Commentary & Deal Flow

Final yield: 4.500%

Final Books: €1.6bn (pre-rec). Peak book above €2.5bn (pre-rec).

Rev Guidance: 6yr: 4.5%-4.625% WPIR - Books above €2.5bn (pre-rec)
Guidance: 6yr: 4.75% area - Books above €2.0bn (pre-rec)
IPTs: 6yr: 5.00% area

• Issuer: Webuild SpA (Ticker: IPGIM, Country: IT)
• Issuer LEI: 549300UKR289DF4UXQ47
• Format: Senior, Unsecured, Reg S bearer Cat 2, NGN (TEFRA D rules apply)
• Issuer Ratings: NR/BB+/BB+ (stable/stable) (S&P/Fitch)
• Issue Ratings: NR/BB+/BB+ (S&P/Fitch)
• Size: €500m (up from €400m)
• Settlement: 08-May-26 (T+8)
• Maturity: 08-May-32 (6yr)
• Coupon: 4.500% (Annual, Act/Act - ICMA)
• Listing: Euronext Dublin (GEM)
• Call Options: Make-whole up to the Optional Redemption Date falling up to 6 months prior to the maturity date, then at par
• Put Options: Change of Control @ 100%
• Covenants: Only Capital Markets Negative Pledge
• Governing Law: English Law
• Denominations: €100k+1k
• Use of Proceeds: fund a tender offer for its EUR250m 3.625% notes due 28-Jan-2027 (ISIN: XS2102392276); redeem its EUR73.88m 3.875% sr notes due 28-July-2026 (callable at 100) (ISIN: XS2437324333), repay a portion of its EUR618m bank debt, GCP.
• Tender Offer: for its EUR250m outstanding 3.625% notes due 27-Jan-27 (ISIN: XS2102392276) purchase spread interpolated rate (6mo EURIBOr and 1 year mid swaps) + 50bp; expires 5pm CEST 05-May; dealer managers: BNP/BofA/GS/HSBC/IMI/JPM/Natixis/UniCredit
• Joint Bookrunners: BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs International, HSBC(B&D), IMI-Intesa Sanpaolo, J.P. Morgan, Natixis, UniCredit
• Target Market: Eligible counterparties and professional clients only (all distribution channels); No PRIIPs KID has been prepared as not available to retail in EEA or the UK
• ISIN: XS3358232067
• Biz: a global player in the construction industry specializing in complex infrastructure for sustainable mobility, hydroelectric energy, water and green buildings sectors. HQ: Rozzano (Milan), Italy.
• Reconfirm Orders: By 15:30 UKT / 16:30 CET
• Roadshow: Did a series of fixed income investor calls and virtual meetings 27-Apr-2026. Natixis coordinated logistics.
• DealRoadshow link: https://dealroadshow.com/e/WEBUILD26. Entry code: WEBUILD26.