Commentary & Deal Flow

Bpifrance (ticker: BPIFRA, country: FR), the French Agency entrusted with the permanent mission of promoting the financing and development of companies operating in France, and in particular of SMEs, rated Aa3/A+ by Moody's and Fitch, has mandated Barclays, J.P. Morgan, NatWest, Santander and Societe Generale as Joint Lead Managers for a new 7-year EURO Green Bond benchmark.

An expected € benchmark, Reg S Bearer Dematerialised, 7-year Green Bond offering will follow, subject to market conditions.

• Guarantee: Irrevocable, first demand, unconditional and autonomous guarantee from EPIC BPIfrance.
• Use of Proceeds: The net proceeds of Bpifrance’s Green Bonds will be used to finance and/or refinance, in whole or in part, new or existing loans aiming at supporting Renewable Energy, Green Buildings, Green Techs, Clean Transportation, Waste Management and Green Industry projects that meet the Eligibility Criteria set out in Green Financing Framework. The Eligible Green Loans are in line with Bpifrance’s Climate Plan and aim at contributing to significant progress on Climate Change Mitigation and GHG emissions reduction.
• Documentation: The transaction will be launched off the issuer's EMTN Programme Base Prospectus dated 12-Jun-26, and the Green Bond Framework dated 04-Aug-22, updated on 15-Mar-23 and 19-Jan-26.
• Target Market: The manufacturer target markets (MIFID II product governance) as assessed by the lead managers are Eligible counterparties and professional clients only (all distribution channels).
• Stabilisation: FCA/ICMA stabilisation.
• Links:
• • Bpifrance Green Bond Investor Presentation – 2026: https://www.bpifrance.fr/download/media-file/1112505
  • Bpifrance Green Bond Framework - Updated January 2026: https://www.bpifrance.fr/download/media-file/958887
  • Bpifrance Prospectus English - 12 June 2026: https://www.bpifrance.fr/download/media-file/1952485