Commentary & Deal Flow

Reoffer: 7yr: MS+93bp / 100 / 3.855%
Benchmark: 7yr: DBR 2.3 15-Feb-33 (HR: 101%) @ 96.68 / B+100.9bp

Final Books: €1.9bn+. Peak book above €2.6bn (pre-rec)

Launched: 7yr: €600m @ MS+93bp - Books above €2.6bn (pre-rec)
IPTs: 7yr: MS+125bp area

• Issuer: Becton Dickinson Euro Finance S.à r.l. (Ticker: BDX / Country: LU)
• Guarantor: Becton, Dickinson and Company (Ticker: BDX / Country: US)
• Issuer LEI: 549300W40NLZ25XUTH09
• Expected Issue Ratings: Baa2/BBB/BBB (Moody's/S&P/Fitch)
• Format/Docs: SEC Registered, Senior Unsecured
• Total Size: €600m
• Tenor: 7yr
• Settlement: 20-May-26 (T+7)
• Maturity Date: 20-May-33
• Re-offer: MS+93 bps // 100% // 3.855%
• Benchmark: DBR 2.3 15-Feb-33 (HR: 101%) @96.680 // B+100.9bps
• Coupon: 3.855% Fixed; Annual; ACT/ACT (ICMA)
• Change of Control: CoC at 101%
• Optional Redemption: 3 month par call / 15bps MWC / Tax Call
• Denominations: €100,000 x €1,000
• Use of Proceeds: The Issuer and BD expect to use the net proceeds from this offering, together with cash on hand, to repay the entire aggregate principal amount outstanding of the Issuer’s 1.208% Euro Notes due June 4, 2026, and to pay accrued interest, fees and expenses in connection therewith.
• Clearing: Clearstream, Euroclear
• ISIN / Common Code / CUSIP: XS3368849348 / 336884934 / L076BM AD8
• Active Bookrunners: Barclays (B&D), BNP Paribas, Goldman Sachs & Co. LLC, Morgan Stanley
• Selling restrictions: As per the Issuer's Prospectus Supplement dated 11-May-26
• Stabilization: Relevant stabilization regulations including ICMA/FMA apply
• Target Market and PRIIPs: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK disclosure document required by DISC have been prepared as not available to retail in EEA or UK.
• Listing: New York Stock Exchange (“NYSE”)
• Docs: SEC Registered / New York Law
• Timing: Priced // TOE: 14:17 UKT // FTT: Subject to TS