Commentary & Deal Flow

Launched: Long 7yr: €2bn @ OAT+24bp - Books in excess of €6.2bn (incl. €350m JLM)
Spread set at: Long 7yr: OAT+24bp - Books in excess of €5.8bn (incl. €350m JLM)
Guidance: Long 7yr: OAT+27a

• Issuer: Agence Francaise de Developpement
• Ticker: AGFRNC
• LEI: 9695008K5N8MKIT4XJ91
• Issuer ratings: A+/A+ (S&P/Fitch)
• Format: Senior Unsecured, Reg S Bearer Dematerialised form (TEFRA not applicable)
• Size: €2bn
• Coupon: Fixed Annual, Act/Act (ICMA), short first
• Settlement: 20-May-26
• Maturity: 15-Sep-33
• Ref. Bonds: FRTR 3.00% 25-May-33 and FRTR 3.5% 25-Nov-33
• Law/List/Denoms: French / Euronext Paris / 100k+100k
• Bookrunners: Citi, GSBE, NatWest, Santander, Societe Generale
• Target Market: The manufacturer target markets (EU MiFID II/UK MiFIR product governance) as assessed by the lead managers are professional & eligible counterparties (all distribution channels)
• Fees: The bookrunners will be paid a fee in connection to the transaction (EU MiFID II/UK MiFIR)
• ISIN: FR0014018LQ9
• Timing: Books now closed.
• UoP: The proceeds will be used to finance and/or refinance eligible sustainable expenditures as set out in the SDG Bond Framework.
• SDG Bond Framework: https://www.afd.fr/en/ressources/updated-sdg-bond-issuance-framework-afd
• Moody's Second Party Opinion: https://www.afd.fr/sites/afd/files/2024-11-04-44-14/Second_Party_Opinion-Agence-Fran%C3%A7aise-de-14Nov2024-PBC_1429022.pdf
• Advertisement: The Base Prospectus is available at: https://www.afd.fr/sites/default/files/2025-12/base-prospectus-emtn-2026_0.pdf
• Final Terms: when published, will be available at: https://www.afd.fr/en/issuance-programs-final-terms