Commentary & Deal Flow

Book Update: Orderbooks in excess of €1.2bn
IPTs: 6yr: MS+120/125bp

• Issuer: ASN Bank N.V. (ticker: ASNBNK)
• LEI: 724500A1FNICHSDF2I11
• Issuer Ratings: A2/A/A- (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa1/A- (Moody's/Fitch)
• Instrument: Green Senior Non-Preferred Reg S Notes (the "Notes")
• Ranking: Subject to Condition 9(j), the Senior Non-Preferred Notes and the related Receipts and Coupons will constitute any present and future claims in respect of unsubordinated, unguaranteed and unsecured obligations of the Issuer, which have a lower ranking within the meaning of Article 212rb of the Dutch Bankruptcy Act (Faillissementswet) (or any other provision implementing Article 108 of Directive 2014/59/EU, as amended by the Article 108 Amending Directive, in the Netherlands) and shall at all times rank: (i) pari passu without any preference among the Senior Non-Preferred Notes themselves and the related Receipts and Coupons and with all other present and future claims in respect of unsubordinated, unguaranteed and unsecured obligations of the Issuer, which have a lower ranking within the meaning of Article 212rb of the Dutch Bankruptcy Act (Faillissementswet) (or any other provision implementing Article 108 of Directive 2014/59/EU, as amended by the Article 108 Amending Directive, in the Netherlands) (other than those obligations that in accordance with or by operation by applicable law rank either in priority or junior to the Senior Non-Preferred Notes); (ii) senior to: a) Subordinated Notes; and b) the Issuer's ordinary shares and any other obligations or capital instruments of the Issuer that rank or are expressed to rank junior to the Senior Non-Preferred Notes, including any (other) obligations or capital instruments of the Issuer which constitute Additional Tier 1 Capital or Tier 2 Capital or which rank or are expressed to rank pari passu with Additional Tier 1 Capital or Tier 2 Capital; and (iii) in the event of bankruptcy (faillissement) of the Issuer, junior to the Senior Preferred Notes and the Senior Preferred MREL Notes, unsubordinated obligations ranking pari passu to Senior Preferred Notes and the Senior Preferred MREL Notes (and those obligations that in accordance with or by operation by applicable law rank in priority to the Senior Preferred Notes and the Senior Preferred MREL Notes) and (other) excluded liabilities within the meaning of Article 72a(2) of the CBB
• Size: €500m (no-grow)
• Pricing Date: 17-Apr-26
• Settlement Date: 28-Apr-26 (T+7)
• Maturity Date: 28-Apr-32
• Coupon: Fixed, Annually, Act/Act ICMA
• Regulatory Call: Applicable
• Tax Call: Applicable
• Substitution and Variation: Applicable
• No Set-Off: No Senior Non-Preferred Noteholder may at any time exercise or claim any right of set-off or netting in respect of any amount owed to it by the Issuer arising under or in connection with the Senior Non-Preferred Notes or the related Receipts or Coupons.
• Statutory Loss Absorption: The Notes may become subject to the determination by the Resolution Authority or the Issuer that all or part of the nominal amount of the Notes, including accrued but unpaid interest in respect thereof, must be written down permanently (in whole or in part) or converted (in whole or in part) into shares or other instruments of ownership or otherwise be applied to absorb losses, all as prescribed by the Applicable Resolution Framework ("Statutory Loss Absorption"), provided that all other debt instruments and other obligations of the Issuer which are expressed to rank or which rank junior to the specific type of Note in the case of bankruptcy or liquidation of the Issuer have already fully absorbed losses of the Issuer to the extent determined or required by the Resolution Authority before any write-down or conversion of such Notes
• Business Days: T2
• Listing: Luxembourg Stock Exchange (Regulated)
• Clearing: Euroclear / Clearstream Luxembourg
• Denomination: €100,000 + €100,000
• Governing Law: Dutch Law
• Format: Reg S, Bearer, New Global Note
• ISIN: XS3353988580
• Documentation: Under the Issuer's EUR 25bn EMTN Programme Base Prospectus dated 17-Oct-25 as supplemented on 22-Dec-25 and on 18-Mar-26. The Base Prospectus and supplements are available on the Issuer’s website: https://corporate.asnbank.nl/en/investor-relations/debt-information/programme-documentation/
• Joint Lead Managers: BBVA, Commerzbank, Goldman Sachs Bank Europe SE, NatWest, Rabobank
• Use of Proceeds: European Green Bond and ICMA Green Bond as further detailed in the Programme, defined in accordance with the European Green Bond Factsheet dated October 2025 and ASN Bank’s Green Funding Framework dated September 2025.
• Target Market: UK MIFIR professionals/MiFID II professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK.
• Advertisement: The EUR 25bn EMTN Debt Issuance Programme is available at https://corporate.asnbank.nl/en/investor-relations/debt-information/programme-documentation/ Final terms, when published, will be available on the website of Luxembourg Stock Exchange: https://www.bourse.lu/homeed-funding/euro-medium-term-notes
• Schedule: Books open, today's business