Commentary & Deal Flow

Reoffer: 15yr: OAT+9bp / 98.732 / 4.115%
Benchmark: 15yr: FRTR 0.5% May-40 (MID @ 63.15 / 3.988%; HR 134.5%) & FRTR 3.6% May-42 (MID @ 94.66 / 4.060%)

Final book in excess of €3.4bn (incl. €800m JLM). Peak book in excess of €3.5bn.

Launched: 15yr: €1.5bn @ OAT+9bp - Books closed in excess of €3.5bn (incl €800m JLM)
Spread set at: 15yr: OAT+9bp - Books in excess of €3.1bn (incl. €800m JLM)
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: €1.5bn
• Coupon: 4.000%, Fixed, Annual Act/Act
• Settlement: 03-Jun-26 (T+5)
• Maturity: 03-Jun-41 (15-year)
• Reoffer: Interpolated OAT+9bps
• BMK References: FRTR 0.5% May-40 (MID @ 63.15 / 3.988%; HR 134.5%) & FRTR 3.6% May-42 (MID @ 94.66 / 4.060%)
• Price / yield: 98.732 price / 4.115% yield
• Docs: EMTN programme
• Law: French law
• Listing: Euronext Paris
• Denoms: €100k x €100k
• ISIN: FR0014018VT2
• Bookrunners: CACIB, HSBC (B&D), MS, NatWest, Santander
• Timing: PRICED. TOE: 13:56 CET. FTT: Immediately.
• 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}