Commentary & Deal Flow

Spread set at: 10yr: SARON MS+48bp
IPTs: 10yr: SARON MS+47/50bp

• Issuer: Caisse Francaise de Financement Local (Ticker: CAFFIL)
• Issuer Domicile: France
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Green Notes
• Ranking: Covered Bonds (Obligations Foncieres)
• Expected Issue Ratings: Aaa/AAA (Moody's/DBRS)
• ESG Rating: AA (MSCI) / Prime C (ISS ESG)
• Size: CHF 100m
• Coupon: 1.080% p.a. (indicative, will price at par) (30/360, following unadj.)
• Maturity: 26-May-36 (10 years)
• Spread/Yield: SARON MS +47.0 / 50.0 // YTM 1.080% / 1.110% // Govt +63 / 66
• Lead Manager(s): Deutsche Bank, Commerzbank
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under the Issuer’s EMTN Programme, base prospectus dated 10-Jun-25
• FinSA Prospectus: Delayed Swiss prospectus approval in accordance with art. 51(2) FinSA
• Governing Law: French law
• Covenants: PP
• Listing: 22-May-26
• Settle: 26-May-26
• Use of Proceeds: Proceeds will be used to finance and/or refinance, in whole or in part Eligible Green Loans as defined in the Sfil Group Green, Social and Sustainability Bond Framework. More information can be found on: https://sfil.fr/en/green-social-and-sustainable-bonds/
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: As per the Issuer's EMTN programme. Offering to the public in Switzerland only
• Target Market: MIFID II Professional investors and ECPs-Only target market / No PRIIPs: The manufacturer target market (MIFID II) is eligible counterparties and professional clients only and retail clients in Switzerland only (all distribution channels)
• Timing: Books close at 10:50 AM CET, pricing to follow