Commentary & Deal Flow

Final Books €2.4bn+ (good at reoffer). Peak book in excess of €4.65bn (good at guid., pre-rec)

Launched: 7yr: €750m @ MS+105bp - Books in excess of €4.65bn (good at guid., pre-rec)
Guidance: 7yr: MS+115a - Books in excess of €4.4bn
IPTs: 7yr: MS+145/150bp

• Issuer: Unibail-Rodamco-Westfield SE (Ticker: URWFP, Country: FR)
• Guarantors: UNIBAIL-RODAMCO-WESTFIELD N.V. ; URW AMERICA INC. ; WCL FINANCE PTY LIMITED ; WEA FINANCE LLC ; WESTFIELD AMERICA TRUST ; WESTFIELD CORPORATION LIMITED ; WESTFIELD UK & EUROPE FINANCE PLC ; WFD TRUST
• Issuer LEI: 969500SHQITWXSIS7N89
• Guarantors LEIs: UNIBAIL-RODAMCO-WESTFIELD N.V.: 7245002R31EKBDW59H93 ; URW AMERICA INC.: 549300SUPKRDHGSDIQ29 ; WCL FINANCE PTY LIMITED: 549300TPE4B7C9RHFP96 ; WEA FINANCE LLC: 3CYEJKBUJZO3UW777J80 ; WESTFIELD AMERICA TRUST: 875500C349VLEGH2LD72 ; WESTFIELD CORPORATION LIMITED: 549300LQ6K2ED6X72X66 ; WESTFIELD UK & EUROPE FINANCE PLC: 5493006CGDSVSZ7KYV80 ; WFD TRUST: 875500I0GGCIJKVIB444
• Issuer Ratings: Baa2 positive (Moody’s) / BBB+ stable (S&P)
• Expected Issue Ratings: Baa2 (Moody’s) / BBB+ (S&P)
• Format: Senior Unsecured, Unsubordinated, Reg S (Category 2), Bearer dematerialized, Green
• Clearing: Euroclear / Clearstream
• Pricing Date: 14-Apr-26
• Settlement: 21-Apr-26 (T+5)
• Maturity: 21-Apr-33
• Size: €750m
• Launched: MS+105bp
• Reference Benchmark: 100% vs the DBR 2.3% 28-Feb-33 TWIN (ISIN: DE000BU2Z007)
• Hedge Deadline: 15.30 UKT / 16.30 CET
• Coupon: []%, Fixed, Annual, Act/Act ICMA
• ISIN: FR0014016I12
• Docs: EMTN Programme / Euronext Paris / French Law / 3m par-call / Clean-up @75%
• Make-Whole Call: B+[•]bps
• Denoms: €100k + 100k
• UoP: An amount equivalent to the net proceeds will be allocated to finance and/or refinance one or more Eligible Green Assets managed or owned by URW (as defined in the Issuer’s Green Financing Framework).
• Global Coordinators: BNP PARIBAS, HSBC, ING, J.P. Morgan, Société Générale (B&D, Billing & Delivery)
• Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Selling Restrictions: As set out in the Base Prospectus
• Advertisement: The Base Prospectus dated 8-Aug-25, its 1st supplement dated 17-Feb-26 and its 2nd supplement dated 31-Mar-26 along with the final Terms, when published, will be available on the Autorité des marchés financiers website: https://www.amf-france.org and on the issuer’s website
• Timing: Books open, today’s business
• Books Subject: 12.00 UKT / 13.00 CET