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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
SSA
PRCD
MADRID
Community of Madrid€1,000
1EMEA
Feb 17, 2026
currency
EUR
size (m)
1,000.000
maturity
Apr 30, 2036
type
Fixed
tenor
10.000
call
-
registration
Reg S Only
benchmark
SPGB
ranking
Sr. Unsecured
moody's
A3
s&p
A
fitch
A-
size description
-
re-open/tap
No
ipt
-
ipt-pxd
-5
guidance
SPGB+10 area; RVSD SPGB+7 area
spread
5
coupon
3.216%
spread set
-
price
99.99000
yield
3.216%
book size (m)
6,300
peak book (m)
-
x-covered
6.3
book attrition
-
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
6,300
peak book (m)
-
x-covered
6.3
book attrition
-
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 6300; Registration: Reg S Only; Comments: EUR1bn 10yr fxd Sustainable cpn 3.216% at 99.99 , yld 3.216%. Spread: SPGB+5. SPGB 3.3 04/30/36 (mid) @ 3.166% / 101.159%, HR 99%. Issuer LEI: 959800KASH3LCM57Q344;
Deal Comments
Reoffer: 10yr: SPGB+5bp / 99.99 / 3.216% Benchmark: SPGB 3.3 04/30/36 @ 101.159 / 3.166% / HR 99% Final Books: €6.3bn+ (incl. €200m JLM interest) Launched: €1bn 10yr Sustainable SPGB 3.3 04/30/36 + 5bp (mid) - Orderbooks in excess of €6bn (incl. €200m JLM interest) Size Set/RVSD Guidance: 10yr: €1bn @ SPGB+7bp area (equiv. ~MS+48bp) - Orderbooks in excess of €5bn (including €200m JLM) Guidance: SPGB+10bp area (equiv. ~MS+51bp) Issuer: Autonomous Community of Madrid (Ticker: MADRID) Issuer LEI: 959800KASH3LCM57Q344 Issuer Ratings: A3 (st)/ A (st)/ A- (pos)/ AH (st)/ A (pos) (Moody's/S&P/Fitch/DBRS/Scope) Exp. Issue Ratings: A3/ A/ A-/ AH/ A (Moody's/S&P/Fitch/DBRS/Scope) Format: Reg S Cat 1, Dematerialised Book-entry form (No sales into Canada). Sustainable Ranking: Senior, Unsecured Risk Weighting: 0% Size: €1bn Maturity Date: 30th April 2036 Settlement: 26-Feb-26 (T+7) Coupon: 3.216%, Fixed, Annual, Act/Act, long first coupon Reoffer: 99.99%, 3.216% yield (SPGB +5bp (mid)) Benchmark Reference: SPGB 3.3 04/30/36 @ 101.159 / 3.166% / HR 99% Listing: AIAF Governing Law: Spanish law, no disclosure document, no negative pledge, no events of default, no tax gross up, Spanish public debt tax regime. Min Denoms: €1k x €1k Use of Proceeds: According to the Community of Madrid Sustainable Framework Docs: Exempt from prospectus requirements in Spain. Spanish public debt tax regime. No events of default. No tax gross up. Target Market: The target market for the Bonds is professionals and eligible counterparties (all channels for distribution), each as defined in MIFID II Bookrunners: BBVA (B&D), CaixaBank, Crédit Agricole CIB, HSBC, ING and Santander Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available to investors on request from your usual sales contact ISIN: ES00001010S1 Timing: TOE 14.43 CET / 13.43 UKT - FTT 14.53 CET / 13.53 UKT
Use of Proceeds
According to the Community of Madrid Sustainable Framework
Relative Value

COMPS

Bond

Issuer Rating

UoP

Issue Date

Deal Size

Years

MID SPGB+

MADRID 2.487 07/30/30

A3/A/A-/AH

Green

12/06/2025

500

4.5

5

MADRID 3.137 04/30/35

A3/A/A-/AH

Sustainable

14/02/2025

1000

9.2

5.5

BASQUE 3 1/4 04/30/35

A2/AA-/A+

Sustainable

03/03/2025

700

9.2

3

BASQUE 3 1/4 04/30/36

A2/AA-/A+

Sustainable

09/02/2026

750

10.2

3.5

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