Commentary & Deal Flow

Reoffer: 11NC6: MS+137bp / 100 / 4.251%
Benchmark: 11NC6: DBR 0 15-Feb-32 @ 85.635 / B+149.5 / HR 109%

Final Books: Above €3bn (inc. €50mn JLM interest). Peak book above €2.8bn (pre-rec).

Launched: 11NC6: €500m @ MS+137bp - Books above €2.8bn (inc. €50mn JLM, pre-rec)
Book Update: Books above €1.5bn (excl. JLMs)
IPTs: 11NC6: MS+170bp area

• Issuer: Crédit Mutuel Arkéa (Ticker: CMARK)
• Legal Entity Identifier: 96950041VJ1QP0B69503
• Description: EUR 500mn 11NC6 Subordinated Fixed Rate Resettable Notes due 09 June 2037
• Issuer Rating: A1 (negative) / AA- (negative) (Moody's/Fitch)
• Issue Rating (exp.): Baa1 (stable) / A- (Moody's/Fitch)
• Form: Reg S Dematerialised Bearer
• Coupon: 4.251%, Fixed, Annual, Act/Act ICMA
• Notional Amount: €500,000,000
• Launch Date: 01-Jun-26
• Settlement Date: 09-Jun-26 (T+6)
• Maturity Date: 09-Jun-37
• First Reset Date: 09-Jun-32
• Optional Redemption Date: The First Reset Date
• Reoffer: MS+137bps / 100.00 / 4.251%
• Benchmark: DBR 0% 15-Feb-32 (85.635) +149.5bps, HR 109%
• Redemption at the option of the Issuer (Issuer Call): The Issuer may, at its option, on the Optional Redemption Date, subject to certain conditions as per the Notes Documentation (see “Additional conditions to redemption and purchase of the Notes prior to the Maturity Date” below), redeem all (but not some only) of the outstanding Notes at their Optional Redemption Amount together with accrued interest but unpaid to the date fixed for redemption.
• Interest: From and including the Issue Date to but excluding the First Reset Date: 4.251% per annum (the “Initial Rate of Interest”) payable annually in arrear. From and including the First Reset Date to (but excluding) the Maturity Date: the sum of (a) the Mid-Swap Rate (prevailing at the First Reset Date; Benchmark replacement conditions apply) plus (b) the Margin, payable annually in arrear
• Early Redemption Events: Capital Event, Withholding Tax Event, Gross-up Event and Tax Deductibility Event (subject to the prior consent of the Relevant Prudential Authority and/or the Relevant Resolution Authority, if required)
• Clean-up Call Option: The Issuer may elect, subject to the Conditions to Redemption and Purchase, to redeem all, but not some only, of the Notes at any time after the Settlement Date at their Redemption Amount if 75% (seventy five per cent) or more in aggregate Principal Amount of the Notes issued on the Settlement Date (and, if applicable, on the relevant settlement date(s) of any further tranche(s) of the Notes issued and assimilated to form a single series with the Notes) has been purchased and cancelled at the time of such election.
• Recognition of Bail-in and Loss Absorption: Yes
• Documentation: Base Prospectus dated 27-Jun-25, as supplemented on 17-Sep-25, 14-Nov-25, 16-Dec-25, 11-Mar-26, 23-Apr-26, 22-May-26 and 26-May-26
• Specified Denomination: €100,000+ €100,000
• Listing: Luxembourg
• Governing Law: French Law
• Clearing System(s): Euroclear France
• Use of Proceeds: General Corporate Purposes
• Target Market: Eligible Counterparties and Professional clients only (each as defined according to EU MiFID II and/or UK MiFIR as applicable) Channel of distribution : all channels for distribution are appropriate. No EU PRIIPs or UK PRIIPs KID has been prepared
• Fees: The Banks will be paid a fee by the Issuer in relation to the transaction
• Selling Restrictions: France, prohibition of sales to EEA and UK retail investors, Italy, US, UK
• Joint Bookrunners: Crédit Agricole CIB, Crédit Mutuel Arkéa, ING, Natixis, Santander (B&D), TD Securities, UniCredit
• ISIN: FR0014018V39
• Common Code: 339594856
• Timing: TOE 15.49CET, FTT 16.00CET
• Advertisement: The Base Prospectus (and any supplements to it) and the Final Terms (when published) will be available at https://www.luxse.com/issuer/CredMutArkea/48869