Commentary & Deal Flow

Books €2bn+

IPTs: 9NC8: MS+135/140bp - Books €2bn+

• Issuer: Banque Fédérative du Crédit Mutuel ("BFCM")
• LEI: VBHFXSYT7OG62HNT8T76
• Status of Notes: Senior Non-Preferred Notes
• Format: Reg S, Dematerialised Notes in Bearer form (au porteur)
• Issuer Ratings: A1 (Moody's) / A+ (S&P) / AA- (Fitch Ratings)
• Expected Notes Ratings: A3 (Moody's) / A- (S&P) / A+ (Fitch Ratings)
• Pricing Date: 19-May-26
• Settlement Date: 28-May-26 (T+7)
• Tenor: 9NC8
• Optional Redemption Date: 26-May-34
• Maturity Date: 26-May-35
• Currency & Size: € Benchmark
• IPTs: MS+135/140bp
• Interest: Fixed Rate Notes: Fixed rate of [XX]% paid annually in the arrear of 26 May in each year commencing on 26 May 2027 up to and excluding the Optional Redemption Date. If the Senior Non-Preferred Notes are not redeemed or purchased and cancelled on the Optional Redemption Date, the interest payable on the Senior Non-Preferred Notes from and including the Optional Redemption Date to and excluding the Maturity Date shall be 3 month Euribor + [XX]bps, payable quarterly in arrears
• Day Count Fraction: Act/Act (ICMA) until Optional Redemption Date
• Business Day Convention: Following Business Day Convention until Optional Redemption Date
• Business Days for Payment: T2
• Specified Denominations: €100k + €100k
• Governing Law: French Law
• Listing: Euronext-Paris
• Clearing System: Euroclear France
• Joint Lead Managers: CIC CIB, Natixis, NatWest, UBS
• ISIN: FR0014018HI4
• Use of Proceeds: An amount equal to the estimated net proceeds of the issue of the Notes will be used for the Issuer's general corporate purposes
• Documentation: Issued under the BFCM EMTN Programme's Base Prospectus dated 18-Jul-25 (as supplemented on 17-Feb-26 and on 15-Apr-26) and the Final Terms of the Notes
• Advertisement: The Base Prospectus, dated 18-Jul-25, and supplements, as well as the Final Terms (when published) are available at https://www.bfcm.creditmutuel.fr/en/programs/index.html
• MiFID II Target Market: Manufacturer target market (MIFID II governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) has been prepared as not available to retail in the EEA.
• MiFID II Co-Manufacturers: Joint Lead Managers and Issuer
• Selling Restrictions: Reg S (no communications with or into the U.S., no sales into Canada) Category 2, UK, France, Japan, Hong Kong, PRC, Belgium. No sales of Notes to EEA and UK Retail Investors; TEFRA Not Applicable
• Acknowledgement of Bail-In and Write-Down or Conversion Powers: Applicable
• Waiver of Set-Off: Applicable
• MREL or TLAC Disqualification Event in respect of Senior Non-Preferred Notes: Applicable
• Negative Pledge: None
• Cross Default: None
• Events of Default in respect of Senior Non-Preferred Notes: No Events of Default in respect of Senior Non-Preferred Notes
• Timing: Today's business, books open