Commentary & Deal Flow

Reoffer: 5yr: MS+35bp / 99.95 / 3.261%
Benchmark: 5yr: OBL 2.25% 04-Apr-31 @ 98.670 / B+47.4 / HR 100%

Final Books: In excess of €5bn (incl. €600m JLM)

Launched: 5yr: €1.5bn @ MS+35bp - Books closed in excess of €5bn (incl. €600m JLM)
Spread set at: 5yr: MS+35bp - Books in excess of €4bn (incl. €600m JLM)
Guidance: 5yr: MS+38a

• Issuer: Dexia (LEI:F4G136OIPBYND1F41110)
• Guarantor: The Notes benefit from an unconditional and irrevocable first demand guarantee from the States of Belgium (53%) and France (47%)
• Risk Weighting: 0% (Guaranteed by National Bank of Belgium and ACPR)
• LCR Treatment: HQLA Level 1 under the EC LCR delegated act
• Exp Ratings: A1/A+/A+ (Moody's/S&P/Fitch)
• Format: Senior Unsecured, RegS Bearer, TEFRA D
• Size: €1.5bn
• Settlement: 07-May-26 (T+6)
• Maturity: 07-May-31 (5-year)
• Coupon: 3.250%, Fixed, Annual, ACT/ACT ICMA
• Reoffer: MS+35 bps
• Price/yield: 99.950 price / 3.261% yield
• OBL ref: +47.4bps vs OBL 2.25% 04-Apr-31 (bid @ 98.670 / 2.787%; HR: 100%)
• Denoms: €100k + €100k
• Target Market: Manufacturer target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA and in the UK
• Listing: Luxembourg Stock Exchange’s regulated market
• Law: English Law (Guarantee governed by the laws of Belgium)
• Fees: The joint bookrunners will be paid a fee in connection to the transaction (MiFID II)
• Docs: Issuer’s Programme for the issuance of Guaranteed Euro Medium Term Notes and its supplements (last dated 09-Jul-25 and supplemented 19-Dec-25)
• JLMs: Barclays, Citi (DM/B&D), Credit Agricole CIB, NatWest, and Santander
• ISIN: XS3364790611
• Timing: PRICED. TOE: 13:51 CET. FTT: Immediately.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus relating to the securities is available on the Luxembourg Stock Exchange – https://www.luxse.com/