Commentary & Deal Flow

Reoffer: Long 5yr: SPGB+4bp / 99.878 / 3.077%
Benchmark: SPGB 0.5% 31-Oct-31 @ 87.396% / 3.037%

Final Books: Books above €3.3bn (incl. €175m JLM)

Launched: Long 5yr: €500m @ SPGB+4bp - Books above €3.3bn (incl. €175m JLM)
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(stb)/A+(stb)/A(stb)/A(pos) (Moody's/S&P/Fitch/Scope)
• Status: Explicitly guaranteed by Kingdom of Spain - 0% RW
• Ranking: Senior Unsecured
• Format: Green Bond
• Use of Proceeds: 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
• Maturity: 31-Oct-31
• Settlement: 20-May-26 (T+6)
• Coupon: 3.05% Fixed, Annual, ACT/ACT, short first
• Spread: SPGB 0.5% 31-Oct-31 (MID @87.396% / 3.037%) + 4bps
• Reoffer: 99.878% / 3.077%
• 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(B&D), Santander
• ISIN: XS3381701062
• Timing: Priced, TOE 14:09 CET, FTT immediately
• Target Markets: Professionals and eligible counterparties (All channels for distribution), each as defined in MIFID II