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Commentary & Deal Flow

by Oleksandr Vynychuk

Sep 09, 2026 5:18 AM ET

UPDATE: Agence Francaise de Developpement € bmk Short 8yr Sr Unsec; Spread set at OAT+23bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
Agence Francaise de Developpement	Short 8yr	25-May-34	bmk	Sr Unsec	Fixed	OAT+25a	OAT+23

Spread set at: Short 8yr: OAT+23bp - Books in excess of €2.6bn (incl. €750m JLM)
Guidance: Short 8yr: OAT+25a

Issuer: Agence Francaise de Developpement (Ticker: "AGFRNC")
LEI: 9695008K5N8MKIT4XJ91
Issuer Ratings: A+/A+ (Stable/Stable, S&P/Fitch)
Format: Senior Unsecured, Reg S Bearer Dematerialised form (TEFRA not applicable)
Size: € Benchmark
Coupon: Fixed, Annual, Act/Act (ICMA)
Settlement: 16-Sep-26 (T+5)
Maturity: 25-May-34
Spread Set: FRTR 1 ¼ 25-May-34 (MID) + 23bps
Law/List/Denoms: French / Euronext Paris / 100k+100k
Bookrunners: Barclays / BNP Paribas / Citi / J.P. Morgan / Morgan Stanley / Natixis
Target Market: The manufacturer target markets (EU MiFID II/UK MiFIR product governance) as assessed by the lead managers are professional & eligible counterparties (all distribution channels)
Fees: The bookrunners will be paid a fee in connection to the transaction (EU MiFID II/UK MiFIR)
Timing: Books to close 11h00 UKT / 12h00 CET