Commentary & Deal Flow

• Supply was expected to be robust in this shortened trading week, & issuers did not disappoint. Importantly, orderbooks reflected very healthy investor appetite.
• Setting the tone for Wednesday & Thursday, an impressive 13 mandates (16 tranches) were announced in euro IG:
• • 4 SSA’s, 5 corporates & 4 financials.
  • Virtually all deals seem set to be 5 years or longer. 
• Total € IG supply today was €8bn from 9 issuers.
• FIG trades dominated supply in Euros where we had 6 borrowers bring €4.65bn, 2 corporates for €1.35bn & notably only 1 SSA print by the ESM for €2bn.
• • Unsecured financial prints tightened on average by 29.25bps from IPTs - though two of these deals were T2s.
  • Average FIG deal size was larger than the latter part of last week at €775m.
  • Corporate supply priced on average 36.5bps tighter from IPTs.
  • Average corporate tranche size improved slightly from last week to €675m today.
• Elsewhere SEB came with a $600m AT1& IADB priced a sole 18 year Swiss Franc trade for Chf115m. There was nothing on the table today in Sterling.

Euro IG (today)

Corporate

• The first corporate credit to step forward today was BT Finance plc (exp. Issue ratings (Baa2 / BBB / BBB). The benchmark 8 year Reg S offering carried IPTs in the area of MS+130. The trade garnered a massive book of over €3.4bn (pre-rec). Final books were €2.7bn. The deal sized at €850m & priced at MS+95; 35bps tighter than IPTs.
• Italian utility Hera S.p.A. (exp. Issue ratings Baa1 / BBB+) announced a €500m (wng), European Green bond (‘EuGB’), 6 year June 32 with IPTs in the area of MS+110. Another healthy order book at over €3.6bn (pre-rec & excl. JLMs); final books came in to over €2.1bn (excl. JLM). The deal size was already set at €500m & the trade priced at MS+72.

FIG

=

• Bankinter S.A. (exp. Issue ratings BBB by S&P) followed with an 8NC7, Green senior preferred € benchmark with IPTs in the range of MS+125 to 130. Books were announced at over €1.5bn, rising to over €2.3bn (pre-rec); final books over €750m. The deal sized at €750m & priced at MS+95 ; 32.5bps tighter than IPTs.
• Italian bank Credito Emiliano S.p.A. (exp. Issue ratings of (Baa2 / BBB+ by Moody’s & Fitch) came with a €500m (wng) green, senior preferred issue with IPTs of MS+100 to 105. Books were first cited at over €1bn (inc. €25m JLMs). Rose to €1.15bn (pre-rec). Final books were €690m (incl. €25m JLM). The trade priced at its expected €500m at MS+75, 27.5bps tighter than IPTs.
• First to hit the screens this morning was AXA SA (exp. Issue ratings A1 / A) who announced a 30NC10 subordinated Tier 2, with IPTs in the area of MS+170. Early books called over €2.5bn, rising to over €3.3bn (pre-rec); final books were over €2.5bn. The deal sized at €750m & priced at MS+140. 
• Italian insurance & AM giant Assicurazioni Generali S.p.A. (aka Generali - exp. Issue ratings Baa1 / A- Moody’s & Fitch) brought an 11 year, €750m (max), bullet Tier 2 with IPTs of MS+165 to 170. Early order books were over €2bn, rising to €2.5bn (pre-rec) - final books over €1.5bn. The deal sized at the maximum of €750m & priced at MS+135.
• La Banque Postale (exp. Issue ratings Baa2 / BBB / A-) came with a benchmark 8NC7 fixed to floating, senior non-preferred with IPTs in the area of MS+135. Books called over €1.35bn (excl. JLMs & pre-rec), with final books over €1.275bn. The size was set at €650m & the deal priced at MS+112; 23bps tighter than IPTs.
• The flurry of financials continued with UBS AG (issue ratings Aa3 / A+ / AA) bringing a 6NC5 op co, fixed to floating, benchmark, with IPTs in the area of MS+90. Books rapidly exceeded €3bn, topping over €4.5bn (pre-rec); final books over €4.2bn. The deal sized at €1.25bn & priced at MS+60.

SSA

• European Stability Mechanism (Aaa / AAA / AAA) brought a 5 year, benchmark with guidance in the area of MS+8. Books were said to be north of €12.3bn (excl. JLMs). Final guidance tightened to MS+6, which is where it priced.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• None.

Year-to-date volumes:

Swiss Franc IG (today)

SSA

• The first Swissy of the week came from the IADB (Aaa/AAA), with a fresh 18 year (June 2044) offering, with a minimum issue size of Chf100m. Spread set at MS+27, with size up to Chf110m. The deal priced very early for Chf115bn, with a coupon of 1.235% pa.

Week-to-date volumes:

US$ Reg S (today)

FIG

• Skandinaviska Enskilda Banken AB (aka SEB; exp. Issue ratings of Baa2 / BBB+) announced a $600m (wng), PerpNC8 AT1 offering, with IPTs of a coupon in the range of 7.25% to 7.375%. Books were first called at over $2.5bn & topped out at $3.8bn (pre-rec), with final books at $3.5bn. The deal priced with a semi-annual coupon of 6.75%.

Pending Deals & Mandates 

Euro (€)

• Relx Finance B.V. guaranteed by Relx Plc, rated A3 (stable) by Moody’s, A- (stable) by S&P & A- (stable) by Fitch, mandated BNP Paribas, Citigroup, Commerzbank, JP Morgan, Rabobank, TD Securities, & UniCredit as Joint Active Bookrunners to arrange a series of fixed income investor meetings commencing on the 26th of May. UniCredit will be coordinating logistics. A € Reg S Bearer NGN dual-tranche senior unsecured offering, comprising a benchmark 3 & 8 year will follow, subject to market conditions.
• MTR Corporation Limited (AA+ / Aa3) mandated BNP Paribas, Crédit Agricole, Deutsche Bank, HSBC, JP Morgan & Societe Generale as Joint Global Coordinators, Joint Bookrunners & Joint Lead Managers, Bank of China (Hong Kong), Barclays, BofA Securities, Citigroup, ICBC (Asia), Morgan Stanley, Standard Chartered Bank & UBS as JLM’s to arrange a series of fixed income investor meetings commencing on Thursday the 28th of May. A proposed € benchmark comprising of 8, 12 & 20 year RegS (Category 2) Senior Unsecured Fixed Rate Green Notes. Societe Generale is the sole ESG Structuring Advisor. MTR has been Hong Kong’s low-carbon mass transit rail network provider for nearly 47 years, with a consistent 50%+ franchised public transport market share. MTR is listed on the Main Board of the Hong Kong Stock Exchange and is 74.45% owned by the Government of the Hong Kong SAR (AA+/Aa3). Building on its world-class railway services in Hong Kong, over the past 20 years MTR has taken its expertise in railway development and operations to major cities in Europe (UK and Sweden), Australia & Chinese Mainland. In Europe, MTR operated multiple flagship lines including Elizabeth Line, South Western Railway, Stockholm Metro, & Stockholm Pendeltåg.
• UK medical technology & equipment manufacturer, Smith & Nephew plc (Baa2 / BBB+ / BBB+) appointed BNP Paribas, HSBC & Société Générale to lead-manage a sequence of fixed income investor engagements on May 26th. A €500m (wng) 12 year Reg S senior unsecured benchmark, expected to carry ratings of BBB+ from both S&P & Fitch, will follow. BNP Paribas is managing the logistics for the roadshow.
• Nokia Corporation (BBB- / BBB- by S&P & Fitch), mandated BNP Paribas, Goldman Sachs Bank Europe SE, Nordea, Santander & SEB as JB’s to arrange a series of fixed-income investor calls commencing Wednesday the  27th of May. A €500m (wng), 6 year Senior Unsecured offering is expected to follow, subject to market conditions.
• German multinational agri-business & the largest sugar producer in Europe, Südzucker International Finance B.V. (Baa3/BBB-), guaranteed by Südzucker AG  mandated Deutsche Bank, Landesbank Baden-Württemberg & UniCredit as Global Coordinators & BofA Securities, Deutsche Bank, DZ Bank, LBBW, SEB & UniCredit as JB’s to arrange a series of fixed income investor calls on the 26th & 27th of May. UniCredit is coordinating logistics. A €400m (wng) 5-year, senior, unsecured Reg S bearer bond transaction may follow, subject to market conditions. The notes are expected to be rated Baa3 by Moody’s & BBB- by S&P.

• ProCredit Holding AG (BBB by Fitch, exp. Issue ratings B-), an Eastern & South-Eastern Europe focused banking group, incorporated in Germany, mandated Goldman Sachs Bank Europe SE as Sole Structuring Advisor & Sole Bookrunner to arrange a series of fixed income investor calls, starting today on Tuesday the 26th of May. An inaugural €150m (wng) RegS bearer Additional Tier 1 Perp NC5 tenor & 5.5yr reset is expected to follow, subject to market conditions. The Notes are expected to be rated B- by Fitch.
• Austrian retail bank BKS Bank AG (rated BBB+ by S&P), mandated Erste Group as Global Coordinator & DekaBank, Erste Group, Jyske Bank & NordLB as JLM’s to arrange a series of virtual fixed income investor meetings commencing on the 26th of May. A €250m (wng) MREL-eligible Green Senior Preferred 5 year bond may follow, subject to market conditions. The Notes are expected to be rated BBB+ by S&P. 
• Dutch bank Triodos Bank N.V. (rated BBB by Fitch), mandated ABN Amro & BNP Paribas as JLMs to arrange a series of fixed income investor meetings on the 26 of May. A new €250m (wng) 11NC6 Green Tier 2 Reg S bearer issuance may follow, subject to market conditions. The Notes are expected to be rated BB+ by Fitch.
• The Dutch public sector agency, BNG Bank N.V. (Aaa / AAA / AAA) mandated Commerzbank, HSBC, Natixis & TD Securities as JLMs for a new € benchmark, 7 year, RegS Bearer, to be launched in the near future, 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.
• 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.
• The Kingdom of Spain (A+ / A3 / A), mandated BBVA, Citi, Deutsche Bank, Morgan Stanley, Santander & Societe Generale for a new Obligacion del Estado syndicated 10 year € benchmark maturing on 31st October 2036. The transaction will be launched in the near future subject to market conditions.
• UNEDIC (Aa3 / A+ / AA-), the French unemployment insurance agency, mandated Credit Agricole CIB, HSBC, Morgan Stanley, NatWest, & Santander for its upcoming 15 year € social benchmark. The note will be explicitly, unconditionally & irrevocably guaranteed by the Republic of France. The transaction will be launched in the near future, subject to market conditions.

Sterling (£)

• KEXIM - The Export-Import Bank of Korea (Aa2 / AA / AA-), mandated Deutsche Bank, HSBC & Nomura as JLM’s & Joint Bookrunners to arrange a series of fixed income investor calls commencing on May the 27th. A £ Reg S senior unsecured offering, with an expected tenor of 3 to 4 years, may follow subject to market conditions.

Transaction Details 

PRICED: Inter-American Development Bank CHF 115m 18yr Sust; SARON MS+27

IGC European Market: Deal Flow - SSA

Reoffer: 18yr: SARON MS+27 / 100 / 1.235%
Benchmark: 18yr: Govt + 50.2

Spread set at: 18yr: SARON MS+27bp
Guidance: 18yr: SARON MS+27a

• Issuer: Inter-American Development Bank (Ticker: IADB)
• Issuer Domicile: Supranational
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Sustainable Development Notes
• Ranking: Senior unsecured
• Issuer Rating: Aaa/AAA (Moody's/S&P)
• Instrument Rating (exp): Aaa/AAA (Moody's/S&P)
• Issue Size: CHF 115m
• Coupon: 1.235% p.a. (30/360, following unadj.)
• Maturity: 17-Jun-44 (18 years)
• Spread/Yield: SARON MS +27.0 // YTM 1.2350% // Govt + 50.2
• Issue Price: 100
• ISIN / Valor: CH1570292529 / 157.029. 252
• Lead Manager(s): Commerzbank, Deutsche Bank
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
• Documentation: Off the Issuer's Global Debt Program dated 28-Jul-20
• FinSA Prospectus: No prospectus required in accordance with Art. 37(1) (h.) FinSA
• Governing Law: New York law
• SIX Listing: 15-Jun-26
• Use of Proceeds: IDB’s mission is to improve lives in Latin America and the Caribbean countries by contributing to the acceleration of the process of economic and social development and by supporting efforts to reduce poverty and inequality in a sustainable, climate friendly way. All projects undertaken by the IDB go through the Bank’s rigorous sustainability framework. The framework tracks measurable results, adherence to lending targets and the effectiveness of its environmental and social safeguards. The net proceeds from the sale of the notes will be included in the ordinary capital resources of the Bank, used in its ordinary operations, and will not be committed or earmarked for lending to, or financing of, any specific loans, projects, or programs. IDB’s administrative and operating expenses are currently covered entirely by IDB’s various sources of revenue, consisting primarily of net interest margin and investment income (as more fully described in the Information Statement).
• Framework: https://www.iadb.org/en/how-we-can-work-together/investors#sustainable-development-bonds
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: As described in detail in the Issuer’s Documentation. In particular United States of America, United Kingdom, Japan, and Singapore in accordance with the Global Debt Issuance Program dated 28 July 2020. RegS TEFRA D Rules apply, no communications with or into the US.
• Target Market: Manufacturer target market (MiFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Settle: 17-Jun-26

PRICED: European Stability Mechanism €2bn 5yr Sr Unsec; MS+6bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+6bp / 99.439 / 2.875%
Benchmark: 5yr: OBL 2.5 16-Apr-31, spread +19.00bp

Final Books: Over €12bn

Launched: 5yr: €2bn @ MS+6bp
Guidance: 5yr: MS+8a

• Issuer: European Stability Mechanism (ESM)
• ISIN: EU000A1Z99Z8
• Format: Reg S, Bearer
• Size: €2bn
• Ranking: Senior Unsecured
• Settle: 02-Jun-26
• Maturity Date: 02-Jun-31 (5 years)
• Coupon: 2.75%, Annual, act/act
• Denominations: €0.01 x €0.01
• Bookrunners: MS(B&D), SocGen, UBS
• Target Market: Eligible counterparties and professional clients only (all distribution channels)

PRICED: Skandinaviska Enskilda Banken US$600m PerpNC8 AT1; 6.750%

IGC European Market: Deal Flow - General

Reoffer: PerpNC8: 6.750% SA / 6.864% Ann / 100

PerpNC8: Final Books US$3.5bn+. Peak book US$3.8bn+ (pre-rec)

Launched: PerpNC8: US$600m @ 6.750% - Books US$3.8bn+ (pre-rec)
Book Update: Books US$2.5bn+
IPTs: PerpNC8: 7.250-7.375%

• Issuer: Skandinaviska Enskilda Banken AB (publ)
• Ticker: SEB
• LEI: F3JS33DEI6XQ4ZBPTN86
• Instrument: Additional Tier 1 Convertible Notes
• Status: The Notes constitute unsecured, subordinated obligations of the Bank, in respect of which, upon the occurrence of a Trigger Event, the rights and claims of each Holder under the Notes will automatically convert into Class A Shares, as provided in Chapter 15 of the Swedish Companies Act and the Condition on Loss Absorption of the Notes, and the Notes will - in the event of the voluntary or involuntary liquidation or bankruptcy of the Bank - rank senior to share capital and junior to other depositors and unsecured creditors and other subordinated creditors of the bank that do not rank, or are not expressed to rank, pari passu with the Notes
• Issuer Ratings: Aa3 / AA- / AA+ (Moody's/S&P/Fitch)
• Expected Instrument Ratings: Baa2 / BBB+ (Moody's/Fitch)
• Size: US$600m
• Maturity: Perpetual
• First Reset Date: 02-Jun-34
• Settlement Date: 02-Jun-26 (T+5)
• Reoffer: 6.750% SA / 6.864% Ann / 100
• Interest: 6.750%, Fixed until the First Reset Date, reset every 5 years thereafter (non-step) to the sum of the relevant 5 Year USD SOFR Mid-Swap Rate and 285.0 bps (the Reset Margin), payable semi-annually in arrear on the outstanding principal amount, subject to Interest Cancellation
• Interest Cancellation: The Bank may elect, in its sole and absolute discretion, to cancel any payment of interest that is otherwise scheduled to be paid on an Interest Payment Date in whole or in part at any time for any reason. The Issuer will also be obliged to cancel interest in certain circumstances as provided in the Condition on Cancellation of Interest
• Trigger Event: Either the CET1 Ratio of the Bank is less than 5.125% or the CET1 Ratio of the SEB Group (as defined in the Information Memorandum) is less than 8%
• Loss Absorption Mechanism: If a Trigger Event occurs, the Notes will be converted automatically (and without any requirement for the consent or approval of Holders) into Conversion Shares at the Conversion Price on the date of such Trigger Event
• Settlement Shares Offer: The Settlement Shares Offer shall be made on a pro rata basis to all eligible shareholders of the Bank in the Settlement Shares Offer. The Conversion Shares shall be offered to such shareholders at a net price per Conversion Share equal to the Conversion Price
• Conversion Price: The higher of (i) the Current Market Price of a Class A Share, translated into USD at the Prevailing Exchange Rate, (ii) the Floor Price USD 7.96 and (iii) the quota value (kvotvärde) of a Class A Share, translated into USD at the Prevailing Exchange Rate
• Floor Price: US$7.96 (subject to limited anti-dilution adjustments)
• Class A Shares: Means fully paid class A shares in the capital of the Bank, each of which confers on the holder one vote at general meetings of the Bank
• Issuer Call: Optional Early Redemption on the First Reset Date or at any time thereafter, at the outstanding principal amount together, if appropriate, with interest accrued to (but excluding) the relevant redemption date, subject to the prior approval of the SFSA (to the extent then required) and Applicable Banking Regulations then in force
• Additional Early Redemption: At the option of the Issuer following a Tax Event, Capital Event, or if 25% or less of the aggregate nominal amount of the Notes are outstanding, at their outstanding principal amount with accrued interest (if any), subject to the prior approval of the SFSA (to the extent then required) and Applicable Banking Regulations then in force
• Acknowledgement of Bail in and Loss Absorption Powers: Contractual Acknowledgement of Bail-in and Loss Absorption Powers
• Substitution and Variation: At the option of the Issue following a Tax Event, Capital Event, or to ensure the effectiveness or enforceability of the exercise of any Bail-in and Loss Absorption Powers, possibility to either substitute or vary the terms of Notes, without any requirement for the consent or approval of the Holders, so that the Notes become or remain Qualifying Additional Tier 1 securities, subject to the prior approval of the SFSA and certain other conditions as set out in the Information Memorandum
• Waiver of set-off: Applicable
• Law: English law, except for status and subordination, any conversion of the Notes into Class A Shares and any Compulsory Acquisition Proceedings which are governed by Swedish Law
• Denominations: US$200k x US$200k
• Listing: Euronext Dublin, Global Exchange Market
• Clearing: Euroclear / Clearstream
• Day Count: 30/360
• Business Day Convention: Following business day convention, unadjusted
• Business Days: NY/Ldn/Sthlm
• ISIN / Common Code: XS3394042322 / 339404232
• Form: Bearer notes
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No EU PRIIPs KID or DISC disclosure document – Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) 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 (“DISC”) has been prepared as the Notes are not deemed within scope and not available to retail in the EEA or the United Kingdom. No sales to retail clients (as defined in COBS 3.4) in the UK or (as defined in point (11) of MiFID II) in the EEA
• Selling Restrictions: US: Reg S Category 2. TEFRA D; Singapore; Hong Kong, as more fully set out in the Information Memorandum
• Notification under section 309b(1)(c) of the Securities and Futures Act (2020 Revised Edition) of Singapore (as modified or amended from time to time, the "SFA"): The Bank has determined the classification of the Notes as prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in the MAS (the “Monetary Authority of Singapore”) Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).
• Joint Lead Managers: BofA Securities, Deutsche Bank Aktiengesellschaft (B&D), Goldman Sachs Bank Europe SE, Morgan Stanley, SEB, UBS Investment Bank
• Advertisement: This announcement is an advertisement and is not a prospectus for the purposes of the EU Prospectus Regulation. The final Information Memorandum will be prepared and made available to the public in accordance with the EU Prospectus Regulation. The final Information Memorandum, when published, will be available at https://www.euronext.com/en/markets/dublin.
• Roadshow Link: Direct Link: https://irpro.fin-smart.co/deal/SEB$AT1 (recommended) OR Visit: https://irpro.fin-smart.co/auth/investor/login Entry Code: SEB$AT1
• Stabilisation: Relevant stabilisation regulations apply
• Timing: TOE: 1505CET, FTT: 1530CET

PRICED: OTP Mortgage Bank €500m long 7yr CB; MS+54bp

IGC European Market: Deal Flow - General

Reoffer: long 7yr: MS+54bp / 99.998 / 3.446%
Benchmark: long 7yr: DBR 2.6 15-Aug-33 @ 98.486 / B+61.2bp, HR 99%

Final Books: Above €1bn (incl. €200m JLM). Peak book above €1.1bn.

Launched: long 7yr: €500m @ MS+54bp - books above €1.1bn (incl. €200m JLM)
Book Update: Books above €1bn (incl. €150m JLM)
Guidance: long 7yr: MS+60a

• Issuer: OTP Mortgage Bank Ltd.
• Ticker: OTP
• LEI: 529900925TK5QIGTBH86
• Issue Type: Mortgage Covered Bond, 100% residential mortgages, EU harmonisation label European Covered Bond (Premium)
• Regulatory Classification: ECB eligible and EU LCR 2a
• Format: Reg S, Bearer
• Expected Issue Rating: A1 (Moody's)
• Size: €500m
• Coupon: 3.444% fixed, annual, act/act ICMA, short first
• Settlement Date: 03-Jun-26
• Maturity: 31-Aug-33
• Reoffer: MidSwaps +54 bps, Yield 3.446% , Price 99.998%
• Benchmark: DBR 2.600% 15-Aug-33 @ 98.486% +61.2 bps, HR 99%
• Bookrunners: BNP Paribas (B&D), Erste Group, Helaba, ING, OTP Bank and UniCredit
• Listing: Regulated markets of Luxembourg Stock Exchange
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients (all distribution channels). NO PRIIP, NO KID will be prepared.
• Denominations: €100k/€1k
• Governing Law: Mortgage notes will be governed by Hungarian law
• ISIN: XS3392853902
• Advertisement: Under the Issuer´s €5 billion Debt Issuance Programme dated 22-May-26, available at: https://www.otpbank.hu/otpjelzalogbank/english-contents
• Timing: TOE: 15:09 CET FTT: 15:25 CET

Covered

8 year (Jun 2034) @ MS+130 area

Implied Spread for fresh 8 year @ +95.5

Priced at MS +95

NIC of -0.5

PRICED: Assicurazioni Generali €750m 11yr T2; MS+135bp

IGC European Market: Deal Flow - General

Reoffer: 11yr: MS+135bp / 100 / 4.406%
Benchmark: DBR 4% Jan-37 + 137.8bps (Spot 108.69), HR 91%

Final book at reoffer >€1.5bn. Peak book >€2.5bn (pre-rec)

Launched: 11yr: €750m @ MS+135bp - Orderbook >€2.5bn (pre-rec)
Book Update: Orderbook in excess of €2bn
IPTs: 11yr: MS+165/170bp

• Issuer: Assicurazioni Generali S.p.A. (Ticker: GIM)
• Legal Entity Identifier: 549300X5UKJVE386ZB61
• Description: EUR Fixed Rate Senior Dated Subordinated Notes (Tier 2)
• Issuer Financial Strength: A2, Stable (Moody’s) / AA-, Stable (Fitch) / A+, Stable (A.M. Best)
• Issue Rating (exp.): Baa1 (Moody’s ) / A- (Fitch)
• Status of the Notes: Senior Dated Subordinated Notes as set out in Condition 4.1 (Status – Senior Dated Subordinated Notes) of the Terms and Conditions of the Tier 2 Notes
• Nominal Amount: €750m
• Pricing Date: 26-May-26
• Settlement Date: 03-Jun-26 (T+6)
• Maturity Date: 03-Jun-37, subject to Conditions for Redemption and Purchase as set out in Condition 6 (Conditions for Redemption and Purchase) of the Terms and Conditions of the Tier 2 Notes
• Issuer’s Call Option: Any Business Day from (and including) 03-Dec-36 to (but excluding) the Maturity Date subject to Conditions for Redemption and Purchase and other conditions as set out in Condition 6 (Conditions for Redemption and Purchase) of the Terms and Conditions of the Tier 2 Notes
• Final Spread: MS + 135bps
• Reoffer: 100.00 / 4.406% (Ann)
• Benchmark: DBR 4% Jan-37 + 137.8bps (Spot 108.69), HR 91%
• Coupon: 4.406% per annum payable annually in arrear on 3 June in each year beginning on 03-Jun-27
• Day Count Fraction/Business Day Convention: Act/Act ICMA, following, unadjusted
• Use of Proceeds: General Corporate Purposes
• Mandatory Deferral of Interest: Cash cumulative, non-compounding upon the occurrence of a Solvency Capital Event (meaning non-compliance with the SCR (or that payment of interest or principal on the Notes would lead to such non-compliance); any other event which would require a deferral or suspension of payment of interest or principal under the Applicable Regulations for Tier 2 Capital qualification); if interest payment would result in or accelerate insolvency of the Issuer; or if Lead Regulator determines that Solvency Margin would fall below the Solvency Capital Requirement ("SCR") in the short term
• Deferred Interest: Deferred Interest may (subject to mandatory interest deferral provisions) be paid at the option of the Issuer in whole or in part at any time and shall become due and payable on the earliest of (i) the first Interest Payment Date following receipt by the Fiscal Agent of notice that the event or circumstance that gave rise to the interest deferral has been remedied and on which a mandatory deferral of interest is not required, (ii) the date fixed for optional or mandatory redemption (subject to Conditions for Redemption and Purchase) and (iii) the date on which a Liquidazione Coatta Amministrativa of Assicurazioni Generali S.p.A. commences or on which the Issuer becomes subject to a liquidation order, in each case provided that the Lead Regulator has given and has not withdrawn its prior consent (if required) to such payment
• Early Redemption Rights: At par at any time, in whole but not in part, upon a Tax Event or upon Regulatory or Rating Events or a Clean-up Call Option (at least 75% repurchased), in each case subject to Conditions for Redemption and Purchase described below and that any redemption prior to the fifth anniversary of the Issue Date may only occur if (A) funded by issuance of basic own-fund item of at least the same quality; or (B) (a) the SCR will be exceeded by an appropriate margin immediately after such redemption and (b) (i) (in the case of a Regulatory Event) the Lead Regulator considers such a change to be sufficiently certain and the Issuer demonstrates to the satisfaction of the Lead Regulator that the regulatory reclassification of the Notes was not reasonably foreseeable at the time of their issuance, or (ii) (in the case of Tax Event) there is a change in the applicable tax treatment of the Notes which the Issuer demonstrates to the satisfaction of the Lead Regulatory is material and was not reasonable foreseeable at the time of their issuance; and (C) to the extent permitted under then prevailing Applicable Regulations, any alternative or additional pre-conditions to redemption that need to be met in order for the Notes to be redeemed at such time are met
• Conditions for Redemption and Purchase: Any redemption of the Notes, including redemption on Maturity Date, is subject to (i) no Solvency Capital Event, (ii) prior approval of the Lead Regulator, (iii) if required under the Applicable Regulations, all claims owed to policyholders/beneficiaries by (re)insurance undertaking included in the scope of group supervision that is subject to insolvency winding-up have been met, (iv) any other pre-condition to redemption under then prevailing Applicable Regulations, and (v) such redemption not resulting in, or accelerating, the Issuer becoming insolvent. If the above conditions are not satisfied at the Maturity Date or the date fixed for optional redemption, the redemption of the Notes shall be postponed in accordance with the Terms and Conditions of the Tier 2 Notes
• Modification: In case of Regulatory, Tax or Rating Events or in order to ensure the effectiveness and enforceability of Condition 18 (Acknowledgement of Bail-in and Write-Down or Conversion Powers), the Issuer may, without any requirement for the consent or approval of the Noteholders, modify the terms of the Notes to the extent that such modification is reasonably necessary to ensure that no such Regulatory, Tax or Rating Events would exist after such modification or so that Condition 18 (Acknowledgement of Bail-in and Write-Down or Conversion Powers) is effective and enforceable, provided that the terms and conditions are no more prejudicial to Noteholders and certain other conditions are met (including the Lead Regulator approval)
• Acknowledgement of bail-in and write-down or conversion powers: Each Noteholder acknowledges, accepts, consents and agrees to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority
• Documentation: Issuer’s €15,000,000,000 EMTN Programme Base Prospectus dated 22-May-26
• Specified Denomination: €200,000 + 1,000
• Listing: Professional Segment of the Luxembourg Stock Exchange Regulated Market and on the Euronext Access Milan – Professional Segment managed by Borsa Italiana S.p.A.
• Form: Reg S Bearer (TEFRA D rules apply)
• Selling Restrictions: No communications with or into the US; no sales into Canada (excluding Ontario); prohibition of Sales to UK or EEA Retail Investors – see further the Base Prospectus
• Governing Law: Italian law
• Clearing Systems: Euroclear and Clearstream
• MiFID/UK MiFIR Target Market: Manufacturer target market (MiFID/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary as not available to retail in the UK or EEA
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus and the final signed version of the Final Terms, when available, will be published on the website of the Luxembourg Stock Exchange (www.luxse.com)
• Fees: The Banks will be paid a fee by the Issuer in relation to the transaction
• Sole Global Coordinator: HSBC
• Joint Lead Managers: BBVA, Goldman Sachs International, HSBC (B&D/DM), IMI-Intesa Sanpaolo, Mediobanca, Société Générale, and UniCredit
• ISIN Code: XS3388195441
• Common Code: 338819544
• Timing: Priced
• ToE: 14.23 UKT / 15.23 CET
• FTT: 14.45 UKT / 15.45 CET

PRICED: Credito Emiliano €500m 6NC5 Green SP; MS+75bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+75bp / 99.698 / 3.567%
Benchmark: 6NC5: OBL 2.50% Apr-31 @ 99.140 / B+88.1bp

Final Books €690m (incl. €25m JLM). Peak book above €1.15bn (pre-rec).

Launched: 6NC5: €500m @ MS+75bp
Book Update: Books €1bn+ (inc €25m JLM)
IPTs: 6NC5:MS+100/105bp

• Issuer: Credito Emiliano S.p.A. (ticker: CRDEM)
• LEI: 8156004B244AA70DE787
• Issuer Ratings: Baa2 (stable) (Moody’s) and BBB+ (stable) (Fitch)
• Expected Issue Ratings: Baa2 (Moody’s) and BBB+ (Fitch)
• Notes: € Green Senior Preferred Notes due June 2032
• Form of the Notes: Reg S, Bearer form, New Global Note, TEFRA Rules apply. No communications with or into the US or Canada (excluding Ontario)
• Nominal Amount: €500m
• Pricing Date: 26-May-26
• Settlement Date: 03-Jun-26 (T+6)
• Maturity Date: 03-Jun-32
• Optional Redemption Date (Call): 03-Jun-31
• Reoffer: 99.698 / 3.567% / MS+75bp / B+88.1
• Benchmark Bund: OBL 2.50% Apr-31 #193 (HR 100%)
• Benchmark Spot: 99.140
• Coupon: 3.50% Prior to the Optional Redemption Date: 3.50% fixed rate (Fixed Rate Interest Period) payable annually in arrear. Thereafter: If call option not exercised, 3-month Euribor plus 75bps per annum (Floating Rate Interest Period) (no step up) payable quarterly in arrear
• Interest Payment Dates: Fixed Rate Interest Period: 03-Jun in each year starting from 03-Jun-27. Floating Rate Interest Period: 03-Sep-31, 03-Dec-31, 03-Mar-32 and 03-Jun-32, subject to the Business Day Convention for the Floating Rate Interest Period
• Denominations: €100,000 with increments of €1,000 in excess thereof up to (and including) €199,000
• Business Days: T2 and London
• Day Count Fraction and Business Day Convention for the Fixed Rate Interest Period: Actual/Actual (ICMA), Following (unadjusted)
• Day Count Fraction and Business Day Convention for the Floating Rate Interest Period: Actual/360, Modified Following
• 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 Resolution Authority
• Redemption at the Option of the Issuer: The Issuer may (subject to the provisions of Condition 10(o) (Regulatory conditions for call, redemption, repayment or repurchase of Senior Notes and Senior Non-Preferred Notes) of the Terms and Conditions of the Italian Law Notes), on the Optional Redemption Date (Call) redeem all (but not some only) of the Notes at the Optional Redemption Amount (Call) together with interest accrued to such date.
• Issuer Call due to MREL Disqualification Event: The Issuer may (subject to the provisions of Condition 10(o) (Regulatory conditions for call, redemption, repayment or repurchase of Senior Notes and Senior Non-Preferred Notes) of the Terms and Conditions of the Italian Law Notes), at any time (during the Fixed Rate Interest Period) or on any Floating Interest Payment Date (during the Floating Rate Interest Period) redeem all (but not some only) of the Notes at par together with interest accrued to the date fixed for redemption if the Issuer determines that an MREL Disqualification Event has occurred and is continuing
• Redemption for Taxation Reasons: The Issuer may redeem in whole, but not in part: (i) at any time (during the Fixed Rate Interest Period); or (ii) on any Interest Payment Date (during the Floating Rate Interest Period), the Notes at their Early Redemption Amount (Tax) together with interest accrued (if any) to the date fixed for redemption, if the Issuer has or will become obliged to pay additional amounts as provided or referred to in Condition 12 (Taxation) of the Terms and Conditions of the Italian Law Notes
• Clean-up Redemption Option: If the Clean-Up Percentage of the initial aggregate nominal amount of the Notes of the same Series have been redeemed or purchased by, or on behalf of, the Issuer and cancelled, the Issuer may at any time, at its option (subject to the provisions of Condition 10(o) (Regulatory conditions for call, redemption, repayment or repurchase of Senior Notes and Senior Non-Preferred Notes) of the Terms and Conditions of the Italian Law Notes, redeem such outstanding Notes, in whole but not in part, at their Clean-Up Redemption Amount together with interest accrued to but excluding the redemption date
• Clean-Up Redemption Amount: 100%
• Clean-up Percentage: 75%
• Events of Default: In the event of compulsory winding-up (liquidazione coatta amministrativa) of any of the Issuer pursuant to Articles 80 and following of the Consolidated Banking Act, then any Note may, by written notice addressed by the holder thereof to the Issuer and delivered to the Issuer or to the Specified Office of the Paying Agent, be declared immediately due and payable, whereupon it shall become immediately due and payable at its outstanding principal amount together with accrued interest (if any) without further action or formality.
• Waiver of Set-Off: Each holder of the Notes unconditionally and irrevocably waives any right of set-off, netting, counterclaim, abatement or other similar remedy which it might otherwise have under the laws of any jurisdiction in respect of such Senior Preferred Note
• Documentation: €5 billion Euro Medium Term Note Programme dated 22-May-26
• Listing: Regulated Market of Euronext Dublin
• Governing Law: Italian Law
• Use of Proceeds: An amount equivalent to the net proceeds of the bonds will be allocated to finance and re-finance Eligible Green Assets identified as such within the Issuer's Green, Social & Sustainability Bond Framework. The framework is available on the Issuer’s website (https://www.credem.it/content/credem/en/credem-group/sostenibilita/esg-bond-documents.html)
• Green Structuring Bank: Crédit Agricole CIB
• Clearing: Euroclear and Clearstream
• Selling Restrictions: As per the Base Prospectus dated 22-May-26 (the “Base Prospectus”), there are restrictions on the offer, sale and transfer of the Notes in the United States, the United Kingdom, the European Economic Area (including the Republic of Italy and France) and Japan and such other restrictions as may be required in connection with the offering and sale of the Notes
• Target Market: Manufacturer target market (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 CCI product summary has been prepared as not available to retail in EEA or the UK
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus and the supplements are available at https://live.euronext.com/en/product/bonds-detail/21794/documents and the Final Terms, when published, will be available at https://www.euronext.com/en/markets/dublin
• Joint Lead Managers: BNP Paribas, BofA Securities, Crédit Agricole CIB (B&D), Deutsche Bank, IMI-Intesa Sanpaolo and NatWest
• ISIN: XS3395932489
• Timing: ToE: 14:29 (UKT) / FTT: 15:00 (UKT)

PRICED: La Banque Postale €650m 8NC7 SNP; MS+112bp

IGC European Market: Deal Flow - General

Reoffer: 8NC7: MS+112bp / 99.898 / 4.017%
Benchmark: 8NC7: DBR 2.3 15-Feb-33 TWIN @ 96.930% / B+121.00 / HR 101%

Final book above €1.275bn (excl. JLM). Peak book above €1.35bn (excl. JLM) pre-rec

Launched: 8NC7: €650m @ MS+112bp - Books above €1.35bn (excl. JLM) pre-rec
Spread set at: 8NC7: MS+112bp - Books north of €1.4bn (excl. JLM, pre-rec)
Book Update: Books over €1.25bn (excl. JLM interest)
IPTs: 8NC7: MS+135a

• Issuer: La Banque Postale
• Issuer LEI: 96950066U5XAAIRCPA78
• Issuer rating: A2 (Moody’s, Stable) / A (S&P, Stable) / A (Fitch, Stable)
• Exp. Issue ratings: Baa2 (Moody’s, Stable) / BBB (S&P, Stable) / A- (Fitch, Watch Negative)
• Format: Senior Non-Preferred, Reg S category 2, Bearer Dematerialized deemed Registered (au porteur)
• Use of Proceeds: General Corporate Purposes
• Settlement: 3-Jun-26 (T+6)
• Tranche: 8NC7 FXD-to-FRN
• Maturity Date: 3-Jun-34
• Optional Redemption Date: 3-Jun-33
• Size: €650m
• Reoffer: MS+112bps / 99.898% / 4.017%
• Benchmark: 121.00bps over DBR 2.3 15-Feb-33 TWIN (@96.930%), HR 101%
• Coupon: Fixed Annual, Actual/Actual. From the Issue Date to the Optional Redemption Date (excluded): 4.000% fixed rate, payable annually. From the Optional Redemption Date (included) to the Maturity Date: if not called on Optional Redemption Date: floating rate based on the 3-month EURIBOR plus [•] basis points, payable quarterly
• Waiver of Set-Off: No holder may at any time exercise or claim any Waived Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such holder. Each holder shall be deemed to have waived all Waived Set-Off Rights to the fullest extent permitted by applicable law in relation to all such actual and potential rights, claims and liabilities.
• Clean-up Call: Applicable, if, 75 per cent. or more in nominal amount of the Notes hitherto issued have been redeemed or purchased and cancelled
• Denoms: €100k+100k
• Listing: Euronext Paris
• Law: French law
• Documentation: Issued off the La Banque Postale's €20,000,000,000 Euro Medium Term Note Programme Base Prospectus dated 23-Apr-26, as supplemented on the 19-May-26
• Advertisement: Base Prospectus dated 23-Apr-26, as supplemented from time to time and available on https://www.labanquepostale.com/en/investors/dette/base-prospectus-and-supplements.html and Final Terms, when available on https://www.labanquepostale.com/en/investors/dette/bonds-and-final-terms.html
• Joint Lead Managers: Credit Agricole CIB, Citi, Deutsche Bank (B&D), ING, La Banque Postale, Santander
• ISIN: FR0014018T74
• Business Days: T2
• Target Market: EU MiFID product governance - Eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs key information document has been prepared as not available to retail in EEA or the UK. No sales to retail clients in the EEA or the UK
• Timing: Priced, TOE: 15:54 CET, FTT 16:20 CET

Senior Non-Preferred

8NC7 (June 2034) @ MS+135 area

Implied Spread for fresh 8NC7 @ +111

Priced at MS +112

NIC of +1

PRICED: BT Finance plc €850m 8yr Sr Unsec; MS+95bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+95bp / 99.953 / 3.882%
Benchmark: 8yr: DBR 2.2% 15-Feb-34 @ 95.413 / B+101.2bp (HR 101%)

Final books > €2.7bn. Peak book in excess of €3.4bn (pre-rec)

Launched: 8yr: €850m @ MS+95bp - Books in excess of €3.4bn (pre-rec)
IPTs: 8yr: MS+130bp area

• Issuer: BT Finance plc (Ticker: BRITEL, Country: GB)
• Issuer’s LEI: 64882D4OUTP2YP126091
• Guarantors and LEIs: British Telecommunications public limited company: 549300OWFMSO9NYV4H90, BT Group plc: 213800LRO7NS5CYQMN21
• Issuer’s Senior Long Term Debt Ratings / Outlook: Baa2 (stable) / BBB (stable) / BBB (stable) (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa2 / BBB / BBB (Moody's/S&P/Fitch)
• Format / Type: Reg S, Bearer, Cat 2, TEFRA D, NGN, Senior, Unsecured
• Currency / Size: €850m
• Pricing Date: 26-May-26
• Settlement Date: 02-Jun-26 (T+5)
• Maturity Date: 02-Jun-34 (8yr)
• Re-offer: 99.953 / 3.882% / MS+95bps / B+101.2bp
• Benchmark Bund: DBR 2.2% 15-Feb-34 (HR 101%)
• Benchmark Spot: 95.413
• Coupon: 3.875% Fixed, Annual, Act/Act (ICMA)
• Business Days / Business Day Convention: London, Target / Following, Unadjusted
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof up to and including €199,000
• Clearing / Settlement: Euroclear / Clearstream / Delivery against payment
• ISIN / Common Code: XS3392699396 / 339269939
• Change of Control Investor Put: Change of Control Put (100%) applicable as per the terms and conditions of the Senior Notes set out in the Prospectus
• Issuer Call: MWC / 3-month Par Call
• MWC: B+20
• Target Market: EEA MiFID II and UK MiFIR professionals & ECPs-only. Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs key information document (KID)/CCI Product Summary has been prepared as the Notes are not available to retail investors in the EEA or the UK
• Documentation: Under the Issuer’s €20,000,000,000 Euro Medium Term Note Programme Prospectus dated 04-Aug-25 (the “Prospectus”), as supplemented on 07-Nov-25 and 22-May-26
• Listing: London Stock Exchange (Main Market)
• Governing Law: English Law
• Selling Restrictions / Sales into Canada: As set out in the Prospectus. Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Use of Proceeds: General corporate purposes
• Joint Bookrunners: Barclays, BofA Securities (B&D), Citigroup, NatWest
• Timing: ToE: 14:40 (UKT) / FTT: 15:15 (UKT)
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA will apply
• Advertisement: This communication is an advertisement for the purposes of the Public Offers and Admissions to Trading Regulations 2025 (“POATRs”). It is not a prospectus or final terms for the purposes of the POATRs and the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook. The Prospectus dated 04-Aug-25 is available at https://www.bt.com/bt-plc/assets/documents/investors/financial-reporting-and-news/debt-investors/bt-emtn-prospectus-4-august-2025.pdf and the supplements dated 07-Nov-25 and 22-May-26 are available at https://www.bt.com/about/investors/financial-reporting-and-news/debt-investors

Senior

8 year Long 7 year (Aug 2033) @ MS+60 area

Implied Spread for fresh Aug 2033 @ +55.5

Priced at MS +54

NIC of -1.5

PRICED: AXA SA €750m 30NC10 T2; MS+140bp

IGC European Market: Deal Flow - SSA

Reoffer: 30NC10: MS+140bp / 99.658 / 4.418%
Benchmark: 30NC10: DBR 2.9 15-Feb-36 @ 99.33% / B+143.9bp / HR 95%

Final Books €2.5bn. Peak book over €3.3bn (pre-rec)

Launched: 30NC10: €750m @ MS+140bp - Books over €3.3bn (pre-rec)
Book Update: Books above €2.5bn
IPTs: 30NC10: MS+170bp area

• Issuer: AXA SA (LEI: F5WCUMTUM4RKZ1MAIE39)
• Notes: €750m Fixed to Floating Rate Ordinary Subordinated Notes due 29 May 2056
• Status: Ordinary Subordinated Obligations. Senior to any Undated Subordinated Notes, any Undated Subordinated Obligations, any prêts participatifs granted to the Issuer, any titres participatifs issued by the Issuer and any Deeply Subordinated Notes issued by the Issuer. If the Notes are no longer treated as tier 2 own funds regulatory capital, their rank will, subject to certain conditions, change, and the Notes will become either Senior Notes, 1st Ranking Senior Subordinated Notes or Senior Subordinated Notes
• Insurer Financial Strength Ratings: Issuer: Aa2, stable by Moody’s, AA-, stable by S&P and A+ (Superior), stable by AM Best. Issuer’s principal insurance subsidiaries: Aa2, stable by Moody’s and AA, stable by S&P
• Issuer’s Long-Term Credit Ratings: Aa3, stable by Moody’s, AA-, stable by S&P and aa (Superior), stable by AM Best
• Expected Notes Ratings: A1 (hyb) by Moody’s and A by S&P
• Issue Size: €750m
• Settlement Date: 29-May-26 (T+3)
• First Call Date: 29-May-36
• Maturity Date: 29-May-56 subject to the Conditions to Redemption and Purchase
• Coupon: 4.375%
• Reoffer: MS+140bps, 99.658%, 4.418% and +143.9bps vs DBR 2.9 15-Feb-36 (px 99.33% - HR 95%)
• Interest: Fixed rate until First Call Date payable annually in arrear. Thereafter reset on the First Call Date at a rate equal to the sum of 3-month Euribor (subject to Benchmark Discontinuation provision) and the Margin (including 100bps step-up), payable quarterly in arrear
• Margin: Initial credit spread plus 100bps per annum
• Interest Deferral: Interest will be mandatorily deferred in case of Regulatory Deficiency, subject to regulatory waiver. The Issuer may elect to defer any interest provided a dividend on ordinary or preference shares has not been declared or paid in the preceding 6 months (provided that the Interest Payment Date is not a Mandatory Interest Deferral Date). Deferred interest payments will constitute Arrears of Interest which are cumulative and not compounding
• Optional Redemption: The Issuer may, at its option, redeem all or some only of the Notes then outstanding on (i) the First Call Date or (ii) any Interest Payment Date thereafter at par, subject to the Conditions to Redemption and Purchase
• Special Event Redemption: The Issuer may redeem all of the Notes at par at any time for tax reasons (Withholding Tax Event, Gross-up Event and Tax Deductibility Event), upon a Regulatory Event, Accounting Event, Rating Methodology Event or clean-up (>= 75%), subject to the Conditions to Redemption and Purchase
• Conditions to Redemption and Purchase: All redemptions are subject to (i) prior Relevant Supervisory Authority approval; (ii) no Regulatory Deficiency; (iii) no Insolvent Insurance Affiliate Winding-up (if then required); subject to regulatory waiver in certain conditions
• Inapplicability Period: The Issuer may waive, at any time and in its sole discretion, its right to redeem the Notes under any of Conditions 7(b), 7(d), 7(e), 7(f) and 7(g) of the terms and conditions of the Drawdown Prospectus for a (definite or indefinite) period of time to be determined by the Issuer (an Inapplicability Period) by notice to the Noteholders in accordance with Condition 14 of the terms and conditions of the Drawdown Prospectus.
• Special Event Substitution/ Variation: As an alternative to early redemption, the Issuer has the option to substitute the Notes (in whole) or vary the terms at any time without the consent of the Noteholders upon a Regulatory Event, a Rating Methodology Event or an Accounting Event (subject to certain conditions, including the terms of the substitution or variation not being prejudicial to the interest of Noteholders)
• Regulatory Deficiency: Non-compliance with Issuer/Group SCR or MCR, or any applicable capital requirements for internationally active insurance groups. Regulatory request, for the Issuer to take specified action in relation to payments under the Notes
• Events of Default: None
• Waiver of Set-Off: No holder of any Note may at any time exercise or claim any Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such holder
• Form of the Notes: Reg S Bearer Form / Temporary Global Note to be exchanged for a Permanent Global Note (Classical Global Note)
• Acknowledgement of potential future Statutory Loss Absorption Powers: Applicable
• Denomination: €100k and integral multiples of €1k in excess thereof up to (and including) €199k
• Law/Listing: English Law (save for the Status and Subordination provisions governed by French law) / Official List of the Luxembourg Stock Exchange (regulated market)
• Selling Restrictions: US, EEA, UK, Belgium, HK, Singapore and Canada (as further described in the Drawdown Prospectus)
• Use of Proceeds: General corporate purposes including the refinancing of part of the Group’s outstanding debt
• Documentation: Preliminary Drawdown Prospectus dated on 26-May-26 / Notes issued under AXA’s EMTN Programme pursuant to a base prospectus dated 26-Mar-26. Final Drawdown Prospectus to be dated on or around 27-May-26
• Target Market: Manufacturer target market (EU MIFID II product governance and 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 the UK
• ISIN / Common Code: XS3393830651 / 339383065
• Global Coordinators: Crédit Agricole CIB, Natixis (B&D/DM)
• Joint Lead Managers: BNP Paribas, BofA Securities, Crédit Agricole CIB, HSBC, J.P. Morgan, Natixis
• Advertisement: The Base Prospectus is available on the website of the Luxembourg Stock Exchange - www.luxse.com and the Drawdown Prospectus, when published, will be available on the website of the Luxembourg Stock Exchange - www.luxse.com
• Timing: Priced - TOE 16.09 CET / FTT 16.20 CET

PRICED: Bankinter €750m 8NC7 Green SNP; MS+95bp

IGC European Market: Deal Flow - General

Reoffer: 8NC7: MS+95bp / 99.427 / 3.845%
Benchmark: 8NC7: DBR 2.3% Feb-33 @ 96.970 / B+104.5bp / HR 101%

Final Books above €1.3bn. Peak book above €2.3bn (pre-rec)

Launched: 8NC7: €750m @ MS+95bp - Orderbooks above €2.3bn (pre-rec)
Book Update: Books above €1.5bn
IPTs: 8NC7: MS+125/130bp

• Issuer: Bankinter S.A. (Ticker: BKTSM)
• LEI: VWMYAEQSTOPNV0SUGU82
• Issuer Rating: A2 (stable) / A- (positive) / A (positive) by Moody's / S&P / DBRS
• Expected Issue Rating: BBB / AL by S&P / DBRS
• Status: Senior Non-Preferred Notes (the “Securities”)
• Form of Securities: Reg S, dematerialised book entry form (anotaciones en cuenta)
• Amount: €750m
• Use of Proceeds: An amount equal to the net proceeds will be used to finance or refinance, in whole or in part, an eligible portfolio of green loans and/or financial assets in accordance with Bankinter’s Green Bond Framework
• Pricing Date: 26-May-26
• Tenor: 8NC7
• Re-offer: MS+95bps | 3.845% | 99.427
• Benchmark: DBR 2.3% Feb-33 (96.970 bid) + 104.5bps | HR 101%
• Settlement Date: 02-Jun-26, T+5
• Maturity Date: 02-Jun-34 (8 years)
• Optional Redemption Date: 02-Jun-33 (7 years) one-time call option (as set out in Optional Redemption below)
• Coupon: 3.750% Fixed, annual, payable in arrear, Act/Act (ICMA), following unadjusted, until the Optional Redemption Date. If not redeemed on the Optional Redemption Date, 1-year mid-swap + Reset Margin
• Coupon Dates: Payable annually in arrears on 02-Jun of each year, commencing 02-Jun-27, up to and including the Maturity Date
• Day Count Fraction: Fixed Rate Period: Actual/Actual ICMA, unadjusted
• Business Day: T2
• Optional Redemption: On the Optional Redemption Date the Notes may be redeemed at the option of the Issuer, in whole but not in part, at par, subject to compliance with Applicable Banking Regulations then in force and permission of the Competent Authority and/or the Relevant Resolution Authority, if and as required therefor under Applicable Banking Regulations
• Redemption Price: 100%
• Clean-Up Call: Applicable, 75%
• Redemption for Eligibility Event: When an Eligibility Event occurs as a result of a change in Spanish legislation or applicable banking regulations (including the MREL Regulations) or any change in their application or official interpretation, the Issuer can opt to fully, but not partially, redeem the Securities, at par value, provided that such redemption adheres to prevailing applicable banking regulations (including the MREL Regulations). In this case, the Competent Supervisory Authority and/or resolution authority, as applicable, must give their consent if necessary, under these regulations
• Redemption for Tax Reasons: Applicable
• Waiver of set-off: No holders of the Securities may at any time exercise rights of set-off against any rights, claims or obligations of the Issuer, whether direct or indirect and irrespective of their origin (whether contractual or otherwise). For these purposes, holders of these Securities may not exercise or assert any rights or claims which would entitle them to claim any form of deduction, set-off or withholding and are therefore deemed to have waived such rights to the fullest extent possible, all in accordance with, and to the extent permitted by, applicable law
• Events of Default: None, except in case of : (i) Declaration of bankruptcy of the Issuer by final judicial decision; or (ii)Resolution of dissolution and liquidation of the Issuer adopted by its corporate bodies in accordance with the provisions of Title X of the Capital Companies Act or the regulations governing the same from time to time, without this eventuality being understood to include any operations of reconstruction or amalgamation or a merger, spin-off or any other structural modification carried in accordance with Spanish law
• Substitution & Modification: In the event of an Eligibility Event, and subject to the prior consent of the Competent Supervisory Authority, if required, the Issuer may replace the Securities or modify their terms without the consent or authorisation of the holders of such Securities provided that the substitution or modification, does not materially prejudice the interests of such holders of Securities, so the Securities remain or once again become eligible liabilities in case of modification or substitution, respectively
• Clearing Systems: Iberclear, Clearstream and Euroclear
• Listing: Spanish AIAF Fixed Income Securities Market
• Minimum Denominations: €100,000 + €100,000
• Target Market: Manufacturer target market is professionals and eligible counterparties (all distribution channels). No PRIIPs key information document (KID) or UK KID/CCI product summary has been prepared as not available to retail in EEA or UK
• Governing Law: Spanish Law
• Loss Absorption: The obligations of the Issuer under the Securities are subject to, and may be limited by, the exercise of any Loss Absorbing Power by the Relevant Resolution Authority
• Fees: The Managers will be paid a fee by the Issuer in connection with the transaction
• Documentation: Bankinter €12bn Base Prospectus for Fixed-Income Securities, registered at the CNMV on 16-Jan-26 and complemented by the Universal Registration Document approved and registered in the official CNMV registry on 16-Jan-26, and subsequently supplemented by a supplement approved by the CNMV on 26-Feb-26
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus is, and the Final Terms will be, available at https://www.cnmv.es/portal/Consultas/Folletos/FolletosEmisionOPV.aspx?nif=A28157360
• Joint Lead Managers: Bankinter, Barclays, Crédit Agricole CIB, Deutsche Bank and Natixis (B&D)
• Co-Lead Managers: Banco Sabadell and Helaba
• ISIN: ES0213679OV1
• Selling restrictions: None, except subject to applicable legislation for each specific case in the countries where the offering of Securities is made
• Timing: ToE 16h19 CET | FTT 16h45 CET

Green, Senior Non-Preferred

8NC7 (June 2034) @ MS+125 to 130

Implied Spread for fresh 8NC7 @ +98

Priced at MS +95

NIC of -3

PRICED: UBS AG London Branch €1.25bn 6NC5 Sr Unsec FXD/FRN; MS+60bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+60bp / 100 / 3.420%
Benchmark: 6NC5: OBL 2.5% Apr-31 #193 @ 99.10 / B+72.5 / HR 104%

Final Books > €4.2bn. Peak book north of €4.5bn (pre-rec)

Launched: 6NC5: €1.25bn @ MS+60bp - Books north of €4.5bn (pre-rec)
Spread set at: 6NC5: MS+60bp - Books north of €4.3bn
IPTs: 6NC5: MS+90a - Books €3bn+

• Issuer name and Ticker: UBS AG, acting through its London branch (UBS)
• Issuer rating: Aa2 (stable) / A+ (stable) / AA (stable) (Moody’s / S&P / Fitch)
• Issue rating: Aa2 / A+ / AA (Moody's / S&P / Fitch)
• Ranking: Senior Unsecured, Unsubordinated
• Form of securities: Reg S (Category 2), Registered
• Currency: €
• Tranche: 6NC5
• Size: €1.25bn
• Re-offer: MS+60 / 100.00 / 3.420%
• Benchmark: OBL 2.5% Apr-31s #193 + 72.5bps (99.10 Spot, 104% HR)
• Maturity Date: 01-Aug-32
• Early Redemption: At the Issuer's option for certain taxation reasons, as more particularly described in Condition 7(b) (Redemption and Purchase – Redemption for Taxation Reasons)
• Fixed Rate Interest Payment Dates: 01-Aug in each year, from (and including) 01-Aug-27 (long first coupon) to (and including) the Floating Rate Commencement Date
• Fixed Rate of Interest: 3.4224% per cent. per annum from (and including) the Settlement Date to (but excluding) the Floating Rate Commencement Date
• Floating Rate Commencement Date: 01-Aug-31
• Floating Rate Interest Payment Dates: 01-Nov-31, 01-Feb-32, 01-May-32 and 01-Aug-32, subject to adjustment in accordance with the applicable Business Day Convention referred to below
• Interest Periods: Each period beginning on (and including) a Floating Rate Interest Payment Date (or, in the case of the first Interest Period, the Floating Rate Commencement Date) and ending on (but excluding) the next succeeding Floating Rate Interest Payment Date
• Reference Rate / Spread: 3-month EURIBOR / + 69bps
• Settlement Date: 01-Jun-26 (T+4)
• Day Count Fraction:
• • Prior to the Floating Rate Commencement Date: Actual/Actual (ICMA)
  • On and after the Floating Rate Commencement Date: Actual/360
• Interest Determination Date: The second Business Day prior to the first day of each Interest Period
• Minimum Rate of Interest: Zero per cent. per annum
• Documentation: In accordance with the Issuer's Euro Note Programme Base Prospectus dated 13-Jun-25 and as supplemented on 12-Aug-25, 14-Nov-25, 13-Feb-26, 24-Mar-26 and 08-May-26.
• Denominations: €200k + €1k
• Listing Venue: Euronext Dublin regulated market
• Governing Law: English
• Clearing: Euroclear/Clearstream
• Business Day: T2 Settlement Day
• Business Day Convention:
• • Fixed Rate Interest Payment Dates: Following (Unadjusted)
  • Floating Rate Interest Payment Dates: Modified Following
• Sole Global Coordinator: UBS Investment Bank (B&D)
• Joint Lead Managers (Active): BayernLB, Helaba, IMI – Intesa Sanpaolo, SEB, UBS Investment Bank (B&D)
• ISIN / Common Code: XS3393866259 / 339386625
• Timing:
• • TOE: 15:22 UKT
  • FTT: 15:40 UKT

PRICED: Hera €500m 6yr EuGB Sr Unsec; MS+72bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+72bp / 99.607 / 3.574%
Benchmark: 6yr: DBR 0% Feb-32 @ 85.740 / B+84.8bp (HR 111%)

Final Books: Above €2.1bn (excl. JLM). Peak book in excess of €3.6bn (excl. JLM)

Launched: 6yr: €500m @ MS+72bp
Spread set at: 6yr: MS+72bp - Books in excess of €3.6bn (excl JLM)
Guidance: 6yr: MS+80a - Orderbook in excess of €3.1bn (exc JLM)
IPTs: 6yr: MS+110a

• Issuer: Hera S.p.A. (Ticker: HERIM; Country: IT)
• Issuer LEI Code: 8156009414FD99443B48
• Issuer Rating: Baa1 (Stable) / BBB+ (Stable) (Moody's/S&P)
• Expected Issue Rating: Baa1 / BBB+ (Moody's/S&P)
• Format: Senior Unsecured Notes, Reg S, Bearer (TEFRA D rules apply, no communications with or into the U.S.)
• Size: €500m
• Settlement Date: 04-Jun-26 (T+7)
• Maturity Date: 04-Jun-32 (6 years)
• Coupon: 3.500% Fixed, Annual, ACT/ACT
• Re-Offer: 99.607 / 3.574% / MS+72bp / B+84.8bp
• Reference: DBR 0% Feb-32 2.726% @ 85.740 (HR 111%)
• Call Options: 3m Par Call / MWC / Clean-Up Call (80%) / Relevant Event Put
• Make-Whole Spread: B+15
• Denominations: €100k+1k
• ISIN: XS3350935774
• Docs: EMTN / English Law / Euronext Dublin
• Use of Proceeds: The Notes are designated as “European Green Bond” or “EuGB” in accordance with Regulation (EU) 2023/2631 of the European Parliament and of the Council. The issuer intends to allocate an amount equivalent to the proceeds in accordance with the gradual approach, referred in Article 4(1) of Regulation (EU) 2023/2631.
• Green Financing Framework: Published in January 2026 and available at https://eng.gruppohera.it/group_eng/investor-relations/debt-and-rating/green-financing-framework-e-opinion
• Second Party Opinion: Published by S&P Global Ratings Europe on 06-Jan-26 and available at https://eng.gruppohera.it/group_eng/investor-relations/debt-and-rating/green-financing-framework-e-opinion
• European Green Bond Factsheet: Published in January 2026 and available at https://eng.gruppohera.it/group_eng/investor-relations/debt-and-rating/green-financing-framework-e-opinion
• Pre-Issuance External Review: Published by S&P Global Ratings Europe on 05-Jan-26 and available at https://eng.gruppohera.it/group_eng/investor-relations/debt-and-rating/green-financing-framework-e-opinion
• Joint Bookrunners: Banca Akros, Barclays, BBVA, BNP Paribas, BPER, CaixaBank, Crédit Agricole CIB (B&D), Deutsche Bank, Goldman Sachs International, IMI-Intesa Sanpaolo, Mediobanca, Monte dei Paschi di Siena, Santander, UniCredit
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs / UK PRIIPS key information document (KID) has been prepared as not available to retail in the EEA or the UK. Relevant stabilisation regulation (including FCA / ICMA) applies.
• 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, the Supplements and the Final Terms, when published, will be available on the website of Euronext Dublin at: https://live.euronext.com/en/product/bonds-detail/p1215%7C20652/documents
• Timing: TOE 15.33 UKT / FTT: 16.00 UKT

• Details correct at time of posting