Commentary & Deal Flow

Guidance: 2yr: OAT+15a

• Issuer: Agence Centrale des Organismes de Sécurité Sociale (ACOSS)
• Ticker: ACOSSL
• LEI: 9695004688W2B6R2E206
• Issuer Rating: Aa3 (Neg) / A+ (Sta) / A+ (Sta) (Moody's/S&P/Fitch)
• Risk Weighting: 0%
• LCR Status: HQLA Level 1 classification
• Format: Senior Unsecured, neuMTN, NGN, Not Listed, ECB eligible
• Size: € Benchmark
• Coupon: Fixed, Annual Act/Act
• Settlement: 9-Sep-26 (T+5)
• Maturity: 9-Sep-28
• Guidance: OAT interp.+ 15bps area (currently equivalent to MS+11bps and ESTR+43bps)
• BMK References: FRTR 0.75% May 2028 (MID) & FRTR 2.4% Sep 2028 (MID)
• Docs: Issuer's Negotiable European Medium Term Note Programme dated 5-Jun-26
• Law: French law
• Listing: Not Listed
• Denoms: €200k x €200k
• Bookrunners: BNP, CACIB, JPM, Natixis, SG (B&D)
• Schedule: Books open, today's business
• Target Market: Manufacturers' target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
• Use of Proceeds: Proceeds of the transaction are used alongside the issuer's "Social Bond Framework"