Commentary & Deal Flow

Reoffer: 3.1yr: MS+105bp / 99.999 / 4.648%
Benchmark: 3.1yr: DBR 0 15-Aug-29 @ 91.015 / B+133.4bp

Allocations out in the system
Launched: 3.1yr: €750m @ MS+105bp - Books subject 12.30 UKT / 13.30 CET
IPTs: 3.1yr: MS+135/140bp

• Issuer: Ford Motor Credit Company LLC
• Ticker: F
• Country: US
• Issuer Ratings (M/S/F): Ba1 (Stable) / BBB- (Negative) / BBB- (Stable)
• *Expected Issue Ratings (M/S/F) : Ba1 / BBB- / BBB-
• Format: SEC Registered EMTN
• Ranking: Senior Unsecured
• Currency: EUR
• Size: €750m
• Tenor: 3.1yr
• Maturity Date: 29-Oct-29
• Reoffer: MS+105bps / 99.999 / 4.648%
• Benchmark: DBR 0 15-Aug-29 +133.4bps @ 91.015 Price / HR 110%
• Coupon Type: 4.645% Fixed; Annual; ACT/ACT (ICMA), short first
• Optional Redemption: MWC (B+20)
• Settlement: 29-Sep-26 (T+4)
• Denominations: €100k x €1k
• Use of Proceeds: General corporate purposes
• Active Bookrunners: CACIB, DB (B&D), JPM, MS, SocGen
• Documentation: SEC Registered EMTN / NYSE Listing / NY Law
• Selling Restrictions: See the EMTN Programme Base Prospectus Supplement dated 30-Apr-26
• Sales Into Canada: No
• Clearing: Euroclear / Clearstream
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI product disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• LEI: UDSQCVRUX5BONN0VY111
• ISIN: XS3517381383
• TOE: 15:17 UKT