Commentary & Deal Flow

Spread set at: 8yr: SARON MS+90bp - Books close at 11.00 CET
Guidance: 8yr: SARON MS+87/92bp

• Issuer: BPCE SA (ticker: "BPCEGP", country: France)
• Issuer Ratings: A+ (st.) / A1 (st.) / A+ (st.) (S&P / Moody's / Fitch)
• Exp. Instrument Ratings: A+ / A2 / A+ (S&P / Moody's / Fitch)
• Issuer Domicile: France
• Format: New Foreign Public Fixed Rate Bond
• Ranking: Senior Preferred
• Issue Size: min. CHF 150m
• Coupon: ind. 1.480% p.a (30/360; following unadj.) - will price at par
• Tenor: 8 years
• Payment Date: 25-Sep-26
• Maturity: 25-Sep-34
• ind. Pricing: SARON MS+87/92bp / YTM 1.480/1.530% / Govt +113.6/+118.6bp
• Lead Managers: Zürcher Kantonalbank / BNP / DB / Natixis (JLNB)
• Listing: SIX Swiss Exchange
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Under the Issuer’s EUR 70,000,000,000 Euro Medium Term Note Programme, base prospectus dated 14-Nov-25, as supplemented from time to time
• FIDLEG/FinSA Prospectus: Prospectus will be available at a later stage in accordance with art. 51 FinSA
• Governing Law: French
• Covenants: PP
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: USA, US Persons, EEA, UK, France, Italy, Belgium, Japan, Hong Kong, PRC, Singapore, in particular
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.
• Timing: Today's business
• Books close: 11.00 CET, pricing expected thereafter