Commentary & Deal Flow

Guidance: 15yr: OAT+11a

• Issuer: UNEDIC
• LEI: 969500V3L9W19NIA5E82
• Guarantee: Explicit, Unconditional & Irrevocable Guarantee of the Republic of France
• Rating: Aa3/A+/AA- (Moody's/S&P/Scope)
• Risk weighting: 0%
• LCR Status: HQLA Level 1 classification
• Format: Reg S Bearer Dematerialised Fixed Rate Notes
• Size: € Benchmark
• Coupon: Fixed, Annual Act/Act
• Settlement: 03-Jun-26 (T+5)
• Maturity: 03-Jun-41 (15-year)
• Guidance: Interpolated OAT+11bps area
• Benchmark References: FRTR 0.5% May-40 (MID) & FRTR 3.6% May-42 (MID)
• Docs: EMTN programme
• Law: French law
• Listing: Euronext Paris
• Denominations: €100k+100k
• ISIN: FR0014018VT2
• Bookrunners: CACIB, HSBC (B&D), MS, NatWest, Santander
• Timing: Books open, today's business
• 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)
• Advertisement: When published, the Information Memorandum (“Document d’Information”) and Final Terms (“Conditions Définitives”) are available on {https://unedic.org/en/investors}
• 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
• 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}