Commentary & Deal Flow

Corporacion Andina De Fomento (CAF), rated Aa3/AA/AA- (positive/stable/stable) EUR1.5bn (from EUR benchmark size) Reg S Registered form senior unsecured fixed rate sustainable notes due Sept 03 2032 (7y). Via BBVA, BNP Paribas, Credit Agricole CIB, Deutsche Bank and Santander joint leads. Joint Bookrunners will be paid a fee in connection to the transaction. List LSE. English law. Issued under CAF's EMTN programme. Fixed coupon pays annually (Act/Act ICMA). Denoms: 100kx1k. Settles Sept 03 (T+5). ISIN: XS3171589040.

Guidance: MS+83bp area.

Revised guidance: MS+80bp area.

Final terms: EUR1.5bn at MS+77bp.

Priced: 3.125% at 99.290, yield 3.24%. MS+77bp. +81.7bp vs DBR 1.70% 08/15/32.

Orderbook in excess of EUR14.5bn ex JLM interest (from EUR13bn excluding JLM at launch, and from EUR11bn excluding JLM interest at guidance). Books closed at 10:30am UKT Aug 27. UOP: to finance eligible projects per CAF's Sustainable Finance framework.

Relevant stabilization regulations including FCA/ICMA stabilization apply. The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are eligible counterparties and professional clients (all distribution channels). No EU PRIIPS or UK PRIIPs key information document has been prepared as the securities will not be available to retail in EEA or the UK.

CAF is dedicated to fostering sustainable and inclusive development in its shareholder countries and advancing regional integration throughout Latin America and the Caribbean.

Further information on CAF's new Sustainable Finance Framework and the Second Party Opinion are available on: https://www.caf.com/en/investors/sustainable-finance/