Mizuho Financial Group Inc (MIZUHO)

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Mizuho Financial Group Inc (MIZUHO)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	FNCL	PRCD	MIZUHO	Mizuho Financial Group Inc	€1,500		2	APAC	Aug 19, 2026

Tranche #1Mizuho Financial Group Inc

currency

EUR

size (m)

750.000

maturity

Feb 25, 2033

type

Fixed to Floating

tenor

6.500

call

5.50

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

s&p

fitch

A-

size description

Expected

re-open/tap

ipt

MS+100 area

ipt-pxd

-20

guidance

Set at MS+80#

spread

coupon

3.927%

spread set

price

100.00000

yield

3.931%

book size (m)

1,900

peak book (m)

2,000

x-covered

2.53

book attrition

-5.00%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

1,900

peak book (m)

2,000

x-covered

2.53

book attrition

-5.00%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche #2Mizuho Financial Group Inc

currency

EUR

size (m)

750.000

maturity

Feb 25, 2038

type

Fixed to Floating

tenor

11.500

call

10.50

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

s&p

fitch

A-

size description

Expected

re-open/tap

ipt

MS+125 area

ipt-pxd

-20

guidance

Set at MS+105#

spread

105

coupon

4.339%

spread set

price

100.00000

yield

4.342%

book size (m)

1,800

peak book (m)

1,800

x-covered

2.4

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

1,800

peak book (m)

1,800

x-covered

2.4

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 1900; Redemption: 2032-02-25; Registration: Reg S Only; Comments: OBL 2.5 04/16/31 #193 +97.0bps / Price : 98.003% HR: 114%. LEI: 353800CI5L6DDAN5XZ33; Book size: 1800; Redemption: 2037-02-25; Registration: Reg S Only; Comments: DBR 2.9 02/15/36 +112.0bps / Price : 97.387% HR: 104%. LEI: 353800CI5L6DDAN5XZ33;

Deal Comments

Combined Books >€3bn (even split)

Use of Proceeds

Mizuho FG intends to use the net proceeds from the issuance and sale of each series of Notes to make a loan that is intended to qualify as Internal TLAC under the Japanese TLAC Standard to Mizuho Bank, Ltd., which itself intends to utilise such funds for its general corporate purposes

Relative Value

FTF
6.5yr (Feb 2033) @ MS+100a

Implied Spread for fresh 6.5yr @ MS+76

Priced at MS+80
NIC of +4

FTF
11.5yr (Feb 2038) @ MS+125a

Implied Spread for fresh 11.5yr @ MS+98

Priced at MS+105
NIC of +7

COMPS
Ticker	Rating	Cpn	Mty & Call Date	Amt Out	I-Spread (BID)
MIZUHO	A1/-/A-	3.21	16/05/2032nc31	750m	70
MIZUHO	A1/-/A-	3.845	16/05/2037nc36	500m	91

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CreditFlow: End of Day (Europe IG)	Aug 19, 2026

Aug 19, 2026

1 to 1 of 1

	PRICED: Mizuho Financial Group €1.5bn 6.5NC5.5 & 11.5NC10.5 Sr Unsec FXD/FRN; MS+80bp & MS+105bp	Aug 19, 2026
	ALLOCATIONS OUT: Mizuho Financial Group €1.5bn 6.5NC5.5 & 11.5NC10.5 Sr Unsec; MS+80bp & MS+105bp	Aug 19, 2026
	LAUNCHED: Mizuho Financial Group €1.5bn 6.5NC5.5 & 11.5NC10.5 Sr Unsec FXD/FRN; MS+80bp & MS+105bp	Aug 19, 2026
	UPDATE: Mizuho Financial Group € bmk 6.5NC5.5 & 11.5NC10.5 Sr Unsec FXD/FRN; Spread set at MS+80bp & MS+105bp	Aug 19, 2026
	UPDATE (BOOKS): Mizuho Financial Group € bmk 6.5NC5.5 & 11.5NC10.5 Sr Unsec; MS+100a & MS+125a	Aug 19, 2026
	NEW ISSUE: Mizuho Financial Group € bmk 6.5NC5.5 & 11.5NC10.5 Sr Unsec FXD/FRN; MS+100a & MS+125a	Aug 19, 2026

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Mizuho Financial Group Inc (MIZUHO)

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