Commentary & Deal Flow

Reoffer: 4yr: FRTR+10bp / 99.981 / 3.007%
Benchmark: 4yr: INTERP FRTR 05/30 @ 98.66 / 2.866 / HR 108% & 11/30 @ 88.03 / 2.927

Final Books: €4.6bn (incl. €100m JLM). Peak book €4.6bn (incl. €100m JLM).

Launched: 4yr: €2.5bn @ OAT+10bp - Books closed at €4.6bn (incl. €100m JLM)
Guidance: 4yr: Interpolated OAT+11a

• Issuer: CADES (Caisse d'Amortissement de la Dette Sociale)
• LEI: 969500P04DQJS4BPM574
• Issuer Rating: AA(stab.)/A+(stab.)/A+(stab.)/AA-(neg.) (DBRS/S&P/Fitch/Scope)
• Format: RegS Cat2, dematerialised, bearer - TEFRA not applicable
• Status: Risk Weighting 0% (EU), LCR Level 1
• Size: €2.5bn
• Settlement: 30-Jun-26 (T+5)
• Maturity: 25-Sep-30
• Coupon: 3.0% Fixed, Annual, ACT/ACT, short first to 25-Sep-26
• Re-offer: 99.981% / 3.007%
• Spread: INTERP FRTR + 10bps (FRTR Ref: 05/30 @ 98.66 / 2.866 / HR 108% & 11/30 88.03 / 2.927)
• Listing/Law: Paris/French Law
• Denominations: €100k + €100k
• Docs: Debt Issuance Programme
• Bookrunners: BofA, MS, Natixis and SG (B&D/DM)
• ISIN: FR0014019HY9
• Common Code: 342645143
• Timing: Priced. TOE: 13.44 UKT / 14.44 CET. FTT Immediately
• Target Market: Eligible counterparties and professional investors, each as defined in MiFID II/UK MIFIR (all channels for distribution)
• UoP: An amount equal to the proceeds from the issue of the notes will be exclusively used by CADES to finance and/or refinance eligible social expenditures as set out in CADES Social Bond framework