Commentary & Deal Flow

Rev Guidance: 7yr: FRTR+16a (+/- 1bp WPIR) - Orderbook in excess of €3.6bn (incl. €550m JLM interest)
Guidance: 7yr: FRTR+19a (~MS+62bp)

• Issuer: Bpifrance (ticker: BPIFRA)
• Guarantee: Autonomous, unconditional and irrevocable on-demand guarantee from EPIC Bpifrance
• LEI: 969500STN7T9MRUMJ267
• Form of the Notes: Reg S, Dematerialised Notes – Bearer form
• Issue Ratings: Aa3/A+ (Moody's/Fitch)
• Settlement: 13-Jul-26 (T+5)
• Maturity: 25-Mar-33
• Size: € Benchmark
• Rev Guidance: +16bps Area (+/- 1 bps - WPIR)
• Reference Bmk: Interpolation FRTR 2% 25-Nov-32 (MID) and FRTR 3% 25-May-33 (MID) (currently equivalent to ~MS+62 bps)
• Coupon: TBD, Annual, Act/Act ICMA, short first
• ISIN: FR0014019RX0
• Listing: Euronext Paris
• Law: French Law
• Denoms: €100k + 100k
• Clearing: Euroclear France
• Joint Bookrunners: Barclays, J.P. Morgan, NatWest, Santander, Societe Generale
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional investors only (all distribution channels)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus, any supplements and the final terms will be available at https://www.bpifrance.fr/Investor-Relations
• Documentation: Issuer’s Base Prospectus dated 12-Jun-26
• UoP: 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.
• Framework: Green Bond Framework dated 4-Aug-22, updated on 15-Mar-23 and 19-Jan-26
• Schedule: Books open, today’s business
• Books Subject: Books to close 11.45CET / 10.45UKT
• 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