Commentary & Deal Flow

Final Book > €1.1bn. Peak book €1.7bn+ (pre-reconciliation)
Launched: 5yr: €500m @ MS+68bp - Books €1.7bn+ [Pre Rec]
IPTs: MS+100a

• Issuer: Gecina
• Ticker: GFCFP
• Country: FR
• LEI: 9695003E4MMA10IBTR26
• ISIN: FR0014018W12
• Issuer Ratings: A3 (stable) / A- (stable) (Moody's/S&P)
• Expected Issue Ratings: A3 / A- (Moody's/S&P)
• Format: Senior, Unsecured, Reg S Bearer, Dematerialised Notes, Green
• Size: €500m
• Settlement: 03-Jun-26 (T+5)
• Maturity: 03-Jun-31 (5-year)
• Coupon: 3.250% (Fixed, Annual, Act/Act)
• Calls: CoC, MWC (OAT), 3m Par Call, Clean-up-call (75%)
• Benchmark: OBL 2.5 16-Apr-31 / HR 100%
• Hedge Deadline: 14.15 UKT / 15.15 CET
• Listing / Docs: Euronext Paris Regulated Market / Gecina €8bn EMTN Programme dated 24-Jun-25 and supplemented on 23-Jul-25, 29-Oct-25, 25-Feb-26 and 20-May-26
• Governing Law: French Law
• Clearing: Euroclear France
• Denoms: €100k + €100k
• Global Coordinators: BNP Paribas (B&D), CaixaBank, Crédit Agricole CIB, Natixis, Société Générale
• Active Bookrunners: Barclays, CIC CIB, Banco Sabadell
• UoP: The Notes constitute “Green Bonds” and an amount equal to the net proceeds of the issue of such Notes will be used by the Issuer to the financing or refinancing of a portfolio of eligible green assets as described in the Issuer's Green Bond Framework dated April 2021 (as amended and supplemented). The net proceeds may be used, in whole or in part, to refinance existing indebtedness.
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restriction: As per Base Prospectus
• Advertisement: This communication is an advertisement and is not a prospectus. The Base prospectus and its supplement are available on the website of the AMF (http://www.amf-france.org). The Final Terms, when available, will be also published on the website of the AMF (http://www.amf-france.org)
• Timing: Books open, today’s business
• Books subject: 12.15UKT / 13.15CET
• Green bond Framework: Gecina’s Green Bond Framework available on https://www.gecina.fr/sites/default/files/2021-04/green_bond_framework_-_uk.pdf
• Second Party Opinion: ISS – ESG available on https://www.gecina.fr/sites/default/files/2021-04/second_party_opinion.pdfAnnual report of funds allocation and compliance with Gecina’s Green Bond Framework and the Green Bond Principles : KPMG. Available on https://www.gecina.fr/sites/default/files/2025-03/25_02_17_assurance_report_green_bonds.pdf