Commentary & Deal Flow

IPTs: 6yr: SARON MS+65/70bp 10yr: SARON MS+75/80bp

• Issuer: Iberdrola Finanzas S.A.U. (Ticker: IBESM)
• Guarantor: Iberdrola, S.A.
• Guarantor Domicile: Spain
• Guarantor Rating: Baa1/BBB+/BBB+ (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa1/BBB+/A- (Moody's/S&P/Fitch)
• Format: Public Fixed Rate Notes
• Status: Senior, unsecured, unsubordinated fixed rate notes, Reg S, Bearer Form, Intermediated securities, ranking pari passu
• Type: European Green Bond (EuGB)
• Size:
• • 6yr: Min. CHF 100mm
  • 10yr: min. CHF 100mm
• Coupon:
• • 6yr: 1.2175% p.a. (indicative)
  • 10yr: 1.5325% p.a. (indicative)
• Maturity:
• • 6yr: 04-Jun-32 (6 years)
  • 10yr: 04-Jun-36 (10 years)
• IPTs:
• • 6yr: SARON MS +65.0 /+70.0 // YTM 1.218% /1.268% // Govt.+79 /+84
  • 10yr: SARON MS +75.0 /+80.0 // YTM 1.533% /1.583% // Govt.+96 /+101
• Lead Manager(s): Commerzbank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under the Issuer’s EUR 40,000,000,000 Euro Medium Term Note Programme, Base Prospectus dated 02-Jun-25. Issuer expects to publish an updated EMTN base prospectus on or around 29-May-26.
• FinSA Prospectus: Delayed prospectus approval in accordance with art. 51(2) FinSA
• Governing Law: English law, save for the status of the Notes and the status of the corresponding Guarantee which will be governed by, and shall be construed in accordance with, Spanish law
• Covenants: PP, NP, XD, each in accordance with the Terms and Conditions of the Senior Notes
• Early Redemption: Change of Control Investor Put Option, Issuer Call for tax reasons , each in accordance with the Terms and Conditions of the Senior Notes
• SIX Listing: 02-Jun-26
• Denomination: CHF 5'000 and multiples thereof
• Sales Restrictions: As set out in the Base Prospectus
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution). Public Offering in Switzerland only.
• Retail Restrictions: EEA & UK domiciled: Applicable
• Timing: Today's business, books can close at short notice
• Settle: 04-Jun-26
• Use of Proceeds: The Notes use the designation ‘European Green Bond’ or ‘EuGB’ in accordance with Regulation (EU) 2023/2631 (the "EU Green Bond Regulation"). 100% of the net proceeds of the issue of the Notes will be on-lent or deposited with another member or members of the Iberdrola Group and used to finance or refinance, in whole or in part, environmentally sustainable activities under Article 3 of Regulation (EU) 2020/852, as detailed in the Issuer’s European Green Bond Factsheet (the “Factsheet”). The Factsheet is also aligned with the ICMA Green Bond Principles. None of the Factsheet and External Review is incorporated in, or forms part of, the Base Prospectus. The Factsheet and External Review are published at: https://www.iberdrola.com/shareholders-investors/investors/fixed-income/information-related-to-green-finance