Commentary & Deal Flow

Reoffer: 2yr: OAT+15bp / 99.78 / 2.99%
Benchmark: 2yr: interp. FRTR 0.75% May-28 & FRTR 2.4% Sep-28

Final Books: In excess of €2bn (incl. €200m JLM)

Launched: 2yr: €1.75bn @ OAT+15bp
Spread set at: 2yr: OAT+15bp - Books in excess of €1.5bn (incl. €200m JLM)
Guidance: 2yr: OAT+15a

• Issuer: Agence Centrale des Organismes de Sécurité Sociale (ACOSS)
• Ticker: ACOSSL
• LEI: 9695004688W2B6R2E206
• Issuer Rating: Aa3/A+/A+ (Moody's/S&P/Fitch)
• Risk weighting: 0%
• LCR Status: HQLA Level 1 classification
• Format: Senior Unsecured, neuMTN, NGN, Not Listed, ECB eligible
• Size: €1.75bn
• Coupon: 2.875% Fixed, Annual ACT/ACT
• Settlement: 16-Jun-26 (T+5)
• Maturity: 16-Jun-28
• Spread: +15bps vs interp. FRTR 0.75% May 2028 (MID 96.09 / 2.835%) & FRTR 2.4% Sep 2028 (MID 98.99 / 2.86%)
• Reoffer: 99.78% / 2.99%
• Docs: Issuer’s Negotiable European Medium Term Note Programme dated 5-Jun-26
• Law: French law
• Listing: Not Listed
• Denoms: €200k x €200k
• Bookrunners: BNPP (B&D), CACIB, JPM, Natixis, NatWest, SG
• Timing: Priced. TOE: 14.04 CET / 13.04 LDN. FTT immediately
• Target market: Manufacturers' target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
• Use of Proceeds: Proceeds of the transaction are used alongside the issuer’s “Social Bond Framework”