Commentary & Deal Flow

Guidance: 5yr: MS+32a

• Issuer: Fédération des caisses Desjardins du Québec (CCDJ)
• LEI: 549300B2Q47IR0CR5B54
• Guarantor: CCDQ Covered Bond (Legislative) Guarantor Limited Partnership
• Type: Canadian legislative covered bond, backed by Canadian residential mortgages (ECBC Covered Bond Labelled)
• Format: Reg S (Registered NSS)
• Expected Ratings: Aaa/AAA (Moody’s/Fitch)
• Size: € benchmark
• Coupon: Fixed Annual ACT/ACT ICMA
• Settlement: 27-May-26 (T+5)
• Maturity: 27-May-31 (5y, soft bullet)
• Extended Maturity Date: 27-May-32
• Guidance: MS +32bps area
• Benchmark: OBL #193 Apr-31
• Listing: Euronext Dublin Regulated Market
• Denoms: €100k + €1k
• ISIN/Common Code: XS3389643407 / 338964340
• Docs: The Issuer’s Global Legislative Covered Bond Programme Prospectus dated 19-Dec-25, as supplemented by prospectus supplements dated 25-Feb-26, 27-Mar-26 and 14-May-26 (collectively, the “Prospectus”)
• Governing law: Province of Ontario and Canada
• Joint Bookrunners: Commerzbank, DZ BANK, Natixis, RBC Capital Markets (B&D) and Société Générale
• Fees: Joint Bookrunners will be paid a fee in connection to the transaction
• Timing: Books open
• MiFID II / UK MiFIR Product Governance Target Market: The target market for the Covered Bonds is eligible counterparties and professional clients, each as defined in MiFID II and UK MiFIR (all channels for distribution of the Covered Bonds are appropriate). No EU PRIIPs or UK PRIIPs KID and/or CCI Product Summary has been prepared as not available to retail in the EEA or the UK. Singapore sales to Institutional and Accredited investors only.
• Advertisement: The Prospectus and applicable Final Terms (when published) will be available on: https://www.desjardins.com/ca/about-us/investor-relations/fixed-income-investors/legislative-covered-bond-program/index.jsp