Commentary & Deal Flow

Reoffer: 15yr: OAT+19bp / 99.428 / 4.428%
Benchmark: FRTR 0.5 25-May-40 (Price: 61.75% / Yield: 4.192% / HR: 137%) & FRTR 3.6 25-May-42 (Price: 92.355% / Yield: 4.272%)
Final Books: Closed in excess of €3.7bn (incl. €400m JLM)

Launched: 15yr: €1bn @ OAT+19bp - Books in excess of €3.3bn (incl. €400m JLM)
Guidance: 15yr: OAT+21a

• Issuer: Agence Francaise de Developpement (Ticker: AGFRNC)
• LEI: 9695008K5N8MKIT4XJ91
• Issuer ratings: A+/A+ (Stable/Stable, S&P/Fitch)
• Format: Senior Unsecured, Reg S Bearer Dematerialised form (TEFRA not applicable)
• Size: €1bn
• Coupon: 4.375% Fixed Annual, Act/Act (ICMA)
• Settlement: 15-Jul-26
• Maturity: 15-Jul-41
• Reoffer: Interpolated OATs (MID) + 19bps / 99.428 / 4.428%
• Ref. Bonds: FRTR 0 ½ 25-May-40 (Price: 61.750% / Yield: 4.192% / HR: 137%) & FRTR 3.6 25-May-42 (Price: 92.355% / Yield: 4.272%)
• Governing Law: French
• Listing: Euronext Paris
• Denominations: 100k+100k
• Bookrunners: Barclays / BofA / CACIB / DB / GSBE SE (B&D/DM) / HSBC
• 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: FR0014019UO3
• Timing: Priced. TOE: 13:08 UKT / 14:08 CET | FTT: 13:20 UKT / 14:20 CET