Book size: 8000; Registration: Reg S Only; Comments: EUR3.5bn 10.75yr Social, fxd cpn 3.75% at 99.858, yld 3.768%, Spread: +9bps vs Interp. FRTR 1.250% May 2036 (MID 79.98 / 3.633%) and FRTR 1.250% May 2038 (MID 75.365 / 3.812%);
Deal Comments
Reoffer: 10yr: OAT+9bp / 99.858 / 3.768%
Benchmark: Interp. FRTR 1.250% May-36 (MID 79.98 / 3.633%) and FRTR 1.250% May-38 (MID 75.365 / 3.812%)
Final Books: In excess of €8bn (incl. €550m JLM). Peak book in excess of €8.2bn (incl. €550m JLM)
Launched: 10yr: €3.5bn @ OAT+9bp - Books closed in excess of €8.2bn (incl. €550m JLM)
Spread set at: 10yr: OAT+9bp - Books in excess of €7bn (incl. €450m JLM)
Guidance: 10yr: OAT+11a
Issuer: UNEDIC
Guarantee: Explicit, Unconditional & Irrevocable Guarantee of the Republic of France
Rating: Aa3 (Neg)/A+ (Sta)/AA- (Sta) (Moody's/S&P/Scope)
Risk weighting: 0%
LCR Status: HQLA Level 1 classification
Format: Reg S Fixed Rate Notes, Bearer, Dematerialised
Size: €3.5bn
Settlement Date: 18-Mar-26 (T+5)
Maturity: 25-Nov-36
Coupon: 3.750%, Fixed, Annual ACT/ACT, short first
Spread: +9bps vs Interp. FRTR 1.250% May 2036 (MID 79.98 / 3.633%) and FRTR 1.250% May 2038 (MID 75.365 / 3.812%)
Reoffer: 99.858% / 3.768%
Hedge Ratio: HR 117% vs FRTR 1.250% 25-May-36
Hedge Deadline: 12.40 LDN/13.40 CET
Docs: EMTN programme
Law: French law
Listing: Euronext Paris
Denominations: €100k x €100k
ISIN: FR00140173A6
Bookrunners: Barclays, Citi, Crédit Agricole CIB, Deutsche Bank, J.P. Morgan (B&D/DM), Société Générale
Target market: The manufacturer target markets (MIFID II / UK MIFIR product governance) as assessed by the lead managers are eligible counterparties and professionals (all distribution channels)
Advertisement: When published, the Information Memorandum (“Document d’Information”) and Final Terms (“Conditions Définitives”) are available on https://unedic.org/en/investors
Timing: Priced. TOE: 14.11 CET / 13.11 LDN. FTT immediately.
Guarantor(s)
Republic of France
Use of Proceeds
An amount equal to the proceeds from the issue of the Notes will be exclusively used by Unédic to carry out its missions that meet the eligibility criteria described in Unédic Social Bond framework