Commentary & Deal Flow

IPTs: 8NC7: MS+120/125bp

• Issuer: ABANCA Corporación Bancaria, S.A. (“ABANCA”)
• LEI: 54930056IRBXK0Q1FP96
• Status of the Notes: Ordinary Senior Notes
• Form of Notes: Reg S, Book-entry notes (dematerialised)
• Issuer Ratings: A3/BBB/BBB+/A(low) (Moody's/S&P/Fitch/DBRS)
• Expected Issue Ratings: A3/A(low) (Moody's/DBRS)
• Currency / Size: €500m (WNG)
• Tenor: 8NC7
• Coupon: [●]% per cent fixed per annum until the Optional Redemption Date. If not redeemed on the Optional Redemption Date, then resets to 1-year Mid-Swap Rate + Reset Margin (subject to Benchmark Discontinuation).
• Coupon Dates: Payable annually in arrear; on 9 June of each year, commencing on 9-Jun-27, up to (and including) the Maturity Date
• Coupon Calculation: Fixed Interest Rate, Act/Act (ICMA), Following Business Day, Unadjusted
• Maturity Date: 9-Jun-34 (8-year)
• Optional Redemption Date: 9-Jun-33 (7-year) (one-time call option, at par, in whole and not in part, at the Issuer’s discretion and subject to compliance with the Applicable Banking Regulations (including, for the avoidance of doubt, Applicable MREL Regulations) then in force and permission of the Competent Authority and/or the Relevant Resolution Authority (if such permission is required)). The provisions of Condition 9 (e) of the Notes apply.
• Settlement: 9-Jun-26 (T+9)
• IPTs: MS+120/125bps
• Redemption upon Tax Event: Applicable. The provisions of Condition 9(b) of the Notes apply
• Redemption upon Eligible Liabilities Event: Applicable. The provisions of Condition 9(d) of the Notes apply
• Substitution and Variation: Applicable. Subject to permission of the Competent Authority and/or the Relevant Resolution Authority (if such permission is required) and in accordance with the Applicable Banking Regulations (including, for the avoidance of doubt, Applicable MREL Regulations) in force at the relevant time, if a Tax Event or an Eligible Liabilities Event has occurred and is continuing, the Issuer may substitute all (but not some only) of the Notes or vary the terms of all (but not some only) of the Notes, without any requirement for the consent or approval of the holders of the Notes, so that they are substituted for, or varied to become or remain, Qualifying Notes, all of the above in accordance with the provisions of Condition 15 of the Notes.
• Issuer Residual Call: Applicable. Subject to the Conditions to Redemption and Purchase. The provisions of Condition 9(g) of the Notes apply
• Residual Percentage: 25 per cent.
• Events of Default: If an order is made by any competent court or resolution passed for the liquidation (liquidación) of the Issuer (subject to certain exemptions). The provisions of Condition 12(a) of the Notes apply. The provisions of Condition 12(b) of the Notes do not apply.
• Gross-up of Principal: Not applicable. The provisions of Condition 11(a) of the Notes apply.
• Waiver of Set-off Rights: Applicable. The provisions of Condition 14 of the notes apply.
• Loss Absorbing Power: Each Holder acknowledges, accepts, consents and agrees to be bound by the effect of the exercise of the Loss Absorbing Power by the Relevant Resolution Authority as per Condition 20 of the Notes.
• Business Days: T2
• Denominations: €100k + €100k
• Listing: Spanish AIAF Fixed Income Securities Market
• Governing Law: Spanish law
• Documentation: Abanca’s €15,000,000,000 Euro Medium Term Note and European Covered Bond (Premium) Programme dated 26-May-26
• Joint Lead Managers: CaixaBank, Citi, HSBC, Natixis, Santander (B&D), Societe Generale
• ISIN: ES0265936080
• Timing: Books open, today's business
• Target Market: Manufacturer target market (MIFID II product governance/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in the EEA / or in the UK.
• Advertisement: The Base Prospectus and supplements thereafter are available at the website of the Issuer (https://www.abancacorporacionbancaria.com/es/inversores/general/#programas-de-emision) and on the website of the CNMV (www.cnmv.es). The Final Terms, when published, will be available on the website of the Issuer (https://www.abancacorporacionbancaria.com/en/investors/general/) and on the website of the CNMV (http://www.cnmv.es).