Commentary & Deal Flow

Reoffer: 10yr: MS+60bp / 99.098 / 3.609%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 99.308 / B+62.8bp / HR 99%

Final books > €2.2bn (incl. €150m JLM). Peak book > €2.5bn (incl. €200m JLM)

Launched: 10yr: €1bn @ MS+60bp - Books are in excess of €2.5 billion incl 200m JLM
Revised Guidance: 10yr: MS+65+/-5bp (WPIR) - Books in excess of €2.2bn (incl. €150m JLM)
Guidance: 10yr: MS+75a

• Issuer: The Republic of Estonia
• Issuer Ratings: A1 (Moody's)/ A+ (Fitch), both stable
• Expected Issue Ratings: A1 (Moody's)
• Format: Regulation S (Category 1), Dematerialised Registered form
• Size: €1bn
• Maturity Date: 14-May-36 (10-year)
• Settlement Date: 14-May-26 (T+5)
• Re-offer: 3.609% / 99.098 / MS+60bps
• Coupon: 3.500% Fixed, Annual ACT/ACT ICMA
• Benchmark: DBR 2.9 15-Feb-36 + 62.8bps @ 99.308 / 2.981% / HR: 99%
• Documentation: Issuer’s Debt Issuance Programme – Information Memorandum dated 05-May-26
• Use of Proceeds: Net proceeds will be used for general budgetary purposes
• Marketing: The investor presentation can be accessed via the below link: https://www.fin.ee/en/investor-presentation
• Denominations: €1,000
• Target Market: Professional, retail and eligible counterparties (all channels for distribution), as defined in EU MIFID II
• Listing: Nasdaq Tallinn Stock Exchange
• Clearing: Nasdaq CSD, with linkage to Euroclear/Clearstream
• ISIN: EE0000004109
• Common Code: 337024874
• Joint Lead Managers: DZ Bank, HSBC and J.P. Morgan (B&D)
• Co-manager: Swedbank AS (Estonia)
• Governing Law: Estonian
• Timing: PRICED: TOE - 16:06 CET | FTT Immediately