Commentary & Deal Flow

Guidance: 10yr: SPGB+8a

• Issuer: The Kingdom of Spain
• Issuer Ratings: A3/A+/A/AH/A (Moody's/S&P/Fitch/DBRS/Scope)
• Format: Obligaciones del Estado (in dematerialised book entry form), Reg S Cat 1, 144A eligible, CACs
• Size: € Benchmark
• Maturity: 31-Oct-2036
• Settlement: 03-Jun-26 (T+5)
• Coupon: Fixed, annual ACT/ACT, short first to 31-Oct-2026
• Guidance: SPGB 3.3 30-Apr-36 (mid) + 8bps area
• Denom/Listing/Law: €1k+1k / Madrid (AIAF Mercado Renta Fija) / Spanish Law
• Docs: Exempt from prospectus requirements in Spain. Spanish public debt tax regime. No events of default. No tax gross-up.
• Target market: Retail / Professional / Eligible Counterparties (all distribution channels)
• ISIN: ES0000012S22
• Bookrunners: BBVA, Citi (B&D/DM), DB, MS, Santander, SocGen
• Timing: Books open, today's business