Commentary & Deal Flow

Spread set at: 7yr: MS+20bp - Books in excess of €2.8bn (incl. €125m JLM)
Guidance: 7yr: MS+22a

• Issuer: BNG Bank N.V. (BNG)
• Issuer Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch)
• LEI: 529900GGYMNGRQTDOO93
• Size: € Benchmark
• Ranking: Senior Unsecured
• Format: Reg S Bearer
• Coupon: Fixed / Annual ACT/ACT
• Settlement: 03-Jun-26 (T+5)
• Maturity: 03-Jun-33
• Spread Set: MS+20bp
• Documentation: EMTN
• Listing: Luxembourg Stock Exchange
• Denominations: €100,000 + €1,000
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Joint Bookrunners: Commerzbank, HSBC, Natixis and TD Securities
• Target Market: (MIFID II and UK MiFIR product governance) Professional, Eligible Counterparties (all distribution channels)
• ISIN: XS3395922506
• Books Subject: Books to close at 10:30 UKT / 11:30 CET
• Advertisement: The prospectus relating to the securities is available at https://www.luxse.com/programme/Programme-BNGBank/2286