2015 (5 years).

In the third quarter of 2010, two new souches were issued in a public exchange offer, with the following characteristics.

• EUR 1.25 billion, maturity January 2016 (5 years),
• EUR 0.75 billion, maturity September 2020 (10 years).

This public exchange offer was launched by DMA in order to extend the life of its outstanding obligations foncières to bring it into line with that of its long-term public sector assets. The advantage for investors was that they could exchange their shortest souches, which had become less liquid, for new souches that were longer and more liquid. The obligations foncières exchanged (EUR 0.9 billion), combined with new subscriptions, led to the issue of the two new souches mentioned above.

The year’s other public issues represented a tap of the Swiss franc souche with maturity in May 2018 (CHF 160 million) and taps of euro benchmark souches with maturity in September 2016 (EUR 250 million), June 2021 (EUR 150 million), July 2015 (EUR 200 million), and January 2022 (EUR 500 million), bringing the respective totals to EUR 2.0 billion, EUR 1.65 billion, EUR 1.2 billion and EUR 1.5 billion.

The year’s private placements partially took the form of registered covered bonds, a private placement format designed for German investors These issues make it possible to meet the specific needs of certain investors rapidly and flexibly.