Commentary & Deal Flow

Reoffer: 5.2yr: MS+155bp / 100 / 4.483%
Benchmark: 5.2yr: OBL #193 2.5% Apr-31 @ 98.63% / B+168.6bp / HR: 100%

Launched: 5.2yr: €750m @ MS+155bp
Spread set at: 5.2yr: MS+155bp
IPTs: 5.2yr: MS+180/185bp

• Issuer: Ford Motor Credit Company LLC
• Ticker: F
• Country: US
• Issuer Ratings (M/S/F): Ba1 (Stable) / BBB- (Negative) / BBB- (Stable)
• Exp Issue Ratings (M/S/F): Ba1 / BBB- / BBB-
• Format: SEC Registered EMTN
• Ranking: Senior Unsecured
• Size: €750m
• Tenor: 5.2yr
• Maturity Date: 08-Jul-31
• Coupon: 4.480% Annual; ACT/ACT (ICMA), short first
• Yield: 4.483%
• Price: 100.000%
• Spread: MS+155bps
• Benchmark: OBL #193 2.5% Apr-31 +168.6bps (Price: 98.63% / Yield: 2.797%) / HR: 100%
• Optional Redemption: MWC (B+25bps)
• Settlement: 08-May-26 (T+3)
• Denominations: €100k x €1k
• Use of Proceeds: General corporate purposes
• Active Bookrunners: BNPP, Commerzbank, DB, GSI (B&D), HSBC, IMI – Intesa Sanpaolo
• Documentation: SEC Registered EMTN / NYSE Listing / NY Law
• Selling Restrictions: See the EMTN Programme Base Prospectus Supplement dated 30-Apr-26
• Sales Into Canada: No
• Clearing: Euroclear / Clearstream
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• LEI: UDSQCVRUX5BONN0VY111
• ISIN: XS3370251459
• Timing: Priced. TOE: 15:22 UKT / 16:22 CET | FTT: 07:45 UKT / 08:45 CET (subject to Termsheet)