Book size: 2400; Registration: Reg S Only; Comments: EUR500m 2yr, Green Nuclear, NG, frn cpn 3mEu+33 at 100. LEI: 549300X3UK4GG3FNMO06;
Book size: 2750; Registration: Reg S Only; Comments: EUR750m 5yr, Green Nuclear, fxd cpn 3.00% at 99.707, yld 3.064%. Spread: MS+67. 80.2bps vs DBR 0 02/15/31 @89.500 / 2.262% (HR: 105%). Par-Call: 2m. Clean-up Call: 75%. MWC: B+15. LEI: 549300X3UK4GG3FNMO06;
Book size: 2900; Registration: Reg S Only; Comments: EUR1bn 12yr, Green Nuclear, fxd 4.00% at 99.925, yld 4.008%. Spread: MS+120. 123.6bps vs DBR 4 01/04/37 @111.360 / 2.772% (HR: 95%). Par-Call: 3m. Clean-up Call: 75%. MWC: B+20. LEI: 549300X3UK4GG3FNMO06;
Book size: 2900; Registration: Reg S Only; Comments: EUR500m 20yr, Green Nuclear, fxd cpn 4.50% at 97.493, yld 4.696%. Spread: MS+168. 150.6bps vs DBR 2 1/2 07/04/44 @90.520 / 3.190% (HR: 98%). Par-Call: 6m. Clean-up Call: 75%. MWC: B+25. LEI: 549300X3UK4GG3FNMO06;
Deal Comments
Reoffer: 2yr FRN: 3mE+33bp / 100.000 5yr: MS+67bp / 99.707 / 3.064% 12yr: MS+120bp / 99.925 / 4.008% 20yr: MS+168bp / 97.493 / 4.696%
Benchmark: 5yr: DBR 0 15-Feb-31 @ 89.500 / 2.262% (HR: 105%) 12yr: DBR 4 04-Jan-37 @ 111.360 / 2.772% (HR: 95%) 20yr: DBR 2.5 04-Jul-44 @ 90.520 / 3.190% (HR: 98%)
2yr FRN: Final Books >€2.4bn. Peak books >€3.3bn
5yr: Final Books >€2.75bn. Peak books >€3.0bn
12yr: Final Books >€2.9bn. Peak books >€3.7bn
20yr: Final Books >€2.9bn. Peak books >€3.0bn
Combined final books in excess of €10.95bn
Launched: 2yr FRN: €500m @ 3mE+33bp (books >€2.4bn) 5yr: €750m @ MS+67bp (books >€2.9bn) 12yr: €1bn @ MS+120bp (books >€3.2bn) 20yr: €500m @ MS+168bp (books >€3.0bn)
Guidance: 2yr FRN: 3mE+35a (+/-2bp WPIR) – Books >€3.3bn 5yr: MS+70a (+/-3bp WPIR) – Books >€3.0bn 12yr: MS+125a (+/-5bp WPIR) – Books >€3.7bn 20yr: MS+170a (+/-2bp WPIR) – Books >€2.9bn
IPTs: 2yr FRN: 3mE+60/65bp 5yr: MS+95/100bp 12yr: MS+150/155bp 20yr: MS+195/200bp
Issuer: Electricité de France SA
Ticker: EDF
Country: FR
Issuer LEI: 549300X3UK4GG3FNMO06
Issuer Ratings: Baa1 stable (Moody's) / BBB+ stable (S&P) / BBB+ stable (Fitch)
Exp Issue Ratings: Baa1 (Moody's) / BBB+ (S&P) / BBB+ (Fitch)
Format: Senior Unsecured, Unsubordinated Reg S (Cat 2) Bearer dematerialized, Green Notes
Settlement Date: 4-Mar-26 (T+4)
Maturity Date:
2yr FRN: 4-Mar-28
5yr: 4-Mar-31
12yr: 4-Mar-38
20yr: 4-Mar-46
Issue Size:
2yr FRN: €500m
5yr: €750m
12yr: €1bn
20yr: €500m
Coupon:
2yr FRN: Floating, Quarterly, Act/360
5yr: 3.000%, Fixed, Annually, ACT/ACT (ICMA)
12yr: 4.000%, Fixed, Annually, ACT/ACT (ICMA)
20yr: 4.500%, Fixed, Annually, ACT/ACT (ICMA)
Business Day Convention:
2yr FRN: Modified Following, adjusted
5yr: Following, unadjusted
12yr: Following, unadjusted
20yr: Following, unadjusted
Par-Call:
2yr FRN: -
5yr: 2-month
12yr: 3-month
20yr: 6-month
Clean-up Call:
2yr FRN: -
5yr: Yes at par (75%)
12yr: Yes at par (75%)
20yr: Yes at par (75%)
Make-Whole Call:
2yr FRN: -
5yr: Yes (B+15bps)
12yr: Yes (B+20bps)
20yr: Yes (B+25bps)
ISIN:
2yr FRN: FR0014016LW1
5yr: FR0014016LX9
12yr: FR0014016LY7
20yr: FR0014016LZ4
TOE:
2yr FRN: 16:40 UKT
5yr: 16:39 UKT
12yr: 16:38 UKT
20yr: 16:37 UKT
FTT: 07:45 UKT on 27-Feb-26
Documentation: EMTN Programme dated 1-Aug-25 and supplemented on 26-Sep-25, 15-Oct-24, 19-Nov-25 and on 25-Feb-26 / Euronext Paris / French Law / €100k+100k
Use of Proceeds:
2yr FRN & 5yr: In compliance with its Green Financing Framework, the Issuer intends to allocate an amount equivalent to the net proceeds of the Notes to capital expenditures in nuclear power generation within the EU and aligned to the EU-Taxonomy, specifically to existing French nuclear reactors in relation to their lifetime extension (EU Taxonomy activity 4.28)
12yr & 20yr: In compliance with its Green Financing Framework, the Issuer intends to allocate an amount equivalent to the net proceeds of the Notes to capital expenditures related to nuclear power generation within the United Kingdom authorized by the competent UK authorities (the Office for Nuclear Regulation), specifically to the Hinkley Point C project
Active Bookrunners: BBVA, BNP Paribas (B&D), Crédit Agricole CIB, IMI-Intesa Sanpaolo, Natixis, Santander, UniCredit
Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK.
Selling Restrictions: As set out in the Base Prospectus
Advertisement Language: The Base Prospectus, the Supplements along with the final Terms, when published, will be available on the Autorité des marchés financiers website: https://www.amf-france.org and on the Issuer website: https://www.edf.fr/en/the-edf-group/dedicated-sections/investors/debt/bonds . The new Green Financing Framework and S&P Second Party Opinion dated 28-Apr-25 and the presentation of the updated Green Financing Framework are available on the Issuer website: https://www.edf.fr/en/the-edf-group/dedicated-sections/investors/debt/sustainable-finance
Use of Proceeds
To allocate an amount equivalent to the net proceeds of the Notes to capital expenditures in nuclear power generation within the EU and aligned to the EU-Taxonomy, specifically to existing French nuclear reactors in relation to their lifetime extension