Commentary & Deal Flow

Launched: 3yr: €1bn @ MS+21bp - Books closed in excess of €1.5bn (excl. JLM)

Spread set at: 3yr: MS+21bp - Books over €1.4bn (excl. JLM)

Guidance: 3yr: MS+23a

• Issuer: The Korea Development Bank
• Issuer Ratings: Aa2/AA/AA- (Moody's/S&P/Fitch)
• Expected Issue Ratings: Aa2/AA/AA- (Moody's/S&P/Fitch)
• Status: Senior Unsecured
• Format: Reg S, Registered form
• Issue Size: €1bn
• Settlement: 09-Apr-26 (T+5)
• Maturity: 09-Apr-29
• Spread: MS+21bp
• Coupon: Fixed Rate, Annual Act/Act
• Listings: Euro MTF (Luxembourg Stock Exchange), ISM (London Stock Exchange) and SGX-ST (Singapore Exchange Securities Trading Limited)
• Denominations: €100k/1k
• Governing Law: English Law
• JLMs: BNP Paribas, HSBC, J.P. Morgan (B&D), KDB Asia, Societe Generale
• UoP: General corporate purposes
• LEI: 549300ML2LNRZUCS7149
• Timing: Books are now closed. Allocations and pricing to follow.