Commentary & Deal Flow

Reoffer: 9yr: MS+98bp / 98.746 / 4.044%
Benchmark: 9yr: DBR 0 May-35 @ 76.55 / B+100.4bp / HR 111%

Final Books: Above €1.3bn

Launched: 9yr: €600m @ MS+98bp - Books above €1.3bn
IPTs: 9yr: MS+120-125bp

• Issuer: Aéroports De Paris S.A. (Ticker: ADPFP, Country: FR)
• Issuer LEI: 969500PJMBSFHYC37989
• Issuer Rating: A- (stable outlook) by S&P
• Exp. Issue Rating: A- by S&P
• Format: Senior Unsecured, RegS Bearer (Cat2), Dematerialised Notes
• Pricing Date: 10-Jun-26
• Settlement: 17-Jun-26 (T+5)
• Coupon: 3.875% Fixed, Annual, ACT/ACT
• Maturity Date: 17-Jun-35 (9-year fixed)
• Size: €600m
• Reoffer: MS+98bps / 98.746 / 4.044%
• Spread vs DBR: DBR 0 May35 (76.55) + 100.4bps | HR 111%
• ISIN / Common Code: FR0014018OR1 / 338814593
• Documentation: EMTN / French Law / Euronext Paris / €100k+100k / Change of Control (Put) / MWC vs Bund (B+15bps) / Clean-up call (75%) / 3m Par-Call
• Use of Proceeds: General Corporate Purposes, including the refinancing of upcoming maturities
• Global Coordinators: HSBC (B&D), Natixis
• Active Bookrunners: BNP Paribas, CACIB, Goldman Sachs Bank Europe SE, HSBC (B&D), Natixis, Société Générale
• Passive Bookrunner: La Banque Postale
• Clearing: Euroclear / Clearstream
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK
• Advertisement: The Base Prospectus and its supplement are available on the website of the AMF (http://www.amf-france.org) and on the Issuer’s website (https://www.parisaeroport.fr/en/group/finance/bonds ). The Final Terms, when available, will also be published on the website of the AMF (http://www.amf-france.org) and on the Issuer’s website (https://www.parisaeroport.fr/en/group/finance/bonds )
• ToE: 15.31 UKT
• FTT: 15.55 UKT