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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
ARGSPA
Argenta Spaarbank NV€325
1EMEA
Sep 3, 2026
currency
EUR
size (m)
325.000
maturity
Sep 10, 2031
type
Fixed Rate Reset
tenor
5.000
call
4.00
registration
Reg S Only
benchmark
Swaps
ranking
Senior Non-Preferred
moody's
-
s&p
BBB
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
MS+110-115
ipt-pxd
-22.5
guidance
STL
spread
90
coupon
4.00%
spread set
-
price
99.60900
yield
4.108%
book size (m)
1,200
peak book (m)
1,200
x-covered
3.69
book attrition
0.00%
nic
10
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,200
peak book (m)
1,200
x-covered
3.69
book attrition
0.00%
nic
10
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1200; Redemption: 2030-09-10; Registration: Reg S Only; Comments: OBL 2.4 04/18/30 #191 (DE000BU25042) @ 97.935% + 109.8bps, HR 108%. Tax Call: Yes. LEI: A6NZLYKYN1UV7VVGFX65;
Use of Proceeds
The notes use the designation ‘European Green Bond’ or ‘EuGB’ in accordance with Regulation (EU) 2023/2631 (the "EU Green Bond Regulation"). An amount equivalent to the proceeds of the Notes will be used to finance and/or refinance the Economic Activities specified in the applicable Final Terms in accordance with the European green bond factsheet dated 19 November 2025 (the "Factsheet"), prepared by the Issuer in accordance with the EU Green Bond Regulation. The Factsheet is publicly available on the Issuer’s Website at https://www.argenta.eu/investor-relations/debt-issuance/green-bonds.html
Relative Value

Senior Non-Preferred EuGB
NC4yr (Sep 2030) @ MS+110/115
Implied Spread for fresh NC4yr @ MS+80
Priced at MS+90
NIC of +10


COMPS

Bond

Product

Bond Rating (S/M/F)

ESG

Tenor (yrs)

CCY

Size (m)

Bid I-Sprd (bps)

ARGSPA 1.375 02/29NC28

SNP

BBB/-/-

Green

3.1NC2.1

EUR

600

53

ARGSPA 3.750 02/34NC33

SNP

BBB/-/-

EUGB

7.4NC6.4

EUR

550

105

CRELAN 6.000 02/30NC29

SNP

-/Baa1/-

Green

3.5NC2.5

EUR

600

58

CRELAN 5.250 01/32NC31

SNP

-/Baa1/-

Green

5.4NC4.4

EUR

750

85

KBCBB 3.500 01/32NC31

HoldCo

A-/A3/A

-

5.4NC4.4

EUR

750

65

KBCBB 3.875 05/34NC33

HoldCo

A-/A3/A

Green

7.7NC6.7

EUR

750

90

CCBGBB 3.375 05/2030

SNP

BBB+/A3/-

-

3.7

EUR

750

65

CCBGBB 3.875 04/2032

SNP

BBB+/A3/-

-

5.6

EUR

750

84