Commentary & Deal Flow

Reoffer: 8NC7: SARON MS+110bp / 100 / 1.8325%
Benchmark: 8NC7: Govt.+132bp

Launched: 8NC7: CHF 170m @ SARON MS+110bp

• Issuer: Crédit Agricole S.A. (Ticker: ACAFP)
• Issuer Domicile: France
• Format: Public Fixed-Rate Reset Bonds
• Status: Senior Non-Preferred Notes
• Issuer Rating: A1 (stable, Moody's) / A+ (stable, S&P) / AA- (stable, Fitch)
• Instrument Rating (exp): A3 (Moody's) / A- (S&P) / A+ (Fitch)
• Structure: 8NC7
• Settlement Date: 23-Sep-26
• Optional Call/Reset Date: 23-Sep-33
• Maturity Date: 23-Sep-34
• Issue Size (in mm): CHF 170mm
• Coupon: 1.8325% p.a. until the Optional Redemption Date. Thereafter the sum of 1y CHF SARON MS and the initial spread margin of 110bps
• Issue Price: 100
• Spread/Yield: SARON MS +110.0 // YTC 1.8325% // Govt.+132
• ISIN / Security Number: CH1598620123 / 159862012
• Lead Manager(s): UBS (JLB), CACIB (JLNB)
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: The terms set out in herein are subject entirely to the terms and conditions set forth in the final terms (the “Final Terms”) dated on or about the Issue Date in connection with the Euro Medium Term Note Programme of Crédit Agricole S.A dated 2-Apr-26 as supplemented from time to time
• FinSA Prospectus: The Base prospectus and supplements thereto have been filed with SIX for automatic acceptance pursuant to article 54(2) of the FinSA
• Governing Law: French
• Covenants: PP
• SIX Listing: 22-Sep-26
• Denomination: CHF 100000
• Use of Proceeds: To finance and/or re-finance in whole or in part Eligible Social Assets of Credit Agricole Group and its subsidiaries. The Crédit Agricole Group’s Social Financing Framework is available on: https://www.credit-agricole.com/en/finance/debt-and-ratings#
• Target Market: Manufacturer target market (MiFID II / UK MIFIR product governance) is eligible counterparties, and professional clients and retail clients (Switzerland only) type of clients(all distribution channels). Prohibition of Sales to EEA/UK Retail Investors restrictions apply.
• Sales Restrictions: As per the Programme
• Retail Restrictions: EEA & UK domiciled: Applicable Other: Subject to applicable regulations and restrictions