Commentary & Deal Flow

Unedic, the French unemployment insurance agency, (country: France) rated Aa3 (Neg) / A+ (Sta) / AA- (Neg) by Moody's/S&P/Scope, has mandated Barclays, BNP Paribas, J.P. Morgan, Natixis and Societe Generale for its upcoming 2-year € Social benchmark.

An expected € benchmark, Reg S, Social Sr Unsec 2yr offering will follow, subject to market conditions.

• Programme: The note will be issued under Unedic's EMTN programme
• Guarantor: Explicitly, unconditionally and irrevocably guaranteed by the Republic of France
• Governing Law: French law
• Format: Reg S Bearer Dematerialised
• Denominations: € 100k+100k
• Listing: Euronext Paris (Regulated Market)
• Target Market: The manufacturer target markets (MIFID II / UK MIFIR product governance) as assessed by the lead managers are eligible counterparties and professionals (all distribution channels)
• Use of Proceeds: An amount equal to the proceeds from the issue of the Notes will be exclusively used by Unédic to carry out its missions that meet the eligibility criteria described in Unédic Social Bond framework
• Investor Presentation: https://www.unedic.org/storage/uploads/2026/07/31/2026-08-unedic-investor-presentation_uid_6a6cae398a310.pdf
• Social Bond documentation: https://www.unedic.org/en/investors/social-bonds
• Further details: https://unedic.org/en/investors