Commentary & Deal Flow

Agence Centrale des Organismes de Securite Sociale (ACOSS), in charge of France’s Social Security scheme's cash operations and the financing of short and mid-term deficits, (ticker: "ACOSSL", country: FR) rated Aa3 (negative) by Moody's, A+ (stable) by S&P and A+ (stable) by Fitch, has mandated BNP Paribas, Credit Agricole CIB, J.P. Morgan, Natixis, NatWest and Societe Generale as Joint Lead Managers for a new Euro denominated 2-year Fixed Rate neuMTN Social Benchmark. The issuer is available for calls with investors upon request.

An expected € Benchmark, neuMTN Social Benchmark (Not Listed) due 16-Jun-28 offering will follow, subject to market conditions. The transaction will be launched off the issuer’s neuMTN programme. ACOSS is 0% risk weighted, LCR Level 1 and expected to be ECB repo operations eligible, under neuMTN segment. Manufacturers' target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).

All relevant documents are available at:
https://www.urssaf.org/accueil/investisseurs/espace-investisseurs/notre-offre-d-investissement.html

neuMTN programme dated 25-Sep-25:
https://eucpmtn.banque-france.fr/public/#/liste-des-emetteurs/c1899dec-b611-ea11-80f7-001dd8b71ea9

Investor presentation:
https://www.urssaf.org/files/Investisseurs/Documents%20de%20r%c3%a9f%c3%a9rence/Investor_presentation.pdf

Social Bond Framework:
https://www.urssaf.org/files/Investisseurs/Documents%20de%20r%c3%a9f%c3%a9rence/Cadre_d_emissions_UK.pdf

SPO:
https://www.urssaf.org/files/Investisseurs/Documents%20de%20r%c3%a9f%c3%a9rence/SPO.pdf