Commentary & Deal Flow

Reoffer: 10yr: SARON MS+48bp / 100 / 1.060%
Benchmark: 10yr: Govt +65

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)
• Instrument Rating (exp): Aaa (Moody’s) / AAA (DBRS)
• ESG Rating: AA (MSCI) / Prime C (ISS ESG)
• Issue Size: CHF 130m
• Coupon: 1.060% p.a. (30/360, following unadj.)
• Maturity: 10 years (26-May-26 to 26-May-36)
• Spread/Yield: SARON MS +48.0 // YTM 1.060% // Govt +65
• Issue Price: 100.000%
• ISIN / Valor: CH1472996979 / 147.299.697
• 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
• SIX Listing: 22-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)