Commentary & Deal Flow

Launched: long 6yr: €3bn @ OAT+9bp - Books closed in excess of €5.9bn (incl. €500m JLM)
Spread set at: long 6yr: OAT+9bp - Books in excess of €6.25bn (incl. €250m JLM)
Guidance: long 6yr: OAT+12a

• Issuer: UNEDIC
• Guarantee: Explicit, Unconditional & Irrevocable Guarantee of the Republic of France
• LEI: 969500V3L9W19NIA5E82
• Rating: Aa3/A+/AA- (Moody's/S&P/Scope)
• Risk Weighting: 0%
• LCR Status: HQLA Level 1 classification
• Format: Reg S, Bearer, Dematerialised, Fixed Rate Notes
• Size: €3bn
• Coupon: Fixed, Annual ACT/ACT, short first
• Settlement: 16-Apr-26 (T+5)
• Maturity: 25-May-32
• BMK Reference: FRTR 0% May-32 (MID)
• Docs: EMTN programme
• Law: French Law
• Listing: Euronext Paris
• Denoms: €100,000 + €100,000
• ISIN: FR0014017VS6
• Bookrunners: BofA(B&D/DM), BNP, GSBE SE, Natixis, Nomura
• 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
• 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