Commentary & Deal Flow

Reoffer: 5yr: OAT+9bp / 99.705 / 3.068%
Benchmark: FRTR 2.700% 25-Feb-31 @ 98.76% / 2.978%

Final Books: In excess of €3.2bn (incl. €420m JLM)

Launched: 5yr: €1bn @ OAT+9bp - Books in excess of €2.7bn (incl €370m JLM)
Guidance: 5yr: OAT+11a

• Issuer: Caisse des Dépôts et Consignations
• Ticker: CDCEPS
• Issuer ratings: Aa3/A+/A+ by Moody’s/S&P and Fitch (neg/stb/stb)
• ESG Rating: AA by MSCI
• Issue ratings: Aa3/A+ Moody’s/S&P, expected
• Issuer LEI: 969500Q2PFTTP0Y5QL44
• Format: Dematerialized RegS, Bearer, Senior, Unsecured
• Use of Proceeds: The net proceeds will be used to finance or refinance Eligible projects as set out in CDC's Green, Social, or Sustainable Financing Framework
• Status: 0% Risk Weighting, LCR Level 1
• Size: €1bn
• Settlement: 28-Apr-26 (T+5)
• Maturity: 25-Feb-31
• Coupon: 3.000% fixed, Annual, Act/Act ICMA, short first coupon
• Spread: OAT+9 bps
• Benchmark reference: FRTR 2.700% 25-Feb-31 (MID @98.76% / 2.978%)
• Reoffer: 99.705% / 3.068%
• Governing Law: French law
• Listing: Euronext Paris
• Documentation: Issuer’s EMTN Programme
• Denominations: €100K +€100K
• ISIN: FR00140183Y5
• Bookrunners: Barclays, BNP Paribas, Crédit Agricole CIB, La Banque Postale, Natixis and Santander (B&D/DM)
• Fees: The Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Timing: Priced. TOE 13:43 CET, FTT immediately
• Final Books: Books closed in excess of 3.2bn (inc. 420M of JLM)
• Target Market: The manufacturer target markets (MIFID II product governance) as assessed by the lead managers are eligible counterparties and professionals (all distribution channels)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus relating to the securities will be available on the issuer's website https://www.caissedesdepots.fr/en/you-are-investor
• Investor Presentation: https://www.caissedesdepots.fr/sites/cdc.fr/files/2026-04/CDC_Investor_presentation_English_April_2026.pdf
• Green, Social and Sustainability Bond Framework: https://www.caissedesdepots.fr/sites/cdc.fr/files/2026-02/Framework_Green_Social_or_sustainable_Financing-July_2025.pdf
• Second Party Opinion: https://www.caissedesdepots.fr/sites/cdc.fr/files/2025-09/Obligations%20durables%20CDC%20-%20Second%20Party%20Opinion%20par%20Moody%27s%20Investors%20Service%20-%20EN%20-%202nd%20july%202025.pdf
• Sustainability Bonds Annual Report 2024: https://www.caissedesdepots.fr/sites/cdc.fr/files/2025-10/Sustainability%20Bonds%20-%202024%20annual%20report.pdf
• ESG Library: https://www.caissedesdepots.fr/en/investisseurs/librairie-esg