Commentary & Deal Flow

Launched:
3yr: €3bn @ MS+2bp - Books > €53bn (incl €9bn JLM)
20yr: €6bn @ EU 3.75% 10/45+5bp - Books > €88bn (incl €9bn JLM)

Guidance: 3yr: MS+5a 20yr: EU 3.75% 10/45+7a

• Issuer: European Union
• Ratings: Aaa/AA+/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Risk Weighting: 0%
• Format & Type: Reg S (Category 1) Bearer (TEFRA Rules apply, no communications with or into the US or Canada (excluding Ontario)), NGN
• Trade Date: 14-Apr-26
• Settlement: 21-Apr-26 (T+5)
• Maturity:
• • TAP: 12-Jul-29
  • New 20-year: 12-Oct-46
• Tranche Size:
• • TAP: €3bn (bringing new outstanding to €9bn)
  • New 20-year: €6bn
• Spread:
• • TAP: MS+2bp
  • New 20-year: EU 3.750% 10/45 + 5bp
• Coupon:
• • TAP: 2.375%. Fixed, short first
  • New 20-year: TBD, fixed, short first
• Day Count:
• • TAP: Ann, ACT/ACT ICMA
  • New 20-year: Ann, ACT/ACT ICMA
• ISIN:
• • TAP: EU000A4ENP68 (immediately fungible)
  • New 20-year: EU000A4ES497
• Denoms: €1
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Law: Luxembourg
• Docs: In accordance with the Issuer's Debt Issuance Programme
• JLMs: Citi, Deutsche Bank (B&D/DM), HSBC, Natixis and Nomura
• Target Market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II
• Schedule: Books close at 10.50 CET / 9.50 UKT