Commentary & Deal Flow

Reoffer: 3yr: MS+82bp / 100 / 3.671% 7yr: MS+125bp / 100 / 4.217%
Benchmark: 3yr: OBL 2.1 29-Apr-29 @ 98.415 / B+102bp / HR 98% 7yr: DBR 2.3 Feb-33 @ 99.56 / B+135.9bp / HR 99%

3yr: Final books closed above €1.7bn. Peak book above €2.2bn (pre-rec)
7yr: Final books closed above €1.4bn. Peak book above €1.7bn (pre-rec)

Launched:
3yr: €850m @ MS+82bp - Orderbooks above €2.2bn (pre-rec)
7yr: €600m @ MS+125bp - Orderbooks above €1.7bn (pre-rec)
Spread set at: 3yr: MS+82bp 7yr: MS+125bp - Combined books above €3.7bn (3yr: €2.25bn+ / 7yr: €1.45bn+)
Book Update: Combined books above €2.5bn
IPTs: 3yr: MS+110/115bp 7yr: MS+145/150bp

• Issuer: Nomura Holdings, Inc.
• LEI: 549300B3CEAHYG7K8164
• Expected Security Ratings: Baa1 (Moody’s) / A- (Fitch)
• Security Type: Senior Unsecured Notes (Intended to be TLAC Eligible)
• Format: Regulation S, Euro Note Programme (Registered form)
• Tenor:
• • 3yr: Fixed
  • 7yr: Fixed
• Coupon:
• • 3yr: 3.671% Annual, Act/Act (ICMA) (Short First)
  • 7yr: 4.217% Annual, Act/Act (ICMA)
• Maturity:
• • 3yr: 06-Apr-29
  • 7yr: 08-Apr-33
• Settlement: 08-Apr-26 (T+4)
• Currency and Issue Size:
• • 3yr: €850m
  • 7yr: €600m
• Re-offer:
• • 3yr: MS+82bp / 100 / 3.671%
  • 7yr: MS+125bp / 100 / 4.217%
• Benchmark:
• • 3yr: 98% vs OBL 2.1 29-Apr-29 (98.415 Bid Px) +102bp
  • 7yr: 99% vs DBR 2.3 Feb-33 (99.56 Bid Px) +135.9bp
• Active Bookrunners: Nomura (B&D) / Barclays / BMO Capital Markets / Crédit Agricole CIB / Lloyds / Natixis / SEB
• Target Market: Manufacturer target market (EU MiFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all applicable distribution channels). No EU PRIIPs or UK PRIIPs / KID will be prepared as not available to retail in the EEA and the UK
• Minimum Denominations: €100,000 x €1,000
• Listing: Luxembourg Stock Exchange (Euro MTF Market)
• Use of Proceeds: Intends to use the net proceeds from the sales of the notes for loans to Nomura Holdings’ subsidiaries, including Nomura Securities Co., Ltd., which will use such funds for their general corporate purposes
• Governing Law: English Law
• Investor Presentation: www.netroadshow.com/nrs/home/#!/?show=ebf88e13 (Recommended)
• OR: Visit www.netroadshow.com and enter the entry code: NomuraEUR26 (not case-sensitive)
• ISIN:
• • 3yr: XS3330357826
  • 7yr: XS3330368351
• ToE:
• • 3yr: 15h28 UKT
  • 7yr: 15h25 UKT
• FTT: 16h10 UKT