Commentary & Deal Flow

• Total € IG supply today totalled €6.1bn from 10 issuers.
• FIG trades dominated supply in Euros where we had 5 borrowers (including 3 back-to-back 7 year covereds for €1.8bn & €1.25bn in unsecured), 4 corporates for €2.05bn & 1 €1bn SSA from NIB.
• • 2 covered deals tightened 6bps from IPTs like yesterday, with the CBA coming in by 7bps.
  • Unsecured financial prints tightened on average by 25bps from IPTs.
  • Average FIG deal size was even smaller than yesterday at €610m.
  • Corporate supply priced on average 28.3bps tighter from IPTs - in line with yesterday.
  • Even smaller average tranche size for corporates of €513m.
• Elsewhere there was a sole Sterling offering, with a Barclays Tier 2 for £750m, which priced 30bps tighter than IPTs.

Euro IG (today)

Corporate

• Spanish utility EDP Servicios Financieros España, S.A.U. (exp. Issue ratings Baa2/BBB/BBB) stepped forward with a € benchmark, 6.75 year, EuGB (European Green Bond) with IPTs in the area of MS+110. Order books were over €1.4bn (excl. JLMs). Spread set at MS+80. The trade sized at €750m & priced at the MS+80 level.
• Rheinmetall AG (Baa1 by Moody’s), the international systems supplier in the defense industry, brought its expected €500m (wng) senior unsecured 5 year. IPTs were in the area of MS+100. The deal developed a massive book peaking over €6bn (final books €3.9bn) & guidance was set in the area of MS+65. The deal priced tighter still at MS+55, a massive 45bps tighter than IPTs.
• CBRE Europe Logistics Partners S.C.A. (exp. Issue ratings A- by Fitch) brought a €500m (wng) green bond with IPTs in the range of MS+140 to 145. As it was the trade tightened over 35bps to price at MS+107 (3bps through comps). The trade sized at €500m from a book in excess of €2.2bn. 
• Finnish tech company Tieto Oyj brought a 5 year fixed trade with IPTs of MS+150 to 155. Books were over €600m (excl. JLMs). Spread set at MS+150 with books c.€450m. The deal priced at MS+150.

FIG

• German savings bank Kreissparkasse Köln (exp. Issue ratings Aaa by Moody’s) announced a €250 (wng), 7 year mortgage covered issue with guidance of MS+30 area. Books were first quoted as being over €750m (incl. €80m JLMs). Books rose to €830m & spread set at MS+24.
• Having announced the mandate yesterday, Austrian bank, Hypo Tirol Bank AG (exp. Issue ratings Aaa by Moody’s) brought its expected 7 year, €300m (wng) soft-bullet fixed-rate, Mortgage Covered Bond (Hypothekenpfandbrief). Guidance was MS+39 area. Final books were over €770m (incl. €150m JLMs). Final terms came early & priced at MS+33, with size already set.
• A further 7 year covered print came from the Commonwealth Bank of Australia (exp. Issue ratings of Aaa/AAA by Moody’s & Fitch). The announced benchmark deal came with guidance of MS+39 area. Final books were over €2.15bn (incl. €225m JLMs). Spread set & the deal priced at MS+32. The deal was the largest FIG trade of the day sizing at €1.25bn.
• Denmark's AL Sydbank A/S (exp. Issue ratings A3) announced a benchmark, senior non-preferred 5NC4 offering with IPTs in the area of MS+105. Books were called at over €1bn (incl. €67m JLMs), with final books over €675m. Spread set at MS+80. The deal sized at €500m & priced at that level. 
• Another Scandi print came with Norway’s DNB Bank ASA (exp. Issue rating A2/A), who announced a 6NC5 green issue with IPTs of MS+95 area. Books peaked over €1.7bn (incl. €55m JLMs), with final books over €1.25bn. The deal sized at €750m & priced at MS+70 - offering investors a premium of c.3bps to comps.

SSA

• Also having announced yesterday, Nordic Investment Bank (Aaa/AAA) brought its € benchmark, 7 year Environmental Bond (NEB), Green Bond. The Reg S trade had a long first coupon & came with guidance in the area of MS+15. Final terms were announced early with books over €2.2bn (incl. €100m JLMs). The deal sized at a billion & priced 2 tighter than IPTs at MS+13.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

FIG

• Barclays Plc (exp. Issue ratings Baa1/BBB/BBB+) announced a benchmark, long 10NC5 Tier 2 subordinated transaction with IPTs in the area of UKT 0.25% July 2031 +195. Mid morning books were over £3bn with size expectations managed at between £500m & £750m (the latter being a max). Sizing at that max figure the deal priced 30 tighter than IPTs at UKT+165. Books topped over £4.5bn & closed over £4.2bn.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• None.

Week-to-date volumes:

US$ Reg S (today)

• None.

Pending Deals & Mandates 

Euro (€)

• Bpifrance ESN Master FCT, a newly set up French fonds commun de titrisation, mandated BNP Paribas & Bpifrance as co-Arrangers, BNP Paribas, Deutsche Bank & Natixis as Joint Bookrunners to arrange a series of fixed income investor calls starting on the 26th May 2026. An inaugural € European Secured Notes (“ESN”) transaction may follow, subject to market conditions.
• Still to come, having announced a mandate last Tuesday (12th May), is Comunidad de Madrid (A/A3/A). A potential € denominated EuGB bond was expected to follow investor meetings last week.

Transaction Details 

PRICED: Nordic Investment Bank €1bn 7yr Green Sr Unsec; MS+13bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+13bp / 99.894 / 3.142%
Benchmark: DBR 2.3% Feb-33 @ 96.28 / B+22.6bp / HR 105%

Final Books: Above €2.2bn (incl. €100m JLM)

Launched: 7yr: €1bn @ MS+13bp - Book above €2.2bn (incl. €100m JLM)
Guidance: 7yr: MS+15a

• Issuer: Nordic Investment Bank (NIB)
• Issuer Rating: Aaa/AAA (Moody’s/S&P, both stable)
• Format: Reg S, Bearer, New Global Note, Senior Unsecured, Environmental Bond (NEB)
• Size: €1bn
• Maturity: 30-May-33 (7-year)
• Settlement: 28-May-26 (T+5)
• Coupon: 3.125% Fixed, Annual, ACT/ACT, long first coupon
• Spread: MS+13bps
• Price: 99.894 / 3.142%
• Benchmark: DBR 2.3% Feb-33 +22.6bps (96.28) / HR 105%
• Listing: Nasdaq (Helsinki)
• Denoms: €1k
• Law: English
• Bookrunners: CACIB, Danske Bank, DZ BANK (B&D), Nordea
• ISIN: XS3391770743
• Timing: PRICED - TOE 13.23 CET / 12.23 LDN - FTT immediately
• Target Market: The manufacturer target market (MIFID II product governance) as assessed by the lead managers is retail, eligible counterparties and professionals (all distribution channels)
• UoP: It is intended that the Issuer will apply an amount equal to the proceeds from an offer of such Instruments specifically to finance projects and activities providing environmental benefits and other environmental purposes ("Environmental Projects"), as further described in the Environmental Bond Framework.
• Link to framework: https://www.nib.int/files/bd62e3a9a22f7916b58dcb53f348a366b0666e95/nib-neb-framework-aug2024.pdf

PRICED: Hypo Tirol Bank €300m 7yr CB; MS+33bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+33bp / 99.403 / 3.347%

Benchmark: 7yr: DBR 2.3 15-Feb-33 TWIN (DE000BU2Z007) @ 96.262 / OBL+42.8bp (HR 104%)

Final book at reoffer above €770m (incl. €150m JLM)

Launched: 7yr: €300m @ MS+33bp - Books above €720m (incl. €150m JLM)

Book Update: Orderbook above €700m (incl. €150m JLM)

Guidance: 7yr: MS+39a

• Issuer: Hypo Tirol Bank AG
• Ticker: LANTIR
• LEI: 0W5QHUNYV4W7GJO62R27
• Issuer Rating: A stable (S&P)
• Exp. Issue Rating: Aaa (Moody's)
• Issuer type: Mortgage Covered Bond (Hypothekenpfandbrief), European Covered Bond (Premium)
• Format: Reg S (bearer form)
• Issue Size: €300m
• Settlement: 29-May-26 (T+6)
• Maturity: 30-May-33 (7yr)
• Maturity Type: Soft Bullet
• Extended Final Maturity: 30-May-34
• Coupon: 3.250%, fixed, annual, act/act ICMA, following, unadjusted, first long
• Reoffer: MS+33bp / 99.403 / 3.347% yield
• Benchmark: DBR 2.3 15-Feb-33 TWIN (DE000BU2Z007), 96.262, OBL+42.8 (HR 104%)
• Denominations: €100k + €100k
• Listing/Law: Vienna Stock Exchange – Official Market (Amtlicher Handel) / Austrian Law
• Joint Bookrunners: Danske Bank (B&D), Erste Group, Helaba and NORD/LB
• ISIN: AT0000A3UZM4 / A4EVLB
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs key information document (KID) has been prepared.
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in relation to the transaction.
• Base Prospectus: https://www.hypo.at/resources/hypo-oberoesterreich/hypo-oberoesterreich/prospekte/2025/Prospekt2025.pdf
• Timing: Priced, TOE 13.49 CET, FTT 14.10 CET

Covered

7 year (May 2033) @ MS+39 area

Implied Spread for fresh 7 year @ +29

Priced at MS +33

NIC of +4

PRICED: Commonwealth Bank of Australia €1.25bn 7yr CB; MS+32bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+32bp / 100 / 3.331%
Benchmark: 7yr: DBR 2.3% Feb-33 TWIN @ 96.270 / B+41.4bp (HR 104%)

Final Books > €2.15bn (incl. €225m JLM). Peak book > €2.25bn.

Launched: 7yr: €1.25bn @ MS+32bp - Books > €2.2bn (incl. €225m JLM)
Spread set at: 7yr: MS+32bp - Books > €2.25bn (incl. €225m JLM)
Book Update: Books in excess of €2.15bn (incl. €225m JLM)
Guidance: 7yr: MS+39a

• Issuer: Commonwealth Bank of Australia (ABN 48 123 123 124) ("CBA")
• LEI: MSFSBD3QN1GSN7Q6C537
• Covered Bond Guarantor: Perpetual Corporate Trust Limited (ABN 99 000 341 533) in its capacity as trustee of the CBA Covered Bond Trust
• Type: Australian legislative Covered Bond, backed 100% by prime Australian residential mortgages
• Expected Issue Ratings: Aaa/AAA (Moody's/Fitch)
• Format: Bearer Form, Classic Global Covered Bonds, Reg S (TEFRA D rules apply - no communications with or into the US or to US persons), ECBC Covered Bond Label Compliant (non-EEA)
• Size: €1.25bn
• Maturity: 01-Jun-33 (7 years), Soft Bullet Maturity
• Settlement Date: 01-Jun-26 (T+7)
• Coupon: 3.331% Fixed until maturity date, Annual, Act/Act (ICMA), Unadjusted Floating thereafter until extended due date for payment, Monthly, Act/360, Adjusted
• Reoffer: MS+32bp / 3.331% Yld / 100% Px
• Benchmark: DBR 2.3% Feb-33 TWIN +41.4bp (@ 96.270 - HR 104%)
• Denom/Listing: €100k + €1k / London Stock Exchange's main market
• Joint-Leads: BNP Paribas, CBA, Crédit Agricole CIB, Deutsche Bank (B&D)
• Timing: Priced - TOE 12.52 UKT // FTT 13.10 UKT / 14.10 CET
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only/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 EEA or UK
• Governing Law: The Covered Bonds and the Bond Trust Deed are governed by English law. The Security Deed is governed by New South Wales, Australia law.
• ISIN / Common Code: XS3386669694 / 338666969
• Documentation: The Base Prospectus in relation to CBA's U.S.$40bn Covered Bond Programme dated 22-Jul-25 and any supplements thereafter are available, and the Final Terms, when published, will also be available via: https://www.commbank.com.au/about-us/investors/covered-bonds.html

PRICED: Sydbank €500m 5NC4 SNP; MS+80

IGC European Market: Deal Flow - General

Reoffer: 5NC4: MS+80bp / 99.653 / 3.720%
Benchmark: 5NC4: OBL 2.4 18-Apr-30 #191 @ 98.69 / B+96.2 / HR 101%

Final Books over €675m (incl. 67mn JLM). Peak book above €1bn.

Launched: 5NC4: €500m @ MS+80bp - Books €850m+ (pre-rec, incl. 67mn JLM)
Spread set at: 5NC4: MS+80bp - Books above €1bn (incl 67m JLM)
IPTs: 5NC4: MS+105bp area

• Issuer: AL Sydbank A/S
• Issuer LEI: GP5DT10VX1QRQUKVBK64
• Status: Non-Preferred Senior
• Issuer Rating: A1 (Stb., Moody's)
• Expected Rating of Notes: A3 (Moody’s)
• Size: €500m
• Launch Date: 21-May-26
• Settlement Date: 29-May-26
• Maturity Date: 29-May-31
• Optional Redemption Date: 29-May-30
• Currency: Euro ("EUR")
• Initial Rate of Interest: 3.625% Fixed Annually, Actual/Actual (ICMA)
• Fixed Reset Rate of Interest: 1 Year MS+80bps per annum. Interest will be calculated on the basis of Actual/Actual (ICMA)
• Instrument: Reg S Eurobond
• Form: Bearer, NGN
• Use of proceeds: Financing or refinancing of eligible green loans in accordance with the Issuer’s green bond framework from May 2024 (and as further described in the “Use of Proceeds” section of the Offering Circular)
• Early Redemption: Callable in whole for Tax Event (Gross-up) and upon occurrence of a MREL Disqualification Event (as described in Condition 6(b) and Condition 6(c))
• Substitution & Variation: Upon the occurrence and continuation of a MREL Disqualification Event, or in order to ensure the effectiveness and enforceability of Condition 17(e), the Issuer may (as described in Condition 6(j) subject to Condition 6(l)) substitute all of the Notes, but not some only, or vary the terms of all of the Notes, but not some only, without any requirement for the consent or approval of the Noteholders, so that they become or remain Qualifying Non-Preferred Senior Notes, subject to certain conditions including having terms not materially less favourable to the Noteholders
• Events of Default: No Events of Default, limited Enforcement Events as described in Condition 9 in the Offering Circular
• Waiver of Set-Off: No Noteholder shall be entitled to exercise any right of set-off, netting or counterclaim in respect of the Notes
• Statutory Loss Absorption: Each Noteholder acknowledges that the Notes may be subject to Danish Statutory Loss Absorption Powers
• Governing Law: English law, except that the provisions contained in Conditions 3(a), 3(b), 3(c), 3(d), 6(b), 6(c), 6(d), 9 and 17(e) which are governed by, and shall be construed in accordance with, the laws of the Kingdom of Denmark (as further described in Condition 17(a))
• Documentation: Issuer’s €4bn GMTN programme prospectus dated 12-May-26 (the “Offering Circular”)
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof
• ISIN: XS3391818963
• Listing: Euronext Dublin (regulated market)
• Clearing: Euroclear / Clearstream
• Fees: The Lead Manager will be paid a fee by the Issuer in connection with the transaction
• MiFID Target Market / PRIIPs: Manufacturer target market (MiFID II product governance) is Professional Clients and Eligible Counterparties only (all distribution channels). No EU PRIIPs key information document and no UK disclosure document required by DISC have been prepared as not available to retail in the EEA or UK
• Joint Lead Managers: BNP Paribas (B&D), Danske Bank, J.P. Morgan, SEB, Swedbank
• Advertisement: The Offering Circular is available and the Final Terms, when published, will be available on the website of Euronext Dublin at: https://www.euronext.com/en/markets/dublin
• Investor Presentation: https://www.sydbank.com/media/api/content/mediafiles/j05pfdhd/investor-presentation-snp-may-2026.pdf
• Timing: Priced. TOE 13:10 UKT. FTT 13.45 UKT

PRICED: Kreissparkasse Köln €250m 7yr CB; MS+24bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+24bp / 99.234 / 3.249%
Benchmark: 7yr: DBR 2.3 15-Feb-33 TWIN (DE000BU2Z007) @ 96.30% / B+33.7bp (HR 105%)

Final Books: Above €720m (incl. €80m JLM)

Launched: 7yr: €250m @ MS+24bp - Books above €830m (incl. €80m JLM)
Book Update: Books above €750m (incl. €80m JLM)
Guidance: 7yr: MS+30a

• Issuer: Kreissparkasse Köln (Ticker: KRSKOE)
• LEI: 529900RTSGHDD7OOSO86
• Status of the Notes: Mortgage Covered Bond (Hypothekenpfandbrief), Reg S Bearer, Permanent Global Note, LCR Level 2a & ECB eligible
• Label: European Covered Bond (Premium)
• Exp. Issue Rating: Aaa (Moody's)
• Issue Size: €250m
• Tenor: 7-year
• Settlement Date: 29-May-26 (T+6)
• Maturity Date: 30-May-33
• Coupon: 3.125% p.a., fixed, annual, act/act ICMA, following, unadjusted, long first coupon
• Re-Offer: 99.234% / 3.249% / MS+24 bps
• Benchmark: DBR 2.3 15-Feb-33 TWIN (DE000BU2Z007) + 33.7 bps @ 96.30% (HR 105%)
• Denominations: €100,000 + 100,000
• Listing: Börse Düsseldorf, Unregulated Market (Freiverkehr)
• Governing Law: German Law
• ISIN / WKN: DE000A5JCXR0 / A5JCXR
• Documentation: Kreissparkasse Köln's Base Prospectus ("Basisprospekt"), dated 5-Sep-25, supplemented on 2-Dec-25 and 2-Jan-26
• MIFID II: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID as not available to retail in the EEA.
• Joint Lead Managers: Commerzbank (B&D), Erste Group and LBBW
• Fees: The Banks will be paid a fee by the issuer in respect of the placement of the securities
• Timing: TOE: 14:42 CET // FTT: 15:00 CET

PRICED: DNB Bank €750m 6NC5 Green SNP; MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+70bp / 99.906 / 3.646%
Benchmark: 6NC5: OBL 2½ 16-Apr-31 #193 @ 98.58 / B+83.5bp / HR: 100%

Final Books: Over €1.7bn (incl. €55m JLM)

Launched: 6NC5: €750m @ MS+70bp - Books over €1.7bn (incl. €55m JLM)
Book Update: Books over €1.5bn (incl. €55m JLM)
IPTs: 6NC5: MS+95bp area

• Issuer: DNB Bank ASA (Ticker: DNBNO, Country: NO)
• LEI: 549300GKFG0RYRRQ1414
• Issuer Ratings: Aa2/AA- (Moody's (Stable)/S&P (Stable))
• Expected Issue Ratings: A2/A (Moody's/S&P)
• Status: Senior Non-Preferred Notes
• Format: Reg S only, Bearer form, NGN, TEFRA D rules apply
• Size: €750m
• Settlement Date: 28-May-26 (T+4)
• Maturity Date: 28-May-32
• Issuer Call: Subject to the provisions of Condition 7(c), one-time call option, at par at the Optional Redemption Date
• Residual Holding Call: Applicable, 75%, subject to Condition 7(i)
• Optional Redemption / Change of Interest Basis Date: 28-May-31
• Re-Offer: MS+70bp / 3.646% / 99.906
• Benchmark: OBL 2½ 16-Apr-31 #193 (98.58 / B+83.5bp / HR: 100%)
• Interest: From (and including) the Issue Date to (but excluding) the Optional Redemption Date - Fixed Rate Notes: Fixed rate of 3.625 per cent. per annum, payable annually in arrear on each Fixed Rate Interest Payment Date specified below. From (and including) the Optional Redemption Date to (but excluding) the Maturity Date - Floating Rate Notes: If not redeemed on the Optional Redemption Date, the interest basis will change from a fixed rate to a floating rate. The floating rate of interest will be calculated by reference to 3m EURIBOR plus the Margin, payable quarterly in arrear on each Floating Rate Interest Payment Date specified below
• Fixed Rate Interest Payment Dates: 28 May in each year, commencing 28-May-27 up to (and including) 28-May-31
• Floating Rate Interest Payment Dates: 28-Aug-31, 28-Nov-31, 28-Feb-32, and 28-May-32
• Fixed Rate Day Count: ACT/ACT (ICMA)
• Floating Rate Day Count: Actual/360
• Business Days: London, T2
• Fixed Rate Business Day Convention: Following Business Day Convention, unadjusted until Optional Redemption Date
• Floating Rate Business Day Convention: Modified Following Business Day Convention; Adjusted
• Clearing: Euroclear / Clearstream Luxembourg
• Denominations: EUR 100,000 and integral multiples of EUR 1,000 in excess thereof up to and including EUR 199,000
• Documentation: DNB Bank's EUR 45,000,000,000 Euro Medium Term Note Programme - Base Prospectus dated 13-Apr-26
• Redemption upon MREL Disqualification Event: Applicable, subject to Condition 7(i)
• Redemption for Tax Reasons: Applicable, subject to Condition 7(i)
• Substitution or Variation: Applicable, subject to Condition 7(i)
• Events of Default: As per Condition 10
• Waiver of Set-Off Rights: Applicable
• Norwegian Statutory Loss Absorption Powers: Applicable
• Use of Proceeds: The Notes are intended to constitute Green Bonds (as defined in the Base Prospectus). An amount equal to the net proceeds from the issue of the Notes is intended to finance or refinance, in whole or in part, a portfolio of Eligible Green Loans under the Issuer's Green Finance Framework (available on the Issuer's website). See the second and third paragraphs of "Use of Proceeds" in the Base Prospectus for further details
• ISIN / Common Code: XS3388353024 / 3388353024
• Listing & Trading: Euronext Dublin (regulated market)
• Joint Bookrunners: Crédit Agricole, Deutsche Bank, DNB Carnegie, Goldman Sachs International, J.P. Morgan (B&D), SMBC
• Timing: TOE 14:24 UKT / FTT 14:50 UKT
• Governing Law: English law, except for Condition 3, Condition 11, Condition 22 and any other write-down or conversion of the Notes in accordance with Norwegian law and regulation applicable to the Issuer from time to time, which in each case shall be governed by, and shall be construed in accordance with, Norwegian law
• Selling Restrictions: As per the Base Prospectus
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance, as appropriate) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK disclosure document has been prepared as not available to retail in EEA or the UK
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA apply
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus is, and the Final Terms will be, available at https://live.euronext.com/

Senior Non-Preferred

6NC5 (May 2032) @ MS+95 area

Implied Spread for fresh 6NC5 @ +67

Priced at MS +70

NIC of +3

PRICED: CBRE Europe Logistics Partners €500m 5yr Green Sr Unsec; MS+107bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+107bp / 99.342 / 4.023%
Benchmark: 5yr: OBL 2½ 16-Apr-31 @ 98.55 / B+120.6bp (HR: 99%)

Final Books in excess of €2.2bn. Peak book in excess of €2.5bn.

Launched: 5yr: €500m @ MS+107bp - Books in excess of €2.5bn
IPTs: 5yr: MS+140/145bp

• Issuer: CBRE Europe Logistics Partners S.C.A. SICAV-SIF "ELP" (Ticker: CBRELP, Country: LU)
• Issuer LEI: 529900ZG3L6Z4K64S041
• Issuer Rating: BBB+ stable by Fitch
• Issue Rating (expected): A- by Fitch
• Format of Notes: Senior, Unsecured, Reg S Bearer (Cat2), NGN, TEFRA D, Green
• Settlement Date: 28-May-26 (T+5)
• Size: €500m
• Maturity: 28-May-31 (5-year Fixed)
• Reoffer: MS+107bp / 99.342 / 4.023%
• Reference Benchmark: B+120.6bp vs OBL 2½ 16-Apr-31 @ 98.55 / 2.817% (HR: 99%) (OBL ISIN: DE000BU25067)
• MWC: B+20bp
• Coupon: 3.875% Fixed, Annual, ACT/ACT (ICMA)
• ISIN: XS3385867364
• Docs: EMTN Programme (Base Listing Particulars dated 08-Sep-25 and Supplemented on 15-May-26) / English Law / €100k x 1k / Euronext Dublin – Global Exchange Market (Non regulated market) / Clean-Up call (75%) / 3m Par-Call / Change of Control put (101%) / Asset Sale put (101%)
• Financial Covenants: Incurrence of additional financial indebtedness subject to compliance with: (1) Consolidated Debt / Total Assets ≤ 60% ; (2) Consolidated Secured Debt / Total Assets ≤ 40% ; (3) Consolidated Fund ICR ≥ 1.5x ; (4) Total Unencumbered Assets Test ≥ 200%
• UoP: An amount equal to the net proceeds of the issue of the Notes, being Green Bonds, will be applied towards financing and/or refinancing, in whole, or in part, Eligible Green Portfolios as further described in the Issuer's Green Finance Framework as amended from time to time, which can be accessed at: https://www.cbreim.com/regulatory/elp-disclosures.
• Active Bookrunners: ABN AMRO, BNP Paribas, Crédit Agricole CIB, HSBC (B&D), ING
• Target Market: Relevant stabilisation regulations including FCA/ICMA will apply. Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU 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 in the UK.
• Selling Restriction: As set out in the Base Listing Particulars
• DealRoadShow: An Investor Presentation has been made available at: https://dealroadshow.com Entry Code: CBREELP2026 or Direct Link: https://dealroadshow.com/e/CBREELP2026
• Advertisement Language: The Base Listing Particulars (as supplemented) is available on the website of Euronext Dublin (https://live.euronext.com) as well as on the Issuer's website (https://www.cbreim.com/regulatory/elp-disclosures). The Pricing Supplement relating to the Notes, when available, will be also published on the website of Euronext Dublin.
• Timing: TOE 14:31 | FTT 15:00

Green

5 year (May 2031) @ MS+140 to 145

Implied Spread for fresh 5 year @ +110

Priced at MS +107

NIC of -3

PRICED: EDP Servicios Financieros España €750m 6.75yr Sr Unsec EuGB; MS+80bp

IGC European Market: Deal Flow - General

Reoffer: 6.75yr: MS+80bp / 99.731 / 3.798%
Benchmark: 6.75yr: DBR 2.3 15-Feb-33 TWIN @ 96.28 / B+88.2bp | HR: 99%

Final Books: 6.75yr: €750m @ MS+80bp - Books above €1.4bn (excl. JLM interest)
Launched: 6.75yr: €750m @ MS+80bp - Orderbooks above €1.8bn (excl. JLM)
Spread set at: 6.75yr: MS+80bp (#) - Orderbooks above €2.2bn (excl. JLM)
IPTs: 6.75yr: MS+110bp area

• Issuer: EDP Servicios Financieros España, S.A.U. (Ticker: EDPPL, Country: ES)
• Keep Well Provider: The Instruments will benefit from a Keep Well Agreement provided by EDP, S.A.
• LEI (Issuer / Keep Well Provider): 5299003GHAFB78O1NU77 / 529900CLC3WDMGI9VH80
• Status: Senior Unsecured
• Form of Instruments: Bearer, Reg S, NGN
• Ratings of the Issuer: Baa2 / BBB / BBB (all stable) (Moody's/S&P/Fitch)
• Ratings of the Instruments (exp.): Baa2 / BBB / BBB (Moody's/S&P/Fitch)
• Size: €750m
• Tenor: 6.75-year
• Reoffer: MS+80bp / 99.731 / 3.798%
• Settlement Date: 29-May-26
• Maturity Date: 01-Mar-33 (6.75 years)
• Coupon: 3.750% Fixed, Annual (act/act)
• Benchmark: 88.2bp vs DBR 2.3 15-Feb-33 TWIN (96.28 / 2.916%) | HR: 99%
• Interest Payment Date: Interest on the Instruments will be paid annually, in arrear, on 01 March each year, commencing on 01-Mar-27 (short first coupon)
• ISIN/Common Code: XS3391835629 / 339183562
• Day Count: Actual/Actual (ICMA)
• Listing: Euronext Dublin (Regulated Market)
• Documentation: Eurobond issue under the €17bn EMTN Programme dated 12-May-26
• Denominations: €100k x €1k
• Governing Law: English law
• Put/Call Options: CoC Put Option, 3mth Par Call, Clean-up Call (80%), MWC+15bp (Reference: DBR 2.3 15-Feb-33 TWIN (DE000BU2Z007))
• Use of Proceeds: An amount equal to the net proceeds from the issue of the Instruments will be allocated to Eligible Green Projects, as detailed in the Issuer's European Green Bond Factsheet with ICMA Green Bond Principles alignment, dated August 2025, and available on the Issuer's website but is not incorporated in nor forms part of the Final Terms or the Base Prospectus
• Target Market: The manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or in the UK
• Selling Restrictions: As per EMTN programme
• Global Coordinators: Crédit Agricole CIB (B&D), HSBC
• EU Green Bond Standard (EuGBS) and ESG Structuring Coordinator: Deutsche Bank
• Joint Bookrunners: BBVA, CaixaBI, Crédit Agricole CIB, DBS Bank Ltd., Deutsche Bank, HSBC, ING, Millennium bcp, Mizuho, Standard Chartered Bank AG
• Timing: TOE: 15:05 UKT / 16:05 CET | FTT: 15:30 UKT / 16:30 CET
• Advertisement: The Base Prospectus of the EMTN Programme is available at https://www.edp.com/en/investors/fixed-income/debt-programmes, and the Final Terms, when published, will be available at http://www.euronext.com/en/markets/dublin. The Green Finance Framework, Second Party Opinion, European Green Bond Factsheet and Pre-Issuance Review are available on the website of the issuer https://www.edp.com/en/investors/fixed-income/green-funding

EuGB

6.75 year (Mar 2033) @ MS+110 area

Implied Spread for fresh 6.75 year @ +78

Priced at MS +80

NIC of +2

PRICED: Barclays £750m Long 10NC5 T2; UKT+165bp

IGC European Market: Deal Flow - General

Reoffer: 10NC5: UKT+165bp / 100 / 6.166% (A) / 6.074% (S/A) (Reset: SONIA +186.6bp)
Benchmark: 10NC5: UKT 0.250% Jul-31 (Mid 80.822 / Bid 80.802) / HR 109%

Final Books £4.2bn. Peak book above £4.7bn.
Launched: 10NC5: £750m @ UKT+165bp - Books above £4.5bn
Book Update: Books above £3bn
IPTs: UKT+195bp area

• Issuer: Barclays PLC
• Ticker: BACR
• LEI: 213800LBQA1Y9L22JB70
• Issuer Ratings: Baa1/BBB+/A (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa1/BBB/BBB+ (Moody's/S&P/Fitch)
• Ranking: Tier 2 Subordinated
• Legal Format: Reg S, Cat 2, Registered
• Currency: £
• Size: £750m
• Tenor: Long 10NC5
• Reoffer: UKT+165bp / 100 / 6.166% (A) / 6.074% (S/A) (Reset: SONIA +186.6bp)
• Benchmark Gilt: UKT 0.250% Jul-31 (Mid 80.822 / Bid 80.802) / HR 109%
• Settlement Date: 29-May-26 (T+5)
• Maturity Date: 29-Jul-36
• Optional Redemption Date: 29-Jul-31
• Reset Date: 29-Jul-31
• Initial Coupon: 6.174% Fixed, Annual, Act/Act (ICMA), 6.174% per annum payable annually in arrear from (and including) the Settlement Date to (but excluding) the Reset Date, starting on 29-Jul-27 (long first coupon)
• Reset Coupon: If the Notes are not redeemed on the Optional Redemption Date (Call), the Coupon will reset on the Reset Date to a fixed rate per annum equal to the 5-year SONIA Mid-Swap Rate (Mid-Swap Floating Leg Benchmark Rate: SONIA) plus the Margin 186.6bp (as further described in the Documentation).
• Denominations: £100,000 and integral multiples of £1,000 in excess thereof
• Par Call: Yes, applicable at 100% in whole but not in part on the Optional Redemption Date (Call)
• Tax Redemption: Applicable at par (as further described in the Documentation)
• Regulatory Event Redemption: Applicable at par upon the occurrence of a Regulatory Event (full or partial exclusion from or ceasing to count towards Group Tier 2 Capital of the Group as further described in the Documentation)
• Substitution or Variation: Following (i) the occurrence of certain tax events or (ii) a change in the regulatory classification of the Notes that results (or would be likely to result) in the whole or any part of the Notes being excluded from or ceasing to count towards the Tier 2 Capital of the Group, the Issuer may, at its option, either substitute all (but not some only) of the Notes for, or vary the terms of the Notes so that they remain or, as appropriate, become, Compliant Notes (as defined in the Prospectus)
• Listing: London Stock Exchange, Main Market
• Governing Law: English Law
• Waiver of Set-off: See Condition 4(c) in the Prospectus
• Enforcement Events: See Condition 15 in the Prospectus
• Documentation: Issued off the Debt Issuance Programme Base Prospectus dated 24-Feb-26 as supplemented on 29-Apr-26 (the "Prospectus")
• Target Market: MiFID II and UK MiFIR - professionals/ECPs-only / No PRIIPs or UK PRIIPs KID/CCI product summary – Manufacturer target market (EU MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in the EEA or in the United Kingdom
• Selling Restrictions: As per the Prospectus
• Sole Bookrunner: Barclays Bank PLC
• ISIN: XS3386666245
• Use of Proceeds: General corporate purposes of the Issuer and its subsidiaries and/or the Group and may be used to strengthen further the capital base of the Issuer and its subsidiaries and/or the Group
• Advertisement: The Prospectus is available at https://home.barclays/investor-relations/, the Final Terms, when published, will be available at www.londonstockexchange.com
• Timing: ToE 14h53 UKT / FTT 15h25 UKT

Tier 2 Sub

10NC5 (Jul 2036/July 2031) @ Gilts +195 area

Implied Spread for fresh 10NC5 @ +170

Priced at Gilts +165

NIC of -5

PRICED: Tieto Oyj €300m 5yr Sr Unsec; MS+150bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+150bp / 99.727 / 4.435%

Final Books: Books around €450m (excluding JLM). Peak book over €600m (excl JLM).

Launched: 5yr: €300m @ MS+150bp - Books around €450m (excluding JLM)
Guidance: 5yr: MS+150/155 (WPIR) - Books over €600m (excl JLM)
IPTs: 5yr: MS+175a

• Issuer: Tieto Oyj
• Ticker: TIEVFH
• Format: Reg S, Senior Unsecured
• Size: €300m
• Settlement:            28 May 2026 (T+5)
  Maturity:            28 May 2031 (5yr)
  Coupon:            4.375%, FXD, Annual, Act/Act (ICMA)
  Reoffer:             99.727 / 4.437% / MS+150 bps
  Benchmark:            OBL 2.5 04/31 #193 + 164.0bp (@98.64)
  Optional Redemption:    3m par call, Clean-up Call (75% / at par), MWC B+25
  General Undertakings:    Cross-default, Negative Pledge (capital markets only), Change of Control (investor put, at par)
  Use of Proceeds:        Refinancing of existing indebtedness and for general corporate purposes
  Docs:                Standalone documentation
  Governing Law:        Finnish Law
  Listing:            Nasdaq Helsinki
  Clearing:            Euroclear Finland
  Denominations:        EUR 100k x 100k
  Target Market:        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 CCI Product Summary has been prepared as not available to retail in EEA or the UK.
  ISIN:                FI4000599121
  Joint Lead Managers:    Danske Bank, Nordea and OP Corporate Bank (B&D)
  Advertisement:        The Prospectus, when published, will be available on the website of the Issuer and at the FIN-FSA's website at:https://www.finanssivalvonta.fi/en/registers/register-of-prospectuses/
  Timing:            PRICED, TOE 14:46 CEST / FTT 15:15 CEST

PRICED: Rheinmetall AG €500m 5yr Sr Unsec; MS+55bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+55bp / 99.467 / 3.493%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 98.57 / B+68bp (HR: 101%)

Final Books: In excess of €3.9bn. Peak book in excess of €6bn (pre-rec, good at guidance)

Launched: 5yr: €500m @ MS+55bp - Books in excess of €6bn (pre-rec, good at guidance)
Guidance: 5yr: MS+65bp area - Books in excess of €5.8bn (pre-rec)
IPTs: 5yr: MS+100bp area

• Issuer: Rheinmetall AG (Ticker: RHMGR, Country: DE)
• LEI: 5299001OU9CSE29O6S05
• Issuer Rating: Moody's: Baa1 (positive outlook)
• Expected Issue Rating: Moody's: Baa1
• Issue Type: 5-year Fixed Rate Notes
• Format: Senior, unsecured and unsubordinated, Reg S CAT 2, Bearer form; Notes are issued as Global Notes and are initially represented by a Temporary Global Note which is exchangeable for a Permanent Global Note
• Issue Size: €500m
• Settlement Date: 28-May-26 (T+5)
• Maturity Date: 28-May-31
• Reoffer: MS+55bp / 99.467 / 3.493%
• Benchmark: 68bps vs. OBL 2.5 16-Apr-31 @98.57 / 2.813% (HR: 101%)
• Coupon: 3.375% Fixed (Annual, Act/Act, ICMA)
• Documentation: Standalone / German Law / €100k + 100k / Regulated Market of the Luxembourg Stock Exchange / MWC (@ B+10) / 3m Par Call / Tax Call / Clean-Up Call (80%) / Negative Pledge / Cross Acceleration
• Use of Proceeds: General corporate purposes, including the refinancing of upcoming maturities
• ISIN: XS3344481935
• Clearing System: Euroclear Bank SA/NV / Clearstream Banking S.A.
• Global Coordinators: Crédit Agricole CIB and UniCredit (B&D)
• Joint Bookrunners: Commerzbank, Crédit Agricole CIB, Deutsche Bank, Societe Generale and UniCredit
• Target Market: MiFID II and UK MiFIR professionals & ECPs-only. Manufacturer target market is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID)/ CCI Regulations disclosure document has been prepared as not available to retail in EEA or UK. FCA/ICMA Stabilisation applies.
• Selling Restrictions: As per the Preliminary Prospectus dated 20-May-26
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The final Prospectus will be available, when published, on the website of the Luxembourg Stock Exchange: https://www.luxse.com/home
• TOE: 16.19 UKT // 17.19 CET
• FTT: 16.45 UKT // 17.45 CET

• Details correct at time of posting