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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
EDF
Electricite De France SA (EDF)€2,750
4EMEA
Feb 26, 2026
currency
EUR
size (m)
500.000
maturity
Mar 4, 2028
type
Floating
tenor
2.000
call
-
registration
Reg S Only
benchmark
3mEu
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
BBB+
size description
Will Not Grow
re-open/tap
No
ipt
3mEu+60-65
ipt-pxd
-29.5
guidance
3mEu+35 area
spread
33
coupon
3mEu+33
spread set
-
price
100.00000
yield
-
book size (m)
2,400
peak book (m)
3,300
x-covered
4.8
book attrition
-27.27%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,400
peak book (m)
3,300
x-covered
4.8
book attrition
-27.27%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
750.000
maturity
Mar 4, 2031
type
Fixed
tenor
5.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
BBB+
size description
-
re-open/tap
No
ipt
MS+95-100
ipt-pxd
-30.5
guidance
MS+70 area
spread
67
coupon
3.00%
spread set
-
price
99.70700
yield
3.064%
book size (m)
2,750
peak book (m)
3,000
x-covered
3.67
book attrition
-8.33%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,750
peak book (m)
3,000
x-covered
3.67
book attrition
-8.33%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
1,000.000
maturity
Mar 4, 2038
type
Fixed
tenor
12.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
BBB+
size description
-
re-open/tap
No
ipt
MS+150-155
ipt-pxd
-32.5
guidance
MS+125 area
spread
120
coupon
4.00%
spread set
-
price
99.92500
yield
4.008%
book size (m)
2,900
peak book (m)
3,700
x-covered
2.9
book attrition
-21.62%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,900
peak book (m)
3,700
x-covered
2.9
book attrition
-21.62%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Mar 4, 2046
type
Fixed
tenor
20.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
BBB+
size description
-
re-open/tap
No
ipt
MS+195-200
ipt-pxd
-29.5
guidance
MS+170 area
spread
168
coupon
4.50%
spread set
-
price
97.49300
yield
4.696%
book size (m)
2,900
peak book (m)
3,000
x-covered
5.8
book attrition
-3.33%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,900
peak book (m)
3,000
x-covered
5.8
book attrition
-3.33%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
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

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