Commentary & Deal Flow

Spread set at: 10NC5: MS+128bp - Books close at 12:15 CET
Guidance: 10NC5: SARON MS+128/130
IPTs: 10NC5: SARON MS+125/130

• Issuer: Crédit Agricole S.A. (Ticker: ACAFP)
• Issuer Domicile: France
• Format: Public Fixed Rate Notes
• Status: Subordinated Notes, intended to be treated as Tier 2 capital
• Type: Subordinated Fixed Resettable Tier 2 Notes. The Subordinated Notes (being those Notes which the relevant Final Terms specify as being Subordinated Notes) are issued pursuant to the provisions of Article L.228-97 of the French Code de commerce and are subordinated instruments as provided for in Article L.613-30-3-I-5° of the French Code monétaire et financier. Ranking as per Condition 3(b) “Subordinated Notes” in the Terms and Conditions of the Notes.
• Issuer Rating: A1/A+/AA- (Moody's/S&P/Fitch), all stable
• Instrument Rating (exp): Baa1/BBB+/A- (Moody's/S&P/Fitch)
• Issue Size: Min. CHF 150m
• Coupon: 1.485% p.a. (indicative)
• Tenor: 10NC5
• Settlement Date: 09-Jul-26
• Optional Redemption and Reset Date: 09-Jul-31
• Maturity Date: 09-Jul-36
• Lead Manager(s): Deutsche Bank, UBS (JLB), CACIB (JLNB)
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: The terms set out in herein are subject entirely to the terms and conditions set forth in the final terms (the “Final Terms”) dated on or about the Issue Date in connection with the Euro Medium Term Note Programme of Crédit Agricole S.A dated 02-Apr-26 as supplemented from time to time (the “Base Prospectus”, together with the Final Terms, the “Notes Documentation”)
• FinSA Prospectus: The Base prospectus and supplements thereto have been filed with SIX for automatic acceptance pursuant to article 54(2) of the FinSA
• Governing Law: French
• Covenants: PP
• SIX Listing: 07-Jul-26
• Denomination: CHF 100'000 and multiples thereof
• Sales Restrictions: As per the EMTN Programme
• Target Market: Manufacturer target market (MiFID II / UK MIFIR product governance) is eligible counterparties, and professional clients and retail clients (Switzerland only) type of clients(all distribution channels). Prohibition of Sales to EEA/UK Retail Investors restrictions apply.
• Timing: Today's business, books close at 12:15 CET