Commentary & Deal Flow

Smith & Nephew plc, (ticker: "SNLN", country: UK) rated Baa2/BBB+/BBB+ (Moody's/S&P/Fitch), has mandated BNP Paribas, HSBC and Société Générale as Joint Bookrunners to arrange a series of fixed income investor calls on 26-May-26. BNP Paribas is coordinating logistics.

A EUR-denominated Reg S, bearer, senior unsecured, 12-year €500m WNG transaction, expected to be rated BBB+/BBB+ (S&P/Fitch), issued by Smith & Nephew plc will follow, subject to market conditions. The bonds will be offered under the issuer’s EMTN Programme dated 17-Mar-26, as supplemented on 15-May-26.

Relevant stabilisation regulations including FCA/ICMA apply. Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs KID or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in the EEA or in the UK.