Commentary & Deal Flow

Guidance: 6yr: SARON MS+48/50bp 10yr: SARON MS+58/60bp

IPTs: 6yr: SARON MS+48/53bp 10yr: SARON MS+60/65bp

• Issuer: L'Oréal
• Ticker: ORFP
• Issuer Domicile: France
• Domestic / Foreign: Foreign
• Format: Public Fixed Rate Notes
• Ranking: Senior unsecured
• Issuer Rating: Aa1/AA (Moody's/S&P)
• Instrument Rating (exp.): Aa1/AA (Moody's/S&P)
• Payment Date: 16-Jun-26
• Size:
• • 6yr: CHF 200m (min)
  • 10yr: CHF 200m (min)
• Spread / Yield:
• • 6yr: SARON MS +48/+50bps // Ind. YTM 0.9325% /0.9525% // Govt. +64/+66bps
  • 10yr: SARON MS +58/+60bps // Ind. YTM 1.2525% /1.2725% // Govt. +82/+84bps
• Coupon:
• • 6yr: Ind. 0.9325% p.a. - will price at par
  • 10yr: Ind. 1.2525% p.a. - will price at par
• Maturity Date:
• • 6yr: 16-Jun-32
  • 10yr: 16-Jun-36
• Lead Manager(s): BNP Paribas, Commerzbank, Deutsche Bank
• Listing: SIX Swiss Exchange as of 15-Jun-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Under the EUR 15,000,000,000 EMTN Programme
• Governing Law: French Law
• FINSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Covenants: PP, NP, XD
• Early Redemption: 3-month Par Call, Clean-up Call (85% threshold), Tax Redemption Call
• Use of Proceeds: General corporate purposes
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: In particular United States of America, the EEA, France, Italy, the United Kingdom, Japan and Singapore.
• Target Market: As defined by the manufacturer domiciled in the EEA: Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions
• Timing: Today's business, books can close at short notice