Commentary & Deal Flow

Spread set at: 5yr: SARON MS+82bp
Guidance: 5yr: SARON MS+82/83bp
IPTs: 5yr: SARON MS+80/85bp

• Issuer: Banque Fédérative du Crédit Mutuel
• Ticker: BFCM
• Issuer Domicile: France
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior-Preferred Notes pursuant to Article L.613-30-3-I-3° of the French Code monétaire et financier, and MREL Eligible
• Issuer Rating: A1/A+/AA- (Moody's/S&P/Fitch)
• Instrument Rating (exp): A1/A+/AA- (Moody's/S&P/Fitch)
• Issue Size: Min. CHF 150m
• Coupon: 1.143% p.a. (indicative, will price at par) (30/360, following unadj.)
• Maturity: 26-May-31 (5 years)
• Spread/Yield: SARON MS +82
• Lead Manager(s): Deutsche Bank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Issued under the BFCM EMTN Programme’s Base Prospectus dated 18-Jul-25 as supplemented from time to time and the Final Terms of the Notes
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: The Notes and any non-contractual obligations arising out of or in connection with the Notes will be governed by, and shall be construed in accordance with, French Law. The Supplemental Agency Agreement relating to the Notes will also be governed by French Law as well as the Subscription Agreement.
• Covenants: Pari Passu as per the Issuer’s EMTN Programme
• SIX Listing: 21-May-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: As per the Issuer’s EMTN Programme’s Base Prospectus dated 18-Jul-25 as supplemented from time to time.
• Target Market: Co-Manufacturers target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Timing: Today's business, books to close at 11:15AM CET.
• Settle: 26-May-26