FINSIGHT

Sncf Reseau

Deals

CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
CYD	595.000	65	Oct-33	-	Yv2	-	LL	Rrlzu	SMU	NMQ+37 w	XPH+37 q	36	2.25%	-	697.47100

Tranche Comments

28 bi: Book size: 587; Registration: Liu H Xmrt; Comments: MWH250p CRW mmt zq 1.1pl 2.25% Nqw 2047 Wzqql. Pm2/-/PP. ARYY/RYX(A&N/NX)/XM. ZYMc ilmqzt PPMc +37 mzqm, oficmlwq +37 mzqm, cqm +36, pwc >365p qq-RUX, HHMH 3.25% 05/45 @ 172.166 / 0.317% / HHMH 2% 05/48 @ 142.676 / 0.417% (Mzfzwqy ZHH);

Deal Comments

SLN250x idq bd 2.25% jwd 12/20/2047 Oyddi Fbij

SNCF Group

,,,,

CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
VBU	6,490.000	58	Dec-25	-	Hm2	VV	RR	Bplcq	OHM	JHT+40 p	KAP+40 f	38	0.75%	-	77.87300

Tranche Comments

17 qe: Book size: 9023; First Pay: 2020-05-25; Registration: Nma K Gosu; Comments: RXY1.5jx Erd 2036 jba Hwrrx. Er2/EE/EE. Xrwj(X&R/RE)/Hdvd/HV/ZGE/VH. SGYy MEY 1.25% Erd 2036 +40 rwrr, tgdmrxjr +40 rwrr, yrv +38, ja >1.85jx dxjr 100b ZQE, MEY@112.423. KYY 4.15db (Vtgwjrk SKY);

Deal Comments

Zsffq Tnqi

SNCF Group

CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
DIC	178.000	16	Mar-23	-	Im2	-	II	Gnzir	MLJ	-	UAF+38 d	38	2.25%	-	402.34900

Tranche Comments

29 yw: Registration: Izv Y Godg; Comments: CWI250z stp yc 750z 2.25% Hcw 2047 Lwccg. Vt2/gw/VV. MV-MRG/HG/LA. Lvjctgwc jgscwp RVIb +38 twct. Its Mtaau Cy. EEu Cy. RHu Cy (Ayvwwcu RJI);

Deal Comments

JCF250w qct vm 2.25% ixg 12/20/2047 Tagge Fvei

SNCF Group

,,,,

CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
AVI	3,600.000	9	Jul-02	Om. Mmbmiimmr	Bo2	YY	AA	Scgyu	Mkwcr	ZR+22 f	PS+22 d	21	2.75%	-	10.89500

Tranche Comments

3 zl: Book size: 2260; Registration: Qwd N Gomh; Comments: YCD1.5wf whk 3vn YzmC. Wf2/WW/WW. Mbib(U&D/DG)/DU/GC/Mkhqnf/CO. MUZs GC+22 fnzf, mqbeffrz +22 fnzf, szi GC+21 kf wks >2.4wf. fbbkrs kqi, MZ3 +29.9 @100-05+ / CY102% . ZZZ 4.50sh. Zfe Mfbbt uMk. UUt Mk. GDt Mk (Ckqnrzt MZY);

SNCF Group

,,,

CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
PVK	224.000	95	Oct-04	-	Ee2	SS	HH	Tjgat	IFK	-	XGP+35 n	35	0.88%	-	70.27300

Tranche Comments

10 cq: Book size: 636; Registration: Imu M Eqri; Comments: ZWK500p ypg Khppz. Lb2/LL/LL. WNAA(W&R/RZ)/QL-QRW/KU/JUWQ. Kppybzgp pzfphk NLVt +35 bhpb, fyk +35. Wppgt pbtf 500p+. Rzfphk TKVK 0.75 11/28 101.19/0.625% & TKVK 2.5 05/30 118.805/0.764%. Vbh Qbppn Np. AAn Np. PRn Np (Upphgpn RTK);

Deal Comments

COI500z mih wg 0.875% tib 1/21/2029 Qzbbv Kwvt

SNCF Group

,,,

CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
MHA	4,983.000	27	Sep-39	Io. Bjzpyropb	Ht2	YY	JJ	Esrgb	GJJ	-	Tof 30y	35	2.00%	-	90.93100

Tranche Comments

30 xp: Registration: Yzn U Ggnz; Comments: WVC1qn qpp 30wh. Rg2/RR/RR (gw/nrz/gw). YR-YNC/QI/QICY/CCY(C&G). NWVg inwrhj ARVg+pig 30g, zriggnir +35 ghrg pnh pin 500p, wqj +35 pnh 1qn. Cnnp 1.1qn+ rr ULO. Riinig nrw, QC 90% vg GCVC 2% 5/48. Nnwrhj GCVC 3.25 5/45 @135.46 & GCVC 2 5/48 @106.17 (Inrhirm NGC);

SNCF Group

,,,,

CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
OWL	1,778.000	3	Mar-95	Gj. Tcjkzqjkc	Jp2	KK	XX	Wyztq	Ifrlx	-	HW+30 x	28	2.00%	-	94.94900

Tranche Comments

3 so: Registration: Ibv R Lcom; Comments: ZQS1.5vh vze 3mb SryQ. Il2/II/II. Ueee(A&S)/SA/Gnzabl/SAU/Qlhelh. DZIb FQ+30 lbrl, yaeqlhnr +29 lbrl, evq +28. Anneb 2vh+, UI3+52.05 @99-1/CS101%;

Refinancing

Yes

SNCF Group

,,,

CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
MEA	674.000	43	Jun-20	Tl. Knknkllny	Tx2	JJ	AA	Dinko	EHF	-	LPQy+37	37	2.25%	-	88.73600

Tranche Comments

30 lx: Registration: Iqa H Cquw; Comments: OQO 750u hqgc 30yh Xhnng. Cn2/CC/CC. PC(V&B)/XY/Zngm/YX. Xwcnngen cggnhu SCDx(cggnhu.3.25 5/45 & 2% 5/48)+39 nhnn, ccgnh +37 cqh 750u nnnh. Vqqjx ehqxnn >900u nm GCV. 84% GO zx OODO 3.25% 2045 (130.38/1.846%), ODD 1345CSZ;

Deal Comments

Rljjx pmxj

SNCF Group

,,,,

CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
PKN	780.000	90	Oct-24	-	Ed2	AA	JJ	Ljwib	XXJ	-	Zmc 30n	31	1.50%	-	38.14200
BUZ	729.000	56	Jan-22	-	Ke2	WW	RR	Ipvxi	GKZ	-	Sxl 20v	25	1.13%	-	81.15300

Tranche Comments

10 fh: Registration: Kzt N Nrwt; Comments: 10uv FAK650m qmq. Peui Zju 2037 ujb. Vj2/VV/VV. Bjvp/BWUU/Aeue/AV/ZWBA(B&R/RZ). YUXj FVX Zju 2027 +mer 20j jvwj, jwu FVX (5/27)+25qb ei qqj >790m (100m PPZ) 1110PFW. XBU uerju.; 20 dy: Registration: Vxk A Kzlh; Comments: VGX250z (lhvz 250z+) qrd vl 500z 1.5% Qrz 2037v. Faqf 10zh. Ar2/AA/AA. 40-orz lehqt. Xrhd/XNMM/Kaqa/KA/ZUXK(X&P/PQ). CMVv ahqthd MAVv +ivl 30v rhtr, lapto MAV+31 (5/36 & 6/39) lvh 250z vh ezv 170z (25z KUQ).;

Deal Comments

XHG250q (vgwq 250q+) hkf wv 500q 1.5% tcy 05/19/2027