Commentary & Deal Flow

Reoffer: 5yr: MS+26bp / 100 / 3.25%
Benchmark: 5yr: OBL #193 11-Apr-31 (DE000BU25067) @ 98.399 / B+40bp

Final Books: Above €2.1bn (incl. €225m JLM)

Launched: 5yr: €750m @ MS+26bp - orderbook above €1.8bn (incl. €225m JLM)
Book Update: Orderbook above €1.5bn (incl. €225m JLM)
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: €750m
• Coupon: 3.25%, Fixed Annual ACT/ACT ICMA
• Settlement: 27-May-26 (T+5)
• Maturity: 27-May-31 (5y, soft bullet)
• Extended Maturity Date: 27-May-32
• Reoffer-Price/-Yld/-Sprd: 100% / 3.25% / MS +26bps
• Benchmark Sprd / Px / Yld: OBL #193 11-Apr-31 (DE000BU25067) +40 bps, cash 98.399 / 2.85%
• 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: Priced, TOE 14:30 CET / 13:30 UKT // FTT 14:45 CET / 13:45 UKT
• 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