Commentary & Deal Flow

Tranche 1 (Long 9yr): Final Books in excess of €890m. Peak book in excess of €930m (incl. €50m JLM)
Reference Benchmark: FRTR 3.5 25-Nov-35 / HR 102%
Hedge Deadline: 13.25 CET / 12.25 UKT

Launched: Long 9yr: €500m @ OAT+19bp - Books in excess of €930m (incl. €50m JLM)
Guidance: Long 9yr: OAT+22a

• Issuer: SNCF SA
• Ticker: SNCF Govt
• LEI: 969500A4MXJ3ESPHK698
• Rating: A1/A/A+ (Moody's/S&P/Fitch)
• Format: Senior Unsecured, Reg S Bearer dematerialised form (TEFRA not applicable)
• Current O/S: €500m
• Tap Size: €500m
• Coupon: 3.875% Fixed Annual, Act/Act (ICMA), Short first
• Settlement: 29-Sep-26 (T+5)
• Maturity: 17-Feb-36
• Spread Set: OAT 3.50% 25-Nov-35 + 19bp
• Law/List/Denoms: French / Euronext Paris / 100k+100k
• Bookrunners: Barclays / BofA Securities (B&D/DM) / J.P. Morgan / La Banque Postale / Societe Generale
• 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 / UK MiFIR)
• UoP: To finance Green eligible investments in line with SNCF SA's Green Securities framework
• ISIN: FR0014017XI3 (immediately fungible)
• Timing: Books open / Today's business
• Books to close: 11h00 UKT / 12h00 CET
• Hedge Deadline: 13.25 CET / 12.25 UKT