Commentary & Deal Flow

Reoffer: 4NC3: MS+105bp / 99.665 / 4.622%
Benchmark: 4NC3: OBL 2.5 Oct-29 @ 97.78 / B+133.9bp / HR 98%

4NC3: Final Books in excess of €1.75bn (excl. JLM). Peak book in excess of €1.75bn (pre-rec)

Launched: 4NC3: €750m @ MS+105bp - Orderbook in excess of €1.6bn pre-rec
Book Update: Books above €1bn excl JLM
IPTs: 4NC3: MS+120/125bp

• Issuer: La Banque Postale
• Issuer LEI: 96950066U5XAAIRCPA78
• Issuer Ratings: A2 (Moody's, Stable) / A (S&P, Stable) / A (Fitch, Stable)
• Expected Issue Ratings: Baa2 (Moody's, Stable) / BBB (S&P, Stable) / A- (Fitch, Watch Negative)
• Format: Senior Non-Preferred, Reg S category 2, Bearer Dematerialized deemed Registered (au porteur)
• Use of Proceeds: General Corporate Purposes
• Launch Date: 30-Sep-26
• Settlement Date: 8-Oct-26 (T+6)
• Tranche: 4NC3 FXD-to-FRN
• Maturity Date: 8-Oct-30
• Optional Redemption Date: 8-Oct-29 at par
• Size: €750m
• Reoffer: MS+105bp / 99.665 / 4.622%
• Benchmark: OBL 2.5 Oct-29 @ 97.78 / B+133.9bp / HR 98%
• Coupon: Fixed Annual, Actual/Actual. From the Issue Date to the Optional Redemption Date (excluded): 4.5% fixed rate, payable annually. From the Optional Redemption Date (included) to the Maturity Date: if not called on Optional Redemption Date: floating rate based on the 3-month EURIBOR plus 105 basis points, payable quarterly
• Waiver of Set-Off: No holder may at any time exercise or claim any Waived Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such holder. Each holder shall be deemed to have waived all Waived Set-Off Rights to the fullest extent permitted by applicable law in relation to all such actual and potential rights, claims and liabilities.
• Clean-up Call: Applicable, if, 75 per cent. or more in nominal amount of the Notes hitherto issued have been redeemed or purchased and cancelled
• Bail-in powers: In the event that the Autorité de contrôle prudentiel et de résolution (and/or any other authority entitled to exercise or participate in the exercise of the bail-in power from time to time) exercises write down and conversion powers in respect of the Notes in accordance with Article 48 of the BRRD II or any successor requirement, the principal amount of the Notes shall be written down on a permanent basis or converted to instruments qualifying as common equity tier 1 instruments in accordance with applicable MREL/TLAC Requirements.
• Denominations: €100k+100k
• Listing: Euronext Paris
• Governing Law: French law
• Documentation: Issued off the La Banque Postale's €20,000,000,000 Euro Medium Term Note Programme Base Prospectus dated 23-Apr-26, as supplemented on 19-May-26, 4-Aug-26 and 23-Sep-26.
• Advertisement: Base Prospectus dated 23-Apr-26 and its supplements are available on Base prospectus and supplements - La Banque Postale. Final Terms will be available on https://www.labanquepostale.com/en/investors/dette/bonds-and-final-terms.html
• Joint Lead Managers: BNP Paribas, Crédit Agricole CIB, La Banque Postale, Morgan Stanley (B&D), Natixis, UBS
• ISIN: FR001401BBR7
• Business Days: T2
• Target Market: EU MiFID product governance - Eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or the UK. No sales to retail clients in the EEA or the UK
• TOE: 15:26 CET
• FTT: 15:50 CET