Commentary & Deal Flow

Reoffer: 10yr: MS+31bp / 99.17 / 3.349%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 99.25 / B+36.2bp / HR 99%

Final Books in excess of €1.9bn (incl. €55m JLM interest)

Launched: 10yr: €1.25bn @ MS+31bp - Books closed in excess of €1.9bn (incl. €55m JLM interest)
Spread set at: 10yr: MS+31bp - Books in excess of €1.8bn (incl. €55m JLM interest)
Guidance: 10yr: MS+33a

• Issuer: BNG Bank N.V. (BNG)
• Issuer Ratings: Aaa/AAA/AAA (all stable) (Moody's/S&P/Fitch)
• Size: €1.25bn
• Status/Format: Senior unsecured / Reg S Bearer
• Coupon: 3.25% Fixed, Annual, ACT/ACT
• Settlement: 10-Apr-26 (T+5)
• Maturity: 10-Apr-36
• Reoffer: MS+31bp / 3.349% / 99.17%
• Benchmark: +36.2 bps vs DBR 2.9 15-Feb-36 (2.987%/99.250%), HR 99%
• Docs: EMTN
• Listing: Luxembourg
• Denominations: 100k+1k
• Use of Proceeds: The proceeds of the bond will be utilised for lending to Dutch Social Housing Associations to finance their social expenditures as defined in BNG Bank's ‘Sustainable Finance Framework’. The Framework and the second party opinion provided by ISS ESG are available on the Issuer's website, at https://www.bngbank.com/Funding/ESG-Bonds
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• ISIN: XS3336964369
• LEI: 529900GGYMNGRQTDOO93
• Target Market: (MIFID II and UK MiFIR product governance) Professional, Eligible Counterparties (all distribution channels)
• Joint Bookrunners: ABN AMRO / Barclays / JPM (B&D) / LBBW
• Timing: Priced. TOE 14.00 UKT / 15.00 CET. FTT 14.20 UKT / 15.20 CET.