Commentary & Deal Flow

Reoffer: 7yr: MS+24bp / 99.245 / 3.244%
Benchmark: 7yr: DBR 2.6 Aug-33 @ 97.86% / B+31.5bp / HR 100%

Books: >€11.4bn (incl €950m JLM)

Launched: 7yr: €3bn @ MS+24bp - Books >€11.4bn (incl €950m JLM)
Spread set at: 7yr: MS+24bp - Books >€9.8bn (incl €950m JLM)
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: €3bn
• Coupon: 3.125% Annual ACT/ACT ICMA, short first to 06-Sep-26
• Maturity: 06-Sep-33
• Settlement: 06-May-26 (T+5)
• Reoffer: MS+24bp / 3.244% / 99.245%
• Govt Spread: DBR 2.6 Aug-33 +31.5bp (Ref: 97.86%, 100% HR)
• 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: Priced. TOE 14:19 CET / 13:19 Ldn. FTT immediately
• 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