Commentary & Deal Flow

Agence Centrale des Organismes de Securite Sociale, in charge of France’s Social Security scheme's cash operations and the financing of short and mid-term deficits, (ticker: "ACOSSL", country: France) rated Aa3/A+/A+ (Moody's/S&P/Fitch), has mandated BNP Paribas, Credit Agricole CIB, J.P. Morgan, Natixis and Societe Generale to arrange a series of fixed income investor calls to be scheduled upon request. An electronic investor presentation will be made available.

An expected € Benchmark, neuMTN, Social Sr Unsec 2yr € offering will follow, subject to market conditions.

Call Schedule:
Calls available with investors upon request.

• Maturity Date: 9-Sep-28
• Listing: Not Listed
• Regulatory Status: ACOSS is 0% risk weighted, LCR Level 1 and expected to be ECB repo operations eligible, under neuMTN segment
• Target Market: Manufacturers' target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
• Relevant Documents: https://www.urssaf.org/en/accueil/investisseurs/espace-investisseurs/notre-offre-d-investissement.html
• neuMTN programme dated 5-Jun-26: https://eucpmtn.banque-france.fr/public/#/liste-des-emetteurs/c1899dec-b611-ea11-80f7-001dd8b71ea9
• Investor presentation: https://www.urssaf.org/files/Investisseurs/Documents%20de%20r%c3%a9f%c3%a9rence/presentation_investisseurs.pdf
• Social Bond Framework: https://www.urssaf.org/files/Investisseurs/Documents%20de%20r%c3%a9f%c3%a9rence/Cadre_d_emissions_UK.pdf
• SPO: https://www.urssaf.org/files/Investisseurs/Documents%20de%20r%c3%a9f%c3%a9rence/SPO.pdf