Commentary & Deal Flow

UNEDIC, the French unemployment insurance agency, rated Aa3 (Neg) / A+ (Sta) / AA- (Neg) by Moody's/S&P/Scope, has mandated Credit Agricole CIB, HSBC, Morgan Stanley, NatWest, and Santander for its upcoming 15-year EUR Social benchmark.

An expected benchmark, Reg S, Social 15-year EUR offering will follow, subject to market conditions. The note will be issued under UNEDIC's EMTN programme and will be explicitly, unconditionally and irrevocably guaranteed by the Republic of France.

• Format: Reg S Bearer Dematerialised
• Denominations: €100k+100k
• Governing Law: French law
• Listing: Euronext Paris (Regulated Market)
• Use of Proceeds: An amount equal to the proceeds from the issue of the Notes will be exclusively used by Unédic to carry out its missions that meet the eligibility criteria described in Unédic Social Bond framework
• Target Market: The manufacturer target markets (MIFID II / UK MIFIR product governance) as assessed by the lead managers are eligible counterparties and professionals (all distribution channels)
• Investor Presentation: https://www.unedic.org/storage/uploads/2026/05/04/2026-05-unedic-investor-presentation_uid_69f8b6a9bd7cc.pdf
• Social Bond documentation: https://www.unedic.org/en/investors/social-bonds
• Further details: https://unedic.org/en/investors