Commentary & Deal Flow

ICO (Instituto de Crédito Oficial), explicitly guaranteed by the Kingdom of Spain, rated A3 (Stable) by Moody's, A+ (Stable) by S&P, A (Stable) by Fitch and A (Positive) by Scope, has mandated BNP Paribas, Crédit Agricole CIB, Citi, HSBC and Santander as joint bookrunners to lead manage its new Reg S Euro 500m WNG Green Bond.

An expected €500m WNG, Reg S, Green Bond offering with a 31-Oct-31 maturity will follow, subject to market conditions.

• Guarantor: Kingdom of Spain (explicit)
• Target Market: Professionals and eligible counterparties (all channels for distribution), each as defined in MIFID II.
• Stabilisation: Relevant stabilisation regulations including FCA/ICMA will apply.
• Investor Presentation: https://www.ico.es/web/ico_en/ico/investor_relations/investor_presentation
• Green Bond Framework (May 2026): https://www.ico.es/documents/20124/39589/ICO+Green+Bond+Framework+2026.pdf/65aad29e-4653-7cc3-04a0-709ed0845984?t=1778056447921
• Green Bond Second Party Opinion (May 2026): https://www.ico.es/documents/20124/39514/Instituto+de+Cr%C3%A9dito+Oficial++Second-Party+Opinion.pdf/ac72acbc-2f93-c25b-a706-f710cb6ba86a?t=1778052581642
• Latest Green Bond Reporting: https://www.ico.es/documents/20124/39511/Reporting+ICO+GB+mar+2024.pdf/9ca0e54c-5672-e1c6-8d8c-3e88db01e808?t=1743686078772