Commentary & Deal Flow

Final Books: closed in excess of €3.7bn (incl. €225m JLM)

Launched: Long 7yr: €500m @ OATs+18bp - Books in excess of €2.5bn (incl. €225m JLM)
Guidance: Long 7yr: OATs+21a

• Issuer: Agence France Locale
• Ticker: AFLBNK
• Guarantor: Agence France Locale – Société Territoriale (the “ST”) and Members of the Agence France Locale Group
• LEI: 969500NMI4UP00IO8G47
• Rating: A+/A+ (S&P/Fitch)
• Format: Reg S Bearer, Dematerialised Notes
• Status: Senior Unsecured, HQLA1
• Size: €500m
• Coupon: Fixed, Annual, Act/Act (ICMA), unadjusted following, short first
• Settlement: 20-May-26 (T+6)
• Maturity: 20-Sep-33
• Ref. Bonds: FRTR 3.00% 25-May-33 and FRTR 3.50% 25-Nov-33
• Hedge Ratio: 104% vs FRTR 3 25-May-33
• Hedge Deadline: 11h35 UKT / 12h35 CET
• Documentation: Issuer's EMTN Programme
• Denominations: €100k+100k
• Governing Law/Listing: French Law / Euronext Paris
• Stabilisation: ICMA / FCA Stabilisation applies
• Bookrunners: Credit Agricole CIB, DZ BANK, GSBE SE, J.P. Morgan and Societe Generale (B&D/DM)
• Target Market: (MIFID II / UK MIFIR) Professional, Eligible Counterparties (all distribution channels)
• Fees: The bookrunners will be paid a fee in connection to the transaction
• ISIN: FR0014018K40
• Timing: Books open / today's business. Books to close at 10h00 UKT / 11h00 CET