Commentary & Deal Flow

Reoffer: 5yr: MS+90bp / 98.999 / 3.723%
Benchmark: 5yr: OBL 2 ½ 16-Apr-31 #193 @ 99.12 / B+103.4bp / HR 98%

Final Books over €1.4bn+. Peak book over €1.5bn (pre rec, at final spread)

Launched: 5yr: €750m @ MS+90bp - Books over €1.5bn (pre rec, at final spread)
Guidance: 5yr: MS+90bp - Books over €1.5bn (pre-reconciliation)
IPTs: 5yr: MS+110/115bp

• Issuer: ISS Global A/S (Ticker: ISSDC, Country: DK)
• Issuer LEI: 213800W6DPUGWBGTD766
• Issuer Ratings: Baa2 (stable) / BBB (stable) (Moody's / S&P)
• Expected Notes Ratings: Baa2 / BBB (Moody's / S&P)
• Format: Reg S, Bearer, Senior, Unsecured, NGN
• Size: €750m
• Settlement: 11-May-26 (T+3)
• Maturity: 11-May-31 (5 year)
• Coupon: 3.500%, Fixed, Annual, ACT/ACT (ICMA), Following Unadjusted
• Re-offer: MS+90bps / Px 98.999 / Yld 3.723%
• Benchmark: OBL 2 ½ 16-Apr-31 #193 (Px 99.12) +103.4bps / HR: 98%
• Documentation: EMTN programme (5-May-26), €100k + €1k, Luxembourg Stock Exchange (Regulated Market), English Law
• Optionality: 3-month Par Call, Tax Call at Par, MWC B+20, Clean-Up Call (75%) at Par, CoC Put at Par
• Use of Proceeds: Refinancing of existing indebtedness and general corporate purposes
• Selling Restrictions: As stated in the EMTN Programme dated 5-May-26 (Regulation S Category 2 TEFRA D, EEA, UK, Denmark, Switzerland, Australia, Japan, Singapore, Belgium)
• Clearing: Euroclear / Clearstream
• Payment Days: T2
• Target Market/PRIIPS: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID)or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK
• Stabilisation: FCA/ICMA stabilisation regulations apply
• ISIN: XS3372779697
• Active Bookrunners: Barclays, Danske Bank, Deutsche Bank, HSBC (B&D), Nordea, SEB
• Advertisement: The EMTN Programme dated 5-May-26 and the Final Terms, when published, will be available on the website of the Luxembourg Stock Exchange: https://luxse.com/
• Marketing: https://dealroadshow.com/e/DALTON2026
• Timing: PRICED, TOE 15:50 UKT / 16:50 CET – FTT 16:15 UKT / 17:15 CET