Commentary & Deal Flow

IPTs: 3yr: MS+75bp area

• Issuer: Volvo Treasury AB (publ)
• Guarantor: AB Volvo (publ)
• Issuer LEI: 549300PD69T87IGZG395
• Guarantor LEI: 549300HGV012CNC8JD22
• Guarantor Ratings: A2/A (Moody's/S&P)
• Exp. Issue Rating: A2/A (Moody's/S&P)
• Tenor: 3-Year
• Size: €500m “will not grow”
• Maturity Date: 06-May-29
• Settlement Date: 06-May-26 (T+5)
• IPTs: MS+75bp area
• ISIN: XS3364827983
• Coupon: Fixed (Annual, Act/Act ICMA)
• Denominations: €100,000 x €1,000
• Format: Senior, Unsecured, Bearer, New Global Notes
• Documentation: Debt Issuance Programme Base Prospectus dated 07-May-25 and supplemented on 27-Apr-26 (the “Base Prospectus”), English Law, Luxemburg Stock Exchange (regulated market), Negative Pledge; as stipulated in the Base Prospectus
• Optional Redemption: 1-month Par Call as stipulated above. Make-Whole Call, Tax Call, Clean-Up Call (80%); as stipulated in the Base Prospectus
• Use of Proceeds: General Corporate Purposes
• Active Bookrunners: JPM (B&D), HSBC, UniCredit
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK.
• Selling Restrictions: Reg. S, Cat 2; TEFRA D as per the Issuer’s EMTN Programme
• Advertisement: The Base Prospectus is, and the final terms, when published, will be available at http://www.bourse.lu and on the website of the Issuer at https://www.volvogroup.com/en/investors/debt-information/debt-programmes.html
• Timing: Books open, today's business