Commentary & Deal Flow

Final Books ~€2.1bn. Peak book ~€2.3bn (incl. €175m JLM)

Launched: 6.6yr: €1.25bn @ MS+37bp - Orderbook ~€2.3bn (incl. €175m JLM)
Spread set at: 6.6yr: MS+37bp - Orderbook in excess of €2.2bn (incl. €175m JLM)
Book Update: Orderbook in excess of €1.75bn (incl. €175m JLM interest)
Guidance: 6.6yr: MS+42a

• Issuer: Crédit Mutuel Home Loan SFH (CMCICB)
• Issuer LEI: 9695009KQA7MMTQL8E07
• Exp. Issue rating: Aaa/AAA/AAA (Moody's/S&P/Fitch)
• ISIN: FR0014017W96
• Format: Reg S, Obligations de Financement de l’Habitat (OH), CRD IV compliant / ECBC Covered Bond – EU harmonization European Covered Bond (Premium) labelled
• Form: Bearer dematerialised
• Maturity: 17-Nov-32 (soft bullet)
• Extended Maturity: 17-Nov-33
• Settle: 17-Apr-26 (T+6)
• Size: €1.25bn
• Final Terms: Size set at €1.25bn at a spread of MS+37bp
• Coupon: Fixed annual, Act/Act ICMA, short first
• Reference Gilt: DBR 2.5% 15-Nov-32 (HR 99%)
• Hedge Deadline: 12:45 UKT / 13:45 CET
• Denoms: €100k+100k
• Listing: Euronext Paris
• Law: French law
• Documentation: Under the Issuer’s EUR 70bn International Covered Bond Programme dated 29-Jul-25 as supplemented on 13-Feb-26
• Advertisement: The Base Prospectus, supplements as well as the Final Terms (when published) are available at: https://www.creditmutuel-homeloansfh.eu/en/covered-bonds/documentation/index-sfh.html
• Bookrunners: BNP Paribas, CIC (B&D), Danske Bank, Deutsche Bank
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or the UK.
• Schedule: Orderbooks now closed