Commentary & Deal Flow

Guidance: 7yr: MS+26a

• Issuer: European Financial Stability Facility (EFSF)
• Ratings: Aaa/A+/A+ (Moody's/Fitch/S&P)
• Risk Weighting: 0%
• Format: Reg S / Bearer Notes (TEFRA rules apply, no communications with or into the U.S.)
• Size: € Benchmark
• Coupon: TBD, Fixed, Annual ACT/ACT ICMA, short first to 06-Sep-26
• Maturity: 06-Sep-33
• Settlement: 06-May-26 (T+5)
• Guidance: MS+26bps area
• Bookrunners: Citi, Credit Agricole CIB (DM, B&D), LBBW
• List/Law/Docs: Luxembourg Stock Exchange’s regulated market / English / Off the EFSF Debt Issuance Programme
• Denominations: €1,000 x 1,000
• ISIN: EU000A2SCAZ3
• Timing: Books open, today's business
• Target market: Professionals / Eligible Counterparties only (all distribution channels), each as defined in MiFID II/UK MIFIR
• Advertisement: The Final Terms, when published, will be available on the website of the Luxembourg stock exchange