Commentary & Deal Flow

Spread set at: 10yr: SARON MS+29bp
IPTs: 10yr: SARON MS+29a

• Issuer: BNG Bank N.V.
• Ticker: BNG
• Issuer Domicile: Netherlands
• Domestic / Foreign: Foreign
• Format: Public Fixed Rate Sustainable Notes
• Status: Senior Unsecured
• Issuer Rating: Aaa/AAA/AAA (Moody's/S&P/Fitch)
• Instrument Rating (exp.): Aaa/AAA/AAA (Moody's/S&P/Fitch)
• Size: Min. CHF 100m
• Coupon (indicative): 0.88% p.a. (will price at par) (30/360, following unadj.)
• Maturity Date: 21-May-36
• Settlement Date: 21-May-26
• Spread / Yield (indicative): SARON MS +29bps area // YTM 0.88% // Govt. +50.5ps
• Lead Manager: Commerzbank
• Co-Lead Manager: BLKB
• Listing: SIX Swiss Exchange as of 19-May-26
• SNB Repoeligibility: At the discretion of the SNB, expected yes (HQLA: L2a)
• Documentation: Off the Issuer’s €110bn Debt Issuance Programme, base prospectus dated 23-May-25
• Governing Law: Dutch Law
• FINSA Prospectus: Base prospectus as supplemented is deposited with and recognised by the SIX Prospectus Office. Only Final Terms will be submitted to SIX Prospectus Office
• Covenants: PP, NP
• Use of Proceeds: The proceeds of the bond will be utilised to finance the environmental and social activities of Dutch municipalities, as defined in BNG Bank's 'Sustainable Finance Framework'
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: In accordance with the Issuer's Debt Issuance Programme. No Sales to EEA nor UK Retail Investors.
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution). Public Offering in Switzerland only.
• Timing: Today's business. Books can close at short notice