Commentary & Deal Flow

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)