Commentary & Deal Flow

Books over €950m

Spread set at: 11NC6: MS+140bp - Books over €950m
IPTs: 11NC6: MS+150/155bp

• Issuer: Banque Fédérative du Crédit Mutuel ("BFCM")
• LEI: VBHFXSYT7OG62HNT8T76
• Instrument: Tier 2 Resettable/Callable Subordinated Fixed Rates Notes
• Status of Notes: Qualifying Subordinated Notes pursuant to Article L. 613-30-3-I-5° of the French Code monétaire et financier and Article L. 228-97 of the French Code de commerce, ranking as provided for in Condition 2(b)(i). Should Qualifying Subordinated Notes become Disqualified Subordinated Notes, they will automatically rank as provided for in Condition 2(b)(ii)
• Form of the Notes: Dematerialised Notes in Bearer form (au porteur)
• Issuer Ratings: A1 (negative outlook) by Moody’s / A+ (stable outlook) by S&P / AA- (negative outlook) by Fitch Ratings
• Expected Notes Ratings: Baa1 by Moody’s / BBB+ by S&P / A- by Fitch Ratings
• Size: € Benchmark
• Coupon: [•]% Annual fixed, Act/Act ICMA. Resets at the Reset Date at the Mid-Swap Rate plus the Initial Margin.
• Maturity Date: 01-Sep-37 (11-year NC 6-year)
• Reset Date / Optional Redemption Date: 01-Sep-32 (6-year)
• Settlement/Issue Date: 01-Sep-26 (T+7)
• Books Subject: Books to close at 12:00 UKT / 13:00 CET
• Events of Default: No Events of Defaults in respect of Subordinated Notes
• Negative Pledge: None
• Cross Default: None
• Acknowledgement of Bail-In and Loss Absorption Powers: Applicable
• Waiver of Set-Off: Applicable
• Optional early redemption: The Issuer may (at its option but subject to preliminary approval of the Regulator and Condition 4(l) (Conditions to redemption prior to Maturity Date in the case of Subordinated Notes) redeem the Notes, on the Optional Redemption Date (Call) in whole at par together with accrued interest
• Point of non-viabilitiy: Statutory, within risk factors
• Representation of Noteholders: No Masse
• Specified Denominations: €100k
• ISIN Code: FR001401AN55
• Common Code: 348436872
• Joint Lead Managers and Bookrunners: BNP Paribas, CIC CIB, HSBC (B&D), J.P. Morgan
• Listing/Docs: Euronext Paris/ Issued under the BFCM EMTN Programme’s Base Prospectus dated 17-Jul-26 (as supplemented on 18-Aug-26), and the Final Terms of the Notes
• Governing law: French Law
• Stabilization: ICMA/FCA
• MIFID II/UK MIFIR Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only type of clients (all distribution channels). No EU or UK PRIIPs key information document (KID) / CCI product summary has been prepared as not available to retail in EEA or the UK
• MIFID II Co-Manufacturers: Joint Lead Managers and Issuer
• UK MIFIR Manufacturer: Not Applicable
• Selling Restrictions: Reg S (no communications with or into the U.S., no sales into Canada) Category 2, UK, France, Japan, Hong Kong, PRC, Belgium. No sales of Notes to EEA and UK Retail Investors; TEFRA Not Applicable
• Advertisement: This indicative term sheet is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying prospectus legislation. It is not a prospectus. The Base Prospectus, supplements, and the Final Terms (when published) are available at https://www.bfcm.creditmutuel.fr/en/programs/index.html
• Timing: Books open, today’s business