Commentary & Deal Flow

Reoffer: 2yr: OAT+10bp / 99.855 / 3.076%
Benchmark: FRTR 0 ¾ 25-May-28 / 96.335 / 2.941% and FRTR 2.4 24-Sep-28 / 98.839 / 2.984% (97.1% HR)

2yr: Final books in excess of €8.3bn (incl. €1.25bn JLM)

Launched: 2yr: €2bn @ OAT+10bp - Books in excess of €6.6bn (incl. €1.25bn JLM)
Guidance: 2yr: OAT+13a

• Issuer: UNEDIC
• Guarantee: Explicit, Unconditional & Irrevocable Guarantee of the Republic of France
• Rating: Aa3 (Neg) / A+ (Sta) / AA- (Neg) (Moody's / S&P / Scope)
• Risk Weighting: 0%
• LCR Status: HQLA Level 1 classification
• Format: Bearer, Dematerialised, Reg S Fixed Rate Notes
• Size: €2bn
• Coupon: 3% Fixed, Annual ACT/ACT
• Reoffer: OAT+10bp / 99.855 / 3.076%
• Benchmark: FRTR 0 ¾ 25-May-28 / 96.335 / 2.941% and FRTR 2.4 24-Sep-28 / 98.839 / 2.984% (97.1% HR)
• Settlement: 02-Sep-26 (T+5)
• Maturity: 02-Sep-28
• Docs: EMTN programme
• Law: French law
• Listing: Euronext Paris
• Deno: €100k x €100k
• ISIN: FR001401AOR2
• LEI: 969500V3L9W19NIA5E82
• Bookrunner: Barclays, BNP, JPM (B&D/DM), Natixis, SG
• Timing: Priced 13.28 UKT / 14.28 CET, FTT immediately
• 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)
• Advertisement: When published, the Information Memorandum ("Document d'Information") and Final Terms ("Conditions Définitives") are available on https://unedic.org/en/investors
• 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