Commentary & Deal Flow

Rev Guidance: Long 5yr: SPGB+6a - Books above €2.8bn (incl. €175m JLM)

Guidance: Long 5yr: SPGB+9a

• Issuer: ICO (Instituto de Crédito Oficial)
• Issue Rating: A3/A+/A/A (Moody's/S&P/Fitch/Scope)
• Status: Explicitly guaranteed by Kingdom of Spain - 0% RW
• Ranking: Senior Unsecured
• Format: Green Bond
• UoP: Net proceeds will be allocated to finance and/or refinance new and/or existing projects from Green Categories in accordance with ICO’s Green Bond Framework
• Distribution: Reg S Bearer, TEFRA C
• Size: €500m (WNG)
• Maturity: 31-Oct-31
• Settlement: 20-May-26 (T+6)
• Coupon: Fixed, Annual, ACT/ACT
• Guidance: SPGBs + 6bps area
• Denominations: €1,000 + €1,000
• Listing/Law: AIAF / English Law / ECB-eligibility expected
• Docs: Issuer’s GMTN Programme
• Bookrunners: BNP Paribas, Crédit Agricole CIB, Citi, HSBC, Santander
• ISIN: XS3381701062
• Timing: Books Open, today's business
• Target Markets: Professionals and eligible counterparties (All channels for distribution), each as defined in MIFID II