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Commentary & Deal Flow

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Republic of Iceland

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Republic of Iceland

by Anna Tkachenko

May 19, 2026 9:37 AM ET

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

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
The Republic of Iceland	5yr	3.25%	27-May-31	€500m	Sr Unsec	Fixed	99.538	3.352%	MS+45a	MS+34	-11

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