Commentary & Deal Flow

Launched: Long 15yr: £250m @ UKT+65bp
Guidance: Long 15yr: UKT+65a

• Issuer: Société Nationale SNCF (Ticker: SNCF)
• Issuer Rating: A1 / A / A+ (Moody's / S&P / Fitch)
• LEI: 969500A4MXJ3ESPHK698
• Format: Senior Unsecured, Reg S Bearer
• Issue size: £250m
• Maturity: 22-Oct-41
• Settlement: 14-Sep-26 (T+5)
• Coupon: Annual, act/act, long first
• Benchmark: UKT 1.25% 22-Oct-41 (mid)
• Spread: UKT+65bp
• HR: 135%
• Hedge Deadline: 13:30
• Denoms: £100k x 100k
• Law: French Law
• Listing: Euronext Paris (Regulated Market), including EURONEXT ESG Bonds
• Documentation: Issuer's EMTN Programme
• Target Market: Eligible counterparties and professional clients only (all distribution channels)
• Joint Lead Managers: Goldman Sachs Bank Europe SE (B&D / DM) / NatWest / RBC Capital Markets
• ISIN: FR001401ARM6
• Timing: Books close 12:40 LDN
• Use of Proceeds: The proceeds of the transaction will finance Green eligible investments in line with SNCF SA's Green Securities Framework