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by Jp Albin

Apr 10, 2026 7:56 AM ET

PRICED: SNCF SA €500m 10yr Green Sr Unsec; Mid OAT+19bp

IGC European Market: Deal Flow - GeneralIGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
SNCF SA	10yr	3.875%	17-Feb-36	€500m	Sr Unsec	Fixed	99.897	3.889%	Interp. OAT+22a	Mid OAT+19	-3

Reoffer: 10yr: Mid OAT+19bp / 99.897 / 3.889%
Benchmark: MID OAT 3.50% 25-Nov-35 & OAT 1.25% 25-May-36 / HR:101%

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
Ticker: SNCF
LEI: 969500A4MXJ3ESPHK698
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: 3.875% Fixed Annual, Act/Act (ICMA) Short First
Settlement Date: 17-Apr-26 (T+5)
Maturity Date: 17-Feb-36 (Short 10 year)
Spread: Interp. OAT + 19bps (~Ms+82.5)
Yield: 3.889%
Price: 99.897%
Benchmark: MID OAT 3.50% 25-Nov-35 (3.667%) & OAT 1.25% 25-May-36 (3.737%)/ HR:101% / Interp. Yld: 3.699%
Governing Law: French
Listing: Euronext Paris
Denominations: 100k+100k
Bookrunners: BNPP, CACIB (B&D), 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
ISIN: FR0014017XI3
Timing: TOE:12:40 LDN FTT: 13:10 LDN