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Commentary & Deal Flow

by Anna Tkachenko

Sep 09, 2026 8:33 AM ET

PRICED: Agence Francaise de Developpement €1.5bn Short 8yr Sr Unsec; OAT+23bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Agence Francaise de Developpement	Short 8yr	25-May-34	€1.5bn	Sr Unsec	Fixed	99.187	4.254%	OAT+25a	OAT+23	-2

Reoffer: Short 8yr: OAT+23bp / 99.187 / 4.254%
Benchmark: FRTR 1 ¼ 25-May-34 @ 81.932% / Yield 4.024% / HR 111%

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: 4.125% Fixed, Annual, Act/Act (ICMA)
Settlement: 16-Sep-26 (T+5)
Maturity: 25-May-34
Reoffer: FRTR 1 ¼ 25-May-34 (MID) + 23bps / 99.187 / 4.254%
Ref. Bond: FRTR 1 ¼ 25-May-34 (Price: 81.932% / Yield: 4.024%) / HR 111%
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: Priced. TOE: 13:22 UKT / 14:22 CET | FTT: 13:35 UKT / 14:35 CET