Commentary & Deal Flow

• Total € IG supply today totalled €11.375bn from 14 issuers.
• Aside from one print from NRW Bank, SSA’s were largely absent from primary. In Euros, 7 financial borrowers led supply (3 covereds for €2.125bn & €2.55bn in unsecured), with 6 corporates (9 tranches) bringing €5.2bn.
• • All 3 covered deals tightened 6bps from IPTs.
  • Unsecured financial prints tightened on average by 27bps from IPTs.
  • Average FIG deal size was a relatively small at €668m.
  • Corporate supply priced on average 28bps tighter from IPTs
  • Notably small average tranche size for corporates of €520m.
• Elsewhere there were two corporate dual-tranche offerings in Swiss Francs, totalling Chf580m.
• Despite the mildly friendly inflation data this morning there was no Sterling supply.

Euro IG (today)

Corporate

• German energy utility group E.On, via E.ON International Finance B.V. (exp. issue ratings of Baa2/BBB+/A-) brought a dual tranche € benchmark green offering with both a 5 & 10 year. IPTs for both were in the area of MS+85 & MS+125 respectively.The deal size was called as being a maximum combined amount of €1.3bn as combined books exceeded €4bn (pre-rec) (€1.75bn & €2.25bn). Guidance tightened to MS+60 & MS+100 (‘area’). Books at re-offer were over €1.35bn & over €1.45bn. Both tranches priced tighter at MS+55 & MS+93, with each tranche sizing at €650m.
• Having carried out extensive investor work through last week, NBN Co Limited (Aa3/AA+ by Moody’s & Fitch) came to market. The issuer, wholly-owned by the Commonwealth of Australia, is the operator of Australia’s national wholesale-only open-access broadband network, & is Australia’s largest fixed broadband provider. The deal was a 7.5 year senior unsecured, sustainability offering in benchmark size, with IPTs of MS+105 to 110. Books climbed above €2.7bn (pre-rec). Final books were €2.3bn & the deal sized at €750m, pricing at MS+75.
• As anticipated, German utility EWE AG (Baa1 by Moody's), came with its €500m (wng), green, 8 year, Reg S, fixed-rate, senior unsecured offering with IPTs of MS+120 to 125. Final books were over €1.1bn & the deal priced at MS+90.
• British multinational consumer goods giant, Reckitt Benckiser Treasury Services PLC (exp. issue ratings of A3 by Moody’s), brought a € benchmark dual tranche 5 & 9 year, with respective IPTs in the area of MS+90 & MS+125. The tranches sized at €650m & €500m, with books over €2.85bn, split €1.45bn & €1.35bn respectively. Both tranches priced 25bps tighter than IPTs at MS+65 & MS+100.
• Dutch state-backed utility company Stedin Holdings N.V. brought a 7 year € benchmark green offering with IPTs of MS+100 to 105. Guidance tightened to MS+75 area as books rose above €1.5bn (pre-rec), climbing to €1.7bn - final book €1.4bn. The deal sized at €500m, pricing at MS+70.
• Aviation holding company International Consolidated Airlines Group, S.A. - aka IAG (exp. Issue ratings Baa2/BBB) brought a dual tranche € offering. Both tranches were announced as no-grow €500m. A long 4 year carried IPTs of MS+140 area, while an 8 year had IPTs of MS+175 to +180. Both tranches tightened significantly from IPTs to price at MS+102 & MS+150. Books were €3.5bn & €1.9bn respectively.

FIG

• Having announced the mandate yesterday, Aareal Bank AG (exp. issue ratings Aaa by Moody’s) brought its 6 year (May 2032), €625m (wng) inaugural Green Mortgage Covered Bond (Grüner Hypothekenpfandbrief). Guidance was announced in the area of MS+39. Books first announced over €1.5bn (incl. €400m JLMs), growing to above €1.9bn. Final books were €1.75bn (incl. €450m JLMs).The deal priced at MS+33.
• Italian bank Cassa Centrale Banca – Credito Cooperativo Italiano S.p.A (BBB+ by Fitch) brought a 4 year €500m (wng) senior preferred offering with IPTs in the area of MS+110. Books reached above €900m (incl. €35m JLMs) - final books over €825m. The deal priced at MS+85.
• Belgian issuer KBC Group NV (A-/A3/A) announced a € benchmark, senior unsecured, 8NC7 green issue with IPTs in the area of MS+120. Books were called over €1.5bn, rising to €2.5bn (pre-rec, incl. €30m JLMs) - final books over €1.7bn. The trade sized at €750m & priced at MS+88.
• Canadian financial group Fédération des caisses Desjardins du Québec - aka CCDJ (exp. issue ratings Aaa/AAA by Moody’s & Fitch), brought a € benchmark, 5 year covered bond with guidance of MS+32 area. Final books were above €2.1bn (incl. €225m JLMs). The deal priced at MS+26 & the deal sized at €750m. 
• Standard Chartered (A3/BBB+/A) announced a € benchmark, 6NC5 deal with IPTs of MS+120 area. Books were quoted as over €1.5bn, rising to over €1.9bn (excl. JLMs). The deal sized at a billion & priced 25bps tighter at MS+95. Final books were over €1.75bn.
• The second Belgian issuer came today via Belfius Bank SA (exp. issue ratings of AAA/AAA by S&P & Fitch), with a 6 year €750m (wng) European covered bond. Guidance was in the area of MS+30. Books first quoted at over €1.5bn (excl. JLMs), rising to over €2bn (incl. €195m JLMs). Spread set & priced at MS+24. Final books topped €2.25bn (incl. €195m JLMs).
• Maltese Bank of Valletta plc (exp. issue ratings BBB by Fitch) brought its anticipated €300m (wng), 6NC5 senior preferred issue with IPTs in the area of MS+175. Books were first cited as being over €600m, rising to above €775m (pre-rec). The deal priced at MS+150.

SSA

• NRW Bank (Aa1/AA/AAA), guaranteed by the Federal State of North Rhine-Westphalia, came with an inaugural EuGB - European Green Bond. The €1.5bn (wng), 7 year offering had a short first coupon & came with guidance of MS+21 area. Spread set at MS+19 when books were announced at €2.7bn (incl. €500m JLMs). Books climbed to over €3.3bn (incl. €50m). As expected, the trade priced at MS+21.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• None.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

Corporate

• Deutsche Telekom AG (exp. Issue ratings A3/A-/BBB+) announced a dual-tranche 8 & 12 year senior unsecured offering. Initial price talk was SARON MS +65 to +70 & +75 to +80 respectively. First indications of size had a minimum of Chf150m for the 8 year & Chf100m for the 12 year. As books grew, pricing was sharpened with fresh guidance offered up at SARON MS +68 to +70 (WPIR) & +78 to +80 (WPIR) respectively. Pricing came in at MS+70 & MS+78 with the 2034 sizing at Chf200m & the 2038 at Chf120m.
• Spanish energy utility Iberdrola Finanzas S.A.U. (exp. Issue ratings Baa1/BBB+/A-) came with a second dual tranche of the day, with a 8 & 12 year (min Chf100m each). Both are European Green bonds. Coincidentally, IPTs were the same as DT at SARON MS +65 to +70 & +75 to +80 respectively. Guidance was revised to MS+68 to +70 & MS+78 to +80. Spread set thereafter & priced at MS+70 & +80. The tranches sized at Chf135m & Chf125m respectively.

Week-to-date volumes:

US$ Reg S (today)

FIG

• Austrian financial group, BAWAG P.S.K. (expected ratings Aaa by Moody’s) announced its expected inaugural $ benchmark 3 year, mortgage covered, RegS Bearer transaction. Guidance on the transaction was SOFR MS+55 area. Books were first cited as being over $1.5bn, rising to over $2bn. Spread set & priced at SOFR MS+50 with final size $700m.

Pending Deals & Mandates 

Euro (€)

• Rheinmetall AG (Baa1 by Moody’s), a leading international systems supplier in the defense industry, has mandated Crédit Agricole CIB & UniCredit as Global Coordinators & Commerzbank, Crédit Agricole CIB, Deutsche Bank, Societe Generale & UniCredit as Joint Bookrunners to arrange a series of European Fixed Income Investor Calls on 20 May 2026. Crédit Agricole CIB is coordinating logistics. A €500m (wng) senior unsecured 5 year is expected to follow, subject to market conditions.
• Austrian bank, Hypo Tirol Bank AG (exp. Issue rating Aaa by Moody’s) mandated Danske Bank, Erste Group, Helaba & NordLB as Joint Bookrunners for a new 7 year, €300m (wng) soft-bullet fixed-rate, Mortgage Covered Bond (Hypothekenpfandbrief) - launched in the near future, subject to market conditions.
• Nordic Investment Bank (NIB) (Aaa/AAA) mandated Credit Agricole CIB, Danske Bank, DZ Bank & Nordea for an upcoming € benchmark, 7 year Environmental Bond (NEB), Green Bond. The deal will be launched in the near future, subject to market conditions.
• Having announced a mandate last Tuesday (12th May) Comunidad de Madrid (A/A3/A) to Crédit Agricole & ING, we are yet to see a potential € denominated EuGB bond following investor meetings.

Transaction Details 

PRICED: Deutsche Telekom CHF 320m 8yr & 12yr Sr Unsec; SARON MS+70 & SARON MS+78

IGC European Market: Deal Flow - General

Reoffer: 8yr: SARON MS+70 / 100 / 1.3625% 12yr: SARON MS+78 / 100 / 1.630%
Benchmark: 8yr: Govt + 84.0 12yr: Govt + 101.1

Launched: 8yr: CHF 200m @ SARON MS+70bp 12yr: CHF 120m @ SARON MS+78bp
Spread set at: 8yr: SARON MS+70bp 12yr: SARON MS+78bp - Books are now closed
Guidance: 8yr: SARON MS+68/70bp 12yr: SARON MS+78/80bp
IPTs: 8yr: SARON MS+65/70bp 12yr: SARON MS+75/80bp

• Issuer: Deutsche Telekom AG (Ticker: DT)
• Issuer Domicile: Germany
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior unsecured
• Issuer Rating: A3/A-/BBB+ (Moody's/S&P/Fitch)
• Instrument Rating (exp): A3/A-/BBB+ (Moody's/S&P/Fitch)
• Tranche 1 (2034):
• • Issue Size: CHF 200m
  • Coupon: 1.3625% p.a. (30/360, following unadj.)
  • Maturity: 8 years (02-Jun-26 to 02-Jun-34)
  • Spread/Yield: SARON MS +70.0 // YTM 1.3625% // Govt + 84.0
  • Issue Price: 100.000%
  • ISIN / Valor: CH1568283811 / 156 828 381
• Tranche 2 (2038):
• • Issue Size: CHF 120m
  • Coupon: 1.630% p.a. (30/360, following unadj.)
  • Maturity: 12 years (02-Jun-26 to 02-Jun-38)
  • Spread/Yield: SARON MS +78.0 // YTM 1.630% // Govt + 101.1
  • Issue Price: 100.000%
  • ISIN / Valor: CH1568283829 / 156 828 382
• Lead Manager(s): Deutsche Bank, Commerzbank, Goldman Sachs Bank Europe SE
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under Deutsche Telekom's Debt Issuance Programme
• FinSA Prospectus: Base Prospectus is deposited with and recognized by the Swiss Prospectus Office pursuant to Art. 54(2) FinSA. Final Terms available in accordance with Art. 45 (3) FinSA.
• Governing Law: German law
• Covenants: Pari Passu, Negative Pledge, Cross Default as per the Issuer's Debt Issuance Programme
• SIX Listing: 01-Jun-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: USA / US Persons, EEA, UK and general selling restrictions (as per the Issuer's Debt Issuance Programme).
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.

PRICED: Iberdrola Finanzas CHF 260m 6yr & 10yr Sr Unsec EuGB; SARON MS+70 & SARON MS+80

IGC European Market: Deal Flow - General

Reoffer: 6yr: SARON MS+70 / 100 / 1.253% 10yr: SARON MS+80 / 100 / 1.568%
Benchmark: 6yr: Govt.+84 10yr: Govt.+101

Launched: 6yr: CHF 135m @ SARON MS+70bp 10yr: CHF 125m @ SARON MS+80bp
Spread set at: 6yr: SARON MS+70bp 10yr: SARON MS+80bp
Guidance: 6yr: SARON MS+68/70bp 10yr: SARON MS+78/80bp
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), all stable
• 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: CHF 135m
  • 10yr: CHF 125m
• Coupon:
• • 6yr: 1.2525% p.a.
  • 10yr: 1.5675% p.a.
• Maturity:
• • 6yr: 04-Jun-32 (6 years)
  • 10yr: 04-Jun-36 (10 years)
• Spread/Yield:
• • 6yr: SARON MS +70.0 // YTM 1.253% // Govt.+84
  • 10yr: SARON MS +80.0 // YTM 1.568% // Govt.+101
• Issue Price:
• • 6yr: 100.000%
  • 10yr: 100.000%
• ISIN / Security Number:
• • 6yr: CH1564488570 / 156448857
  • 10yr: CH1564488588 / 156448858
• 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
• 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

PRICED: Belfius Bank €750m 6yr CB; MS+24bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+24bp / 99.903 / 3.268%
Benchmark: 6yr: DBR 1.7 15-Aug-32 @ 93.176 / B+35.6 / HR 100%

Final books €2.25bn (incl. €195m JLM)

Launched: 6yr: €750m @ MS+24bp - Books above €2.0bn (incl. €195m JLM)
Book Update: Books in excess of €1.5bn (excl. JLM)
Guidance: 6yr: MS+30a

• Issuer: Belfius Bank SA/NV (Ticker: CCBGBB)
• LEI: A5GWLFH3KM7YV2SFQL84
• Collateral: Belgian Residential Mortgages
• Status: European Covered Bond (Premium), ECBC Covered Bond Label compliant
• Format: Reg S, Dematerialised
• Expected Rating: AAA/AAA (S&P/Fitch)
• Size: €750m
• Maturity Date: 27-May-32, soft bullet
• Settlement: 27-May-26 (T+5)
• Reoffer: 99.903%, yld 3.268%, MS+24bps
• Spread vs. Bmk: 35.6bps over DBR 1.7 15-Aug-32 (@93.176), HR 100%
• Coupon: 3.25% Fixed, Annual ACT/ACT ICMA
• Listing: Euronext Brussels
• Governing Law: Belgian Law
• Denoms: €100k + €100k
• Docs: Issuer’s Belgian Mortgage Pandbrieven Programme
• Bookrunners: Barclays, Belfius, Erste Group, LBBW, ING (B&D), Nordea
• ISIN: BE0390317866
• Clearing: Securities Settlement System of the NBB, Eligible Investors only (X-accounts)
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Target Market: Manufacturer target market (MIFID II/ MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the UK or EEA.
• Advertisement: The base prospectus dated 10-Oct-25 and its supplements are available and the Final Terms, when published, will be available at https://www.belfius.be/about-us/en/investors/debt-issuance/pandbrieven/belgian-mortgage
• Timing: Priced, TOE: 14:15, FTT 14:30

Covered

6 year (May 2032) @ MS+30 area

Implied Spread for fresh 6 year @ +22

Priced at MS +24

NIC of +2

PRICED: Fédération des caisses Desjardins du Québec €750m 5yr CB; MS+26bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+26bp / 100 / 3.25%
Benchmark: 5yr: OBL #193 11-Apr-31 (DE000BU25067) @ 98.399 / B+40bp

Final Books: Above €2.1bn (incl. €225m JLM)

Launched: 5yr: €750m @ MS+26bp - orderbook above €1.8bn (incl. €225m JLM)
Book Update: Orderbook above €1.5bn (incl. €225m JLM)
Guidance: 5yr: MS+32a

• Issuer: Fédération des caisses Desjardins du Québec (CCDJ)
• LEI: 549300B2Q47IR0CR5B54
• Guarantor: CCDQ Covered Bond (Legislative) Guarantor Limited Partnership
• Type: Canadian legislative covered bond, backed by Canadian residential mortgages (ECBC Covered Bond Labelled)
• Format: Reg S (Registered NSS)
• Expected Ratings: Aaa/AAA (Moody's/Fitch)
• Size: €750m
• Coupon: 3.25%, Fixed Annual ACT/ACT ICMA
• Settlement: 27-May-26 (T+5)
• Maturity: 27-May-31 (5y, soft bullet)
• Extended Maturity Date: 27-May-32
• Reoffer-Price/-Yld/-Sprd: 100% / 3.25% / MS +26bps
• Benchmark Sprd / Px / Yld: OBL #193 11-Apr-31 (DE000BU25067) +40 bps, cash 98.399 / 2.85%
• Listing: Euronext Dublin Regulated Market
• Denoms: €100k + €1k
• ISIN/Common Code: XS3389643407 / 338964340
• Docs: The Issuer’s Global Legislative Covered Bond Programme Prospectus dated 19-Dec-25, as supplemented by prospectus supplements dated 25-Feb-26, 27-Mar-26 and 14-May-26 (collectively, the “Prospectus”)
• Governing law: Province of Ontario and Canada
• Joint Bookrunners: Commerzbank, DZ BANK, Natixis, RBC Capital Markets (B&D) and Société Générale
• Fees: Joint Bookrunners will be paid a fee in connection to the transaction
• Timing: Priced, TOE 14:30 CET / 13:30 UKT // FTT 14:45 CET / 13:45 UKT
• MiFID II / UK MiFIR Product Governance Target Market: The target market for the Covered Bonds is eligible counterparties and professional clients, each as defined in MiFID II and UK MiFIR (all channels for distribution of the Covered Bonds are appropriate). No EU PRIIPs or UK PRIIPs KID and/or CCI Product Summary has been prepared as not available to retail in the EEA or the UK. Singapore sales to Institutional and Accredited investors only.
• Advertisement: The Prospectus and applicable Final Terms (when published) will be available on: https://www.desjardins.com/ca/about-us/investor-relations/fixed-income-investors/legislative-covered-bond-program/index.jsp

Covered

5 year (May 2031) @ MS+32 area

Implied Spread for fresh 5 year @ +26

Priced at MS +26

NIC of 0

PRICED: Cassa Centrale Banca - Credito Cooperativo Italiano €500m 4yr SP; MS+85bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+85bp / 99.803 / 3.804%
Benchmark: 4yr: OBL 2.4 30 #191 @ 98.57 / B+101.30bp / HR 101%

Final Books >€825m (incl. €35m JLM). Peak book above €900m (incl. €35m JLM)

Launched: 4yr: €500m @ MS+85bp - Books above €900m (incl. €35m JLM)
Book Update: Books above €800m (incl. €35m JLM)
IPTs: 4yr: MS+110a

• Issuer: Cassa Centrale Banca - Credito Cooperativo Italiano S.p.A.
• Issuer LEI: LOO0AWXR8GF142JCO404
• Issuer Ratings: BBB+ (stable) / BBBH (stable) by Fitch / DBRS
• Security: Fixed Rate Senior Preferred Notes
• Expected Issue Ratings: BBB+ / BBBH by Fitch / DBRS
• Form of the Notes: Reg S, Bearer, Dematerialised, TEFRA not applicable
• Issue Size: €500m
• Maturity Date: 27-May-30
• Settlement Date: 27-May-26 (T+5)
• Final Spread: MS+85 bps
• Reoffer: 99.803 / 3.804%
• Benchmark: OBL 2.4 30 #191 + 101.30bp (Spot 98.57) HR 101%
• Coupon: 3.75% Fixed, Annual, Act/Act (ICMA) payable in arrear in accordance with the Business Day Convention
• Interest Payment Dates: Annually every 27 May, starting from 27-May-27 (First Interest Payment Date) until the Maturity Date
• Docs: EMTN Programme dated 21-Jan-26, including full set of condition precedents and due diligence
• Denoms: €100,000 + integral multiples of €1,000
• Listing: Euronext Dublin (Regulated Market)
• Governing Law: Italian Law
• Use of Proceeds: General funding purposes
• Clearing: Euronext Securities Milan (Monte Titoli)
• MIFID II Target Market: Manufacturer target market (EU MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in the EEA or the UK
• Fees: The Banks will be paid a fee by the Issuer in relation to the transaction
• Joint Bookrunners: BBVA, BNP Paribas, IMI-Intesa Sanpaolo (B&D), Mediobanca, Raiffeisen Bank International
• ISIN: IT0005710790
• Advertisement: The Base Prospectus, any Supplements are, and the Final Terms will be, available at: https://live.euronext.com/en/product/bonds-detail/p1319%7C26540/documents
• Investor Presentation: https://dealroadshow.com/e/BRENTEI2026 URL: https://dealroadshow.com Entry Code: BRENTEI2026
• Timing: Priced
• ToE: 14.12 UKT / 15.12 CET
• FTT: 14.30 UKT / 15.30 CET

PRICED: Aareal Bank €625m 6yr Green CB; MS+33bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+33bp / 99.459 / 3.351%
Benchmark: 6yr: DBR 0% Feb-32 @ 84.97 / B+47.1bp / HR 113%

Final Books: €1.75bn (incl. €450m JLM). Peak book above €1.9bn.

Launched: 6yr: €625m @ MS+33bp - Orderbooks above €1.9bn (incl. €450m JLM interest)
Book Update: Books above €1.5bn (inc. €400m JLM)
Guidance: 6yr: MS+39a

• Issuer: Aareal Bank AG
• Issuer LEI: EZKODONU5TYHW4PP1R34
• Issue Rating: expected Aaa (Moody’s)
• Issuer Ratings: Baa1 stable / A- positive (Moody’s / Fitch)
• Issue Type: Green Mortgage Pfandbrief / Grüner Hypothekenpfandbrief (vdp) / European Covered Bond (Premium)
• Format: Reg S, Bearer
• Size: €625,000,000
• Pricing Date: 20-May-26
• Settlement Date: 28-May-26 (T+5)
• Maturity Date: 28-May-32
• Coupon: 3.250% p.a.
• Re-offer: MS+33bp / 3.351% / 99.459
• Benchmark: DBR 0% Feb-32 @ 84.97 / B+47.1bp / HR 113%
• Interest Payment Dates: 28 May in each year, commencing on 28-May-27
• Business Days: T2
• Day Count Fraction: Actual / Actual (ICMA 251)
• Business Day Conventions: Unadjusted, following
• Joint Lead Managers: Barclays, Crédit Agricole CIB, Deutsche Bank, DZ BANK (B&D), Helaba, LBBW, Société Générale
• Denomination: €1,000 + €1,000
• Listing: Düsseldorf, regulated market
• WKN / ISIN: AAR049 / DE000AAR0496
• Clearing: Clearstream Europe AG
• ECB-eligibility: Expected
• Governing Law: German Law
• Selling restrictions: As per Aareal Bank’s Debt Issuance Programme
• Documentation: As per Aareal Bank’s €25bn Debt Issuance Programme, dated 13-Jun-25, and any subsequent supplements thereto
• Use of Proceeds: An amount equal to the net proceeds from the Notes will be used for the refinancing of Eligible Assets as defined by the Eligible Asset Categories described in Aareal Bank's Green Finance Framework - Liabilities, dated Oct-23
• Target market: Eligible counterparties, professional clients and retail clients, each as defined in MiFID II / UK MiFIR
• Distribution strategy: Investment Advice, Non-advised services, Execution only
• Timing: ToE 15h17 CET | FTT 15h45 CET

PRICED: Standard Chartered PLC €1bn 6NC5 Sr Unsec; MS+95bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+95bp / 100 / 3.934%
Benchmark: 6NC5: OBL 2.5 16-Apr-31 @ 98.4% / B+108.4bp / HR 99.6%

Final Books: >€1.75bn. Peak book €1.9bn+ (excl. JLM, pre-rec)

Launched: 6NC5: €1bn @ MS+95bp - Books €1.9bn+ excl. JLM (pre-rec)
Book Update: Books > €1.5bn (excl. JLM)
IPTs: 6NC5: MS+120a

• Issuer: Standard Chartered PLC (STANLN)
• LEI number: U4LOSYZ7YG4W3S5F2G91
• Format: Reg S, Global Certificate in registered form. Issued under the Issuer’s Debt Issuance Programme
• Notes: Fixed Rate Reset Senior Unsecured Notes, Unsubordinated
• Issuer Ratings (M/S/F): A3 (Stable) / BBB+ (Stable) / A (Stable)
• Exp. Issue Ratings (M/S/F): A3 / BBB+ / A
• Size: €1bn
• Settlement Date: 28-May-26 (T+5)
• Maturity Date: 28-May-32 (6 years)
• Optional Redemption Date: 28-May-31 (5 years)
• Reference spot mid-swap rate: 2.984%
• Re-offer Spread vs mid-swap: +95 bps
• Re-offer Yield: 3.934%
• Re-offer Price: 100.000%
• Benchmark: OBL 2 ½ 16-Apr-31 #193
• Benchmark Price: 98.4%
• Benchmark Yield: 2.850%
• Re-offer Spread vs Benchmark: +108.4 bps
• Hedge Ratio: 99.6%
• Coupon: 3.934% fixed, annual. If not redeemed on the Optional Redemption date, coupon resets to 1yr MS + 95 bps, annual, payable on the Maturity Date
• Day count: ACT / ACT (ICMA)
• Denomination: €100k + 1k
• Listing: London Stock Exchange, main market
• Governing Law: English Law
• Business Days: London and T2
• Clearing: Euroclear Bank SA/NV/Clearstream Banking S.A.
• Use of Proceeds: General Corporate Purposes
• Joint Lead Managers: Lloyds, Mizuho, Natixis, Santander, Standard Chartered Bank (B&D) and Wells Fargo Securities
• ISIN: XS3381221525
• Common Code: 338122152
• TOE / FTT: 14.14 UKT / 14.45 UKT
• Events of Default: Restrictive Events of Default apply. See Condition 9(b) in the Prospectus
• Loss Absorption Disqualification Event: The Issuer may redeem the Notes in whole, at any time, at par, if a Loss Absorption Disqualification Event Call has occurred and is continuing, as further described in the Prospectus
• Tax Call: As per the provisions for Senior Notes in the Programme; the Final Terms relating to the Notes will specify that the Issuer may redeem the Notes pursuant to Condition 5(c) on dates other than Interest Payment Dates, as further described in the Prospectus
• Redemption at the Option of the Issuer: The Issuer may redeem the Notes in whole on the Optional Redemption Date at par, as further described in the Prospectus
• Clean-up Call: The Issuer may redeem the Notes in whole, at any time, at par, if 75.00% or more of the Notes have been redeemed and/or purchased and cancelled, as further described in the Prospectus
• Wavier of set-off: Applicable, as further described in the Prospectus
• Documentation: Issuer’s USD 77,500,000,000 Debt Issuance Programme (the “Programme”) base prospectus dated 23-Apr-26, as supplemented on 30-Apr-26 and 19-May-26 (together, the “Prospectus”)
• Target Market: MiFID II / UK MiFIR professionals / ECPs-only / No EEA PRIIPs KID or UK CCI product summary – Manufacturer target market (MiFID II / UK MiFIR) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in the EEA or in the UK
• Advertisement: The Prospectus is available at https://www.sc.com/en/investors/credit-ratings-fixed-income/capital-securities-in-issue/#debtissuance and the Final Terms when published, will be available at https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
• Fee: The Joint Lead Managers and Co-managers will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction

Senior

6NC5 (May 2032) @ MS+120 area

Implied Spread for fresh 6CN5 year @ +85

Priced at MS +95

NIC of +11

PRICED: NRW.BANK €1.5bn 7yr EuGB Sr Unsec; MS+19bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+19bp / 99.241 / 3.248%
Benchmark: 7yr: DBR 2.3% Feb-33 @ 95.975% / B+28.1bp / HR 105%

Final book closed above €3.3bn (incl. €50m JLM)

Spread set at: 7yr: MS+19bp - Orderbook above €2.7bn (incl. €50m JLM)
Guidance: 7yr: MS+21a

• Issuer: NRW.BANK
• Ticker: NRWBK
• LEI: 52990002O5KK6XOGJ020
• Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
• ESG Rating: Prime (C) by ISS ESG
• Guarantor: Federal State of North Rhine-Westphalia (NRW)
• Status: Senior unsecured, RegS Bearer, 0% RW, HQLA/Level 1
• ESG Format: European Green Bond (EuGB)
• Size: €1.5bn
• Coupon: 3.125%, Act/Act (ICMA), short first coupon
• Settlement: 28-May-26 (T+6)
• Maturity: 27-May-33
• Reoffer: 99.241 / MS +19bp / 3.248%
• Benchmark: DBR 2.3% Feb-33 @ 95.975% / +28.1bp / HR 105%
• Docs/List/Denoms: DIP/DUS+LUX/1k
• Fees: The Joint Bookrunners will be paid a fee in connection with the transaction
• Target Market: (MiFID II Product Governance) Retail, Professional and Eligible Counterparties (all distribution channels)
• UoP: An amount equivalent to the gross proceeds raised from an NRW.BANK European Green Bond (such as the Notes) will be allocated in full to financial assets refinancing environmentally sustainable economic activities pursuant to Article 3 of Regulation (EU) 2020/852 (Taxonomy Regulation) as further specified in the European Green Bond Factsheet of the Issuer dated April 2026.
• ISIN: DE000NWB0B16
• Bookrunners: DekaBank, DZ BANK, NatWest (B&D), Nordea
• Timing: PRICED / TOE 15.35 CET / 14.35 LDN / FTT immediately

PRICED: KBC Group NV €750m 8NC7 Green Sr Unsec; MS+88bp

IGC European Market: Deal Flow - General

Reoffer: 8NC7: MS+88bp / 99.627 / 3.937%
Benchmark: 8NC7: DBR 2.3% 15-Feb-33 @ 95.97 / B+96.9bp / HR 102%

Final Books €1.7bn+. Peak book in excess of €2.5bn (pre-rec, inc 30m JLM)

Launched: 8NC7: €750m @ MS+88bp - Books in excess of €2.5bn (pre-rec, inc 30m JLM)
IPTs: 8NC7: MS+120bp area - Books €1.5bn+

• Issuer: KBC Group NV
• Ticker: KBCBB Corp
• LEI Issuer: 213800X3Q9LSAKRUWY91
• Issuer Ratings: A3/A-/A (Moody's/S&P/Fitch)
• Expected Issue Ratings: A3/A-/A (Moody's/S&P/Fitch)
• Format of the Notes: Senior Unsecured, Reg S, bearer
• Size: €750m
• Reoffer: 99.627 / MS+88 / 3.937% / B+96.9bp
• Benchmark: DBR 2.3% 15-Feb-33 TWIN (HR 102% / 95.97)
• Launch Date: 20-May-26
• Settlement Date: 28-May-26 (T+5)
• Maturity Date: 28-May-34
• Optional Redemption Date: 28-May-33
• Coupon: 3.875% Fixed rate, annual, Act/Act (ICMA), Modified following
• Interest: 3.875 per cent for the period from and including the Issue Date to but excluding the Optional Redemption Date. If the Senior Notes are not redeemed or purchased and cancelled on the Optional Redemption Date, the interest payable on the Senior Notes from and including the Optional Redemption Date to and excluding the Maturity Date shall be 3-month Euribor + []bps, payable quarterly in arrears
• Issuer Call Option: Applicable. See condition 4(d). The Issuer may at its option (subject to Condition 4(k)), on giving not less than 15 nor more than 45 days’ irrevocable notice to the holders (or such other notice period as may be specified in the Final Terms), redeem all or, if so provided, some only of the Notes on any Optional Redemption Date.
• Business Days: T2
• Waiver of Set-off: Applicable. See condition 2(a)(ii). No Senior Noteholder may exercise or claim any right of set-off, compensation, retention or netting in respect of any amount owed to it by the Issuer arising under or in connection with the Senior Notes, and each Senior Noteholder shall, by virtue of its subscription, purchase or holding of any Senior Note, be deemed to have waived all such rights of set-off, compensation, retention or netting.
• Acknowledgement of Bail-in Power: Applicable. See condition 18(c). Notwithstanding and to the exclusion of any other term of the Senior Notes or any other agreements, arrangements or understanding between the Issuer and any Noteholder, by its subscription to or acquisition of the Senior Notes, each Noteholder shall acknowledge and accept (i) that any liability arising under the Senior Notes may be subject to the exercise of the Bail-in Power by the Resolution Authority and (ii) to be bound by (a) the effect of the exercise of any Bail-in Power by the Resolution Authority and (b) the variation of the conditions of the Senior Notes, as deemed necessary by the Resolution Authority, to give effect to the exercise of any Bail-in Power by the Resolution Authority.
• Listing: Euronext Brussels
• Governing Law: Belgian law
• Form of the Notes: Dematerialised form
• Use of proceeds: The Issuer will apply the net proceeds exclusively to finance or refinance Green Bond Eligible Assets in accordance with KBC 2023 Green Bond Framework https://wcmassets.kbc.be/content/dam/kbccom/doc/investor-relations/7-Debt-issuance/Green-Bonds/20240110-kbc-gb-framework.pdf.cdn.res/last-modified/1704870797184/20240110-kbc-gb-framework.pdf
• Distribution: Reg S Compliance Category 2
• Advertisement: The Base Prospectus, any supplements thereto, and the Final Terms (when published) are available at https://www.kbc.com/en/investor-relations/debt-issuance/kbc-groep2.html
• Documentation: Issuer’s EMTN programme described in the Base Prospectus dated 10-Jun-25 as supplemented from time to time
• Joint Lead Managers: BofA Securities, HSBC (B&D), KBC, Societe Generale & UBS
• ISIN: BE0390313824
• Denomination: €100,000 + €100,000
• Clearing: X/N clearing system of The National Bank of Belgium
• Target Market: Manufacturer target market (MIFID II and MiFIR 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 the EEA and in the UK
• Timing: ToE: 14:23 (UKT) / FFT: 15:00 UKT

PRICED: EWE Aktiengesellschaft €500m 8yr Sr Unsec Green; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+90bp / 99.145 / 4.002%
Benchmark: 8yr: DBR 2.2 15-Feb-34 @ 94.3 / B+96.5bp (HR: 102%)

Final Books in excess of €1.1bn. Peak book above €1.6bn (pre-rec)

Launched: 8yr: €500m @ MS+90bp - Books above €1.6bn (pre-rec)
IPTs: 8yr: MS+120/125bp

• Issuer: EWE Aktiengesellschaft, Oldenburg, Germany
• Issuer LEI: 529900L64X6KZZW19R71
• Issuer Ratings: Baa1 (stable) (Moody's)
• Expected Issue Ratings: Baa1 (Moody's)
• Format: Senior Unsecured Green, Reg S Bearer
• Size: €500m
• Trade Date: 20-May-26
• Settlement Date: 28-May-26 (T+6)
• Tenor: 8-year
• Maturity: 28-May-34
• Re-offer: MS+90 bps / 99.145 / 4.002%
• Benchmark: 96.5bps vs. DBR 2.2 15-Feb-34 @94.3 / 3.037% (HR: 102%)
• Coupon: 3.875%, Fixed, Annual, ACT/ACT
• ISIN: DE000A46ZXA7
• Docs: Debt Issuance Programme Base Prospectus, dated 7-May-26 / German law / 3m Par Call / Tax Call / Clean-up Call (80%)
• Denomination: €1,000 (minimum purchase amount €100,000 primary)
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Selling Restrictions: As per the Base Prospectus
• Use of Proceeds: Finance/refinance Eligible Green Projects under the EWE Green Finance Framework, published on 23-Apr-26
• Global Coordinator: BNP Paribas, UniCredit (B&D)
• Green Structuring Advisor: DZ BANK
• Additional Active Bookrunners: ABN AMRO, Commerzbank, DZ BANK
• Target Market: Manufacturer target market (MIFID II/ UK MiFIR product governance) is eligible counterparties, professional clients and retail clients, each having (1) at least basic knowledge and/or experience with financial products, (2) a long-term investment horizon, (3) asset accumulation as investment objective, (4) the ability to bear no loss / small losses and (5) the risk tolerance and compatibility of the risk/reward profile corresponding to 3 as Summary Risk Indicator (SRI). (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as this issuance is not considered to be a packaged retail investment product.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and underlying legislation. The Base Prospectus, any Supplements and the Final Terms, when published, will be available at: https://www.luxse.com
• ToE: 14.59 UKT / 15.59 CET
• FTT: 15.20 UKT / 16.30 CET

PRICED: Stedin Holding €500m 7yr Green Sr Unsec; MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+70bp / 99.146 / 3.766%
Benchmark: 7yr: DBR 2.3% Feb-33 + 79.1 / DBR @95.93 / HR 102%

Final Books: €1.4bn. Peak book over €1.7bn (pre rec, good at guidance)

Launched: 7yr: €500m @ MS+70bp - Books over €1.7bn (pre rec, good at guidance)
Guidance: 7yr: MS+75a - Books over €1.5bn (pre-reconciliation)
IPTs: 7yr: MS+100/105bp

• Issuer: Stedin Holding N.V.
• Ticker: STEDIN
• Country: NL
• Issuer LEI: 724500R5IP6TFKTNRU48
• Issuer Rating: A-, stable outlook (S&P)
• Expected Issue Rating: A- (S&P)
• Format: Senior, Unsecured, RegS Bearer, New Global Note, Green
• Pricing date: 20-May-26
• Settlement: 28-May-26 (T+6)
• Size: €500m
• Tenor: 7-year
• Maturity: 28-May-33
• Reoffer: 99.146% / MS+70bps / 3.766%
• Benchmark: DBR 2.3% Feb-33 + 79.1 / DBR @95.93 / HR 102%
• MWC: DBR + 15bps
• Coupon: 3.625% Fixed; Annual; Actual/Actual (ICMA)
• ISIN: XS3389660161
• Documentation: To be documented under the Issuer’s EUR 5bn EMTN Programme dated 22-Oct-25; Euronext Amsterdam listing; Dutch Law; Tax Call at Par; MWC; 3m Par Call; Clean-up Call (80%) at Par; €100,000 x €1,000
• Use of Proceeds: To finance and/or refinance, in whole or in part, Eligible Green Assets as outlined in the Issuer’s Green Finance Framework dated Sep-25
• Joint Active Bookrunners: ABN AMRO, BNP Paribas, NatWest (B&D), SEB
• Selling Restrictions: As per the Issuer’s EUR 5bn Euro Medium Term Note Programme dated 22-Oct-25 (Reg S Cat. 2; TEFRA D, EEA (no sales to retail), United Kingdom (no sales to retail), Japan, Canada, The Netherlands)
• Target Market: Manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as the Notes are not available to retail in the EEA or in the UK.
• Advertisement: The Base Prospectus dated 22-Oct-25, is available on the website of the AFM (https://www.afm.nl). The Final Terms, when available, will be published on the Issuer’s website at https://www.stedingroep.nl/eng/investor-relations. The Green Finance Framework and Second Party Opinion are also available on https://www.stedingroep.nl/eng/investor-relations. Neither the Green Finance Framework nor the Second Party Opinion form part of the Offering Materials
• Timing: Priced TOE: 16.06 CEST / 15.06 UKT / FTT 16.30 CEST / 15.30 UKT

Green

7 year (May 2033) @ MS+100 to +105

Implied Spread for fresh 5 year @ +65

Priced at MS +70

NIC of +5

PRICED: NBN Co Limited €750m 7.5yr Sust Sr Unsec; MS+75bp

IGC European Market: Deal Flow - General

Reoffer: 7.5yr: MS+75bp / 99.625 / 3.811%
Benchmark: 7.5yr: DBR 2.6 Aug-33 @ 97.55 / B+83.1bp / HR 101%

Final Books €2.3bn. Peak book above €2.7bn (pre-reconciliation)

Launched: 7.5yr: €750m @ MS+75bp - Book above €2.7bn (pre rec)
IPTs: 7.5yr: MS+105/110bp

• Issuer: NBN Co Limited
• Issuer LEI: 2549007CRZ2NT7S96A24
• Issuer Senior Unsecured Ratings: Aa3/AA+ (Moody's/Fitch)
• Expected Issue Ratings: Aa3/AA+ (Moody's/Fitch)
• Format: Registered
• Status: Senior, Unsubordinated, Unsecured
• Settlement Date: 29-May-26 (T+7)
• Maturity Date: 29-Nov-33
• Size: €750m
• Reoffer: MS+75bps / 99.625 / 3.811%
• Coupon: 3.75% FXD, Ann, A/A (ICMA), short first coupon
• Benchmark: DBR 2.6 Aug-33 @ 97.55 / 2.98% / HR:101%
• Optional Redemption: Make-whole +15bps (Reference: DBR 2.6 Aug-33 (DE000BU2Z015)); 3 month Par Call
• Change of Control: Yes, at 101%
• Change of Control Step-up Ratings Change: Step-up grid in the event a Change of Control occurs and NBN Co is rated in the Baa2/BBB band or below
• Cross Acceleration: Applicable
• Negative Pledge: Applicable
• ISIN/Common Codes: XS3368925387 / 336892538
• Use of Proceeds: The net proceeds from the Notes will be exclusively applied to finance or refinance, in part or in full, new and/or existing eligible green and social projects that meet one or more of the categories of eligibility as recognised in the Green Bond Principles as Eligible Green Projects and the Social Bond Principles as Eligible Social Projects, each as outlined in, and in accordance with, the NBN Co Sustainability Bond Framework dated Jun-24 (the “Framework”). The allocation of funds is estimated to be a minimum of 80% for eligible green projects and 20% for eligible social projects. Sustainalytics has provided a Second Party Opinion dated 26-Jun-24 on the Framework.
• Second Party Opinion Provider: Sustainalytics
• Documentation: The Offering Circular dated 8-Sep-25 relating to the Issuer’s U.S. $50,000,000,000 Global Medium Term Note Programme and any amendment or supplement thereto including the Preliminary Pricing Supplement dated 7-May-26
• Governing Law: English
• Denominations: €100,000/€1,000
• Joint Lead Managers: Barclays, BNPP(B&D), Crédit Agricole CIB, Deutsche Bank, HSBC
• Listing: Application will be made to list the Notes on the Singapore Exchange Securities Trading Limited
• Clearing: Euroclear/Clearstream
• Target Market/PRIIPs: MiFID II and UK MiFIR professionals/ECPs-only - Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the EEA or the United Kingdom
• Selling Restrictions: As per the Programme Documentation - Regulation S Category 2, TEFRA not applicable
• TOE: 15:19 UKT / 16:19 CET
• FTT: 15:45 UKT / 16:45 CET

PRICED: Bank of Valletta p.l.c. €300m 6NC5 SP; MS+150bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+150bp / 100 / 4.467%
Benchmark: 6NC5: OBL 2.5 31-May-31 @ 98.470 / B+163.2bp / HR 98%

Launched: 6NC5: €300m @ MS+150bp - Books above €775mn (pre-rec)
Book Update: Books above €600m
IPTs: MS+175bp area

• Issuer: Bank of Valletta p.l.c.
• Issuer LEI: 529900RWC8ZYB066JF16
• Issuer Ratings: BBB by S&P (stable) / BBB by Fitch (stable)
• Expected Issue Rating: BBB (Fitch)
• Issue Type: EUR Fixed Rate Reset Callable Senior Preferred Notes due May 2032 (“Notes”)
• Issue Size: €300m
• Reoffer: MS+150bps / 4.467% / 100
• Benchmark: 163.2bps vs OBL 2 ½ 31 #193 (98.470 / 2.835%) / HR 98%
• Coupon: 4.467%
• Pricing Date: 20-May-26
• Settlement Date: 28-May-26 (T+6)
• Maturity Date: 28-May-32
• Reset Date: 28-May-31
• Status: Senior Preferred, direct, unconditional, unsecured and unsubordinated obligations of the Issuer, which will at all times rank pari passu without any preference among themselves and claims in respect of any Notes will rank pari passu with all other present and future Ordinary Unsecured Claims in the event of winding-up of the Issuer
• Waiver of Set-Off: Claims in respect of any Notes may not be set-off, netted or be the subject of a counterclaim
• Format: Registered, New Safekeeping Structure
• Contractual recognition of statutory Bail-in Power: Each Noteholder acknowledges and agrees to be bound by the exercise of any Bail-in Power by the Relevant Authority
• Issuer Call Option: The Issuer may, subject to Condition 10 redeem the Notes in whole, but not in part, on 28-May-31 (“Optional Redemption Date”) at the Principal Amount together with any accrued and unpaid interest
• Optional Redemption Amount: 100% of the Principal Amount
• Early Redemption: Subject to certain conditions, Notes will also be redeemable at the option of the Issuer prior to maturity (i) upon the occurrence of a Tax Event or (ii) upon the occurrence of an MREL Disqualification Event, in each case, at par
• Substitution / Variation: Subject to certain conditions, upon the occurrence of an Alignment Event, a Tax Event, an MREL Disqualification Event, or in order to ensure the effectiveness and enforceability of Condition 24 (Agreement and Acknowledgement with Respect to the Exercise of Bail-in Power), the Issuer may in its sole and absolute discretion, at any time (without any requirement for the consent or approval of the Holders), either substitute all (but not some only) of the Notes for, or vary the terms of the Notes so that, in either case, they remain or, as appropriate, become, Qualifying Senior Preferred Notes, and in either case may change the governing law of Condition 23 (Governing law and Jurisdiction) from English law to Maltese law
• Enforcement Events and Remedies: Limited as set out in Condition 14 (Enforcement Event and Remedies)
• Interest: Fixed rate of 4.467% per annum from (and including) the Settlement Date to (but excluding) the Reset Date. From the Reset Date, fixed rate per annum equal to the Reoffer Spread plus the 1yr Mid-Swap Rate on the Reset Determination Date
• Interest Payment Dates: On 28 May each year, commencing on 28-May-27 up to (and including) the Maturity Date
• Use of Proceeds: To strengthen the MREL base of the Group, and for general financing purposes of the Group
• Joint Bookrunners: Citi (B&D), UBS Investment Bank
• Co-Manager: Bank of Valletta p.l.c.
• Minimum denomination / increment: €100,000 and integral multiples of €1,000 in excess thereof
• Day Count Fraction: Act/Act ICMA, following unadjusted
• Business Days: TARGET
• Stabilisation (ICMA): Yes
• ISIN / Common Code: XS3375198226 / 337519822
• Listing: Regulated Market of the Irish Stock Exchange plc, trading as Euronext Dublin
• Governing Law: The Notes, the Agency Agreement and the Deed of Covenant, and any non-contractual obligations arising out of or in connection therewith, will be governed by English law; except that Condition 4 (Status), Condition 24 (Agreement and Acknowledgement with Respect to the Exercise of Bail-in Power) and any non-contractual obligations arising out of or in connection therewith will be governed by Maltese law
• Documentation: €650,000,000 EMTN Programme of the Bank of Valletta p.l.c.; Base Prospectus dated 15-May-26
• Clearing Systems: Clearstream and Euroclear
• Target Market: Manufacturer target market is eligible counterparties and professional clients only (all distribution channels) / No EEA PRIIPs KID or disclosure document required by the FCA Product Disclosure Sourcebook DISC has been or will be prepared as not available to retail in the EEA or in the UK.
• Selling Restrictions: U.S. (Reg. S Cat. 2, TEFRA not applicable), U.K., EEA, Malta, Belgium, France, Italy, Japan, Hong Kong, Singapore, Spain. General, as further set out in the Base Prospectus
• TOE: 15:24 UKT / 16:24 CET
• FTT: 15:44 UKT / 16:44 CET

PRICED: Reckitt Benckiser Treasury Services €1.15bn 5yr & 9yr Sr Unsec; MS+65 & MS+100

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+65bp / 99.568 / 3.596% 9yr: MS+100bp / 99.194 / 4.109%
Benchmark: 5yr: OBL 2.500% 16-Apr-31 @ 98.580 / B+78.6bp / HR 100% 9yr: DBR 2.500% 15-Feb-35 @ 95.740 / B+104.7bp / HR 100%

5yr: Books > €1.45bn
9yr: Books > €1.35bn

Launched:
5yr: €650m @ MS+65bp - Books > €1.45bn
9yr: €500m @ MS+100bp - Books > €1.35bn
IPTs: 5yr: MS+90a 9yr: MS+125a

• Issuer: Reckitt Benckiser Treasury Services PLC (Ticker: RKTLN; Country: GB)
• Issuer LEI: 213800LAXWIUOOBZ3908
• Guarantor: Reckitt Benckiser Group PLC
• Guarantor LEI: 5493003JFSMOJG48V108
• Guarantor Ratings: A3 (Stable) by Moody’s / A- (Stable) by S&P
• Expected Rating of Notes: A3 by Moody’s
• Format: Reg S, Bearer, NGN
• Status: Senior, Unsecured
• Settlement Date: 28-May-26 (T+5)
• Size:
• • 5yr: €650m
  • 9yr: €500m
• Tenor:
• • 5-year
  • 9-year
• Maturity Date:
• • 5yr: 28-May-31
  • 9yr: 28-May-35
• Reoffer:
• • 5yr: 99.568 / MS+65bps / 3.596%
  • 9yr: 99.194 / MS+100bps / 4.109%
• Coupon:
• • 5yr: 3.500% Fixed, Annual, ACT/ACT (ICMA)
  • 9yr: 4.000% Fixed, Annual, ACT/ACT (ICMA)
• Reference Bund:
• • 5yr: 78.6bps vs OBL 2.500% 16-Apr-31 @ 98.580 / HR 100%
  • 9yr: 104.7bps vs DBR 2.500% 15-Feb-35 @ 95.740 / HR 100%
• ISIN:
• • 5yr: XS3384748060
  • 9yr: XS3384747922
• TOE:
• • 5yr: 15:39 UKT / 16:39 CET
  • 9yr: 15:38 UKT / 16:38 CET
• MWC:
• • 5yr: B+15bps
  • 9yr: B+20bps
• Denoms: €100,000 x €1,000
• Optional Redemption: 3-month Par Call, Make-Whole Call, Clean-Up Call (75%), Tax Call
• Documentation: Issuer’s Euro Medium Term Note Programme updated on 29-Aug-25, as supplemented on 15-May-26 / London Stock Exchange (Main Market) / English law
• Active Bookrunners: Barclays, BofA Securities, Goldman Sachs International (B&D), Standard Chartered Bank
• Use of Proceeds: General Corporate Purposes
• Clearing: Euroclear and Clearstream
• Selling Restrictions: As per the Base Prospectus. Reg. S, Compliance Category 2; TEFRA D.
• Sales into Canada: Yes, via exemption
• Target Market / PRIIPs / CCI: Manufacturer target market (EU MiFID II / UK MiFIR 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
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA will apply
• Advertisement: The Base Prospectus dated 29-Aug-25, as well as the supplement dated 15-May-26, are available from, and the Final Terms, when published, will be available from, https://www.reckitt.com/investors/your-shareholding/emtn-programme-documents/
• Timing: PRICED – FTT 16:10 UKT / 17:10 CET

PRICED: BAWAG P.S.K. US$700m 3yr CB; SOFR MS+50bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: SOFR MS+50bp / 100 / 4.508%
Benchmark: 3yr: T 3 7/8 15-May-29 @ 99-08 / B+31.3bp

Final Books: Orderbooks >$2bn

Launched: 3yr: US$700m @ SOFR MS+50bp - Orderbooks >$2bn
Book Update: Orderbooks >$1.5bn
Guidance: 3yr: SOFR MS+55a

• Issuer: BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft (Ticker: BAWAG)
• LEI: 529900ICA8XQYGIKR372
• Expected Issue Ratings: Aaa (Moody’s) expected
• EU Harmonisation Label: European Covered Bond (Premium)
• Format: Reg S, Mortgage Covered Bonds
• Currency / Size: US$700m
• Tenor: 3-year
• Trade Date: 20-May-26
• Settlement Date: 29-May-26 (T+7)
• Maturity Date: 29-May-29 (soft bullet)
• Re-Offer Spread: SOFR MS (S.A. 30/360) +50bps
• Reoffer Price: 100
• Reoffer Yield: 4.508% Annual
• Benchmark (Price/Yield): T 3 ⅞ 15-May-29 (99-08/4.145%)
• Re-offer Spread to Benchmark: +31.3 bps
• Coupon: 4.508% Annual, 30/360 Unadjusted
• Coupon on Extension: Compounded Daily SOFR (Index Determination) + spread, payable monthly in arrear
• Business Days: New York, T2
• Denomination: US$200,000 + 200,000
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Law: The Notes, as to form and content, and all rights and obligations of the Noteholders and the Issuer, shall be governed by German law and comply with the Austrian Covered Bond Act (Bundesgesetz über Pfandbriefe, Federal Law Gazette I No. 199/2021 as amended – the "PfandBG").
• ISIN / Common Code: XS3389663348/ 338966334
• Joint Bookrunners: BMO Capital Markets, Citi, RBC Capital Markets, TD Securities and UBS Investment Bank (B&D)
• Selling Restrictions: General, EEA, US (TEFRA D), UK, Hong Kong, Japan, Republic of Singapore; Canada; as further set out in the Base Prospectus.
• MIFID II Product Governance Target Market: No PRIIPs or UK PRIIPs key information document (KID)/CCI Product Summary has been prepared as not available to retail in EEA or the UK.
• Documentation: Under the Issuer’s existing Debt Issuance Programme with base prospectus dated 27-Mar-26 and the supplement to the base prospectus dated 21-Apr-26
• Advertisement: The Base Prospectus and the supplement are available at and the Final Terms, when published, will be available at https://www.luxse.com/programme/Programme-BAWAGPSK/13707 or at https://www.bawaggroup.com/en/investor-relations/funding-rating
• TOE: 15:53 UKT / 10:53 ET
• FTT: 16:20 UKT/ 11:20 ET

PRICED: E.ON Int'l Finance €1.3bn 5yr & 10yr Green Sr Unsec; MS+55bp & MS+93bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+55bp / 100 / 3.475% 10yr: MS+93bp / 100 / 4.053%
Benchmark: 5yr: OBL 2.5% Apr-31 @ 98.67 / B+68.5 / HR 100% 10yr: DBR 2.9% Feb-36 @ 98.40 / B+96.2 / HR 98%

5yr: Final Books >€1.35bn. Peak book >€1.75bn
10yr: Final Books >€1.45bn. Peak book >€2.25bn

Launched:
5yr: €650m @ MS+55bp - Books >€1.75bn
10yr: €650m @ MS+93bp - Books >€2.25bn
Guidance: 5yr: MS+60bp (Books >€1.75bn) 10yr: MS+100bp (Books >€2.00bn) - Combined books >€4.0bn (at guidance)
IPTs: 5yr: MS+85a 10yr: MS+125a

• Issuer: E.ON International Finance B.V.
• Guarantor: E.ON SE (Ticker: EOANGR, Country: Germany)
• Guarantor Ratings: Baa2/BBB+/BBB+ (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa2/BBB+/A- (Moody's/S&P/Fitch)
• Rating Split: Guarantor: Baa2/BBB+/BBB+ (Moody's/S&P/Fitch), Issue: Baa2/BBB+/A- (Moody's/S&P/Fitch)
• Issuer LEI: 549300TG53AWJ719M814
• Guarantor LEI: Q9MAIUP40P25UFBFG033
• Format: Senior, Unsecured, Reg S Bearer, NGN, Green Bonds
• Settlement: 27-May-26 (T+5)
• Size:
• • 5yr: €650m
  • 10yr: €650m
• Maturity:
• • 5yr: 27-May-31
  • 10yr: 27-May-36
• Reoffer:
• • 5yr: 100 / MS+55bps / 3.475%
  • 10yr: 100 / MS+93bps / 4.053%
• Benchmark:
• • 5yr: 68.5bps vs OBL 2.5% Apr-31 @ 98.670 / HR 100%
  • 10yr: 96.2bps vs DBR 2.9% Feb-36 @ 98.400 / HR 98%
• Coupon:
• • 5yr: 3.475% Fixed, Ann., ACT/ACT
  • 10yr: 4.053% Fixed, Ann., ACT/ACT
• Par Call:
• • 5yr: 3m Par Call
  • 10yr: 3m Par Call
• ISIN:
• • 5yr: XS3386748993
  • 10yr: XS3386749025
• TOE:
• • 5yr: 16:35 LDN / 17:35 CET
  • 10yr: 16:36 LDN / 17:36 CET
• Docs: DIP / Lux. Listing / German Law / €1k / Tax Call / CoC (at 100%) / 3m Par Call / Clean-up Call (75%)
• Selling Restrictions: As set out in E.ON’s Debt Issuance Programme Base Prospectus dated 27 February 2026 and supplemented on 13 May 2026.
• Passporting: Germany, The Netherlands
• Use of Proceeds: Net proceeds will be used to finance and/or refinance Eligible Green Projects as defined by E.ON’s Green Bond Framework dated November 2025
• Target Market: Manufacturer target market (MIFID II/ UK MIFIR product governance) is eligible counterparties, professional clients and retail clients (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary will be prepared.
• Active Bookrunners: Commerzbank, Crédit Agricole CIB, Goldman Sachs Bank Europe SE (B&D), J.P. Morgan
• Timing: PRICED – FTT 07:45 LDN / 08:45 CET 21-May-26

Green

5 year (May 2031) @ MS+85 area

Implied Spread for fresh 5 year @ +48

Priced at MS +55

NIC of +7

Green

10 year (May 2036) @ MS+125 area

Implied Spread for fresh 10 year @ +84

Priced at MS +93

NIC of +9

PRICED: International Consolidated Airlines Group €1bn 5yr & 8yr Sr Unsec; MS+102 & MS+150

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+102 / 99.752 8yr: MS+150 / 99.723

Final Books: Combined books in excess of €5.4bn. 5yr books >€3.5bn, 8yr books >€1.9bn.

Launched:
5yr: €500m @ MS+102bp - Books >€3.5bn
8yr: €500m @ MS+150bp - Books >€1.9bn
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: €500m (5yr) | €500m (8yr)
• Settlement Date: 28-May-26 (T+6)
• Maturity Date: 28-Jan-31 (5yr) | 28-May-34 (8yr)
• Tenor: Long 4-Year (5yr) | 8-Year (8yr)
• Coupon Type: Fixed (Annual, Act/Act, short first coupon) (5yr) | Fixed (Annual, Act/Act) (8yr)
• 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: 336467225 (5yr) | 336467241 (8yr)
• ISIN: XS3364672256 (5yr) | XS3364672413 (8yr)

• Details correct at time of posting