Commentary & Deal Flow

Launched: Long 4yr: €1.25bn @ OAT+15bp
Rev Guidance: Long 4yr: OAT+17a - Books > €4.2bn (incl. €305m JLM interest)
Guidance: Long 4yr: OAT+20a

• Maturity: 25-Mar-31
• Benchmark: Interpolated FRTR 2.7% 25-Feb-31 & FRTR 1.5% 25-May-31
• Coupon: Annual, act/act ICMA, short first
• Issuer: Bpifrance SACA
• Size: €1.25bn
• Ratings: Aa3/A+ (Moody's/Fitch)
• Format: Reg S, bearer, dematerialized, social bond
• UoP: To finance and/or refinance, in whole or in part, new or existing medium and long-term loans aiming at financing eligible social projects that meet the Eligibility Criteria set out Bpifrance's Social Financing Framework, with at least 50% of the proceeds allocated to the Eligible Social Projects Category related to Just Transition
• Settlement: 14-Sep-26
• Denominations: 100k x 100k
• ISIN: FR001401AQN6
• Bookrunners: BofA, HSBC, La Banque Postale, MS, Nomura
• Investor Presentation – September 2026: https://www.bpifrance.fr/download/media-file/2325599
• Social Bond Framework – March 2025: https://www.bpifrance.fr/download/media-file/84114
• Target Market: Eligible counterparties and professional clients only (all distribution channels)
• See security information: Long 4Y Fixed
• Schedule: Books open, today's business