Commentary & Deal Flow

Reoffer: 3yr: SOFR MS+51bp / 99.922 / 4.403%
Benchmark: 3yr: T 3 7/8 15-May-29 @ 99-13 7/8 / B+32.42 / HR 101%

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
• Issue Ratings: A+/A+ (S&P/Fitch)
• Format: Sustainable, Dematerialized Reg S, Bearer
• Size: US$2bn
• Coupon: 4.375%, Fixed, Semi-annual 30/360
• Maturity: 04-Jun-29
• Settlement: 04-Jun-26 (T+6)
• Spread: SOFR MS S/A 30/360 + 51bps
• Reoffer: 99.922% / 4.403% S/A
• Benchmark: +32.42bps vs T 3 7/8 15-May-29 @ 99-13 7/8, HR 101%
• Denoms: US$200k + 200k
• Listing: Euronext Paris
• Docs: Issuer’s EMTN Programme dated 19-Dec-25
• Governing Law: French Law
• ISIN: FR0014018VR6
• Bookrunners: CACIB, DB(B&D), JPM, Nomura, Santander
• 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)
• Timing: Priced. ToE 14.20 UKT. FTT 14.30 UKT