Commentary & Deal Flow

UNEDIC, the French unemployment insurance agency, rated Aa3/A+/AA- (Moody's/S&P/Scope), has mandated BofA Securities, BNP Paribas, Goldman Sachs Bank Europe SE, Natixis and Nomura for its upcoming new long 6-year EUR Social benchmark, maturing on 25-May-32. The transaction will be launched in the near future, subject to market conditions.

• Guarantor: The note will be issued under UNEDIC's EMTN programme, explicitly, unconditionally and irrevocably guaranteed by the Republic of France.
• Format: Reg S Bearer Dematerialised
• Denominations: €100,000 + €100,000
• Listing: Euronext Paris (Regulated Market)
• Governing Law: French law
• 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.
• 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).

Further Information:

• Investor Presentation: https://www.unedic.org/storage/uploads/2026/04/08/2026-04-unedic-investor-presentation_uid_69d645758364a.pdf
• Social Bond documentation: https://www.unedic.org/en/investors/social-bonds
• Further details: https://unedic.org/en/investors