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by Anna Tkachenko

Sep 07, 2026 8:45 AM ET

PRICED: Bpifrance SACA €1.25bn Long 4yr Social Sr Unsec; OAT+15bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Rev Guidance	Spread	GDNC-PXD
Bpifrance SACA	Long 4yr	3.625%	25-Mar-31	€1.25bn	Sr Unsec	Fixed	99.979	3.634%	OAT+20a	OAT+17a	OAT+15	-5

Reoffer: Long 4yr: OAT+15bp / 99.979 / 3.634%
Benchmark: Long 4yr: FRTR 2.7 25-Feb-31 / OAT+15bp

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

Issuer: Bpifrance SACA
Ratings: Aa3/A+ (Moody's/Fitch)
Format: Reg S, bearer, dematerialized, social bond
Size: €1.25bn
Maturity: 25-Mar-31
Coupon: 3.625% (annual ACT/ACT)
Reoffer: OAT+15bp / 99.979 / 3.634%
Benchmark: Interpolated FRTR 2.7% 25-Feb-31 & FRTR 1.5% 25-May-31
Settlement: 14-Sep-26
ISIN: FR001401AQN6
Denominations: 100k x 100k
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
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)