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Commentary & Deal Flow

by Chris Reich

Jan 07, 2026 1:35 PM ET

LAUNCH: BFCM US$2.25bn 5s/10s 2-Pt Senior Preferred

IGC European Market: Deal Flow - GeneralIGC US Market: Deal Flow - General

Banque Federative du Credit Mutuel SA (BFCM) exp A1/A+/AA- US$2.25bn 144A/Reg S 2-part Senior Preferred (5y FXD due 1/15/31 and 10y FXD due 1/15/36). 5y FRN tranche dropped at guidance. Barc/Citi/GS/JPM (B&D) joint active books. SOFR Referernce Rate: SOFR Index Average (as defined in the Base Offering Memorandum) with 2-day observation shift. Pricing 1/7. Settle 1/15 (T+6).

IPTs: 5y T+112.5 area and SOFR equiv, 10y T+130 area.

GUIDANCE: 5y FXD T+85#, 10y FXD T+97#. 5y FRN tranche dropped.

LAUNCHED:
$1.5bn 5y at T+85.
$750m 10y at T+97.

OTHER

Governing Law	The Notes and the Agency Agreement will be governed by, and construed in accordance with, the laws of the State of New York; provided, however, that Condition 2 (Status of the Notes) of the Notes will be governed by, and construed in accordance with, French law.
Use of Proceeds	General Corporate Purposes
Denominations	200,000 x 1,000

Sale into Canada	Yes - Exemption
Additional Information	Documentation: The Notes will be issued under the Issuer’s US$15bn U.S. Medium Term Notes Program - see the Base Offering document dated July 8, 2025, and pricing supplements dated January 6, 2026 for further detail. Day Count Fraction for the Fixed Rate Interest Period (5Y FXD & 10Y FXD tranches): 30/360, unadjusted. Day Count Fraction for the Floating Rate Interest Period (5Y FRN tranche): Actual / 360, adjusted. Listing: None. Substitution and Variation: Applicable. Please refer to Condition 4(g) (Substitution and Variation). Acknowledgement of Bail-in: By its acquisition of the Notes, each holder acknowledges, accepts, consents and agrees to be bound by the effect of the exercise of the Bail-in Power by a Relevant Resolution Authority, as per Condition 16 of the Base Offering Memorandum. MREL/TLAC Disqualification Redemption: Redemption for taxation reasons and upon the occurrence of an MREL or TLAC Disqualification Event subject to prior consent of the competent authority, as per Condition 4(b) and Condition 4(c), respectively, of the Base Offering Memorandum. Waiver of Set-Off: Applicable, as per Condition 9 of the Base Offering Memorandum.