Commentary & Deal Flow

Short 8yr: Final books in excess of €3.1bn (incl. €750m JLM). Peak book in excess of €3.2bn (incl. €750m JLM)

Launched: Short 8yr: €1.5bn @ OAT+23bp - Books in excess of €3.2bn (incl. €750m JLM)
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: €1.5bn
• 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
• ISIN: FR001401AXV5
• Law/List/Denoms: French / Euronext Paris / 100k+100k
• Bookrunners: Barclays / BNP Paribas / Citi (B&D / DM) / 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: Allocations are out
• HR: 111% vs FRTR 1 ¼ 25-May-34
• Hedge Deadline: 14.10 CET / 13.10 UKT