Commentary & Deal Flow

Reoffer: 2yr: OAT+15bp / 99.859 / 3.324%

Final Books €2.5bn (including €225m JLM interest)

Launched: 2yr: €2bn @ OAT+15bp - Books €2.5bn (including €225m JLM interest)
Spread set at: 2yr: OAT+15bp - Books in excess of €2bn (including €225m JLM interest)
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: €2bn
• Coupon: 3.25% Fixed, Annual ACT/ACT
• Settlement: 9-Sep-26 (T+5)
• Maturity: 9-Sep-28
• Spread: +15bps vs interp. FRTR 0.75% May-28 (MID 96.069 / 3.131%) & FRTR 2.4% Sep-28 (MID 98.47 / 3.180%)
• Reoffer: 99.859 / 3.324%
• 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)
• Timing: Priced, TOE 14:04 CET, FTT immediately
• 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"