Commentary & Deal Flow

Reoffer: 5yr: MS+133bp / 99.894 / 4.149%
Benchmark: 5yr: OBL 2.5% 16-Apr-31 @ 99.1 / B+145.3bp / HR 99%

Final Books above €2.3bn. Peak book over €2.5bn (pre rec)

Launched: 5yr: €750m @ MS+133bp - Books over €2.5bn (pre rec)
Guidance: 5yr: MS+135bp - Books €3.2bn+ (pre-rec)
IPTs: 5yr: MS+170a

• Issuer: Renault SA (Ticker: Renaul, Country: FR)
• Issuer LEI: 969500F7JLTX36OUI695
• Issuer Ratings: Ba1 (positive) / BBB- (stable) (Moody's / S&P)
• Issue Ratings (expected): Ba1 / BBB- (Moody's / S&P)
• Format of Notes: Senior, Unsecured, Reg S CAT2, Bearer
• Settlement Date: 09-Jun-26 (T+5)
• ISIN: FR0014019113
• Size: €750m
• Maturity: 09-Jun-31 (5-year)
• Re-offer: MS+133bp / 99.894 / 4.149%
• Coupon: 4.125% Fixed, Annual, ACT/ACT
• Bund Benchmark: 145.3bps vs OBL 2.5% 16-Apr-31 #193 @ 99.1 / 2.696% / HR: 99%
• Docs: EMTN Programme / French Law / €100k+100k / Euronext Paris / Clean-Up call (75%) / 3m Par call
• MWC: B+25bp
• UoP: The net proceeds of the issue of the Notes will be used to finance general corporate purposes
• Active Bookrunners: BBVA, Commerzbank, Mizuho, MUFG, Societe Generale (B&D)
• Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by the FCA Product Disclosure Sourcebook have been prepared as the notes are not available to retail in the EEA or the UK
• Selling Restriction: As documented in the EMTN Programme dated 30-Apr-26
• Advertisement Language: The Base Prospectus is available on the website of the AMF (http://www.amf-france.org) and on the Issuer’s website (https://www.renaultgroup.com/en/finance/debt-and-ratings/). The Final Terms, when available, will also be published on the website of the AMF (http://www.amf-france.org).
• TOE: 16:03 UKT / 17:03 CET
• FTT: 16:35 UKT / 17:35 CET