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Commentary & Deal Flow

by Oleksandr Vynychuk

Jul 01, 2026 8:12 AM ET

PRICED: Agence Francaise de Developpement £300m Long 3yr Sr Unsec; SONIA MS+56bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Agence Francaise de Developpement	Long 3yr	4.5%	22-Oct-29	£300m	Sr Unsec	Fixed	99.73	4.597%	SONIA MS+57a	SONIA MS+56	-1

Reoffer: Long 3yr: SONIA MS+56bp / 99.73 / 4.597%
Benchmark: Long 3yr: UKT 0 ⅞ 22-Oct-29 @ 89.956 / B+38.72bp / HR 106%

Guidance: 3yr: SONIA MS+57a

Issuer: Agence Francaise de Developpement (Ticker: AGFRNC)
LEI: 9695008K5N8MKIT4XJ91
Rating: A+/A+ (S&P/Fitch)
Format: Senior Unsecured, Reg S Bearer Dematerialised form (TEFRA not applicable)
Size: £300m
Coupon: 4.500%, Fixed, Annual, Act/Act (ICMA), short first
Settlement: 8-Jul-26 (T+5)
Maturity: 22-Oct-29
Reoffer: SONIA mid-swap (A, A/365) + 56 bps
Price / yield: 99.730 Price / 4.597% yield A / 4.545% yield SA
Gilt ref: +38.72bps vs UKT 0 ⅞ 22-Oct-29 (MID) (mid @ 89.956; bid @ 89.946; HR 106%)
Governing Law: French law
Listing: Euronext Paris
Denominations: £200,000 + £200,000
Bookrunners: NatWest, Nomura, Santander (DM/B&D)
Target Market: The manufacturer target markets (EU MiFID II/UK MiFIR product governance) as assessed by the lead managers are professional & eligible counterparties (all distribution channels)
Fees: The bookrunners will be paid a fee in connection to the transaction (EU MiFID II/UK MiFIR)
ISIN: FR0014019PG9
Timing: PRICED. TOE: 12:59 UK. FTT: Immediately.