Commentary & Deal Flow

Launched: 7yr: €1bn @ MS+40bp - Book over €1.95bn pre-rec (Incl. €400m JLM)
Book Update: Books above €1.5bn (incl. €400m JLM)
Guidance: 7yr: MS+44a

• Issuer: Caisse Française de Financement Local (CAFFIL)
• LEI: 549300E6W08778I4OW85
• Type: Public Sector Obligations Foncieres - ECBC Covered Bond labelled / CRD IV-compliant - EU harmonisation label European Covered Bond (Premium)
• Format: Reg S, Bearer Dematerialised
• Expected ratings: Aaa/AAA (Moody's/DBRS)
• Issue size: €1bn
• Settlement: 24-Apr-26 (T+5)
• Maturity: 24-Nov-32 (Hard Bullet)
• Coupon: Fixed, Annual on each 24-Nov, first short coupon on 24-Nov-26, Act/Act ICMA
• Spread: MS+40bp
• Listing/Denoms: Paris and Luxembourg / €100k + €100k
• Governing Law: French
• Target market: MIFID II / UK MiFIR professionals/ECPs-Only/No PRIIPs KID – Manufacturer target market (MIFID II and MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPS key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Joint Lead Managers: Barclays, Commerzbank, Deutsche Bank, Natixis (B&D), NatWest
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities.
• ISIN: FR00140182G4
• Documentation: Off EMTN Programme - Base Prospectus dated 10-Jun-25
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus, any supplements thereto, and the Final Terms (when published) are available at https://sfil.fr/en/issuance-programs/?entite=caffil
• Books Subject: 11:45 CET
• Timing: Allocs & Pricing later today