Commentary & Deal Flow

Final Books €1.1bn (incl. €135m JLM). Peak book above €1.75bn.

Launched: 10yr: €750m @ MS+50bp - Books above €1.75bn (incl. €135m JLM)
Book Update: Books above €1.5bn (incl. €135m JLM)
Guidance: 10yr: MS+56a

• Issuer: Crédit Agricole Public Sector SCF
• LEI: 969500CN2FOU71HFHW51
• Type: Obligations Foncières- ECB Eligible – ECBC Covered Bond Label (Premium)/European Covered Bond (Premium) -10% RW
• Exp. Ratings: Aaa/AAA (Moody's/S&P)
• Form of the Covered Bonds: Reg S Bearer Dematerialised Covered Bonds
• Issue Size: €750m
• Spread: MS+50bp
• Maturity: 31-May-36 – 10Y soft bullet
• Extended Maturity Date: 31-May-37
• Settlement: 12-Jun-26 (T+7)
• Coupon: Fixed Annual, Short First Coupon payable on 31-May-27, Act/Act ICMA
• Reference Benchmark: DBR 2.9% 15-Feb-36 (HR: 100%)
• Hedge Deadline: 13.40 UKT / 14.40 CET
• List/Law/Denoms: Paris / French / €100k+100k
• ISIN: FR0014019154
• Documentation: The terms set out in this Term Sheet are subject entirely to the terms and conditions set forth in the final terms (referred to in this Term Sheet as the "Final Terms") and the base prospectus dated 04-Jul-25 and any supplement thereto, in connection with the Euro 10,000,000,000 EMTN Programme for the issue of Obligations Foncières (the "Base Prospectus", together with the Final Terms, the "Covered Bonds Documentation").
• EU MiFID II / UK MiFIR Target Market: Professional clients/ECPs-Only (each as defined according to MiFID II and/or in the COBS and the UK MiFIR as applicable) .
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction.
• Global Coordinator: Crédit Agricole CIB (B&D)
• Joint Bookrunners: Crédit Agricole CIB, ING, Helaba, La Banque Postale, LBBW, Nykredit and Scotiabank
• Timing: Books open - Today's business. Books will close at 11:30 UKT / 12:30 CET.
• Advertisement: Base Prospectus dated 04-Jul-25 as supplemented is available on the following CA Public Sector SCF - Covered Bonds | Crédit Agricole (credit-agricole.com)