Commentary & Deal Flow

Reoffer: 4yr: MS+70bp / 99.845 / 4.168% 7yr: MS+110bp / 99.559 / 4.575%
Benchmark: 4yr: OBL 2.2 30 #192 @ 96.4 / B+98.7bp 7yr: DBR 2.6 Aug-33 @ 95.76 / B+127.1bp

Tranche 1 (4yr): Final Books > €1bn. Peak book > €1.9bn
Tranche 2 (7yr): Final Books > €1.2bn.

Launched: 4yr: €500m @ MS+70bp - Books > €1.9bn 7yr: €500m @ MS+110bp - Books > €1.2bn
IPTs: 4yr: MS+100a 7yr: MS+125a

• Issuer: Réseau de Transport d'Electricité (Ticker: RTEFRA, Country: FR)
• Issuer LEI: 969500JRJW0K2ET1UP76
• Issuer Rating: A- stable by S&P
• Issue Rating (expected): A- by S&P
• Form of notes: Senior Unsecured, Reg S Bearer, Dematerialised Green Notes
• Pricing Date: 21-Oct-26
• Settlement Date: 28-Oct-26 (T+5)
• Maturity Date:
  • 4yr: 28-Oct-30 (4-year Fixed)
  • 7yr: 28-Oct-33 (7-year Fixed)
• Issue Size:
  • 4yr: €500m
  • 7yr: €500m
• Re-offer:
  • 4yr: ms+70 bps | 4.168% | 99.845
  • 7yr: ms+110 bps | 4.575% | 99.559
• Coupon:
  • 4yr: 4.125% Fixed, Annual, Act/Act ICMA
  • 7yr: 4.500% Fixed, Annual, Act/Act ICMA
• Benchmark:
  • 4yr: HR 101% vs OBL 2.2 30 #192 (96.400 bid) + 98.7bps
  • 7yr: HR 100% vs DBR 2.6 Aug-33 (95.760 bid) + 127.1bps
• Par-Call:
  • 4yr: 2-month
  • 7yr: 3-month
• Make Whole Call:
  • 4yr: B+15
  • 7yr: B+20
• ISIN:
  • 4yr: FR001401BU89
  • 7yr: FR001401BU97
• Documentation: EMTN Programme dated 2-Jul-26 and supplemented on 19-Oct-26 / Euronext Paris / French Law / Clean-up call (80%) / €100k + 100k / MWC (Bund)
• Use of Proceeds: Financing or refinancing of Eligible Green Projects (as defined in the section "Use of Proceeds" of the Base Prospectus) and more fully described in the issuer's Green Financing Framework dated November 2021. Both documents are available on the Issuer's website https://www.rte-france.com/en/finance/key-figures-financial-publications#EMTNprogram
• Active Bookrunners: Barclays (B&D), BNP Paribas, CIC CIB, Crédit Agricole CIB, Natixis, NatWest, SMBC, Société Générale
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restrictions: As set out in the Base Prospectus dated 2-Jul-26
• Advertisement: The Base Prospectus is available at www.amf-france.org and the Final Terms when published will be available at www.amf-france.org and on the issuer's website (https://www.rte-france.com/)
• Investor Presentation: https://assets.rte-france.com/prod/public/2026-10/2026-10-20-credit-update-october-2026.pdf
• TOE:
  • 4yr: 16h16 CET
  • 7yr: 16h17 CET
• FTT: 15h45 UKT / 16h45 CET