Commentary & Deal Flow

IPTs: 5yr: MS+140a 8yr: MS+175/180bp

• Issuer: International Consolidated Airlines Group, S.A. (Ticker: IAGLN)
• Issuer Ratings: Baa2/BBB (Moody's/S&P)
• Expected Issue Ratings: Baa2/BBB (Moody's/S&P)
• Issuer LEI: 959800TZHQRUSH1ESL13
• Form of Issuance: Reg S, Registered, NSS
• Ranking: Senior Unsecured
• Size:
• • 5yr: €500m (WNG)
  • 8yr: €500m (WNG)
• Settlement Date: 28-May-26 (T+6)
• Maturity Date:
• • 5yr: 28-Jan-31
  • 8yr: 28-May-34
• Tenor:
• • 5yr: Long 4-Year
  • 8yr: 8-Year
• Coupon Type:
• • 5yr: Fixed (Annual, Act/Act, short first coupon)
  • 8yr: Fixed (Annual, Act/Act)
• Denominations: €100,000 x €1,000
• Optional Redemption: Make Whole Call, Tax call, 3-month Par Call, Clean-Up Call (75%), CoC
• Negative Pledge: Yes, as set out in the standalone prospectus
• Governing Law: English Law, except the provisions relating to the status of the Bonds which is governed by Spanish law
• Active Bookrunners: J.P. Morgan, Morgan Stanley, MUFG, SMBC
• Passive Bookrunners: Barclays, Standard Chartered Bank
• Co-Managers: CaixaBank, Commerzbank, Lloyds Bank Corporate Markets Wertpapierhandelsbank, NatWest
• B&D: Morgan Stanley
• Documentation: Standalone preliminary prospectus dated 20-May-26
• Listing: Euronext Dublin, Regulated Market
• Use of Proceeds: The net proceeds of the Bonds of each tranche will be used by the Issuer for its general corporate purposes
• Target Market & PRIIPS: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK
• Advertisement: The Standalone Prospectus, when published, will be available on the website of Euronext Dublin at: https://www.euronext.com/en/markets/dublin
• Sales Restrictions: As set out in the standalone preliminary prospectus
• Stabilisation: Relevant stabilisation regulations apply, including FCA/ICMA
• Timing: Today's business
• Common Code:
• • 5yr: 336467225
  • 8yr: 336467241
• ISIN:
• • 5yr: XS3364672256
  • 8yr: XS3364672413