Commentary & Deal Flow

Final books in excess of €3.5bn (inc €175m JLM interest).

Launched: Long 8yr: €500m @ OAT+16bp - Books in excess of €3.3bn (inc €175m JLM interest)
Rev Guidance: Long 8yr: OAT+17a (+/- 1bps WPIR) - Books in excess of €3bn (incl. €175m JLM interest)
Guidance: Long 8yr: OAT+20a

• Issuer: Agence France Locale
• Ticker: AFLBNK Govt
• Guarantor: Agence France Locale – Société Territoriale (the “ST”) and Members of the Agence France Locale Group
• LEI: 969500NMI4UP00IO8G47
• ISIN: FR001401AN14
• Ratings: A+/A+ (S&P/Fitch)
• Format: Senior Unsecured Notes, RegS Bearer Dematerialised form, Sustainability bond
• Status: Senior Unsecured, HQLA1
• Size: €500m
• Coupon: Fixed, Annual, ACT/ACT, short first coupon
• Maturity: 20-Mar-35
• Settlement: 27-Aug-26 (T+4)
• Ref. Bonds: FRTR 3% 25-Nov-34 and FRTR 3.20% 25-May-35
• Benchmark: HR 106% vs FRTR 3% Nov-34
• Hedge Deadline: 12.45 LDN / 13.45 CET
• Denominations: €100k + €100k
• Listing: Euronext Paris Regulated Market
• Law: French law
• Bookrunners: Credit Agricole CIB, Deutsche Bank (B&D), NatWest, Nomura and Nordea
• ESG structurer: Credit Agricole CIB
• Timing: Pricing today.
• Sustainable Bond Framework: https://www.agence-france-locale.fr/app/uploads/2023/02/afl_sustainability-bond-framework_vf_eng.pdf
• Target Market: MIFID II / MIFIR professionals/ECPs-Only/No PRIIPs KID – Manufacturer target market (MIFID II / MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA (or in the UK).
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus, supplements and the final terms will be available on the website of the AMF (http://www.amf-france.org) and of the Issuer (https://www.agence-france-locale.fr/en/page-investisseurs_eng/funding/prospectus/)