Dexia Crédit Local is the French subsidiary of Dexia Group, the public finance and retail banking conglomerate. The notes are severally but not jointly guaranteed by Belgium (60.5%), France (36.5%) and Luxembourg (3%). The guarantee is direct, unconditional and irrevocable. Having already successfully reopened the government-guaranteed benchmark market in 2010 with a USD and a GBP transaction, Dexia Crédit Local today launched the first multi-billion EUR government-guaranteed benchmark of the year. This transaction is the 4th EUR GGB issued by Dexia Crédit Local and the 3rd deal with SG CIB as Bookrunner. This is also the largest deal launched in EUR so far this year for Financials and Corporates.