Commentary & Deal Flow

Spread set at: 6yr: MS+48bp - Size set at CHF 225m | 10yr: MS+58bp - Size set at CHF 275m
Guidance: 6yr: MS+48/50bp | 10yr: MS+58/60bp
IPTs: 6yr: MS+48/53bp | 10yr: MS+60/65bp

• Issuer: L'Oréal (Ticker: ORFP)
• Issuer Domicile: France
• Format: Public Fixed Rate Notes
• Ranking: Senior Unsecured
• Issuer Ratings: Aa1/AA (Moody's/S&P)
• Expected Issue Ratings: Aa1/AA (Moody's/S&P)
• Size:
• • 6yr: CHF 225m
  • 10yr: CHF 275m
• Maturity Date:
• • 6yr: 16-Jun-32
  • 10yr: 16-Jun-36
• Settlement Date: 16-Jun-26 (T+7)
• Lead Managers: Deutsche Bank, BNP Paribas, Commerzbank
• Listing: SIX Swiss Exchange as of 15-Jun-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Under the €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
• Denominations: 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
• Books Subject: Books are subject and will close at 11.20am CET
• Timing: Today's business, pricing to follow thereafter