• In contrast to yesterday we had a day heavily biased towards financials. Order books impressed, particularly for Crédit Agricole’s €750m AT1 (€7.5bn) & BFCM’s €2.25bn dual-tranche SNP (€12bn).
• Brent Crude fell sharply, but bounced back slightly, amid supply-side relief, with Saudi Arabia set to re-open the major cross country pipeline it shut down last week.
• The strong rally in Government bonds continued; notably Gilts (see below)
• Solid, if not spectacular deal flow € IG pricing €5.57bn from 6 deals (1 x Corp & 5 x FIG) via 7 tranches.
• The Swiss Franc market was active again with Chf110m from 1 deal (1 x FIG) via 1 tranche.
• There was no activity in the Sterling (£) & US$ Reg S markets.
• Today’s “Talking Point” (below) takes a look at £ supply on the Monday & Tuesday post MPC meeting (c.last 3yrs).
• iTraxx Europe & the iTraxx Senior & Sub financial indices were all lower once again as sentiment improved. Currently trading at 52.725 (-1.74%), 55.098 (-1.66%) & 88.328 (-1.94%) respectively (as we print).
• Brent Crude made a solid recovery, currently trading at c.$103.85 (c.$105.27 this morning).
• European equity bourses recovered for a second session with the FTSE, Dax & the CAC 40 all in positive territory, up by 1.10%, 0.81% & 0.59% respectively.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €500m
    • Avg. tranche size €500m
    • Avg. IPT to Pricing NA
    • Avg. cover NA
  • FIG
    • Total IG: €5.25bn
    • Avg. tranche size €875m
    • Avg. IPT to Pricing NA (covered) - €0
    • Avg. IPT to Pricing -34.92 (unsecured) - €5.25bn
    • Avg. cover X 5.54
  • SSA
    • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing NA
    • Avg. cover NA
• Pipeline: The European IG pipeline has only 2 SSA trades pending.
  • 2 x € SSA (1 x EuGB)

Contact Stuart Aylward with questions or comments on stuart@creditflowresearch.com

BofE did more than just hold rates

• In a 6 to 3 majority vote, the Monetary Policy Committee (‘MPC’) elected to hold the Bank Rate at 3.75% for its 6th consecutive meeting, bucking the trend of other recent central bank hikes. 
• The split decision highlights internal friction regarding inflationary pressures, as the dissenting trio advocated for a 25bp hike to 4.0% in response to CPI inflation rising to 3.1% in August.
• While rates remain held for now, the ongoing global uncertainty & stubborn headline inflation mean markets are increasingly pricing in borrowing cost increases ahead of the upcoming Autumn Budget.
• In an overhaul of its Quantitative Tightening (QT) program, the MPC unanimously agreed to slow the target pace of its total annual gilt reduction to £20bn, while temporarily pausing active bond sales altogether for 6 months.
  • For clarity this does NOT mean a pause in Gilt auctions, rather a pause of its direct secondary market auctions where the BofE sells its own Gilt portfolio.
  • FYI: QT is the BofE's process of shrinking its balance sheet by letting its bonds (Gilts) mature without replacing them & actively selling off others, effectively draining excess cash out of the banking system to keep inflation under control.
• In practice, this halt of active auctions, particularly sales of long-dated 20yr & 30yr Gilts, relieves upward pressure on long-term yields by reducing supply (see below). The period gives the BofE time to consult on a new mechanism to offload its remaining Gilt holdings through the UK Debt Management Office.
• By eliminating active sales at the long end of the curve it also hopes to ease yield volatility, offering temporary breathing room for both corporate debt refinancings & its own Treasury fiscal plans ahead of the Budget.
  • 10yr Gilt at 5.219% ↓7.79bp
  • 20yr Gilt at 5.692% ↓10.79bp
  • 30yr Gilt at 5.736% ↓12.39bp 

Talking Point

• The table below sets out Sterling (£) IG issuance volumes at the early part of the week following the BofE’s MPC meeting from 2024 through YTD, split between Corp & FIG.
• The MPC announces on a Thursday, with Friday’s typically quieter, so we are looking at the following Monday & Tuesdays.
• Across 42 post-MPC Monday & Tuesday’s spanning 21 meetings, issuance was recorded on only 19 unique days, a combined hit rate of 45.24%, confirming that the post-MPC window functions as an opportunistic window rather than a reliable execution trigger for issuers.
• FIG demonstrates a materially more consistent rather than Corp, with a hit rate of just 33.33% across 14 active days versus Corp's 23.81% across 10 active days. This suggests financial institutions treat the post-MPC window as a more systematic part of their funding calendar, likely reflecting the benefit of rate clarity for banks & covered bond issuers pricing off the front end.
• 2025 stands out as the most active year in the dataset.

Euro IG (today)

• Heidelberg Materials (exp. Issue ratings of BBB by S&P) brought a €500m 2yr Senior unsecured FRN. IPTs were not published & spread set at 3mth€+45.
  • With only 2 leads on the trade today's deal was more of a club deal / private trade. Their last  public offering was a dual-tranche back on the 19th of May when they priced a €900m 3.25yr at MS+58; 32bps tighter than IPTs from a book of €2.8bn; & a €600m 9.25yr at MS+110; 30bps tighter than IPTs with a book of €1.85bn.

• Credit Agricole S.A., (exp. Issue ratings of Baa3 / BBB- / BBB by Moody’s, S&P & Fitch) brought Perpetual Non-Call 5 yr Fixed Rate Resettable Additional Tier 1 Notes.  IPTs on the issue were in the area of 7.0% (on a quarterly basis equiv. to 7.186% annualised). Books were above €7.5bn (pre-rec) from c. 325 participating accounts. The deal launched for €750m with a fixed quarterly coupon of 6.4%.
  • Credit Agricole Assurances SA (as an insurance company) has issued 2 ‘Restricted’ Tier 1 issues over the last 2 years, whereas Credit Agricole SA (as a bank) last issued an AT1 trade back on the 13th of February last year. On this occasion they priced a €1.5bn PerpNC10 at 5.875%; 50bps tighter than IPTs from a large €7bn book. Coupons on this trade were also paid on a quarterly basis - as they were on their AT1 in 2023.   
• Banque Fédérative du Crédit Mutuel (exp. Issue ratings of A3 / A- / A+ by Moody’s, S&P & Fitch) brought a dual-tranche Senior Non-Preferred, € benchmark 4NC3 & 8NC7, Reg S issue. IPTs were MS+100 area & MS+150 area respectively. Collective books first called in excess of €5.75bn (exc. JLMs). For the 4NC3 spread set at MS+80 (€1bn size exp.) with books above €5.2bn (exc. JLMs pre-rec). The 8NC7 spread set at MS+120 (€1bn size exp.) with books above €5.7bn exc. JLMs pre-rec). When the trade launched the 4NC3 was upped to €1.25bn. Respective final books impressed at €5.8bn & €6.2bn.
  • BFCM is a prolific borrower who has also been active in the public Sterling & Swiss Franc markets YTD. Their last € trade was a €750m 11NC6 Tier 2 print on the 21st of August, with a €750m 7yr Green senior preferred trade prior to that on the 29th of June. Relevant to this trade is their €1.25bn 9NC8 senior non-preferred issue on the 19th of May which priced at MS+108; 29.5bps tighter than IPTs from a book of €3.1bn.
• Danske Bank A/S (exp. Issue ratings of A3 / A- / A+ by Moody’s, S&P & Fitch) announced a € benchmark 5NC4 Senior Non-Preferred issue with IPTs in the area of MS+95bps. Books above €1.5bn. Books were above €2.4bn (exc. JLMs, pre-rec) & the trade launched & priced for €750m at MS+65. Final books were above €1.5bn.
  • Danske’s last senior non-preferred trade was on the 25th of November last year when they priced a €750m 8NC7 Green issue at MS+95; 22.5bps tighter than IPTs from a €1.25bn book. The one prior to that was on the 23rd of September 2025, with a €750m 3yr FRN at 3mth €+50; 25bps tighter than IPTs with a book of €1.65bn.
• Toyota Motor Credit Corporation (exp. Issue ratings A1 / A+ / A+ by Moody’s, S&P & Fitch) announced a 6.5yr senior unsecured offering with IPTs of MS+105 to +110. Books were over €2.2bn & the deal launched & priced for €750m at MS+78. Books in excess of €2bn.
  • This is TMCC’s 2nd visit to the public € markets YTD, having last priced a €800m 6.25yr at MS+62; 38bps tighter than IPTs from a book of €1.85bn. There were no issues in 2025 & only 1 in 2024 - a €1bn 7yr at MS+85; 32.5bps tighter than IPTs from a €3.4bn book.
• Bank of Ireland Group plc (exp. Issue ratings of Baa1 / BBB by Moody’s & Fitch) announced a € benchmark, 10.5NC5.5 Green fixed rate subordinated Tier 2 offering with IPTs of MS+160 area. Books built quickly to over €2bn, rising to over €4.6bn (pre-rec). The trade launched & priced for €750m at MS+130. Final books were €5.8bn.
  • This is their 3rd public € offering YTD, but their 1st Tier 2 print since the 2nd of May last year. On that occasion they priced a €500m 10.25NC5.25 at MS+185; 35bps tighter than IPTs from a book of €3.4bn.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• No issues.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• Danske Bank A/S (exp.issue ratings of A1 / A+ / AA by Moody’s, S&P & Fitch) announced a Chf 8NC7 Senior Preferred trade this morning. Priced at Chf110m at SARON MS+70.
  • Today’s print was the 1st Swiss Franc trade from Danske since they last priced a dual-tranche Chf260m some 3yrs ago (26th September 2023). That trade priced at Chf140 3yr at SARON MS+14; & a Chf120 7yr at SARON MS+16.

Week-to-date volumes:

US$ Reg S (today)

• No issues

Pending Deals & Mandates

• 11th September: The State of Baden-Wuerttemberg (rated Aaa / AA+ / AAA by Moodys, S&P & Scope) mandated Deutsche Bank & DZ Bank as Joint ESG Structuring Coordinators & BNP Paribas, Crédit Agricole CIB, Deutsche Bank, DZ Bank, LBBW & Nordea as Joint Lead Managers for its upcoming inaugural €600m (wng), 10yr, European Green Bond ‘EuGB’ LSA format. The transaction will be launched in the near future, subject to market conditions. The target market for the bonds are retail, professional & eligible counterparties, each as defined in MiFID II & UK MiFIR product governance (all channels for distribution of the Bonds are appropriate).
• 16th September: Watercare Services Limited (exp. Issue rating of Aa3 by Moody’s), mandated Citi, HSBC, MUFG & Société Générale as Joint Lead Managers to arrange a series of fixed income investor meetings commencing on 17th of September. Citi is coordinating logistics for Amsterdam, Frankfurt & London, Société Générale is coordinating logistics for Paris. An inaugural 7yr € benchmark, fixed rate, senior secured Reg S transaction may follow, subject to market conditions. 

Transaction Details

PRICED: Heidelberg Materials €500m 2yr Sr Unsec FRN; 3mE+45bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: 3mE+45bp / 100

Spread set at: 2yr: 3mE+45bp

• Issuer: Heidelberg Materials AG (HEIGR)
• Size: €500m
• Maturity: 25-Sep-28
• Reoffer Price: 100
• Coupon: 3mE+45 (0% floor, quarterly, act/360)
• Exp. Ratings: BBB (S&P)
• Format: Reg S, bearer, senior unsecured
• CoC: 101
• UOP: GCP
• Settlement: 25-Sep-26 (T+6)
• Denoms: 100k
• ISIN: XS3516372854
• Bookrunners: BNPP, DB
• FIGI: BBG025751KJ1
• Industry: Building Materials (BCLASS)
• Day Cnt: Act/360
• Iss Price: 100
• Pricing Date: 17-Sep-26
• Interest Accrual Date: 25-Sep-26
• 1st Settle Date: 25-Sep-26
• 1st Coupon Date: 25-Dec-26
• Exchange: Luxembourg

PRICED: Danske Bank A/S CHF 110m 8NC7 SP; SARON MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 8NC7: SARON MS+70 / 100 / 1.3975%
Benchmark: 8NC7: Govt.+92

Launched: 8NC7: CHF 110m @ SARON MS+70

• Issuer: Danske Bank A/S (Ticker: DANBNK)
• Issuer Domicile: Denmark
• Format: Fixed Rate Resetting Senior Callable Notes
• Status: Direct, unconditional, unsubordinated and unsecured Preferred Senior Notes
• Issuer Rating: A1 (Stable, Moody's) / A+ (Positive, S&P) / AA (Stable, Fitch)
• Instrument Rating (exp): A1 (Moody's) / A+ (S&P) / AA (Fitch)
• Issue Size (in mm): CHF 110mm
• Coupon: 1.3975% p.a., prior to the Call Date
  Thereafter: If Call Option is not exercised, a reset fixed rate of interest per annum determined as the sum of the prevailing 1-year CHF SARON Mid-Swap Rate plus the Margin, payable annually in arrear.
• Settlement Date: 29-Sep-26
• Call Date: 29-Sep-33
• Maturity Date: 29-Sep-34
• Issue Price: 100.000%
• Spread/Yield: SARON MS +70.0 // YTC 1.3975% // Govt.+92
• ISIN / Security Number: CH1598620131 / 159862013
• Lead Manager(s): UBS / Danske Bank
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Off the Issuer’s EUR 35bn Euro Medium Term Programme dated 20-Mar-26, as supplemented.
• FinSA Prospectus: Delayed prospectus approval in accordance with art. 51(2) FinSA
• Governing Law: English law, except for Condition 5 (Status of the Notes), Condition 11.2 (Early re-demption for tax reasons), Condition 11.3 (Early redemption upon the occurrence of a Capital Event), Condition 11.4 (Early redemption upon the occurrence of a MREL Disqualification Event), Condition 16 (Enforcement Events) and Condition 25.6 (Acknowledgement of Danish Statutory Loss Absorption Powers), which shall be governed by, and shall be construed in accordance with, Danish law
• Covenants: Pari passu as outlined in Condition 5.1
• SIX Listing: 25-Sep-26
• Denomination: CHF 200,000 and multiples thereof
• Target Market: Eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID.
• Sales Restrictions: As set out under the EMTN Programme

PRICED: Danske Bank €750m 5NC4 SNP; MS+65bp

IGC European Market: Deal Flow - General

Reoffer: 5NC4: MS+65bp / 99.569 / 4.119%
Benchmark: 5NC4: DBR 0 Aug-30 @ 88.3 / B+87.6bp / HR 109%

5NC4: Final Books above €1.5bn. Peak book above €2.4bn (pre-reconciliation) (excl. JLMs)

Launched: 5NC4: €750m @ MS+65bp - Books above €2.4bn (excl. JLMs, pre-rec)
Book Update: Books above €1.5bn
IPTs: 5NC4: MS+95a

• Issuer: Danske Bank A/S (Ticker: DANBNK)
• Issuer Ratings: A1 (Stable)/A+ (Positive)/AA (Stable) (Moody's/S&P/Fitch)
• Exp. Issue Ratings: A3/A-/A+ (Moody's/S&P/Fitch)
• Status: Direct, unconditional and unsecured Non-Preferred Senior Notes intended to constitute MREL Eligible Liabilities (see Condition 5.2 in the Base Prospectus).
• Format: Reg S, Bearer, Classic Global Notes
• Issue Date: 17-Sep-26
• Settlement: 24-Sep-26 (T+5)
• Maturity: 24-Sep-31 (5y)
• Call Option: 24-Sep-30 (4y)
• Issue Size: €750m
• Reoffer: MS+65bp / 99.569 / 4.119%
• Benchmark: DBR 0 Aug-30 @ 88.3 / B+87.6bp / HR 109%
• Coupon: 4.00% Fixed, Annually, Act/Act ICMA. If Call Option not exercised, a reset fixed rate of interest per annum determined as the sum of the prevailing 1-year € Mid-Swap Rate plus the Margin, payable annually in arrear.
• Early Redemption: The Notes may be redeemed at par (plus accrued and unpaid interest) in case of: i. MREL Disqualification Event: Disqualification in whole or in part of the Notes as 'eligible liabilities' as result of the implementation of, or change in, any Applicable MREL Regulations ii. Tax reasons: Obligation for the Issuer to pay additional amounts.
• Events of Default/Set-off: None
• Substitution and Variation: Yes. See Base Prospectus.
• Denoms: €100k + €1k
• Listing/Clearing: The Irish Stock Exchange plc, trading as Euronext Dublin/Euroclear
• Governing Law: English Law, except for certain conditions, which will be under the Danish Law. See the Base Prospectus
• Documentation: Issuer's €35bn Euro Medium Term Note Programme dated 20-Mar-26, as supplemented.
• Use of Proceeds: General Business Purposes.
• Joint-Lead Manager(s): ABN, Barclays, Danske Bank (B&D), NatWest and UniCredit.
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID or UK PRIIPs key information document (KID) has been prepared as not eligible for retail.
• ISIN: XS3517355387
• Timing: Priced. TOE 15:05 CET / FTT 15:30 CET
• Advertisement: Base Prospectus and supplements available at: https://danskebank.com/investor-relations/debt/funding-programmes?section=EMTN, final terms to be available at: https://danskebank.com/investor-relations/debt/debt-issues

Senior Non-Preferred
NC4yr (Sep 2030) @ MS+95a
Implied Spread for fresh NC4yr @ MS+60
Priced at MS+65
NIC of +5

PRICED: Bank of Ireland Group €750m 10.5NC5.5 T2; MS+130bp

IGC European Market: Deal Flow - General

Reoffer: 10.5NC5.5: MS+130bp / 99.965 / 4.763%
Benchmark: 10.5NC5.5: DBR 0 15-Feb-32 @ 83.88 / B+145.6bp / HR 108%

10.5NC5.5: Final Books €5.8bn

Launched: 10.5NC5.5: €750m @ MS+130bp - Books €4.6bn+ (pre-rec)
Book Update: Books >€2bn
IPTs: 10.5NC5.5: MS+160a

• Issuer: Bank of Ireland Group plc
• Ticker: BKIR
• LEI: 635400C8EK6DRI12LJ39
• Issuer Rating: A2(Stable)/ A-(Stable) (Moody's/Fitch)
• Expected Ratings: Baa1/BBB (Moody's/Fitch)
• Rating Split: Issuer: A2(Stable)/ A-(Stable) (Moody's/Fitch), Issue: Baa1/BBB (Moody's/Fitch)
• Securities: 10.5NC5.5 Fixed Rate Reset Subordinated Tier 2 Notes
• Status / Ranking: Dated Subordinated Notes – Condition 3(c) applies
• Format: Reg S, Registered
• Currency / Size: €750m
• Reoffer: MS+130bp / 99.965 / 4.763%
• Benchmark: +145.6bp vs DBR 0 15-Feb-32 (px 83.88). HR 108%
• Pricing Date: 17-Sep-26
• Settlement: 24-Sep-26 (T+5)
• Maturity: 24-Mar-37
• Reset Date: 24-Mar-32
• Optional Redemption: Any day falling in the period commencing on (and including) 24-Dec-31 and ending on (and including) the Reset Date
• Coupon: 4.750% per cent. per annum up to (but excluding) the Reset Date, payable in arrear on each Interest Payment Date up to (and including) the Reset Date. Thereafter, the interest rate will reset to the sum of the Reset Reference Rate and the Reset Margin,
• Interest Payment Dates: 24 March in each year from (and including) 24-Mar-27 up to (and including) the Maturity Date (short first)
• Day Count Fraction: Actual/Actual (ICMA)
• Waiver of Set-off and Netting: Applicable
• Events of Default: Events of Default per Condition 10
• Redemption following a Capital Event: Applicable (full or partial exclusion) at par – Condition 6(e) applies
• Redemption following a Tax Event: Applicable at par - Condition 6(b) applies
• Redemption due to a Loss Absorption Disqualification Event: Applicable (full or partial exclusion) at par – Condition 6(g) applies
• Clean-Up Call: Applicable at par – Condition 6(d) applies. Clean-up Call Threshold percentage: 75%
• Substitution and Variation: Applicable (upon the occurrence of a Tax Event or a Capital Event, or in order to ensure the effectiveness and enforceability of Condition 18(c)) – Condition 6(n) applies
• Acknowledgement of Irish Statutory Loss Absorption Powers: Applicable – Condition 18(c) applies
• Use of Proceeds: The Notes are intended to be issued as Sustainable Notes and an amount equal to the net proceeds will be used by BOI for the purposes of financing and/or refinancing Eligible Assets as described in the Issuer’s Green Bond Framework, which is available on the website of the Issuer alongside the Second Party Opinion. The Issuer’s Green Bond Framework, the Second Party Opinion and the contents of the Issuer’s website do not form part of this document or the Base Prospectus and are not incorporated by reference in this document or the Base Prospectus
• Documentation: Bank of Ireland Group plc’s €25,000,000,000 Euro Note Programme - Base Prospectus dated 15-Oct-25 as supplemented on 29-Oct-25, 25-Mar-26 and 14-Sep-26. Defined terms used and not defined in this Term Sheet have the meanings given in the section of the Base Prospectus “Terms and Conditions of the Notes” (the “Conditions”, and references to a particularly numbered “Condition” should be read accordingly). This Term Sheet should be read together with, and is qualified in its entirety by, the Conditions
• Listing: Irish Stock Exchange Regulated Market (Euronext Dublin)
• Selling Restrictions: Reg S, Cat 2; TEFRA not applicable. Other selling restrictions apply as set out in the Base Prospectus
• Denominations: €100k + €1k
• Governing Law: Irish Law
• Fee: The Joint Lead Managers will be paid a fee in connection with the transaction. Details of the fee may be available to investors upon request
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in the EEA or in the UK
• Advertisement: The Base Prospectus dated 15-Oct-25 and Supplement dated 29-Oct-25, 25-Mar-26 and 14-Sep-26 are, and the Final Terms, when published, will be available at https://investorrelations.bankofireland.com/e25bn-euro-note-programme/ and https://live.euronext.com/en/product/bonds-detail/25059/documents
• Stabilisation: FCA / ICMA stabilisation applies
• Joint Bookrunners: BofA Securities, Davy, HSBC, J.P. Morgan, Morgan Stanley, UBS Investment Bank (B&D)
• ISIN: XS3513205594
• Timing: Priced. ToE: 14:25 UKT | 13:25 CET FTT 14:50 UKT | 15:50 CET

PRICED: Toyota Motor Credit €750m 6.5yr Sr Unsec; MS+78bp

IGC European Market: Deal Flow - General

Reoffer: 6.5yr: MS+78bp / 99.737 / 4.251%
Benchmark: 6.5yr: DBR 2.3 15-Feb-33 TWIN @ 94.025 / B+90.0bp

Tranche 1 (6.5yr): Final Books in excess of €2bn. Peak book over €2.2bn

Launched: 6.5yr: €750m @ MS+78bp - Books over €2.2bn
IPTs: 6.5yr: MS+105-110bp

• Issuer: Toyota Motor Credit Corporation (Ticker: TOYOTA | Country: US)
• Credit Support Providers: Toyota Motor Corporation, Toyota Financial Services Corporation
• Issuer LEI: Z2VZBHUMB7PWWJ63I008
• Issuer Ratings: A1 (Stable) / A+ (Stable) / A+ (Stable) (Moody's/S&P/Fitch)
• Exp. Issue Ratings:* A1 / A+ / A+ (Moody's/S&P/Fitch)
• Ranking: Senior Unsecured
• Format: EMTN Programme (Reg S, Category 2; Registered, NSS)
• Settlement: 24-Sep-26 (T+5)
• Currency: €
• Size: €750m
• Maturity Date: 24-Mar-33
• Tenor: 6.5 year
• Re-offer: MS+78 / 4.251% / 99.737
• Reference Benchmark: 90.0bps vs DBR 2.3 15-Feb-33 TWIN (@94.025 / 3.351%) HR: 102%
• Coupon: 4.2% Fixed, Annual, ACT/ACT (ICMA) (short first coupon)
• Business Days: TARGET, New York, and London
• Documentation: The Issuer's €60,000,000,000 EMTN Programme (Base Prospectus dated 11-Sep-26)
• Governing Law: English law – the Notes and EMTN Programme Documents / Japanese law – Credit Support Agreements
• Listing: London Stock Exchange, Main Market
• Denoms: €1k + €1k
• Target Market: The MiFID II target market for the Notes is eligible counterparties, professional clients and retail clients, each as defined in MiFID II. The UK MiFIR target market for the Notes is eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (COBS), professional clients, as defined in point (8) of Article 2(1) of UK MiFIR and retail clients (where, for these purposes, a retail client means a client who is not a professional client). All channels for distribution of the Notes to eligible counterparties and professional clients are appropriate; and the following channels for distribution of the Notes to retail clients are appropriate – investment advice, portfolio management, non-advised sales and pure execution services – subject to the distributor’s suitability and appropriateness obligations under MiFID II or COBS, as applicable. The targeted investors are expected to have (1) at least basic knowledge and/or experience with financial products, (2) the ability to bear losses resulting from interest rate changes and no capital loss bearing capacity if held to maturity, (3) a low risk profile, (4) a general capital formation/ asset optimisation as investment objective, and (5) a long term investment horizon. No EEA PRIIPs key information document (KID) or UK CCI product disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared.
• Stabilisation: Relevant stabilisation regulations including FCA/ICMA apply
• Clearing: Euroclear / Clearstream, Luxembourg
• Optional Redemption: None (other than for tax reasons)
• Use of Proceeds: General corporate purposes
• Selling Restrictions: As set out in the Issuer's €60,000,000,000 EMTN Programme Base Prospectus dated 11-Sep-26. Non-exempt offers to the public in Austria, Germany, Luxembourg, Norway, the Netherlands and Ireland from “passporting” and publication of the Final Terms, expected to be published on 22-Sep-26, to 24-Sep-26. Elsewhere in the EEA, offers to qualified investors (as defined in the Prospectus Regulation) only and no action has been or may be taken to permit a public offer. Public Offers and Admissions to Trading Regulations: Offer conditional on admission to trading on the London Stock Exchange plc’s main market: The Issuer has authorised the making of offers to the public in the UK from and including 22-Sep-26 to 24-Sep-26 by authorised persons only. US - Regulation S, Category 2, TEFRA not applicable, not 144A eligible
• Active Bookrunners: BNPP / CA-CIB (B&D) / IMI - Intesa Sanpaolo / SocGen / UniCredit
• ISIN / Common Code: XS3511196753 / 351119675
• Timing: TOE 15:29 UKT | FTT 15:50 UKT

6.5yr (Mar 2033) @ MS+105-110
Implied Spread for fresh 6.5yr @ MS+77
Priced at MS+78
NIC of +1 

PRICED: Banque Fédérative du Crédit Mutuel €2.25bn 4NC3 & 8NC7 SNP FXD/FRN; MS+80bp & MS+120bp

IGC European Market: Deal Flow - General

Reoffer: 4NC3: MS+80bp / 99.953 / 4.267% 8NC7: MS+120bp / 99.725 / 4.672%
Benchmark: 4NC3: DBR 0% Aug-29 @ 91.22 / B+104.6bp 8NC7: DBR 2.60% Aug-33 @ 95.28 / B+129.4bp

Tranche 1 (4NC3): Final Books €5.8bn. Peak book above €5.8bn excl. JLM (pre-rec)
Tranche 2 (8NC7): Final Books €6.2bn. Peak book above €6.4bn excl. JLM (pre-rec)

Launched:
4NC3: €1.25bn @ MS+80bp - Books above €5.8bn excl. JLM (pre-rec)
8NC7: €1bn @ MS+120bp - Books above €6.4bn excl. JLM (pre-rec)
Spread set at: 4NC3: MS+80bp - Books above €5.2bn excl. JLM (pre-rec) 8NC7: MS+120bp - Books above €5.7bn excl. JLM (pre-rec)
Book Update: Books in excess of €5.75bn+ (excl. JLM)
IPTs: 4NC3: MS+110a 8NC7: MS+150a

• Issuer: Banque Fédérative du Crédit Mutuel ("BFCM")
• LEI: VBHFXSYT7OG62HNT8T76
• Status of Notes: The Notes are Senior Non-Preferred Notes (save for statutorily preferred exceptions)
• Format: Reg S, Dematerialised Notes in Bearer form (au porteur)
• Issuer Ratings: A1 (Moody's) / A+ (S&P) / AA- (Fitch Ratings)
• Expected Notes Ratings: A3 (Moody's) / A- (S&P) / A+ (Fitch Ratings)
• Tenor:
  • 4NC3: 4NC3
  • 8NC7: 8NC7
• Settlement Date: 28-Sep-26 (T+7)
• Optional Redemption Date:
  • 4NC3: 28-Sep-29
  • 8NC7: 28-Sep-33
• Maturity Date:
  • 4NC3: 28-Sep-30
  • 8NC7: 28-Sep-34
• Size:
  • 4NC3: €1.25bn
  • 8NC7: €1bn
• Reoffer:
  • 4NC3: MS+80bp / 4.267% / 99.953
  • 8NC7: MS+120bp / 4.672% / 99.725
• Benchmark:
  • 4NC3: DBR 0% Aug-29 @ 91.22 / B+104.6
  • 8NC7: DBR 2.60% Aug-33 @ 95.28 / B+129.4
• ISIN:
  • 4NC3: FR001401B4Q9
  • 8NC7: FR001401B4S5
• Coupon:
  • 4NC3: 4.25% Fixed, Annual
  • 8NC7: 4.625% Fixed, Annual
• Fixed Rate Coupon Payment Dates/Specified Interest Payment Dates: The Notes will bear interest at the Fixed Rate Interest, payable annually in arrear on 28 September in each year commencing on 28-Sep-27 up to and excluding the Optional Redemption Date.
• Fixed Rate Coupon Day Count Fraction: Actual/Actual (ICMA) until Optional Redemption Date
• Floating Coupon/Interest Amount:
  • 4NC3: 3-month EURIBOR + 0.8% per annum
  • 8NC7: 3-month EURIBOR + 1.2% per annum
• Floating Rate Coupon Specified Interest Payment Dates: Quarterly every 28 March, 28 June, 28 September and 28 December starting from the Optional Redemption Date to the Maturity Date
• Floating Rate Coupon Day Count Fraction: ACT/360 between the Optional Redemption Date and the Maturity Date
• Business Day Convention: Following Business Day Convention
• Business Days for Payment: T2
• Specified Denominations: €100k + €100k
• Governing Law: French Law
• Listing: Euronext Paris
• Clearing System: Euroclear France
• Joint Lead Managers: CIC (B&D), Deutsche Bank, Societe Generale, UBS
• Documentation: Issued under the BFCM EMTN Programme's Base Prospectus dated 17-Jul-26 (as supplemented from time to time) and the Final Terms of the Notes
• Advertisement: The Base Prospectus, dated 17-Jul-26 (as supplemented on 18-Aug-26), as well as the Final Terms (when published) are available at https://investors.bfcm.creditmutuel.fr/bfcm-programs/standard-programs
• Target Market: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs key information document (KID) or CCI product summary has been prepared as not available to retail in the EEA and in the UK
• MiFID II Co-Manufacturers: Joint Lead Managers and Issuer
• UK MIFIR Manufacturer: Societe Generale
• Selling Restrictions: Reg S (no communications with or into the U.S., no sales into Canada) Category 2, UK, France, Japan, Hong Kong, PRC, Belgium. No sales of Notes to EEA and UK Retail Investors; TEFRA Not Applicable
• Acknowledgement of Bail-In and Write-Down or Conversion Powers: Applicable
• Waiver of Set-Off: Applicable
• MREL or TLAC Disqualification Event in respect of Senior Non-Preferred Notes: Applicable (no redemption at the option of the Issuer will be permitted before one (1) year after the Issue Date of such Senior Non-Preferred Notes or such Senior Non-Preferred Notes, except in accordance with the Relevant Rules)
• Negative Pledge: None
• Cross Default: None
• Events of Default in respect of Senior Non-Preferred Notes: No Events of Default in respect of Senior Non-Preferred Notes
• Timing:
  • 4NC3: TOE 15.42 UKT / 16.42 CET
  • 8NC7: FTT 16.00 UKT / 17:00 CET

Senior Non-Preferred
NC3yr (Sep 2029) @ MS+110a
Implied Spread for fresh NC3yr @ MS+85
Priced at MS+80
NIC of -5

Senior Non-Preferred
NC7yr (Sep 2033) @ MS+150a
Implied Spread for fresh NC7yr @ MS+125
Priced at MS+120
NIC of -5

PRICED: Crédit Agricole €750m PerpNC5 AT1; 6.4%

IGC European Market: Deal Flow - General

Reoffer: PerpNC5: 6.4% / 100

Tranche 1 (PerpNC5): Peak book above €7.5bn (pre-rec) (ca. 325 participating accounts)

Launched: PerpNC5: €750m @ 6.4% - Books above €7.5bn (pre-rec) (ca. 325 participating accounts)
Book Update: Books above €5.5bn
IPTs: PerpNC5: 7%a coupon (qtr. payment basis) equiv. 7.186% annualized

• Issuer: Crédit Agricole S.A.
• Legal Entity Identifier: 969500TJ5KRTCJQWXH05
• Instrument: Perpetual Non-Call 5 year Fixed Rate Resettable Additional Tier 1 Notes
• Issuer Ratings: Moody's: A1 (Stable), S&P: A+ (Stable), Fitch: AA- (Stable).
• Expected Issue Ratings: Baa3 by Moody’s, BBB- by S&P and BBB by Fitch
• Rating Split: Issuer: A1/A+/AA- (Moody's/S&P/Fitch), Issue: Baa3/BBB-/BBB (Moody's/S&P/Fitch)
• Form of the Notes: Bearer dematerialised form (au porteur).
• Status of the Notes: Direct, unconditional, unsecured and deeply subordinated obligations of the Issuer
• Size: €750m
• Pricing Date: 17-Sep-26
• Settlement Date: 23-Sep-26 – T+4
• Reoffer: 100% / 6.4% (quarterly) / 6.555% (annual) / Reset: 308.5bps
• Rate of Interest: Fixed rate of 6.4% per annum, non-cumulative, payable quarterly, until the First Reset Date and thereafter reset every 5 years to the aggregate of the Margin plus the then 5-year Mid-Swap Rate, calculated on an annual basis and then converted to a quarterly rate. In no event shall the Rate of Interest be less than zero
• Interest Payment Dates: Quarterly on 23 December, 23 March, 23 June and 23 September in each year commencing on 23-Dec-26
• First Reset Date: 23-Sep-31
• Margin: 308.5bps. per annum.
• Subsequent Reset Dates: 23-Sep-36 (i.e. the Second Reset Date) and every Interest Payment Date that falls on or about 5, or a multiple of 5, years after 23-Sep-36.
• Issuer Call: First Reset Date, and any Reset Date thereafter
• Clean-Up Redemption Option: Applicable with Clean-up Percentage set at 75 per cent, subject to conditions as per the Terms and Conditions of the Base Prospectus
• Other applicable Redemption and Purchase options: The Notes may be redeemed in case of Withholding Tax Event, Gross-Up Event, Tax Deductibility Event, MREL/TLAC Disqualification Event, Capital Event, all as defined in the Terms and Conditions of the Base Prospectus. All calls exercisable at the Current Principal Amount. All call exercises subject to conditions as per the Terms and Conditions of the Base Prospectus.
• Negative Pledge, Events of Default, Set-Off: None and Not Applicable. Waiver of Set-Off rights included
• Acknowledgement of Statutory Loss Absorption Powers: Applicable.
• Cancellation of Interest Amount: The Issuer may elect at its full discretion to cancel (in whole or in part) the Interest Amount otherwise scheduled to be paid on an Interest Payment Date notwithstanding that it has Distributable Items or that the Maximum Distributable Amount of the Crédit Agricole Group and the Maximum Distributable Amount of the Crédit Agricole S.A. Group are greater than zero. The Issuer will cancel the payment of an Interest Amount (in whole or, as the case may be, in part) if the Relevant Regulator notifies the Issuer that, in accordance with Applicable Banking Regulations, it has determined that the Interest Amount (in whole or in part) should be cancelled based on its assessment of the financial and solvency situation of the Issuer. Cancellation of any such Interest Amount shall not constitute an event of default and shall not entitle the holders of the Notes to petition for the insolvency or dissolution of the Issuer.
• Loss Absorption: If a Capital Ratio Event occurs, the Issuer shall, (i) immediately notify the Relevant Regulator of the occurrence of such Capital Ratio Event and, (ii) within one month from the occurrence of the relevant Capital Ratio Event, on a pro rata basis with the other Deeply Subordinated Notes and any other Loss Absorbing Instruments, irrevocably (without the need for the consent of the holders of the Notes) reduce the then Current Principal Amount of each Note (and any interest due under the Notes on a prior Interest Payment Date but not paid) by the relevant Write Down Amount. Where “Capital Ratio Event” will be deemed to have occurred if, at any time, (i) the Crédit Agricole S.A. Group’s CET1 Capital Ratio falls or remains below 5.125%, or (ii) the Crédit Agricole Group’s CET1 Capital Ratio falls or remains below 7.0%, provided that a Capital Ratio Event shall be deemed not to have occurred as of a date of determination if a Capital Event has occurred and is then continuing, but only to the extent that the Notes are fully excluded from the Tier 1 Capital of the Crédit Agricole S.A. Group and/or the Crédit Agricole Group.
• Return to Financial Health: Subject to compliance with the Applicable Banking Regulations, if a positive Consolidated Net Income of the Crédit Agricole S.A. Group is recorded at any time while the Current Principal Amount of the Notes is less than their Original Principal Amount, the Issuer may, at its full discretion and subject to the Relevant Maximum Distributable Amount (when aggregated together with any other distributions of the kind referred to in Article 141(2) of the CRD Directive or any other similar provision of Applicable Banking Regulations and/or Applicable MREL/TLAC Regulations that are subject to the same limit) not being exceeded thereby, increase the Current Principal Amount of each Note up to a maximum of its Original Principal Amount, on a pro rata basis with the other Deeply Subordinated Notes and with any other Discretionary Temporary Write‑Down Instruments, provided that the sum of: the aggregate amount of the relevant Reinstatement on all the Notes; and the aggregate amount of any Interest Amounts (or portion of an Interest Amount) on the Notes that were calculated or paid on the basis of a Current Principal Amount that is lower than the Original Principal Amount at any time after the end of the previous financial year, does not exceed the Maximum Write‑Up Amount (as defined below). No Reinstatement may take place when a Capital Ratio Event has occurred and is continuing or if the Reinstatement (together with all simultaneous reinstatements of other Discretionary Temporary Write‑Down Instruments) would cause a Capital Ratio Event to occur. Reinstatement may be made on one or more occasions until the Current Principal Amount of the Notes has been reinstated to the Original Principal Amount (save in the event of occurrence of another Loss Absorption Event). The “Maximum Write‑Up Amount” means (a) the greater of (i) zero and (ii) the product of the Relevant Consolidated Net Income and the aggregate Original Principal Amount of all Written‑Down Additional Tier 1 Capital Instruments then outstanding, divided by (b) the Relevant Total Tier 1 Capital as at the date of the relevant Reinstatement.
• Selling Restrictions: The offer and sale of Notes will be subject to selling restrictions in various jurisdictions, in particular, those of the EEA, the UK, Belgium, the United States of America, Japan, Hong Kong, the People’s Republic of China, Australia, Canada, Taïwan, Singapore and Korea. See section “Subscription and Sale” of this Base Prospectus.
• U.S. Selling Restrictions: Reg. S Compliance Category 2; TEFRA not applicable.
• Singapore Sales to Institutional Investors and Accredited Investors only: Applicable
• Listing: Euronext Paris (regulated market).
• Governing Law: French law.
• Sole Bookrunner and Structuring Advisor: Crédit Agricole CIB (B&D)
• Joint Lead Managers (No Books): A group is being formed
• Fiscal Agent and Paying Agent: Uptevia
• ISIN: FR001401B072
• Documentation: The terms set out in this Term Sheet are subject entirely to the terms and conditions set forth in the final terms (referred to in this Term Sheet as the “Final Terms”) to be dated on or about the Issue Date and the Base Prospectus dated 2-Apr-26 and any supplement thereto, in connection with the Euro Medium Term Note Programme (the “Base Prospectus”, together with the Final Terms, the “Notes Documentation”). For the avoidance of doubt, any references to the Terms and Conditions of the Notes refer to the part titled as such in the Base Prospectus. Any Notes, if purchased by you, will be evidenced solely by the Notes Documentation, which supersedes and replaces the information set out in this Term Sheet. Capitalised terms not specifically defined in this Term Sheet shall have the meanings given to them in the Notes Documentation.
• Advertisement: The Base Prospectus and any supplements are available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (Crédit Agricole S.A. - Wholesale Bonds Issues | Crédit Agricole (credit-agricole.com). The Final Terms, when available, will be also published on the website of the AMF (http://www.amf-france.org/en) and on the website of the Issuer (Crédit Agricole S.A. - Wholesale Bonds Issues | Crédit Agricole (credit-agricole.com).
• Timing: Priced - TOE 15.50 UKT // FTT 16.15 UKT / 17.15 CET

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• Details correct at time of posting