Commentary & Deal Flow

Reoffer: 7yr: MS+33bp / 99.71 / 3.297%
Benchmark: 7yr: DBR 2.3 15-Feb-33 TWIN @ 96.63 / B+45.1bps / HR102%

Final book above €1.48bn (incl €120m JLM interest). Peak book above €1.25bn (pre-reconciliation).

Launched: 7yr: €500m @ MS+33bp - Books above €1.25bn pre rec (incl. €120m JLM interest)
Book Update: Books above €1bn (incl. €120m JLM interest)
Guidance: 7yr: MS+37a

• Issuer: ASN Bank N.V. (Ticker: ASNBNK)
• Issuer Legal Entity Identifier (LEI): 724500A1FNICHSDF2I11
• Expected Issue Ratings: Aaa/AAA (Moody's/Fitch)
• Status: Dutch Legislative Covered Bonds
• Size: €500m
• Reoffer: MS+33bps / 99.710% / 3.297%
• Benchmark: DBR 2.3 15-Feb-33 TWIN (DE000BU2Z007)/ 96.630% / B+45.1bps / HR102%
• Settlement Date: 13-Apr-26 (T+7)
• Maturity Date: 13-Apr-33 - 7yr soft bullet
• Extended Maturity Date: 13-Apr-34
• Coupon: 3.25%, Fixed, annual in arrear, long first coupon commencing on 13-Apr-27
• Coupon during Extended Maturity: Fixed, monthly in arrear, commencing on 13-Apr-33
• Day Count Fraction until the Maturity Date: Actual/actual (ICMA)
• Business Day Convention until the Maturity Date: Following Business Day Convention, unadjusted
• Day Count Fraction during Extended Maturity: Actual/360
• Business Day Convention during Extended Maturity: Modified Following Business Day Convention, adjusted
• Business Day Centre: T2
• ISIN: XS3335806678
• Denomination: €100k + €100k
• Listing: Luxembourg Stock Exchange
• Governing Law: Dutch Law
• Lead Managers: DZ BANK (B&D), Erste Group, Natixis, NORD/LB and Rabobank
• Documentation: Issued under the ASN Bank N.V. EUR 15bn Covered Bond Programme dated 19-Dec-25
• Security Format: New Global Note, Reg S bearer form
• Target market: Manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK.
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Timing: TOE: 14.28 CET / FTT: 14.45 CET
• Advertisement:
• • https://corporate.asnbank.nl/assets/files/jaarcijfers/ASN-Bank-2025-Fixed-Income-Presentation.pdf?v=1771926611
  • https://corporate.asnbank.nl/en/investor-relations/debt-information/programme-documentation/