OP Corporate Bank PLC (fka Pohjola Bank PLC) (OPBANK)

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OP Corporate Bank PLC (fka Pohjola Bank PLC) (OPBANK)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	FNCL	PRCD	OPBANK	OP Corporate Bank PLC (fka Pohjola Bank PLC)	€500		1	EMEA	May 7, 2026

Tranche #1OP Corporate Bank PLC (fka Pohjola Bank PLC)

currency

EUR

size (m)

500.000

maturity

May 15, 2031

type

Fixed

tenor

5.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Senior Preferred

moody's

Aa3

s&p

AA-

fitch

size description

Will Not Grow

re-open/tap

ipt

MS+75 area

ipt-pxd

-25

guidance

n/a - straight to launch

spread

coupon

3.25%

spread set

price

99.83200

yield

3.287%

book size (m)

1,250

peak book (m)

1,600

x-covered

2.5

book attrition

-21.88%

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

book size (m)

1,250

peak book (m)

1,600

x-covered

2.5

book attrition

-21.88%

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 1250; First Pay: 2027-05-15; Registration: Reg S Only; Comments: OBL 2.5% 04/16/31 #193 Corp, (spot, 99.30), HR 100%. Spread: MS+50/B+63.4. Tax Call: Yes. Regulatory Call: Yes. LEI: 549300NQ588N7RWKBP98;

Use of Proceeds

An amount which is equivalent to the net proceeds of the issue of the Instruments will be used in accordance with the OP Corporate Bank plc’s Green Bond Framework dated April 2026

Relative Value

Senior Preferred

5 year (May 2031) @ IPTs of MS+75 area

Implied Spread for fresh 5 year @ +45

Priced at MS +50

NIC of +5

COMPS
Ticker	Currency	Coupon	Rating	Maturity	Size	I-Spread
OPBANK	EUR	2.875	Aa3/AA-/-	Jun-30	€500m	+43
NDAFH	EUR	3.250	Aa2/AA-/AA	Apr-31	€1bn	+45
SEB	EUR	3.375	Aa3/AA-/AA	May-31	€1bn	+46

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Explore all other Commentary & Deal Flow

	PRICED: OP Corporate Bank €500m 5yr Green SP; MS+50	May 7, 2026
	ALLOCATIONS OUT: OP Corporate Bank €500m 5yr Green SP; MS+50	May 7, 2026
	LAUNCHED: OP Corporate Bank €500m 5yr Green SP; MS+50	May 7, 2026
	UPDATE (BOOKS): OP Corporate Bank €500m (WNG) 5yr Green SP; MS+75a	May 7, 2026
	NEW ISSUE: OP Corporate Bank €500m (WNG) 5yr Green SP; MS+75a	May 7, 2026

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OP Corporate Bank PLC (fka Pohjola Bank PLC) (OPBANK)

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