Commentary & Deal Flow

Final Books > €1.6bn (incl. €125m JLM)
Launched: 10yr: €500m @ Mid OAT+19bp - Books >€1.35bn incl. €125m JLM
Guidance: 10yr: Interp. OAT+22a (Equiv. to MS+86bp)

• Issuer: SNCF SA
• LEI: 969500A4MXJ3ESPHK698
• Ticker: SNCF
• ISIN: FR0014017XI3
• Expected Issue Ratings: A1/A/A+ (Moody's/S&P/Fitch)
• Ranking: Senior Unsecured
• Format: Reg S Bearer Dematerialised form (TEFRA not applicable)
• Size: €500m
• Coupon: Fixed Annual, Act/Act (ICMA), Short first
• Settlement Date: 17-Apr-26 (T+5)
• Maturity Date: 17-Feb-36 (Short 10Y)
• Interpolated Reference OATs: MID OAT 3.50% 25-Nov-35 & OAT 1.25% 25-May-36
• Hedge Ratio: 101% vs 3.50% FRTR Nov-2035
• Hedge Deadline: 12.20UKT / 13.20 CET
• Governing Law: French
• Listing: Euronext Paris
• Denominations: 100k+100k
• Bookrunners: BNPP, CACIB (B&D / DM), ING, NATIXIS, NOMURA
• Target Market: The manufacturer target markets (EU MiFID II/UK MiFIR product governance) as assessed by the lead managers are professional & eligible counterparties (all distribution channels)
• Fees: The bookrunners will be paid a fee in connection to the transaction (EU MiFID / UK MiFIR)
• Use of Proceeds: To finance Green eligible investments in line with SNCF SA's Green Securities framework
• Timing: Books open / today's business, to close at 11h00 UKT / 12h00 CET