Commentary & Deal Flow

Reoffer: Long 7yr: OAT+24bp / 99.446 / 3.715%
Benchmark: Ref Bonds: FRTR 3.00% 25-May-33 (97.305 / 3.438%) & FRTR 3.5% 25-Nov-33 (99.998 / 3.498%) / HR: 104%

Final book in excess of €6bn (incl. €350m JLM). Peak book in excess of €6.2bn.

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+ (Stable/Stable, S&P/Fitch)
• Format: Senior Unsecured, Reg S Bearer Dematerialised form (TEFRA not applicable)
• Settlement: 20-May-26 (T+5)
• Maturity: 15-Sep-33
• Size: €2bn
• Coupon: 3.625% Annual, Act/Act (ICMA) (Short First)
• Yield: 3.715%
• Price: 99.446%
• Spread: Interpolated OATs (MID) + 24bps
• Ref Bonds: FRTR 3.00% 25-May-33 (Price: 97.305% / Yield: 3.438%) / HR: 104% & FRTR 3.5% 25-Nov-33 (Price: 99.998% / Yield: 3.498%)
• Law/List/Denoms: French / Euronext Paris / 100k+100k
• Bookrunners: Citi(B&D), GSBE SE, 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: Priced. TOE: 13:19 UKT / 14:19 CET | FTT: 13:40 UKT / 14:40 CET
• 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
• Advertisement: The Base Prospectus is available at: https://www.afd.fr/sites/default/files/2025-12/base-prospectus-emtn-2026_0.pdf