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Commentary & Deal Flow

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by Jp Albin

Apr 29, 2026 6:48 AM ET

PRICED: SFIL €1bn 7yr Sr Unsec; OAT+18bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
SFIL	7yr	3.500%	07-Mar-33	€1bn	Sr Unsec	Fixed	99.519	3.582%	OAT+21a	OAT+18	-3

Reoffer: 7yr: OAT+18bp / 99.519 / 3.582%
Benchmark: 7yr: FRTR 2% 25-Nov-32 (92.08/3.364%) & FRTR 3% 25-May-33 (97.33/3.432%)

Final Books above €2.25bn (incl €120m JLM)

Launched: 7yr: €1bn @ OAT+18bp - Books above €1.85bn (incl €120m JLM)
Guidance: 7yr: OAT+21a

Issuer: SFIL
Ticker: SFILFR Govt
LEI: 549300HFEHJOXGE4ZE63
Ratings: Aa3 (neg.) /A+ (stab.) /AA (stab.) (Moody's/S&P/DBRS)
Format: Senior Unsecured Notes, Reg S Bearer Dematerialised form
LCR Treatment: HQLA Level 1
Size: €1bn
Settlement: 07-May-26 (T+5)
Maturity: 07-Mar-33
Reoffer: OAT+18bp / 99.519 / 3.582%
Benchmark: FRTR 2% 25-Nov-32 (92.08/3.364%) & FRTR 3% 25-May-33 (97.33/3.432%)
Interest: 3.500% Fixed, Annual, ACT/ACT, short first coupon
Denominations: €100k + 100k
Listing: Euronext Paris Regulated Market
Law: French law
ISIN: FR0014018BH9
Bookrunners: Citi, Crédit Agricole CIB, HSBC, La Banque Postale, Morgan Stanley and Societe Generale (B&D)
Documentation: The Issuer’s €20bn EMTN Programme (Base Prospectus dated 10-Jun-25 and first supplement dated 10-Oct-25 and its second supplemental dated 31-Oct-25)
Timing: Priced - TOE 12.38 CET/ 11.38 UKT - FTT immediately