Commentary & Deal Flow

IPTs: 18m: 3mE+55/60bp 5yr: MS+90/95bp 9yr: MS+120/125bp

• Issuer: Danone
• Issuer LEI: 969500KMUQ2B6CBAF162
• Issuer Ratings: Baa1 (Stable) / BBB+ (Stable) (Moody's / S&P)
• Exp Issue Ratings: Baa1 / BBB+ (Moody's / S&P)
• Format: Senior Unsecured, Reg S (CAT 2), Bearer Dematerialized Notes
• Joint Active Bookrunners: Credit Agricole CIB, HSBC, ING, MUFG, Natixis
• Pricing Date: 21-Sep-26
• Settlement Date: 28-Sep-26 (T+5)
• Issue Size:
  • 18m: €500m Expected
  • 5yr: €500m Expected
  • 9yr: €500m Expected
• Issue Type:
  • 18m: 18-Month FRN
  • 5yr: 5-Year Fixed
  • 9yr: 9-Year Fixed
• Maturity Date:
  • 18m: 28-Mar-28
  • 5yr: 28-Sep-31
  • 9yr: 28-Sep-35
• IPTs:
  • 18m: 3mE+55/60bp
  • 5yr: MS+90/95bp
  • 9yr: MS+120/125bp
• Coupon:
  • 18m: Floating, Quarterly, ACT/360 (ICMA)
  • 5yr: Fixed, Annually, ACT/ACT (ICMA)
  • 9yr: Fixed, Annually, ACT/ACT (ICMA)
• Business Day Convention:
  • 18m: Modified Following, adjusted
  • 5yr: Following, unadjusted
  • 9yr: Following, unadjusted
• Par Call:
  • 18m: -
  • 5yr: 3-month
  • 9yr: 3-month
• Make whole Call:
  • 18m: -
  • 5yr: Yes (vs Bund)
  • 9yr: Yes (vs Bund)
• Reference Bund:
  • 18m: -
  • 5yr: DBR 0% 15-Aug-31 TWIN - DE0001102564
  • 9yr: DBR 2.6% 15-Aug-35 - DE000BU2Z056
• Clean-up Call:
  • 18m: -
  • 5yr: Yes (75%)
  • 9yr: Yes (75%)
• Documentation: EMTN programme / Euronext Paris / French Law / Euroclear France / Change of Control (Put) / €100,000 + €100,000
• Use of Proceeds: General Corporate Purposes
• ISIN:
  • 18m: FR001401B3Y5
  • 5yr: FR001401B403
  • 9yr: FR001401B429
• B&D Bank:
  • 18m: ING
  • 5yr: Credit Agricole CIB
  • 9yr: Natixis
• Selling Restrictions: As per Base Prospectus dated 24-Mar-26
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), no disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK.
• Advertisement Language: The Base Prospectus and First Supplement are available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (https://www.danone.com/investors/debt-and-rating.html). The Final Terms, when available, will be published on the website of the Issuer (https://www.danone.com/investors/debt-and-rating.html).
• Timing: Books Open – Today's business