Commentary & Deal Flow

Final Books: In excess of US$5.4bn (incl. US$100m JLM)

Launched: 3yr: US$2bn @ SOFR MS+51bp - Books in excess of US$5.2bn (incl. US$100m JLM)
Spread set at: 3yr: SOFR MS+51bp - Books in excess of US$4.4bn (incl. US$100m JLM)
Guidance: 3yr: SOFR MS+52a - IOIs in excess of US$3bn (incl. US$100m JLM)

• Issuer: Agence Francaise de Developpement (Ticker: AGFRNC)
• Issuer Ratings: A+/A+ (S&P/Fitch)
• ISIN: FR0014018VR6
• Format: Sustainable, Dematerialized Reg S, Bearer
• Ranking: Senior, Unsecured (TEFRA not applicable, no communication with or into the US)
• Size: US$2bn
• Settlement: 04-Jun-26 (T+6)
• Maturity Date: 04-Jun-29 (3Y)
• Coupon: Fixed %, Semi-annual, 30/360
• Reference Benchmark: CT3s / HR 101%
• Hedge Deadline: 14:00 UKT / 15:00 CET
• Law, Listing: French, Euronext Paris
• Docs: Issuer’s EMTN Programme dated 19-Dec-25
• Denoms: US$200k + 200k
• Target Market: The manufacturer target markets (EU MiFID II/UK MiFIR product governance) as assessed by the lead managers are professional & eligible counterparties (all distribution channels)
• Use of Proceeds: The net proceeds of the Notes will be allocated by the Issuer to a portfolio of eligible loans which will be used to finance eligible climate, social and/or sustainable projects pursuant to the updated AFD SDG Bond Framework as of November 2024 which is available on the website of the Issuer (https://www.afd.fr/en/ressources/updated-sdg-bond-issuance-framework-afd)
• Bookrunners: CACIB, DB(B&D, DM), JPM, Nomura, Santander
• Timing: Books open, today's business
• Books Subject: EMEA/Asia books closed at 11:00 LDN / 12:00 CET. Americas books to close 13:00 LDN / 08:00 NY