NEW ISSUE: Triodos Bank €250m WNG 11NC6 Green T2; MS+275a
IGC European Market: Deal Flow - General
Issuer
Term
Call
Maturity
Size
Ranking
Type
IPT
Triodos Bank
11NC6
6y
03-Jun-37
€250m WNG
T2
Fixed Rate Reset
MS+275a
IPTs: 11NC6: MS+275bp area
Issuer: Triodos Bank N.V.
LEI: 724500PMK2A2M1SQQ228
Issuer Rating: BBB, Stable outlook (Fitch)
Expected Instrument Rating: BB+ (Fitch)
Instrument: Tier 2 (“Subordinated Notes”)
Use of Proceeds: The Issuer intends to use an amount equivalent to the net proceeds from the issuance to finance and/or refinance, in whole or in part, Eligible Green Loans in accordance with (and as further described in) the Issuer’s Green Bond Framework, available on the Issuer’s website, alongside the Second Party Opinion
Form of Notes: New Global Note, Reg S, Bearer Notes
Tenor: 11NC6
Size: €250m WNG
Pricing Date: 27-May-26
Settlement Date: 03-Jun-26 (T+5)
Maturity Date: 03-Jun-37
First Reset Date: 03-Jun-32
IPT: MS+275bps area
Interest Rate: From (and including) the Issue Date up to (but excluding) the First Reset Date, [●] per cent per annum payable annually in arrear. From (and including) the First Reset Date to (but excluding) the Maturity Date, the aggregate of [●] basis points and the 5-year Mid Swap Rate per annum determined by the Agent payable annually in arrear.[●]%
Interest Basis: Fixed Rate, One time reset
Day count: Actual/Actual ICMA
Issuer Call Option: Applicable. The Issuer may redeem all, but not some only, of the Notes on any calendar day during the three months period commencing on (and including) 03-Mar-32 to (and including) the First Reset Date at par plus accrued interest, subject to permission of the Competent Authority.
Status: Subordinated, Unsecured. The Notes are intended to qualify as Tier 2 capital for the purposes of the capital adequacy rules as applied by the competent authority.
Issuer 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
MREL Disqualification Event: Applicable (full or partial exclusion) at par – Condition 5(e) applies. The right to redeem following an MREL Disqualification Event is subject to the Issuer being subject to an MREL requirement at the relevant time.
Capital Event: Applicable (full or partial exclusion) at par – Condition 5(e) applies.
Early redemption for Taxation Reasons: Applicable at par – Condition 5(d) applies
Substitution/Variation: Applicable, see Debt Issuance Programme
Statutory Loss Absorption or Recapitalisation: Applicable, see Debt Issuance Programme
Documentation: Base Prospectus relating to the Issuer’s Debt Issuance Programme consisting of separate documents (namely (i) the securities note dated 20-Jun-25 as supplemented on 26-May-26 (the "Securities Note") and (ii) the registration document of the Issuer dated 20-Jun-25 as supplemented on 26-May-26 (the "Registration Document" and together with the Securities Note, the "Base Prospectus"))
Selling Restrictions: Reg S, Cat 2; TEFRA D; additional selling restrictions in accordance with the Securities Note
Target Market: MiFID II/UK MiFIR professionals/ECPs only. No EU PRIIPs key information document and no UK disclosure document required by DISC have been prepared as not available to retail in the EEA or UK