Commentary & Deal Flow

Reoffer:

4yr: €2bn MS+145 / 99.134 / 4.24% - Final Books above €5bn

7yr: €1.5bn MS+210 / 99.098 / 5.031% - Final Books above €3.4bn

10yr: €1.5bn MS+255 / 99.049 / 5.627% - Final Books above €4bn

Launched:
4yr: €2bn @ MS+145bp - Books in excess of €5.35bn (pre-rec, good at final spread)
7yr: €1.5bn @ MS+210bp - Books in excess of €3.95bn (pre-rec, good at final spread)
10yr: €1.5bn @ MS+255bp - Books in excess of €4.7bn (pre-rec, good at final spread)
Spread set at: 4yr: MS+145bp 7yr: MS+210bp 10yr: MS+255bp - Books subject 15:15 UKT / 16:15 CET
IPTs: 4yr: MS+180a 7yr: MS+245a 10yr: MS+290a

• Issuer: Federative Republic of Brazil (Ticker: BRAZIL)
• Issuer Ratings: Ba1 (Stable) / BB (Stable) / BB (Stable) (Moody's/S&P/Fitch)
• Expected Issue Ratings: Ba1 / BB / BB (Moody's/S&P/Fitch)
• Ranking: Senior Unsecured
• Format: SEC-Registered
• Size: €2bn (4yr) | €1.5bn (7yr) | €1.5bn (10yr)
• Tenors: New 4-Year / New 7-Year / New 10-Year
• Settlement: 23-Apr-26 (T+6)
• Joint Bookrunners: BBVA, BNP Paribas (B&D), BofA Securities, UBS Investment Bank
• Maturity Dates:
• • 4yr: 23-Apr-30
  • 7yr: 23-Apr-33
  • 10yr: 23-Apr-36
• Coupon:
• • 4yr: 4.000%
  • 7yr: 4.875%
  • 10yr: 5.500%
• Reoffer Price:
• • 4yr: 99.134
  • 7yr: 99.098
  • 10yr: 99.049
• Reoffer Yield:
• • 4yr: 4.240%
  • 7yr: 5.031%
  • 10yr: 5.627%
• Reoffer Spread:
• • 4yr: MS+145
  • 7yr: MS+210
  • 10yr: MS+255
• ISINs:
• • 4yr: XS3344411486
  • 7yr: XS3344411643
  • 10yr: XS3344411726
• Make-Whole Call:
• • 4yr: B+25
  • 7yr: B+35
  • 10yr: B+40
• Use of Proceeds: Repayment of outstanding federal public debt of Brazil
• Marketing: Base Prospectus & Preliminary Prospectus Supplement
• Denominations: €100,000 x €1,000
• Expected Listing: Application will be made to the London Stock Exchange plc (the "London Stock Exchange") for the global bonds to be admitted to trading on the London Stock Exchange's International Securities Market ("ISM")
• Stabilization: FCA/ICMA stabilization applies
• MiFID: Manufacturer Target Market (MiFID II and UK MiFIR Product Governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID or UK PRIIPs KID has been prepared as the notes are not available to retail investors in the European Economic Area or the UK.
• Governing Law: New York
• Timing: Today's business. Books closed, allocation and pricing to follow. Expected to price after European Market CoB.
• Hedges: Will not be taking hedges