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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
MTRL
PRCD
AKZANA
Akzo Nobel NV€1,100
2EMEA
Mar 16, 2026
currency
EUR
size (m)
600.000
maturity
Mar 25, 2031
type
Fixed
tenor
5.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa3
s&p
BBB
fitch
-
size description
-
re-open/tap
No
ipt
MS+145 area
ipt-pxd
-15
guidance
n/a - straight to launch
spread
130
coupon
4.00%
spread set
-
price
99.95500
yield
4.01%
book size (m)
2,200
peak book (m)
-
x-covered
3.67
book attrition
-
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,200
peak book (m)
-
x-covered
3.67
book attrition
-
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Mar 25, 2036
type
Fixed
tenor
10.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa3
s&p
BBB
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
MS+185 area
ipt-pxd
-15
guidance
n/a - straight to launch
spread
170
coupon
4.625%
spread set
-
price
99.79600
yield
4.651%
book size (m)
1,100
peak book (m)
-
x-covered
2.2
book attrition
-
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,100
peak book (m)
-
x-covered
2.2
book attrition
-
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2200; Registration: Reg S Only; Comments: EUR600m 5yr fxd cpn 4.00% at 99.955, yld 4.01%. Spread: MS+130bps. DBR 0 02/15/31 +147.0bps (@ 88.40)/ HR 105%. MWC: B+25. Par Call: 3m. CoC: 100%.Tax Call: Yes. Clean-Up Call: 75%. Special Redemption Event : 101%. LEI: 724500XYIJUGXAA5QD70; Book size: 1100; Registration: Reg S Only; Comments: EUR500m 10yr fxd cpn 4.625% at 99.796, yld 4.651%. Spread: MS+170bps. DBR 2.9 02/15/36 +171.7bps (@ 99.70) / HR 92%. MWC: B+30. Par Call: 3m. CoC: 100%. Tax Call: Yes. Clean-Up Call: 75%. LEI: 724500XYIJUGXAA5QD70;
Deal Comments
Reoffer: 5yr: MS+130bp / 99.955 / 4.010% 10yr: MS+170bp / 99.796 / 4.651% Benchmark: 5yr: DBR 0 15-Feb-31 @ 88.40 / B+147.0bp / HR 105% 10yr: DBR 2.9 15-Feb-36 @ 99.70 / B+171.7bp / HR 92% Final Books: 5yr: €2.2bn+ 10yr: €1.1bn+ Launched: 5yr: €600m @ MS+130bp - Books > €1.55bn 10yr: €500m @ MS+170bp - Books > €1.1bn IPTs: 5yr: MS+145a 10yr: MS+185a Issuer: Akzo Nobel N.V. (Ticker: AKZANA, Country: NL) Issuer LEI: 724500XYIJUGXAA5QD70 Issuer Ratings (Moody’s / S&P): Baa3 (stable) / BBB (negative) Exp. Issue Ratings (Moody’s / S&P): Baa3 / BBB Status: Senior, Unsecured Issuer ESG Rating: AAA (MSCI) Format: Reg S Bearer, New Global Note Settlement Date: 25-Mar-26 (T+7) Size: 5-year FXD: €600m 10-year FXD: €500m Maturity: 5-year FXD: 25-Mar-31 10-year FXD: 25-Mar-36 Reoffer: 5-year FXD: MS+130bps / 4.010% / 99.955 10-year FXD: MS+170bps / 4.651% / 99.796 Coupon: 5-year FXD: 4.000% Fixed, Annual, Act/Act (ICMA) 10-year FXD: 4.625% Fixed, Annual, Act/Act (ICMA) Benchmark: 5-year FXD: DBR 0 15-Feb-31 +147.0bps (@ 88.40)/ HR 105% 10-year FXD: DBR 2.9 15-Feb-36 +171.7bps (@ 99.70) / HR 92% MWC: 5-year FXD: B+25bps 10-year FXD: B+30bps TOE/FTT: 5-year FXD: 15.02 UKT / 15.30 UKT 10-year FXD: 15.03 UKT / 15.30 UKT ISIN: 5-year FXD: XS3324546251 10-year FXD: XS3324547655 Common Code: 5-year FXD: 332454625 10-year FXD: 332454765 UoP: 5-year FXD: General corporate purposes, which include financing the merger with Axalta 10-year FXD: General corporate purposes Special Redemption Event (Issuer Call): 5-year FXD: Yes (optional, in whole) @ 101.00% 10-year FXD: No Special Redemption Event: A Special Redemption Event shall be deemed to have occurred if the Issuer (i) has not completed and closed the merger with Axalta by 18-May-27 (the “Special Redemption Longstop Date”); or (ii) has published an announcement that it no longer intends to pursue the merger with Axalta Joint Bookrunners: Barclays, Deutsche Bank (B&D), ING, Santander, Société Générale Selling restrictions: As per the Base Prospectus dated 05-Mar-26 (Reg. S Compliance Category 2; TEFRA D) Documentations: EMTN Programme dated 05-Mar-26 / Clean-Up Call Option at Par (75%) / Make Whole Call / 3-month Par Call / Tax Call at Par / CoC at Par Listing: Luxembourg Stock Exchange (regulated market) Governing Law: English Law Denominations: €100k + €1k MiFID II/ UK MiFIR Product Governance / Target Market: Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared. No sales to retail in the EEA or the United Kingdom Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus dated 05-Mar-26 and the final terms, when published, will be available, at: https://www.luxse.com/ Stabilisation: Relevant stabilisation languages apply
Use of Proceeds
5yr: General corporate purposes, which include financing the merger with Axalta. 10yr: General Corporate Purposes

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