Commentary & Deal Flow

• As expected today saw a bevy of issues, though even with yesterday's heavy pipeline, supply far exceeded expectations. In the IG € space alone 8 financials, 9 corporates & 7 SSA’s came to market, with 2 additional sterling trades, one Swissy & 1 Reg S dollar trades. In euros alone we had 24 borrowers with 30 tranches pricing a total volume of €28.375bn, with final order books over €89.5bn.

Euro IG (today)

Corporate

• VW stepped forward with a triple tranche green senior non-preferred offering for Volkswagen Bank GmbH (A1/BBB+/A-; expected issue ratings Baa1/BBB/BBB+). First news on books was a collective order book in excess of €6bn. Books divided at over €3.6bn, €3.8bn & €3.3bn respectively (over €10.7bn). An expected total deal size of €2.5bn was announced when books exceeded the €10bn mark. Final pricing came 7 tighter than guidance with all 3 tranches pricing 37bps tighter than IPTs (MS+73, MS+103 & MS+133). The deal grew slightly to price a total of €2.75bn (€1bn, €1bn & €750m).
• American Tower Corporation (Baa2/BBB+/BBB+) announced an SEC Registered € benchmark long 7 year (Sept 2033) with IPTs in the area of MS+130. Guidance came in at MS+100 area (+/- 5bps). The deal sized at €750m & priced a further 5bps tighter at MS+95. Final books on the SEC registered trade were over €2.65bn. The deal came flat to secondaries.
• Italian energy company ENEL (ENEL – Società per Azioni) (Baa1/BBB/BBB+) brought a benchmark dual tranche 4 & 7 year senior unsecured, with IPTs in the area of MS+95 & +120 respectively.Both tranches tightened by 30bps at guidance with collective books at €7.4bn (split - €3.95bn & €3.53bn) - this rose to over €8bn (pre-rec). Final books were €3.1bn & €2.4bn. Both tranches sized at €1.25bn. At pricing spreads tightened further to MS+58 & MS+85, offering NIC’s of ‘+2 & ‘+3bps respectively.
• Telefonica Emisiones SAU (Baa3/BBB-/BBB) announced a 8.5 year (Nov 2034), senior unsecured offering with IPTs at MS+145 to 150. Pre-rec books were over €2bn, when size was set at €750m. The deal tightened 27bps to price at MS+118. Final books settled over €1.6bn.
• Heidelberg Materials AG (Baa2/BBB) brought a benchmark long 3 & long 9 year deal with IPTs of MS+90 area & MS+140 area respectively. Combined books exceeded €4.65bn (split - €2.8bn & €1.85bn). The tranches sized at €900m & €600m, pricing at MS+58 & MS+110 respectively.
• German aviation giant Deutsche Lufthansa Aktiengesellschaft (Baa3 / BBB- / BBB-), came with its expected € benchmark, RegS, bearer, NGN, 5.7 year, senior unsecured offering. IPTs were called at MS+140 to 150. The deal sized at €750m & launched & priced at MS+110. Final books were over €2.4bn.
• Adidas AG (A3/A; expected ratings A by S&P) brought a no-grow €50m 5 year with IPTs of MS+85 area. Books were over €2bn (pre-rec), & the deal sized at €500m. The deal priced at MS+52, some 33bps tighter than IPTs.
• TP (BBB by S&P), formerly known as Teleperformance, a global leader in outsourced customer & citizen experience management & related digital services, brought its anticipated € benchmark Reg S bearer senior unsecured, dual-tranche long 5 year (due March-2032) & long 8 year (due January-2035) deal. IPTs were in the area of MS+200 & +250 respectively. Sizes were announced as expected to be €700m & €500m, when books were each over €2bn & €1.3bn. The tranches priced at MS+175 & MS+230 respectively. Final books were over €1.4bn & €625m.

FIG

• BNP Paribas Cardif (A by S&P; expected ratings BBB by S&P) was first to hit the screens this morning with a 215NC5 Tier 2 & a 20.5NC10.5 Tier 2 offering. IPTs were in the area of MS+170 & MS+195 respectively. Both tranches tightened by 30bps at pricing. Collective books were over €7.7bn (split - €4.4bn & €3.3bn).
• Having announced yesterday, Landesbank Saar (exp. AAA by Fitch) brought its expected 10 year, €250m (wng), public sector covered bond (Oeffentlicher Pfandbrief). IPTs on the transaction were MS+37 area. Books were over €760m (incl. €165m JLMs) & the deal priced at MS+31.
• LBBW - Landesbank Baden-Wurttemberg (Aa2/AA- by Moody’s & Fitch; expected ratings of Aaa by Moody’s) brought a 6 year, € benchmark, public sector covered bond (Öffentlicher Pfandbrief). The RegS Bearer transaction, maturing in May 2032, had guidance of MS+26 area. Books were first said to be over €1.5bn (excl. JLMs) & pushed to over €2.5bn (incl. €200m JLMs). Final books settled at €2.25bn. The deal sized at €1bn, & priced at MS+20.
• Caisse Française de Financement Local (CAFFIL) (expected ratings Aaa by Moody’s) announced a € benchmark, 10 year, green, covered bond with guidance of MS+57 area. Initial books were over €2bn (incl. €200m JLMs). The deal sized at €750m. Final books were over €2.4bn (incl. €200m JLMs) & the transaction priced at MS+51.
• With only its second public € offering over a billion this year, BFCM brought a benchmark 9NC8 senior non-preferred trade with IPTs at MS+135 to 140. Spread was set & priced at MS +108. Books closed over €3.1bn & the deal sized at €1.25bn.
• BPER Banca S.p.A. (Baa2/BBB/BBB; expected ratings Ba2 by Moodys) announced € benchmark AT1 Perpetual NC Sept 2031 offering with IPTs at 6.625% area. Books were over €2bn, with final books at over €1.2bn. The deal sized at €500m, pricing with a coupon of 6.20%.
• Metropolitan Life Global Funding I (MET) (expected ratings Aa3/AA-/AA-) brought an FA-backed € benchmark, 7 year, with IPTs of MS+105 to 110. The transaction was sized at €500m, with books over €875m (good at re-offer). The deal priced at MS+90.
• AVIVA plc (A2/A/A+; expected ratings A3/BBB+) announced an expected €575m, fixed to floating Tier 2 offering with IPTs of MS+190 area. The order book exceeded €2bn. The deal sized as expected, with an orderbook above €2.65bn (pre-rec). Final books were €1.85bn. The deal priced at MS+158.

SSA

• EIB (exp - Aaa/AAA/AAA) brought an ESTR linked €1.5bn (wng), 5 year with guidance of ESTR +27 area. Early books were over €4bn (incl. €500m JLMs). Spread set & priced at ESTR+26. Final books were over €5.1bn (incl. €500m JLMs).
• Another trade from yesterday, KfW (Aaa/AAA); guaranteed by the Federal Republic of Germany, brought a 10 year, €3bn (wng) Reg S trade, maturing on the 30th of June 2036. Guidance on the offering came in the area of MS+22. Books were above €14bn (incl. €1.8bn JLMs) & closed over €12bn. The deal priced at MS+20.
• Mandated yesterday the German State of Saxony-Anhalt (Aa1/AAA by Moody’s & Fitch), brought its €500m (wng) Landesschatzanweisung, 2 year, with guidance in the area of MS flat. The deal priced a basis point tighter at one through MS’s. Books were said to be in excess of €1bn (incl. €200m JLMs).
• SEK - Swedish Export Credit Corporation (Aa1/AA+), 100% owned by the Kingdom of Sweden, brought its expected 7 year, € Reg S benchmark with guidance of MS+27 area. Books were over €1.7bn (excl. JLMs). The deal sized at €1bn & priced at MS+25.
• The Province of British Columbia (Aa2/A/AA-/AA) joined the SSA que with its anticipated 10 year € benchmark due 29 May 2036. Guidance was MS+50 area. With books exceeding €4.8bn (incl. €350m JLMs), the deal sized at €2bn & priced at MS+48.
• Kommuninvest, the Swedish Local Government Debt Office (Aaa/AAA) came with a € benchmark green bond, due 20th of February 2030. Guidance was MS+6 area. The deal tightened to price at MS+4, with books over €2.6bn (incl. €250m JLMs). The trade sized at €1.25bn.
• The Republic of Iceland (A1/A+), brought a new 5 year €500m (wng) RegS only offering with guidance of MS+45 area. Initial books were over €3.3bn (incl. €250m JLMs). Guidance was revised to MS+37 area (+/- 3 bps). The deal priced at MS+34, some 11bps tighter than IPTs. Books closed over €6bn (incl. €250m JLMs).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

Corporate

• With the focus heavily skewed towards euro’s BMW International Investment B.V (A2/A) seized the opportunity to bring a sterling 6.5 year with IPTs of Gilts +95 to +100. Guidance came in 12.5bps & the deal priced tighter still at Gilts +80. Final books were over £550m.

FIG

• The UK’s PRS Finance plc (Aa3 by Moody’s) announced a £188.8m tap of its existing 10th of December 2030 notes (new total size £438.8m). Guidance was SONIA +55 area. Books for the tap exceeded £570m (final books £650m) with pricing 5 tighter at SONIA+50.

SSA

• None.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

Corporate

• SSA, Inter-American Investment Corporation (expected ratings, AA+/AAA by S&P & Fitch) announced a Chf100m minimum for a fresh 10 year. Guidance was SARON MS +28 area. It priced Chf100m in line with guidance.

FIG

• None.

SSA

• None.

Week-to-date volumes:

US$ Reg S (today)

Corporate

• None.

FIG

• ABN Amro Bank NV (A1/A/AA-; expected ratings A1/A/AA-) brought a green, $ benchmark senior preferred with IPTs of SOFR+100. Final books were over $1.2bn with the trade pricing 15bps tighter at SOFR+85. Sized at $1bn.

SSA

• None.

Pending Deals & Mandates

Euro (€)

• NRW Bank (Aa1/AA/AAA) mandated DekaBank, DZ Bank, NatWest & Nordea for an upcoming inaugural € benchmark 7 year European Green Bond. DZ Bank & NatWest have acted as Joint Sustainability Coordinators.
• Aareal Bank AG (expected ratings Aaa by Moody’s) mandated Barclays, Crédit Agricole CIB, Deutsche Bank, DZ Bank, Helaba, LBBW & Société Générale as JLM’s for the issue of its upcoming 6 year (May 2032), €625m (wng) inaugural Green Mortgage Covered Bond (Grüner Hypothekenpfandbrief). The issuer made itself available for 1-on-1 calls upon request, & the deal is expected to be launched in the near future, subject to market conditions. 
• German utility EWE AG (Baa1 by Moody's), mandated BNP Paribas & UniCredit as Global Coordinators, DZ Bank as Green Structuring Advisor & ABN Amro, Commerzbank & DZ Bank as additional Active Bookrunners to arrange a series of European investor calls which began on Monday the 18th of May 2026. The roadshow concludes today with over 30 investors engaged. BNP coordinated logistics. A Green €500m (wng) 8 year, Reg S, fixed-rate, senior unsecured notes offering will follow, subject to market conditions.
• Maltese bank, Bank of Valletta (BBB/BBB by S&P & Fitch; notes expected to be rated BBB by Fitch) appointed Citi & UBS as Global Coordinators to arrange a series of investor calls which began on Monday the 18th of May. UBS is coordinating logistics. A €300m (wng) Reg S Only senior preferred is expected to follow, subject to market conditions.
• Back on Thursday the 7th of May, NBN Co Limited (Aa3/AA+ by Moody’s & Fitch) mandated Barclays, BNP, Crédit Agricole, Deutsche Bank & HSBC as JB’s to arrange investor meetings which commenced on Monday the 11th of May 2026. Marketing concludes today with over 50 investors joining meetings and telephonics. NBN Co Limited, wholly-owned by the Commonwealth of Australia, is the operator of Australia’s national wholesale-only open-access broadband network, known as the NBN, & is Australia’s largest fixed broadband provider. A euro Reg S benchmark Sustainability senior unsecured 7.5 year may follow. Timing as soon as tomorrow (Wednesday 20th May), subject to market conditions
• Last Tuesday (12th May) Comunidad de Madrid (A/A3/A) mandated Crédit Agricole & ING to arrange a series of virtual investor meetings. A potential € denominated EuGB bond may yet follow.

Sterling (£)

• No deals.

Swiss Franc (Chf)

• No deals.

US$ (Reg S)

• BAWAG P.S.K. (expected ratings Aaa by Moody’s) mandated BMO Capital Markets, Citi, RBC Capital Markets, TD Securities & UBS Investment Bank (B&D) as Joint Bookrunners for its upcoming inaugural $ benchmark 3 year, mortgage covered, RegS Bearer transaction. The issuer made itself available for 1-on-1 calls upon request on Tuesday 19th May 2026.

Transaction Details 

PRICED: Landesbank Saar €250m 10yr CB; MS+31bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: MS+31bp / 99.95 / 3.506%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 97.793% / B+34.1bp / HR 102%

Final Books €750mn+ (incl. €165mn JLM). Peak book above €760mn

Launched: 10yr: €250m @ MS+31bp - Books above €760mn (incl. €165mn JLM)
Book Update: Orderbooks above €710m (incl. €150m JLM)
Guidance: 10yr: MS+37a

• Issuer: Landesbank Saar (Ticker: SAARLB)
• LEI: 52990050SU0S4QQ4Z793
• Exp. Issue Rating: AAA (Fitch)
• Status: Public Sector Covered Bond (Oeffentlicher Pfandbrief)
• Format: Reg S, Bearer
• Issue Size: €250m
• Settlement: 27-May-26 (T+5)
• Maturity: 27-May-36 (10 years)
• Coupon: 3.500%, annual, act/act ICMA, unadjusted
• ReOffer: MS+31bp / 99.95% / 3.506% Yield
• Benchmark: DBR 2.9 15-Feb-36 (ISIN: DE000BU2Z064)+ 34.1bps @97.793%, HR 102%
• Denominations: €100,000 + €100,000
• Listing/Law: Frankfurt (Regulierter Markt) / German Law
• ISIN/WKN: DE000SLB4386 / SLB438
• Joint Bookrunners: DekaBank, DZ BANK, Erste Group (B&D) and NORD/LB
• MIFID II: Manufacturer target market (MIFID II product governance) are eligible counterparties and professional clients only (all appropriate distribution channels).
• Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities.
• Timing: Priced, TOE: 12:52 CET, FTT: 13:10 CET

PRICED: European Investment Bank €1.5bn 5yr Sr Unsec FRN; ESTR+26bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: ESTR+26bp / 100

Final Books: Over €5.1bn (inc €500m JLM interest)

Launched: 5yr: €1.5bn @ ESTR+26bp - IOIs in excess of €4bn (inc €500m JLM interest)
Guidance: 5yr: ESTR+27a

• Issuer: European Investment Bank (EIB)
• Exp. Issue Rating: Aaa/AAA/AAA/AAA (Moody's/S&P/Fitch/Scope, all stable)
• Status: Senior Unsecured, 0% RW
• Format: EMTN - Reg S, Category 1, Registered Form
• Size: €1.5bn (no grow)
• Settlement: 26-May-26 (T+4)
• Maturity: 26-May-31
• Coupon: Compounded ESTR + 26bps, Floating, Quarterly, ACT/360, first coupon to be paid on 26-Aug-26
• Convention: ESTR Index where ESTR Index Start and ESTR Index End will be 5 target settlement days prior to the Interest Period
• Spread: ESTR+26bps
• Reoffer: 100
• Leads: Barc/DB/HSBC/RBC (B&D)
• Listing/Denom: Luxembourg Stock Exchange’s Regulated Market / €1k+€1k
• Governing Law: Luxembourg Law
• ISIN: EU000A4ETDK9 / Common Code 334450180
• Target Market: The manufacturer target markets (EU MIFID II and UK MiFIR product governance) as assessed by the lead managers are Retail / Professional / Eligible Counterparties (all distribution channels)
• Timing: TOE 12.10uk / 13.10cet / FTT Immediately

PRICED: PRS Finance plc £188.8m Dec-30 Tap Snr Sec; SONIA+50

IGC European Market: Deal Flow - General

Reoffer: Dec-30 Tap: SONIA+50 / 100.082

Final Books: In excess of £650m.

Launched: Dec-30 Tap: £188.8m @ SONIA+50bp - Books in excess of £570m
Guidance: Dec-30 Tap: SONIA+55a

• Issuer: PRS Finance plc
• Issuer LEI: 2138002JNX4ZKQI8OU17
• Guarantor: The Secretary of State for Housing, Communities and Local Government
• Issue Rating: Aa3 (Moody’s) (A revision in the UK Sovereign’s rating or its outlook by Moody's could occur as part of its next review scheduled for 22-May-26. As the rating assigned to the Issuer by Moody's is aligned with the rating of UK Sovereign, such a revision would automatically result in a revision of the Issuer's rating)
• Tap Amount: £188,800,000 (taking the total issuance size to £438,800,000, of which £51,113,000 is retained)
• Accrued Interest on £188.8m: 79 days accrued interest of £1,742,304.42 in respect of the period from and including 10-Mar-26 up to but excluding the Settlement Date
• Pricing Date (T): 19-May-26
• Settlement Date: 28-May-26 (T+6)
• Maturity Date: 10-Dec-30, hard bullet
• Coupon: Floating, Compounded Daily SONIA, 17 London Business Days Lag, Quarterly, Act/365 (Fixed)
• Quoted Margin: SONIA + 52 bps
• Reoffer DM spread: Discount Margin SONIA + 50bps on YTM basis
• Reoffer price: 100.082
• Early Optional Redemption: From (and including) 10-Dec-25 to (and excluding) 10-Dec-26: 102%; From (and including) 10-Dec-26 to (and excluding) 10-Dec-27: 101%; Thereafter to maturity: Par
• Listing: London Stock Exchange (Main Market)
• Governing Law: English Law
• Joint Lead Managers: Barclays, NatWest (B&D), RBC Capital Markets
• Documentation: Issuer’s £3,500,000,000 Guaranteed Secured Bond Programme dated 17-Jun-25
• Form of Bonds: Guaranteed, Senior, Secured, Bearer, NGN, Reg S Temporary Global Bond exchangeable for a Permanent Global Bond
• Denomination: £100k + £1k
• Permanent ISIN: XS3248351564
• Temporary ISIN: XS3386694619 (fungible after 40 days)
• Timing: Priced, ToE 12.05LDN. FTT Immediately
• Programme Memorandum: This communication is an advertisement. The Programme Memorandum dated 17-Jun-25 is available on http://www.rns-pdf.londonstockexchange.com/rns/4228N_1-2025-6-18.pdf

PRICED: Kreditanstalt fuer Wiederaufbau €3bn 10yr Sr Unsec; MS+20bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+20bp / 99.834 / 3.394%
Benchmark: 10yr: DBR Feb-36 @ 97.82 / B+23.2bp

Final Books in excess of €12bn (incl. €1.8bn JLM). Peak book in excess of €14bn (incl. €1.8bn JLM)

Spread set at: MS+20bp - Books in excess of €14bn (including €1.8bn JLM interest)
Guidance: MS+22a

• Issuer: Kreditanstalt fuer Wiederaufbau (KFW)
• Issuer LEI: 549300GDPG70E3MBBU98
• Guarantor: Federal Republic of Germany
• Ratings: Aaa/AAA/AAA (Moody’s/Scope/S&P, all stable)
• Status: Senior, Unsecured, Unsubordinated
• Format: Reg S, Bearer, TEFRA C applicable, Cat 1
• Settlement: 27-May-26 (T+5)
• Coupon: 3.375%, Annual, Act/Act (long first on 30-Jun-27)
• Maturity: 30-Jun-36
• Size: €3bn
• Reoffer spread: MS+20bps, DBR 02/36 +23.2bps, DBR spot 97.82
• Reoffer price: 99.834
• Reoffer yield: 3.394%
• Fee: 0.175%
• ISIN/WKN: DE000A5H27X9/A5H27X
• Listing: Frankfurt Stock Exchange (regulated market)
• Governing Law: German Law
• Target Market: The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are eligible counterparties, retail and professional (all distribution channels)
• Denominations: €1,000 x €1,000
• Documentation: Issuer's EMTN Programme
• Bookrunners: BNPP (B&D/DM), DZ BANK, Goldman Sachs Bank Europe SE, HSBC
• Timing: Priced, TOE 12:30 UKT

PRICED: Caisse Française de Financement Local €750m 10yr Green CB; MS+51bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: MS+51bp / 99.358 / 3.703%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 97.82 / B+54.1bp / HR 1.00

Final Books €2.4bn (incl. €200m JLM). Peak book over €2.7bn (pre-reconciliation).

Launched: 10yr: €750m @ MS+51bp - Books pre-rec over €2.7bn (incl. €200m JLM)
Guidance: 10yr: MS+57a - Books above €2bn (incl. €200m JLM)

• Issuer: Caisse Française de Financement Local (CAFFIL)
• LEI: 549300E6W08778I4OW85
• Type: Public Sector Obligations Foncieres - ECBC Covered Bond labelled / CRD IV-compliant - EU harmonisation label European Covered Bond (Premium)
• Format: Reg S, Bearer Dematerialised
• Expected ratings: Aaa/AAA (Moody's/DBRS)
• ESG Ratings: AA by MSCI / Prime C by ISS ESG
• Issue size: €750m
• Settlement: 27-May-26 (T+6)
• Maturity: 27-May-36 (Hard Bullet)
• Coupon: 3.625% Fixed, Annual on each May 27, Act/Act ICMA
• Reoffer: 99.358% / 3.703% / MS+51bp
• Benchmark: DBR 2.9 15-Feb-36 + 54.1 bp (97.82%), 1.00 HR
• Listing/Denoms: Paris and Luxembourg / €100k + €100k
• Governing Law: French
• Target market: MIFID II / UK MiFIR professionals/ECPs-Only/No PRIIPs KID – Manufacturer target market (MIFID II and MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPS key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Use of proceeds: Finance and/or refinance, in whole or in part Eligible Green Loans as defined in the Sfil Group Green, Social and Sustainability Bond Framework
• Joint Lead Managers: Barclays, BBVA, BNP Paribas, LBBW, Natixis (B&D)
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities.
• ISIN: FR0014018ML8
• Documentation: Off EMTN Programme - Base Prospectus dated 10-Jun-25
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus, any supplements thereto, and the Final Terms (when published) are available at https://sfil.fr/en/issuance-programs/?entite=caffil Investor Presentation: https://sfil.fr/wp-content/uploads/2025/03/20260210-Sfil-Group-Investor-Presentation.pdf GSS Framework: https://sfil.fr/wp-content/uploads/2025/03/Green-Social-and-Sustainability-Bond-Framework-2024.pdf Press Releases for Sfil's 2025 results (English): https://sfil.fr/wp-content/uploads/2026/02/Sfil-2025-Results.pdf
• Timing: PRICED. TOE: 13:49 CET, FTT: 14:10 CET

PRICED: Swedish Export Credit Corporation €1bn 7yr Sr Unsec; MS+25bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+25bp / 99.557 / 3.322%
Benchmark: 7yr: DBR 2.3% 15-Feb-33 @ 95.920 / B+34.6bp / HR 104%

Final Books: €1.7bn (excl. JLM)

Launched: 7yr: €1bn @ MS+25bp - Books closed at €1.7bn (excl. JLM)
Spread set at: 7yr: MS+25bp - Books in excess of €1.6bn (ex JLM)

• Issuer: Swedish Export Credit Corporation (100% owned by the Kingdom of Sweden)
• Ticker: SEK
• Issuer Ratings: Aa1/AA+ (Moody's/S&P)
• Status: Senior unsecured and unsubordinated
• Format: Reg S Bearer
• Size: €1bn
• Settlement Date: 27-May-26 (T+5)
• Maturity Date: 27-May-33 (7-year)
• Coupon: 3.250%, Fixed, annual ACT/ACT
• Reoffer: MS+25bp
• Price/Yield: 99.557 / 3.322%
• Benchmark: DBR 2.3% 15-Feb-33 @ 95.920 / B+34.6bp / HR 104%
• Denominations: 100k + 1k
• Listing/Law: Lux/English
• Docs: Issuer's EMTN Programme
• ISIN: XS3388158241
• Leads: Credit Agricole CIB, J.P. Morgan, NatWest, Nomura(B&D/DM), Swedbank
• Fees: The Joint Lead Managers will be paid a fee in connection with the transaction
• Timing: PRICED. TOE: 14:06 CET. FTT: Immediately.
• Target Market: Eligible counterparties and professional clients only (all distribution channels)
• Stabilisation: FCA/ICMA stabilisation

PRICED: Kommuninvest €1.25bn 4yr Green Sr Unsec; MS+4bp

IGC European Market: Deal Flow - SSA

Reoffer: 4yr: MS+4bp / 99.974 / 3.010%
Benchmark: 4yr: DBR 0 15-Feb-30 @ 90.280 / B+23.8bp / HR 106%

Launched: 4yr: €1.25bn @ MS+4bp - Book in excess of €2.6bn (incl. €250m JLM interest)
Spread set at: 4yr: MS+4bp - Book in excess of €2.2bn (incl. €250m JLM interest)
Guidance: 4yr: MS+6a

• Issuer: Kommuninvest i Sverige Aktiebolag (publ)
• LEI Code: EV2XZWMLLXF2QRX0CD47
• Issuer Rating: Aaa/AAA (Moody's/S&P)
• Format: Senior Unsecured, Reg S Registered, RW 0%
• Size: €1.25bn
• Settlement: 27-May-26
• Maturity: 20-Feb-30
• Coupon: 3%, Fixed, Annual, ACT/ACT ICMA (short first on 20-Feb-27)
• Final Spread: MS+4bp
• Reoffer: 99.974 / 3.010%
• DBR spread: +23.8bps vs. DBR 0 15-Feb-30 (90.280 / HR 106%)
• Denominations: €100k x 1k
• Listing: NASDAQ Stockholm
• Settlement: Euroclear and Clearstream, Luxembourg (Regulation S Global Note)
• Law: English
• Docs: Issuer’s EMTN Programme
• ISIN: XS3385516060
• Target Market: Eligible Counterparties, Professional Clients and Retail Clients (all distribution channels)
• Bookrunners: Barclays / Citi / Credit Agricole CIB / Danske Bank (B&D/DM)
• Timing: Priced. TOE: 13:04 LDN / 14:04 CET. FTT: 13:20 LDN / 14:20 CET

PRICED: CAF €1bn 7yr Green Sr Unsec; MS+50bp

IGC European Market: Deal Flow - SSAIGC EM LATM: Deal Flow - GeneralIGC EM LATM: Deal Flow - SSA

Reoffer: 7yr: MS+50bp / 99.555 / 3.573%
Benchmark: 7yr: DBR 2.3 15-Feb-33 @ 95.94 / B+60.0 / HR 103%

Final Books in excess of €10.4bn (incl €150m JLM). Peak book in excess of €10.8bn (incl €150m JLM).

Launched: 7yr: €1bn @ MS+50bp - Books in excess of €10.8bn (incl €150m JLM)
Rev Guidance: 7yr: MS+54a - Books in excess of €5.5bn (incl. €150m JLM)
Guidance: 7yr: MS+57a

• Issuer: Corporacion Andina de Fomento (Ticker: CAF)
• Ratings: AA+/Aa3/AA- (S&P/Moody's/Fitch)
• Format: Reg S, Registered
• Size: €1bn
• Settlement: 26-May-26 (T+5)
• Maturity: 26-May-33
• Coupon: 3.500%, Fixed, Annual
• Spread: MS+50bp
• Re-offer: 99.555% / 3.573%
• Day Count: Act/Act (ICMA)
• Governing Law: English
• Listing: London Stock Exchange
• Denominations: €100k x 1k
• Target Market: For MIFID II/UK MiFIR purposes, all target markets and all distribution channels are eligible
• Documentation: Issuer’s EMTN Programme
• Use of Proceeds: Eligible Green Projects in accordance with CAF's 2025 Sustainable Finance Framework
• ISIN: XS3385967230
• Bookrunners: BNP Paribas, BofA, Deutsche Bank, DZ Bank, Natixis (DM/B&D)
• Timing: TOE: 13.31 UKT / 14.41 CET. FTT immediately

PRICED: Landesbank Baden-Württemberg €1bn 6y CB; MS+20bp

IGC European Market: Deal Flow - General

Reoffer: 6y: MS+20bp / 99.431 / 3.231%
Benchmark: 6y: DBR 1.7 15-Aug-32 @ 93.158 / B+31.6bp / HR 99%

Final Books €2.35bn (incl. €200m JLM). Peak book above €2.5bn.

Launched: 6y: €1bn @ MS+20bp - Orderbooks above €2.5bn (incl. €200m JLM)
Book Update: Orderbooks above €1.5bn (excl. JLM interest)
Guidance: 6y: MS+26a

• Issuer: Landesbank Baden-Württemberg (Ticker: LBBW)
• LEI: B81CK4ESI35472RHJ606
• Issuer Rating: Aa2, stable (Moody’s) / A+, stable (Fitch) / A (high), stable (DBRS)
• Exp. Iss Ratings: Aaa (Moody’s)
• Status: Public Sector Covered Bond (Öffentlicher Pfandbrief)
• Label: EU harmonisation label European Covered Bond (Premium)
• Settlement: 29-May-26
• Maturity: 28-May-32 (6Y)
• Issue Size: €1bn
• Coupon: 3.125%, Fixed, Annual, Act/Act ICMA (short first Coupon)
• Reoffer: 99.431% , yld 3.231, MS+20bp
• Spread vs. Bmk: 31.6bp over DBR 1.7 15-Aug-32 (@93.158), HR 99%
• Denominations: €1,000 + €1,000
• Listing/Law: Stuttgart Stock Exchange / German Law
• ISIN/WKN/series: DE000LB4XGB2 / LB4XGB / 880
• Clearing: Clearstream
• Joint Bookrunners: CaixaBank, Commerzbank, LBBW (B&D), Lloyds, Natixis, Scotiabank, TD Securities, UniCredit
• MIFID II/MIFIR: Manufacturer target market (MiFID II/MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID
• Use of Proceeds: General corporate purposes
• Documentation: Issuer’s EUR 50bn Programme for the Issuance of Debt Securities, dated 23-Apr-26, as supplemented from time to time. Available on https://www.lbbw.de/group/news-and-service/investor-relations/issuing-programs/issuing-programmes_ac9nogyp1w_e.html and Final Terms, when available on https://www.lbbw-markets.de
• Timing: Priced, TOE 14:51CET, FTT 15:10CET

PRICED: Province of British Columbia €2bn 10yr Sr Unsec; MS+48bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: MS+48bp / 99.596 / 3.674%
Benchmark: 10yr: DBR 02/36 @ 97.785 / B+50.8bp

Final Books: > €4.8bn (incl. €350m JLM interest). Peak book > €4.9bn.

Launched: 10yr: €2bn @ MS+48bp - Books closed > €4.9bn (incl. €350m JLM interest)
Spread set at: 10yr: MS+48bp - Books in excess €4.4bn (including €250m JLM)
Guidance: 10yr: MS+50a

• Issuer: Province of British Columbia
• Ticker: BRCOL
• Issuer Ratings: Aa2/A/AA-/AA (Moody's/S&P/Fitch/DBRS)
• Format: Reg S, Bearer Notes, NGN
• Size: €2bn
• Maturity: 29-May-36
• Settlement: 29-May-26 (T+8)
• Coupon: 3.625%, Annual ACT/ACT
• Reoffer Spread: MS+48bps
• Reoffer Yield: 3.674%
• Reoffer Price: 99.596
• Denoms: €100,000 + €1,000
• Bookrunners: BNP Paribas / Credit Agricole CIB / Deutsche Bank / RBC Capital Markets (B&D/DM) / TD Securities
• Listing: Luxembourg Stock Exchange (Regulated Market)
• Law: Province of British Columbia/Canada
• Target Market: Professional / Eligible Counterparties (All Distribution Channels)
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• ISIN: XS3388170964
• Timing: Priced, TOE 13:39 UKT, FTT immediately
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Prospectus relating to the securities, and final terms, will be available on https://www.luxse.com/issuer/BritishColumbia/27848

PRICED: Municipality Finance US$1bn 5yr Sr Unsec; SOFR MS+34bp

IGC European Market: Deal Flow - SSAIGC US Market: Deal Flow - SSA

Reoffer: 5yr: SOFR MS+34bp / 99.533 / 4.355%
Benchmark: 5yr: T 3⅞ 30-Apr-31 @ 98-07+ / B+8.08bp / HR 102%

Final Books: In excess of US$8.0bn (incl. US$250m JLM)
Launched: 5yr: US$1bn @ SOFR MS+34bp - Books in excess of US$6.4bn (incl. US$250m JLM)
Guidance: 5yr: SOFR MS+36a - IOIs in excess of US$4.0bn (incl. US$250m JLM)

• Issuer: Municipality Finance Plc (MuniFin)
• Ticker: KUNTA
• Issue Ratings: Aa1/AA+ (Moody's/S&P - Stable/Neg)
• Format: Reg S/144A, Registered Form
• Size: US$1bn
• Coupon: 4.25%, Fixed, Semi-annual 30/360
• Maturity: 27-May-31
• Settlement: 27-May-26 (T+5)
• Spread: SOFR MS S/A 30/360 + 34bp
• Reoffer: 99.533% / 4.355% S/A
• Benchmark: +8.08bp vs T 3⅞ 30-Apr-31 @ 98-07+, HR 102%
• Denominations: US$200k+1k
• Listing: Nasdaq Helsinki Stock Exchange (Regulated market)
• Docs: Issuer's Programme for the Issuance of Debt Instruments
• Governing Law: English Law
• ISINs:
• • Reg S: XS3388204458
  • 144A: US62630CEM91
• Bookrunners: BMO/BNP/DB (B&D, DM)/TD
• Target Market: The manufacturer target market (UK MiFIR/MIFID II product governance) as assessed by the lead managers is eligible counterparties and professional investors (all distribution channels)
• Timing: Priced. ToE 13.44 UKT

PRICED: BNP Paribas Cardif €2.25bn 15NC5 & 20.5NC10.5 T2; MS+140bp & MS+165bp

IGC European Market: Deal Flow - General

Reoffer: 15NC5: MS+140bp / 100 / 4.414% 20.5NC10.5: MS+165bp / 100 / 4.879%
Benchmark: 15NC5: OBL 2.5 16-Apr-31 @ 98.25 / B+153bp 20.5NC10.5: DBR 2.9 15-Feb-36 @ 97.59 / B+168.9bp / HR 97%

15NC5: Final Books > €4.4bn
20.5NC10.5: Final Books > €3.3bn. Peak book > €3.4bn

Launched:
15NC5: €1.25bn @ MS+140bp - Books > €4.1bn
20.5NC10.5: €1bn @ MS+165bp - Books > €3.4bn
IPTs: 15NC5: MS+170bp area 20.5NC10.5: MS+195bp area

• Issuer: BNP Paribas Cardif
• LEI: 969500VRSFWX7S1P2M29
• Issuer Rating: A (S&P)
• Expected Issue Rating: BBB (S&P)
• Size: €1.25bn (15NC5) | €1bn (20.5NC10.5)
• Settlement: 27-May-26 (T+6)
• Maturity:
• • 15NC5: 27-May-41
  • 20.5NC10.5: 27-Nov-46
• First Call Date:
• • 15NC5: 27-May-31 (5Y)
  • 20.5NC10.5: 27-Nov-36 (10.5Y)
• Reoffer:
• • 15NC5: Sprd MS+140bps / Yld 4.414% / Px 100
  • 20.5NC10.5: Sprd MS+165bps / Yld 4.879 / Px 100.00
• Benchmark:
• • 15NC5: OBL 2 ½ 16-Apr-31 (@98.25) + 153bps
  • 20.5NC10.5: DBR 2.9 15-Feb-36 (@97.59) + 168.9bps, HR 97%
• Coupon:
• • 15NC5: 4.414% per annum until the First Reset Date, payable annually in arrear on 27 May in each year, commencing on 27-May-27
  • 20.5NC10.5: 4.875% per annum until the First Reset Date, payable annually in arrear on 27 November in each year, commencing on 27-Nov-26 with a short first coupon
• Issuer Call Option Date:
• • 15NC5: 27-May-31, and every Interest Payment Date thereafter, subject to the Conditions to Redemption and Purchase which includes the Prior Approval of the Relevant Supervisory Authority
  • 20.5NC10.5: 27-Nov-36, and every Interest Payment Date thereafter, subject to the Conditions to Redemption Purchase which includes the Prior Approval of the Relevant Supervisory Authority
• Reset Dates:
• • 15NC5: 27-May-31 the “First Resettable Note Reset Date”, 27-May-36, the “Second Resettable Note Reset Date”
  • 20.5NC10.5: 27-Nov-36, the “First Resettable Note Reset Date” and every fifth anniversary thereafter
• Reset Rate of Interest:
• • 15NC5 (First): A rate per annum equal to the sum of the relevant 5-year Mid-Swap Rate plus the Initial Margin (no step-up)
  • 15NC5 (Second): A rate per annum equal to the sum of the relevant 5-year Mid-Swap Rate plus the Initial Margin, plus a 100bps step-up
  • 20.5NC10.5: A rate per annum equal to the sum of the relevant 5-year Mid-Swap Rate plus the Initial Margin plus a 100bps step-up
• Ranking: Direct, unconditional, unsecured and Ordinary Subordinated Obligations of the Issuer, ranking: 1. pari passu without any preference among themselves and with any other Ordinary Subordinated Obligations of the Issuer outstanding from time to time, so long as they constitute Tier 2 Own Funds of the Issuer and/or the Group; 2. Junior to Unsubordinated Obligations, First Ranking Senior Subordinated Obligations, Senior Subordinated Obligations , Ordinary Subordinated Obligations that no longer constitute Tier 2 Own Funds of the Issuer and any other obligations expressed to rank senior to Ordinary Subordinated Obligations; and 3. Senior to any prêts participatifs granted to the Issuer, Deeply Subordinated Obligations and Equity Securities and any other obligations expressed to rank junior to Ordinary Subordinated Obligations of the Issuer. If the Notes are no longer treated as Tier 2 Own Funds regulatory capital, their rank will, subject to certain conditions, change, and the Notes will become either First Ranking Senior Subordinated Obligations or Senior Subordinated Obligations,
• Mandatory Deferred Interest: On each Interest Payment Date which is a Mandatory Interest Deferral Date. Mandatory Interest Deferral Date shall mean each Interest Payment Date in respect of which a Regulatory Deficiency has occurred and is continuing on such Interest Payment Date, or such interest payment (and, if relevant, any Arrears of Interest) would itself cause a Regulatory Deficiency.
• Deferred Interest: Deferred interest shall constitute Arrears of Interest and becomes payable in full on whichever is the earliest of (i) the next Interest Payment Date which is not a Mandatory Interest Deferral Date (ii) the date of any redemption of the Notes, or (iii) the liquidation/winding-up of the Issuer.
• Early Redemption: The Issuer may redeem the Notes (in whole only) at the Early Redemption Amount for (i) Tax Events (Withholding Tax Event, Gross-Up Event or Tax Deductibility Event), (ii) a Rating Event, (iii) a Capital Disqualification Event, (iv) an Accounting Event, or (v) if the conditions for a Clean-up Call are satisfied (i.e. 75% or more of the aggregate principal amount of Notes issued on the Issue Date are purchased and cancelled). Any such redemption is subject to the Prior Approval of the Relevant Supervisory Authority and to the Conditions to Redemption and Purchase.
• Variation and Substitution: If a Capital Disqualification Event, a Rating Event, an Accounting Event, or a Tax Event occurs, the Issuer may, at any time, without any requirement for the consent or approval of the Noteholders, vary the Conditions or substitute all (and not some only) of the Notes for other Notes, so that the varied Notes or the substituted Notes, as the case may be, become Qualifying Equivalent Securities.
• Conditions to Redemption and Purchase: Any redemption or purchase of the Notes is subject to the conditions that : (a) the Issuer has obtained the Prior Approval of the Relevant Supervisory Authority; (b) no Regulatory Deficiency has occurred and is continuing on the due date for redemption or repurchase and such redemption or purchase would not itself cause a Regulatory Deficiency; and (c) if and to the extent required under the then Applicable Supervisory Regulations in order for the Notes to be treated as “tier two” own funds regulatory capital (or, if different, whatever terminology is employed to denote such concept by the then Applicable Supervisory Regulations) of the Issuer and/or Group for the purposes of the determination of the Issuer’s and/or the Group's regulatory capital, no Insolvent Insurance Affiliate Winding-up has occurred and is continuing on the date due for redemption or purchase. Certain other conditions to redemption apply in accordance with the Applicable Supervisory Regulations.
• No Event of Default: There are no events of default in respect of the Notes
• Denomination: €100,000 + €100,000
• Listing / Docs: Euro MTF / BNP PARIBAS Cardif EMTN Programme dated 15-May-26
• Clearing System: Euroclear France, Euroclear and Clearstream
• Business Day: T2 Business Day
• Form of the Notes: Reg S only, Bearer
• Selling Restrictions: Australia, United States, the European Economic Area (PRIIPs Regulation), France, the United Kingdom, Singapore, Switzerland, Canada, Italy, Belgium, Japan, Hong Kong, PRC.
• Governing Law: French law
• Sole bookrunner: BNP Paribas (B&D)
• JLMs (No Books):
• • 15NC5: BBVA, ING, LLOYDS, SEB, UNICREDIT
  • 20.5NC10.5: BBVA, INTESA, NATIXIS, NORDEA, NYKREDIT
• ISIN:
• • 15NC5: FR0014018PQ0
  • 20.5NC10.5: FR0014018PR8
• Target Market: Manufacturer target market (EEA MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or key information document (KID) or UK disclosure document has been prepared as not available to retail in EEA, the UK or elsewhere. No sales to retail clients in the UK
• Timing: PRICED, TOE 14:18 UKT, FTT 14:35 UKT

PRICED: The Republic of Iceland €500m 5yr Sr Unsec; MS+34bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+34bp / 99.538 / 3.352%
Benchmark: 5yr: OBL 2.5 2031 @ 98.30% / B+48bp

Final Books closed > €6bn (incl. €250m JLM interest)

Launched: 5yr: €500m @ MS+34bp - Books closed > €6bn (incl. €250m JLM interest)
Rev Guidance: 5yr: MS+37a (+/- 3 WPIR) - Books > €3.3bn (incl. €250m JLM interest)
Guidance: 5yr: MS+45a

• Issuer: The Republic of Iceland
• LEI: 254900IPCJWRC6XAJN15
• ISIN: XS3388350434
• Format: Reg S Registered, Category 1
• Rating: A1/A+ (stab/pos) (Moody's/S&P)
• Size: €500m (No Grow)
• Settlement: 27-May-26 (T+5)
• Maturity: 27-May-31
• Coupon: 3.250% Fixed, Annual
• Spread: MS+34bp
• Reoffer Price: 99.538%
• Reoffer Yield: 3.352%
• Benchmark: +48bps vs OBL 2.5 2031 (98.30%)
• Day Count: Act/Act
• Listing: London Stock Exchange
• Denominations: €100k + €1k
• Leads: BNPP / DB / JPM / Nomura (B&D)
• Target Market: Manufacturer target market (EEA MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK.
• Timing: Priced. TOE 14:10 UKT / 15:10 CET, FTT immediately

PRICED: Banque Fédérative du Crédit Mutuel €1.25bn 9NC8 SNP; MS+108bp

IGC European Market: Deal Flow - General

Reoffer: 9NC8: MS+108bp / 99.354 / 4.222%
Benchmark: 9NC8: DBR 2.2% 15-Feb-34 @ 93.98 / B+113.7bp (HR 101%)

Final Books: €3.1bn+

Launched: 9NC8: €1.25bn @ MS+108bp
IPTs: 9NC8: MS+135/140bp - Books €2bn+

• Issuer: Banque Fédérative du Crédit Mutuel (“BFCM”)
• LEI: VBHFXSYT7OG62HNT8T76
• Status of Notes: Senior Non-Preferred Notes
• Format: Reg S, Dematerialised Notes in Bearer form (au porteur)
• Issuer Ratings: A1 (Moody's) / A+ (S&P) / AA- (Fitch Ratings)
• Expected Notes Ratings: A3 (Moody's) / A- (S&P) / A+ (Fitch Ratings)
• Pricing Date: 19-May-26
• Settlement Date: 28-May-26 (T+7)
• Tenor: 9-NC-8
• Optional Redemption Date: 26-May-34
• Maturity Date: 26-May-35
• Currency & Size: €1.25bn
• Reoffer: MS+108bp // 4.222% // 99.354
• Benchmark: DBR 2.2% 15-Feb-34 + 113.7bp (93.98 spot, HR 101%)
• Coupon: 4.125% Fixed, Annual, Short First
• Interest: Fixed Rate Notes:Fixed rate of 4.125% paid annually in the arrear of 26 May in each year commencing on 26-May-27 up to and excluding the Optional Redemption Date. If the Senior Non-Preferred Notes are not redeemed or purchased and cancelled on the Optional Redemption Date, the interest payable on the Senior Non-Preferred Notes from and including the Optional Redemption Date to and excluding the Maturity Date shall be 3 month Euribor + 108bps, payable quarterly in arrears
• Day Count Fraction: Act/Act (ICMA) until Optional Redemption Date
• Business Day Convention: Following Business Day Convention until Optional Redemption Date
• Business Days for Payment: T2
• Specified Denominations: €100k + €100k
• Governing Law: French Law
• Listing: Euronext-Paris
• Clearing System: Euroclear France
• Joint Lead Managers: CIC CIB (B&D), Natixis, NatWest, UBS
• ISIN: FR0014018HI4
• Use of Proceeds: An amount equal to the estimated net proceeds of the issue of the Notes will be used for the Issuer’s general corporate purposes
• Documentation: Issued under the BFCM EMTN Programme’s Base Prospectus dated 18-Jul-25 (as supplemented on 17-Feb-26 and on 15-Apr-26) and the Final Terms of the Notes
• Advertisement: The Base Prospectus, dated 18-Jul-25, and supplements, as well as the Final Terms (when published) are available at https://www.bfcm.creditmutuel.fr/en/programs/index.html
• MiFID II Target Market: Manufacturer target market (MIFID II governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) has been prepared as not available to retail in the EEA.
• MiFID II Co-Manufacturers: Joint Lead Managers and Issuer
• Selling Restrictions: Reg S (no communications with or into the U.S., no sales into Canada) Category 2, UK, France, Japan, Hong Kong, PRC, Belgium. No sales of Notes to EEA and UK Retail Investors; TEFRA Not Applicable
• Acknowledgement of Bail-In and Write-Down or Conversion Powers: Applicable
• Waiver of Set-Off: Applicable
• MREL or TLAC Disqualification Event in respect of Senior Non-Preferred Notes: Applicable
• Negative Pledge: None
• Cross Default: None
• Events of Default in respect of Senior Non-Preferred Notes: No Events of Default in respect of Senior Non-Preferred Notes
• Timing: Priced. TOE 14:33 UKT. FTT 15:00 UKT

PRICED: Telefonica Emisiones €750m 8.5yr Sr Unsec; MS+118bp

IGC European Market: Deal Flow - General

Reoffer: 8.5yr: MS+118bp / 100 / 4.343%
Benchmark: 8.5yr: DBR 2.6% Aug-34 @ 96.36% / B+123.6bp / HR 100%

Final book above €1.6bn. Peak book above €2bn (pre-rec)

Launched: 8.5yr: €750m @ MS+118bp - Books above €2bn (pre-rec)
IPTs: 8.5yr: MS+145/150bp

• Issuer: Telefonica Emisiones, S.A.U. (Ticker: TELEFO, Country: Spain)
• Guarantor: Telefonica, S.A.
• Guarantor Ratings: Baa3/BBB-/BBB (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa3/BBB-/BBB (Moody's/S&P/Fitch)
• Issuer / Guarantor LEI: 549300Y5MFC4SW5Z3K71 / 549300EEJH4FEPDBBR25
• Format: Senior, Unsecured, Reg S, Bearer, New Global Note, Cat 2, TEFRA D. As per the Base Prospectus, no communications with or into the US or Canada (excluding Ontario)
• Pricing Date: 19-May-26
• Settlement: 27-May-26 (T+6)
• Tenor: 8.5-year
• Maturity: 27-Nov-34
• Size: €750m
• Reoffer: MS+118bp / 4.343% Yld / 100% Price
• Benchmark: 123.6bps vs DBR 2.6% Aug-34 @ 96.36% / HR: 100%
• Coupon: 4.3525% Fixed (Annual, Act/Act), long first coupon from 27-May-26 to 27-Nov-27
• ISIN: XS3388349188
• Documentation: EUR 40,000,000,000 EMTN Programme for the Issuance of Debt Instruments dated 10-Apr-26.
• Governing Law: English law, except for the status of the Instruments and of the Guarantee, which are governed by Spanish law.
• Listing: Irish Stock Exchange (Regulated)
• Put/Call Options: MWC B+20bp / Clean-up call at 75% / 3m par call
• Denominations: €100k+100k
• UoP: General Corporate Purposes
• Joint Bookrunners: Barclays (B&D), BBVA, Commerzbank, IMI – Intesa Sanpaolo, Mediobanca, Natixis, UniCredit
• Advertisement: The Base Prospectus dated 10-Apr-26 and final terms when published – will be available via Euronext Dublin at www.ise.ie and on the website of Telefonica (https://www.telefonica.com/en/shareholders-investors/rating/debt-programs/)
• Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• TOE: 14:34 UKT / 15:34 CET
• FTT: 15:00 UKT / 16:00 CET

Senior

8.5 year (Nov 2034) @ MS+140 to +150

Implied Spread for fresh 8.5 year @ +109

Priced at MS +118

NIC of +9

PRICED: Metropolitan Life Global Funding I €500m 7yr FA-Backed; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+90bp / 100 / 4.000%
Benchmark: 7yr: DBR 2.300% 15-Feb-33 @ 95.75 / B+99.5bp / HR 102%

Final Books ~€875m. Peak book in excess of €825m

Launched: 7yr: €500m @ MS+90bp - Orderbook in excess of €825m
IPTs: 7yr: MS+105/110bp

• Issuer: Metropolitan Life Global Funding I
• LEI Number: 635400MMSOCXNNNZDZ82
• Funding Agreement Provider: Metropolitan Life Insurance Company
• Expected Security Ratings: Aa3/AA-/AA- (Moody's/S&P/Fitch)
• Format: Funding Agreement-Backed notes, Reg S Cat 3 (Registered)
• Size: €500m
• Settlement: 27-May-26 (T+5)
• Maturity: 27-May-33
• Reoffer: MS+90bp / 4.000% / 100%
• Coupon: 4.000% Fixed-Rate, Annual (Act/Act)
• Benchmark Security: +99.5bps vs DBR 2.300% 15-Feb-33 (px 95.750%), HR 102%
• Docs: U.S.$40,000,000,000 Global Note Issuance Program Offering Circular, dated 05-Dec-25, as supplemented by the First Offering Circular Supplement, dated 11-Mar-26, and the Second Offering Circular Supplement, dated 13-May-26
• Target Market: MiFID II/UK MiFIR Eligible counterparties and professional clients only (all distribution channels). No sales to EEA or UK retail. No KID will be prepared.
• Expected Listing: Euronext Dublin
• Advertisement: The Offering Circular is available at https://live.euronext.com/en/product/bonds-detail/p525%7C24523/documents
• Governing Law: New York Law
• Denom: €100k x €1k
• UoP: To purchase relevant Funding Agreements from Metropolitan Life Insurance Company
• Bookrunners: BNP Paribas, Deutsche Bank(B&D), Goldman Sachs International, J.P. Morgan
• ISIN: XS3386672565
• Timing: PRICED. TOE 14h33 UK. FTT 15H00 UKT

PRICED: BMW International Investment £300m 6.5yr Sr Unsec; G+80bp

IGC European Market: Deal Flow - General

Reoffer: G+80bp / 99.644 / 5.574%
Benchmark Gilt: UK Gilt 4.25% 07-Jun-32 @ 97.663 / HR 106%

Final Book: in excess of £550m. Peak book: in excess of £600m.

Launched: 6.5yr: £300m @ G+80bp - Books in excess of £550m (pre rec)
Guidance: 6.5yr: G+85a - Books in excess of £600m
IPTs: 6.5yr: G+95/100bp

• Issuer: BMW International Investment B.V.
• Guarantor: Bayerische Motoren Werke Aktiengesellschaft (Ticker: BMW)
• Guarantor Ratings: A2 by Moody’s (Stable) / A by Standard & Poor’s (Negative)
• Expected Issue Ratings: A2 by Moody’s / A by Standard & Poor’s
• Issuer / Guarantor LEI: 724500J951RJJFEW5X49 / YEH5ZCD6E441RHVHD759
• Format: Reg S, bearer, senior unsecured, New Global Notes, TEFRA D. Temporary Global Note exchangeable for a Permanent Global Note. No definitive Notes.
• Size: £300m
• Settlement: 27-May-26 (T+5)
• Maturity: 27-Nov-32
• Benchmark Gilt / ISIN: UK Gilt 4.25% due 07-Jun-32 / GB0004893086 mid (97.663) / Bid (97.633) / HR 106%
• Reoffer: 99.644 Mid Gilts + 80bps / 5.498 Semi Ann / Ann 5.574
• Coupon: 5.5% Fixed, Annual, Act/Act (ICMA), following, unadjusted (Short first coupon)
• ISIN / Common Code: XS3389229900 / 338922990
• Clearing: Euroclear / Clearstream
• Docs: Luxembourg Stock Exchange (Regulated Market) / German Law / £100k + £100k
• Selling Restrictions: As set out in the Base Prospectus dated 08 May 2026 (no communications with or into the US, sales into Canada as per notice comprised in the Base Prospectus). Sales to Qualified Investors (as defined in the EU Prospectus Regulation) only. No public offer.
• Use of Proceeds: General Corporate Purposes
• MiFID II / UK MiFIR Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only and all channels for distribution of the Notes are appropriate. No EEA PRIIPs key information document or UK CCI disclosure document has been prepared as not available to retail in the EEA or the UK – Out of Scope
• Joint Bookrunners: HSBC, Lloyds (B&D)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus, any supplements thereto and the final terms, when published, will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com/issuer/BMWIntlInv/81685).
• Timing: Priced ToE: 14:55 UKT / FTT: 15:30 UKT

PRICED: Teleperformance SE €1.2bn 6yr & 9yr Sr Unsec; MS+175 & MS+230

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+175bp / 99.796 / 4.794% 9yr: MS+230bp / 99.469 / 5.458%
Benchmark: 6yr: DBR 0% Feb-32 @ 84.81 / B+188.2bp / HR 105% 9yr: DBR 2.6% Aug-34 @ 96.45 / B+236.4bp / HR 96%

6yr: Final Books > €1.4bn. Peak book > €2bn
9yr: Final Books > €625m. Peak book > €1.3bn

Book Update: 6yr: > €1.85bn | 9yr: > €1bn
Guidance: 6yr: MS+175bp - Book > €2bn 9yr: MS+230bp - Book > €1.3bn
IPTs: 6yr: MS+200a 9yr: MS+250a

• Issuer: Teleperformance SE (ticker: RCFFP, country: FR)
• Issuer LEI: 9695004GI61FHFFNRG61
• Issuer rating: BBB stable outlook by S&P
• Rating of the bonds: BBB by S&P
• Format: Reg S bearer dematerialised senior unsecured (Cat.2)
• Pricing Date: 19-May-26
• Settlement: 28-May-26 (T+7)
• Size:
• • 6yr: €700mn
  • 9yr: €500mn
• Maturity:
• • 6yr: 28-Mar-32
  • 9yr: 28-Jan-35
• Reoffer:
• • 6yr: ms+175bps / 99.796 / 4.794%
  • 9yr: ms+230bps / 99.469 / 5.458%
• Coupon:
• • 6yr: 4.75% Fxd, Annual, Act/Act (ICMA), short first coupon
  • 9yr: 5.375% Fxd, Annual, Act/Act (ICMA), short first coupon
• Benchmark:
• • 6yr: +188.2bps vs DBR 0% Feb-32 (84.81) HR: 105% / +144.9bps vs FRTR 3.25% Feb-32
  • 9yr: +236.4bps vs DBR 2.6% Aug-34 (96.45) HR: 96% / +176.5bps vs FRTR 3% Nov-34
• MWC:
• • 6yr: OAT+25bps
  • 9yr: OAT+30bps
• Global Coordinators: Crédit Agricole CIB, Goldman Sachs Bank Europe SE (B&D), Société Générale
• Active Bookrunners: BNP Paribas, Citi, Crédit Agricole CIB, Goldman Sachs Bank Europe SE, HSBC, Natixis, Société Générale
• Documentations: EMTN Programme / French Law / 3m Par Call / MWC (vs. OAT)/ Clean-up @75% / CoC
• Denominations: €100k + 100k
• Listing: Euronext Paris
• UoP: General Corporate Purposes and the refinancing of existing indebtedness, including the partial refinancing of the Issuer’s EUR500m 0.250% bonds due 26th November 2027 (ISIN: FR0014000S75) and EUR700m 5.250% bonds due 22nd November 2028 (ISIN: FR001400M2F4), targeted by a Tender Offer simultaneously announced by the Company
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• TOE / FTT: 14.54 UKT / 15.30 UKT
• ISIN:
• • 6yr: FR0014018LK2
  • 9yr: FR0014018LM8
• Selling Restrictions: As set out in the EMTN Base Prospectus dated 11 December 2025 and supplemented on 13 May 2026
• Advertisement: Base Prospectus dated 11 December 2025, Supplement dated 13 May 2026 and Final Terms, when published, will be available on the website of the AMF: https://www.amf-france.org

PRICED: Heidelberg Materials AG €1.5bn L3yr & L9yr Sr Unsec; MS+58bp & MS+110bp

IGC European Market: Deal Flow - General

Reoffer: L3yr: MS+58bp / 99.845 / 3.554% L9yr: MS+110bp / 97.971 / 4.271%
Benchmark: L3yr: OBL 2.1 29-Apr-29 @ 98.190 / B+79.5bp (HR:115%) L9yr: DBR 2.5 15-Feb-35 @ 95.330 / B+115.3bp (HR: 100%)

L3yr: Final Book >€2.8bn. Peak book >€2.9bn
L9yr: Final Book >€1.85bn. Peak book >€2bn

Launched:
L3yr: €900m @ MS+58bp - Book >€2.9bn
L9yr: €600m @ MS+110bp - Book >€2bn
IPTs: L3yr: MS+90a L9yr: MS+140a

• Issuer: Heidelberg Materials AG (Ticker: HEIGR, Country: DE)
• Issuer LEI: LZ2C6E0W5W7LQMX5ZI37
• Issuer Ratings: Baa2 (positive) / BBB (positive) (Moody's/S&P)
• Exp. Issue Ratings: Baa2 / BBB (Moody's/S&P)
• Status: Senior, Unsecured
• Format: Reg S, Bearer, NGN
• Size:
• • L3yr: €900m
  • L9yr: €600m
• Trade Date: 19-May-26
• Settlement: 27-May-26 (T+6)
• Maturity:
• • L3yr: 10-Oct-29
  • L9yr: 18-Jul-35
• Reoffer:
• • L3yr: MS+58 / 99.845 / 3.554%
  • L9yr: MS+110 / 97.971 / 4.271%
• Coupon:
• • L3yr: 3.5% Fxd, Ann., Act/Act ICMA, short first coupon
  • L9yr: 4% Fxd, Ann., Act/Act ICMA, long first coupon
• ISIN:
• • L3yr: XS3379436325
  • L9yr: XS3379436598
• Early Redemption:
• • L3yr: Tax Call / CoC @ 101% / Clean-up Call (80%)/ 1m Par Call
  • L9yr: Tax Call / CoC @ 101% / Clean-up Call (80%) / 3m Par Call
• Acquisition Call:
• • L3yr: Applicable (optional), at 100.5% of the aggregate principal amount in case (i) the acquisition of Maas Group has not closed or (ii) the Issuer has publicly stated that it no longer intends to pursue the Transaction, in each case prior to 31-Mar-27
  • L9yr: Applicable (optional), at 101.0% of the aggregate principal amount in case (i) the acquisition of Maas Group has not closed or (ii) the Issuer has publicly stated that it no longer intends to pursue the Transaction, in each case prior to 31-Mar-27
• Docs: EMTN / Lux. Listing (Regulated Market) / German Law / €1x1k denoms
• Selling Restrictions: Reg S, Cat2, TEFRA D and as per the Prospectus. No communications with or into the US. The issuer will not give consent to use prospectus for subsequent sales / No offer period
• Sales into Canada: Sales into Ontario, Alberta, British Columbia only, subject to compliance with applicable law
• Passporting: Austria, Germany, Ireland, Netherlands
• UoP: General corporate purposes, including financing acquisitions
• Global Coordinators: Citigroup, ING (B&D)
• Joint Bookrunners: BofA Securities, Citigroup (GC), Commerzbank, ING (GC, B&D), SEB, Standard Chartered Bank AG
• Target Market / PRIIPs: Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties, professional clients and retail clients (all distribution channels). No UK PRIIPs/CCI product summary or EU PRIIPs key information document (KID) will be prepared.
• Advertisement: The Base Prospectus dated 29-Apr-26 is available and the Final Terms, when published, will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com/issuer/HeidelbergMat/47254)
• Timing: Priced. TOE: 15:06 UKT / 16:06 CET. FTT: 15:45 UKT / 16:45 CET

PRICED: American Tower €750m Long 7yr Sr Unsec; MS+95bp

IGC European Market: Deal Flow - General

Reoffer: Long 7yr: MS+95bp / 99.663 / 4.057%
Benchmark: DBR 2.6 15-Aug-33 @ 97.20 / B+102.1bp / HR 98%

Final Books €2.65bn. Peak book €3bn+ (pre-rec)

Launched: Long 7yr: €750m @ MS+95bp - Books €3bn+ (pre-rec)
Guidance: Long 7yr: MS+100a
IPTs: Long 7yr: MS+130a

• Issuer: American Tower Corporation (Ticker: AMT; Country: US)
• Issuer LEI: 5493006ORUSIL88JOE18
• Issuer Ratings: Baa2 (Stable) / BBB+ (Stable) / BBB+ (Stable) (Moody’s / S&P / Fitch)
• Expected Issue Ratings: Baa2 / BBB+ / BBB+ (Moody’s / S&P / Fitch)
• Format: SEC-registered
• Settlement Date / Issue Date: 27-May-26 (T+5)
• Maturity: 01-Sep-33
• Reoffer: MS+95bp / 99.663 / 4.057%
• Benchmark: DBR 2.6 15-Aug-33 @ 97.20 / B+102.1bp / HR 98%
• Coupon: 4.000% Fixed, Annual, ACT/ACT (ICMA), short first coupon
• Make-whole call: B+15bps
• Par Call: Yes, 2-months
• ISIN / Common Code: XS3389205470
• Docs: SEC Registered / New York Stock Exchange Listing / New York Law / €100k+1k denoms / CoC @ 101
• Clearing: Euroclear and Clearstream
• UoP: The Issuer intends to use the net proceeds from this offering to repay existing indebtedness drawn under the 2021 Multicurrency Credit Facility, to the extent it has been drawn upon in euros to repay the 1.950% Notes, and for general corporate purposes
• Sales into Canada: Yes, via exemption
• Sales into Japan: Yes, via exemption
• Selling Restrictions: As per the Issuer's preliminary prospectus supplement
• Stabilization: FCA/ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC Disclosure Document
• Joint Actives: J.P. Morgan (B&D) / BNP Paribas / BofA Securities / Citigroup / Crédit Agricole / Mizuho
• Timing: TOE: 15.18UKT / FTT: TBC

Senior

Long 7 year (Sept 2033) @ MS+130 area

Implied Spread for fresh Long 7 year @ +95

Priced at MS +195

NIC of 0

PRICED: Oncor Electric Delivery Company €850m 30.5NC5.5 Jr Sub; 4.575%

IGC European Market: Deal Flow - General

Reoffer: 30.5NC5.5: 4.575% / 99.906

Final Books in excess of €3bn. Peak book in excess of €3.5bn.

Launched: 30.5NC5.5: €850m @ 4.575% - Books in excess of €3.5bn
Yield set at: 30.5NC5.5: 4.575%
Guidance: 30.5NC5.5: 4.625%a (+/-5bps WPIR)
IPTs: 30.5NC5.5: 5-5.125%a

• Issuer: Oncor Electric Delivery Company LLC (Debt Ticker: ONCRTX, Country: US)
• Issuer LEI: 549300SP2X2BS1KERD24
• Format: 144A / Reg S without Registration Rights
• Size: €850m
• Ranking: Unsecured and will rank junior and be (i) subordinated in right of payment and upon liquidation to all of Oncor’s Senior Indebtedness and (ii) structurally subordinated to Oncor Receivables LLC’s AR Facility. Will rank pari passu to any future unsecured subordinated indebtedness that ranks equally with the Junior Subordinated Notes in right of payment
• Issuer Ratings: Baa1 (Stable) / A- (Stable) / BBB+ (Stable) (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa2 / BBB / BBB (Moody's/S&P/Fitch)
• Expected Equity Credit: Moody’s: Basket M (50%) until year 20.5; S&P: Intermediate Equity Content (50%) until the First Interest Reset Date, Fitch: 50% until year 25.5
• Settlement: 26-May-26 (T+4)
• Tranche: 30.5NC5.5
• Maturity: 26-Nov-56 (30.5 years)
• Optional Redemption: Redeemable in-whole at par (i) on any day commencing on and including (28-Aug-31) (the “First Par Call Date”) and ending on and including the First Interest Reset Date, and (ii) on any interest payment date thereafter
• Re-offer: 4.575% Annual Yield / 99.906
• Initial Margin: MS+153.4bp
• First Interest Reset Date: 26-Nov-31 (5.5 years)
• Interest Rate: From (and including) the Issue Date to (but excluding) the First Interest Reset Date at a fixed rate of 4.55%, payable annually in arrears on 26 November of each year (short first coupon). Reset on the First Interest Reset Date and every five years thereafter to the sum of the Five-Year Swap Rate plus the Initial Margin plus the relevant Step-Up, payable annually in arrears
• First Step-Up Date / Amount: +25bps in Year 10.5 (26-Nov-36)
• Second Step-Up Date / Amount: +75bps (100bps cumulative) in Year 25.5 (26-Nov-51)
• Optional Deferral of Interest Payment: Optional deferral of interest at any time, for a period of up to five consecutive years (an “Optional Deferral Period”). During an Optional Deferral Period, interest on the Junior Subordinated Notes will continue to accrue at the relevant interest rate. During an Optional Deferral Period, (subject to limited exceptions) the issuer will not (i) declare or pay any dividend or distribution on membership interests, except for contractual tax payments, (ii) redeem, purchase, acquire or make a liquidation payment with respect to any membership interests, (iii) pay any principal, interest or premium on, or repay, repurchase or redeem any debt securities that are equal or junior in right of payment which will not include trade accounts payable or accrued liabilities arising in the ordinary course of business; or (iv) make any payments with respect to any guarantee of any indebtedness if such guarantee ranks equally with or junior to the Junior Subordinated Notes in right of payment
• Special Event Redemption: At 101% of principal amount prior to the First Par Call Date (par thereafter) following the occurrence of a Tax Deductibility Event or a Rating Agency Event. At par following the occurrence of a Tax Withholding Event or a Substantial Repurchase Event (75% threshold)
• Selling Restrictions: NO E-MAIL OR WRITTEN MATERIALS MAY BE SENT, NOR ANY SALES CALLS OR OTHER ORAL COMMUNICATIONS BE INITIATED, TO INVESTORS LOCATED IN HONG KONG AND MAINLAND CHINA
• Sales Into Canada: Yes – via exemption
• ISIN / Common Code:
• • 144A: XS3372006646 / 337200664
  • Reg S: XS3372006562 / 337200656
• Use of Proceeds: General corporate purposes, including to repay outstanding commercial paper notes, when due, issued under Oncor’s commercial paper program.
• Denominations: €100,000 x €1,000
• Listing: Euronext Dublin (Global Exchange Market)
• Governing Law: State of New York
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• Joint Lead Managers: BNP Paribas (B&D), Crédit Agricole CIB, J.P. Morgan, Mizuho, Wells Fargo Securities
• Marketing: URL: https://www.netroadshow.com | Entry Code: ONCOR2026 Direct Link: https://www.netroadshow.com/event/ONCOR2026
• Timing: TOE 15:21 UKT / FTT TBC

• Details correct at time of posting