Commentary & Deal Flow

• In € IG today we had 13 issuers (4 x Corporate, 5 x FIG & 4 x SSA) bringing a total of €22bn
• Further mandates were announced, with 11 pending € deals, 2 of which (SAP & MTR) are multi-tranche offerings:
• • 4 corporates, 1 financial & 6 SSA’s.
• FIG trades once again dominated supply in Euros with 5 borrowers bringing €2.25bn, 4 corporates for €3.25bn & 4 SSA for €750m.
• • Unsecured financial prints tightened on average by 18.875bps from IPTs - though, like yesterday, two of these deals were T2s.
  • Average FIG deal size was €450m.
  • Corporate supply priced on average 34.8bps tighter than IPTs.
  • Average corporate tranche size came in at €650m.
  • SSA supply priced on average 3.25bps tighter than IPTs.
• Books on the Kingdom of Spain are worth noting, with peak books over €138bn (incl. €6.25bn JLMs).
• Elsewhere we had primary in Sterling, Swiss Franc & the Reg S $ market.

Euro IG (today)

Corporate

• Relx Finance B.V. guaranteed by Relx Plc, (exp issue ratings A3 / A- / A-) brought its anticipated dual-tranche € benchmark 3 & 8 year fixed trade. IPTs were MS+85 to +90 for the 3 year & MS+125 to +130 for the 8 year. Guidance came out as MS+55 (+/-5 wpir) for the 3 year, where books were above €3.2bn. The 5 year was at MS+95 (+/- wpir) with books over €2.5bn. Collectively the deal size was called as being no more than €1.5bn. Both tranches sized at €750m, pricing respectively at MS+50 & MS+93. Books on the pair were split €3.2bn & €2.4bn.
• French property company Gecina (exp. Issue ratings A3 / A-) brought a €500m (wng) 5 year green issue with IPTs of MS+100 area. Books were over €1.7bn (pre-rec). The deal sized at €500m at MS+68; 32bps tighter than IPTs. Final books were over €1.1bn.
• French supermarket giant Carrefour S.A. (exp. Issue ratings BBB by S&P) brought an 8 year, sustainability linked, € benchmark. IPTs on the trade were in the area of MS+140. Books rose above €2.2bn & guidance was set at MS+110 (+/- 3bp (wpir). Books settled at €1.8bn (at the tight end of guidance); final books north of €1.6bn. The trade sized at €750m & priced at MS+107.
• UK medical technology & equipment manufacturer, Smith & Nephew plc (Baa2 / BBB+ / BBB+) brought its €500m (wng) 12 year Reg S senior unsecured benchmark. IPTs were MS+155 area. Guidance came in at MS+120 (+/- 2bps (wpir) when books were in excess of €3.4bn. Books rose to over €3.55bn when the spread set at MS+118. It priced at this level 37bps tighter than IPTs.

FIG

• The first deal to hit the screens was French reinsurer SCOR SE (Senior ratings A+/A1/A+/A, exp. Issue ratings A3 by Moodys), who announced a 30NC10 Tier 2, €500m (wng) Fixed to Floating Rate. IPTs were in the area of MS+175. Books were over €1.5bn (pre-rec). The deal sized at €500m, pricing 25bps tighter than IPTs, at MS+150. Final books were €1.15bn, good at re-offer.
• Dutch bank Triodos Bank N.V. (rated BBB by Fitch / exp. Issue rating BB+), came with its new €250m (wng) 11NC6 Green Tier 2 Reg S bearer issue, announced yesterday. IPTs were in the area of MS+275. Books pushed over €350m, with the final number €275. With the size set the deal priced at MS+275.
• Austrian retail bank BKS Bank AG (exp. Issue rating BBB+ by S&P), came with its expected €250m (wng) MREL-eligible Green Senior Preferred 5 year issue. IPTs were in the area of MS+155. Books were first called at over €400m, rising to over €475m (incl. €40m JLMs); final books €425m. The trade priced 25bps tighter than IPTs at MS+130.
• Spanish retail bank ABANCA Corporación Bancaria, S.A. (exp. Issue ratings A3 / A by Moody’s & DBRS), came with a €500m (wng), 8NC7 senior preferred offering with IPTs of MS+120 to +125. Books climbed to over €1.3bn (incl. €115m JLMs). With size set, the deal priced at MS+97. Final books were over €990m.
• The only covered deal of the day came from UBS Switzerland AG (AAA by Fitch), with a €500m (min) tap of an existing €1bn, 3.304% 5th March 2029 issue. Spread on the tap was set at MS+22. The tap upsized to €750m & the trade priced at MS+22.  No books were available.

SSA

• Mandated yesterday, BNG Bank N.V. (Aaa/AAA/AAA), came with its expected 7 year senior unsecured. The benchmark offering had guidance of MS+22 area. Books were over €2.8bn (incl. €125m JLMs) & spread set at MS+20. The deal sized at €1.25bn, & priced at that MS+20 level.
• Another mandate from yesterday to announce early was UNEDIC (Aa3 / A+ / AA-), the French unemployment insurance agency, explicitly, unconditionally & irrevocably guaranteed by the Republic of France. The 15 year benchmark came with guidance in the area of +11 over the interpolated OAT curve. Spread set at OAT+9 with books in excess of €3.1bn (incl. €800m JLMs). Final books were over €3.4bn. The deal sized at €1.5bn & priced at the OAT+9 level.
• The Kingdom of Spain (A+ / A3 / A), brought a new Obligacion del Estado syndicated 10 year € benchmark with guidance of SPGB 3.3% 30th April 2036 +8 area. Having announced yesterday indications of interest had the book over €78bn (incl. €6.25bn JLMs). Books climbed to over an eye watering €138bn (10.6 X). The deal sized at €13bn & priced at SPGB+6.
• Casse Depositi e Prestiti SpA (exp. Issue ratings of BBB+ / BBB+ / BBB+; S&P, Fitch & Scope) announced a fresh 5 year € benchmark with IPTs in the area of BTPs +25. Books were in excess of €3.6bn (incl. €150m JLMs). The deal sized at €750m & priced at BTPs+18. Final books were over €3.1bn (incl. €150m JLMs).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

FIG

• Re-opening the sterling market, NatWest Group plc (exp. Issue ratings Baa3 / BBB) came with a PerpNC10 AT1 contingent capital notes offering with IPTs of 8.0% to 8.125% (coupon). Books exceeded £4.4bn & with size already set the deal priced with a coupon of 7.50%.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

SSA

• Queensland Treasury Corp (Aa1/AA+), guaranteed by the Treasurer of the State of Queensland on behalf of The Government of Queensland, came with a Chf150m (min) bullet 15 year trade with IPTs of SARON MS+38 area. Spread was set at this level & size climbed to Chf 165m by mid-morning & it priced soon after at that size at SARON MS+38. 

Week-to-date volumes:

US$ Reg S (today)

SSA

• Agence Francaise de Development (A+ / A+ by S&P & Fitch, brought a USD benchmark 3 year offering with guidance of SOFR MS+52 area. Books quickly ramped up to over $3bn (incl. $100m JLM). This rose to over $4.4bn when spread set at MS+51. Books climbed to over $5.2bn & the deal sized at $2bn, pricing at SOFR MS+51.

Pending Deals & Mandates 

Euro (€)

• SAP SE (A1 / A+) mandated ING & JP Morgan as Joint Global Coordinators & Joint Bookrunners, & BNP Paribas, Deutsche Bank, Morgan Stanley & UniCredit as Joint Bookrunners to arrange a series of fixed income investor calls on Wednesday, the 27th of May. JP Morgan is coordinating logistics. A €, RegS, bearer, Senior Unsecured 4-part bond offering, across 2 year FRN, 3 year FXD, 5 year FXD & 7 year FXD tranches with expected ratings of A1 by Moody’s and A+ by S&P will follow, subject to market conditions.
• On Tuesday, 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.
• 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.

• With the mandate having been announced back on the 12th of May, Comunidad de Madrid (A/A3/A) reiterated its intention to bring a fresh offering. More clarity was given on Wednesday, stating a €500m (wng) year EuGB bond was set to launch in the near future subject to market conditions.
• 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 Republic of Austria (AA+ / Aa1 / AA) mandated Barclays, BofA Securities, Deutsche Bank, JP Morgan, Nomura & Raiffeisen Bank International to lead manage its upcoming dual-tranche issuance consisting of new € 5 & 15 year RAGB Reg S/144a eligible benchmarks. The transaction is expected to be launched & priced in the near future, subject to market conditions.
• The German State of Saxony-Anhalt (Aa1 / AAA / AAA), mandated DekaBank as the sole lead manager for its inaugural 2-year blockchain-based digital bond issuance (crypto security under German eWpG). A € bond, issued using SWIAT blockchain technology, will follow subject to market conditions.
• The Republic of Portugal (A+ / A3 / A+) mandated BBVA, BofA Securities, Deutsche Bank, Goldman Sachs Bank Europe SE, JP Morgan & Santander as JLMs for a forthcoming 20 year Portuguese Government Bond (PGB) maturing on 15 June 2046. The syndicated transaction is expected to be launched and priced in the near future, subject to market conditions.
• Nederlandse Waterschapsbank NV (Aaa / AAA), mandated BofA Securities, Crédit Agricole CIB, NatWest & SEB as JLMs for a new RegS Bearer 7yr €1bn (wng) Water Bond Benchmark. The framework received a Dark Green assessment from S&P and is aligned with ICMA Green Bond Principles 2025.

Sterling (£)

• On Tuesday, 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: Queensland Treasury Corporation CHF 165m 15yr Sr Unsec; SARON MS+38bp

IGC European Market: Deal Flow - General

Reoffer: 15yr: SARON MS+38bp / 100 / 1.2475%
Benchmark: 15yr: Govt + 58.6

Spread set at: 15yr: SARON MS+38bp
IPTs: 15yr: SARON MS+38a

• Issuer: Queensland Treasury Corporation (Ticker: QTC)
• Guarantor: The Treasurer of the State of Queensland on behalf of The Government of Queensland
• Guarantor Domicile: Australia
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Unsecured and Unsubordinated
• Guarantor Rating: Moody's: Aa1 (st.), S&P: AA+ (neg.)
• Instrument Rating (exp): Moody's: Aa1, S&P: AA+
• Issue Size: CHF 165m
• Coupon: 1.2475% p.a. (30/360, following unadj.)
• Maturity: 15 years (11-Jun-26 to 11-Jun-41)
• Spread/Yield: SARON MS +38.0 // YTM 1.2475% // Govt + 58.6
• Issue Price: 100.000%
• ISIN / Valor: CH1570819594 / 157081959
• Lead Manager(s): Deutsche Bank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
• Documentation: Off the Issuer’s U.S.$10,000,000,000 Euro Medium Term Note Facility ("Facility") dated 28-Jan-26
• FinSA Prospectus: Base prospectus is deposited with and recognised by the Swiss Prospectus Office pursuant to art. 54(2) FinSA.
• Governing Law: English law
• Covenants: Pari Passu, Cross Default (as per the Facility)
• Use of Proceeds: The net proceeds from the sale of the Notes will be used to finance the activities of the State of Queensland and its Government Bodies.
• SIX Listing: 09-Jun-26
• Denomination: CHF 100,000 and multiples thereof
• Selling Restrictions: As per the Facility. RegS TEFRA D Rules apply, no communications with or into the US or Canada.
• 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.

PRICED: Triodos Bank €250m 11NC6 Green T2; MS+275bp

IGC European Market: Deal Flow - General

Reoffer: 11NC6: MS+275bp / 99.527 / 5.595%
Benchmark: 11NC6: DBR 0 15-Feb-32 @ 85.80 / B+288 / HR 104%

Final Books >€275m. Peak book in excess of €350m.

Launched: 11NC6: €250m @ MS+275bp - Books in excess of €350m
IPTs: 11NC6: MS+275bp area

• Issuer: Triodos Bank N.V. (ticker: "Triod")
• 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
• Pricing Date: 27-May-26
• Settlement Date: 03-Jun-26 (T+5)
• Maturity Date: 03-Jun-37
• First Reset Date: 03-Jun-32
• Reoffer: 99.527 / MS+275 / 5.595%
• Benchmark: DBR 0 15-Feb-32 (DE0001102580) +288bps | HR 104% | DBR @ 85.80
• Interest Rate: From (and including) the Issue Date up to (but excluding) the First Reset Date, 5.500 per cent per annum payable annually in arrear. From (and including) the First Reset Date to (but excluding) the Maturity Date, the aggregate of 275 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"))
• Waiver of Set-Off: Applicable
• Governing Law: Dutch Law
• Listing / Denominations: Euronext Amsterdam / €100,000
• 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
• Joint Bookrunners: ABN AMRO & BNP Paribas (B&D)
• Timing: PRICED / TOE: 14.09 CET / FTT 14.29 CET
• ISIN: XS3386634391

PRICED: BNG Bank N.V. €1.25bn 7yr Sr Unsec; MS+20bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+20bp / 99.449 / 3.0887%
Benchmark: 7yr: DBR 2.3% Feb-33 @ 97.07% / B+30.6bp (HR: 104%)

Books: In excess of €2.8bn (incl. €125m JLM)

Launched: 7yr: €1.25bn @ MS+20bp
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 (all stable)
• LEI: 529900GGYMNGRQTDOO93
• Size: €1.25bn
• Status/Format: Senior unsecured / Reg S Bearer
• Coupon: 3% / Fixed / Annual ACT/ACT
• Settlement: 03-Jun-26 (T+5)
• Maturity: 03-Jun-33
• Spread: MS + 20 bps
• Reoffer: 99.449% / 3.0887%
• DBR Ref: DBR 2.3% Feb-33 + 30.6 bp (Ref 97.07%, 2.783%, HR: 104%)
• Docs/List/Denoms: EMTN / Luxembourg Stock Exchange / 100k+1k
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Joint Bookrunners: Commerzbank, HSBC(B&D), Natixis and TD Securities
• Target Market: (MIFID II and UK MiFIR product governance) Professional, Eligible Counterparties (all distribution channels)
• ISIN: XS3395922506
• Timing: TOE 13.17 UKT / 14.17 CET, FTT immediately
• Advertisement: The prospectus relating to the securities is available at https://www.bourse.lu/programme/Programme-BNGBank/2286

PRICED: UNEDIC €1.5bn 15yr Social Sr Unsec; OAT+9bp

IGC European Market: Deal Flow - SSA

Reoffer: 15yr: OAT+9bp / 98.732 / 4.115%
Benchmark: 15yr: FRTR 0.5% May-40 (MID @ 63.15 / 3.988%; HR 134.5%) & FRTR 3.6% May-42 (MID @ 94.66 / 4.060%)

Final book in excess of €3.4bn (incl. €800m JLM). Peak book in excess of €3.5bn.

Launched: 15yr: €1.5bn @ OAT+9bp - Books closed in excess of €3.5bn (incl €800m JLM)
Spread set at: 15yr: OAT+9bp - Books in excess of €3.1bn (incl. €800m JLM)
Guidance: 15yr: OAT+11a

• Issuer: UNEDIC
• LEI: 969500V3L9W19NIA5E82
• Guarantee: Explicit, Unconditional & Irrevocable Guarantee of the Republic of France
• Rating: Aa3/A+/AA- (Moody's/S&P/Scope)
• Risk weighting: 0%
• LCR Status: HQLA Level 1 classification
• Format: Reg S Bearer Dematerialised Fixed Rate Notes
• Size: €1.5bn
• Coupon: 4.000%, Fixed, Annual Act/Act
• Settlement: 03-Jun-26 (T+5)
• Maturity: 03-Jun-41 (15-year)
• Reoffer: Interpolated OAT+9bps
• BMK References: FRTR 0.5% May-40 (MID @ 63.15 / 3.988%; HR 134.5%) & FRTR 3.6% May-42 (MID @ 94.66 / 4.060%)
• Price / yield: 98.732 price / 4.115% yield
• Docs: EMTN programme
• Law: French law
• Listing: Euronext Paris
• Denoms: €100k x €100k
• ISIN: FR0014018VT2
• Bookrunners: CACIB, HSBC (B&D), MS, NatWest, Santander
• Timing: PRICED. TOE: 13:56 CET. FTT: Immediately.
• Target market: The manufacturer target markets (MIFID II / UK MIFIR product governance) as assessed by the lead managers are eligible counterparties and professionals (all distribution channels)
• Advertisement: When published, the Information Memorandum (“Document d’Information”) and Final Terms (“Conditions Définitives”) are available on {https://unedic.org/en/investors}
• Use of Proceeds: An amount equal to the proceeds from the issue of the Notes will be exclusively used by Unédic to carry out its missions that meet the eligibility criteria described in Unédic Social Bond framework
• Investor Presentation: {https://www.unedic.org/storage/uploads/2026/05/04/2026-05-unedic-investor-presentation_uid_69f8b6a9bd7cc.pdf}
• Social Bond documentation: {https://www.unedic.org/en/investors/social-bonds}
• Further details: {https://unedic.org/en/investors}

PRICED: UBS Switzerland AG €750m Mar-29 CB Tap; MS+22bp

IGC European Market: Deal Flow - General

Reoffer: Mar-29: MS+22bp / 100.893
Benchmark: Mar-29: DBR 0.25 15-Feb-29 / B+40.8bp

Launched: Mar-29: €750m @ MS+22bp
Spread Set: Mar-29: MS+22bp

• Issuer: UBS Switzerland AG
• Guarantor: UBS Hypotheken Schweiz AG
• Form of the Notes: Uncertificated securities (einfache Wertrechte) constituting intermediated securities (Bucheffekten)
• Status of the Notes: Direct, unconditional, unsubordinated and (other than in relation to the Guarantee) unsecured obligations of the Issuer ranking pari passu without preference among themselves.
• Instrument Rating: AAA (Fitch)
• Original Tranche Size: €1bn
• Tap size: €750m
• Settlement: 03-Jun-26 (T+5)
• Maturity Date: 05-Mar-29
• Maturity Type: Soft Bullet
• Coupon: 3.304%
• Tap Spread: MS+22bp
• Original issue Price: 100%
• Clean Price: 100.893%
• Dirty Price: 101.708%
• Days Accrued Interest: 90 days
• Benchmark: DBR 0.25 15-Feb-29
• Benchmark spread: B+40.8bp
• Interest Payment Dates: Payable annually in arrear on 5 March in each year, (and including) the Final Maturity Date
• Timing: Priced / ToE: 13:41 UKT / FTT: 13:55 UKT
• Listing/Law/Denoms: SIX Swiss Exchange / Swiss Law / 100k+1k
• Clearing: SIX SIS Ltd. (CSD), Euroclear, Clearstream
• ISIN: Until the Notes are consolidated and form a single series with the Existing Notes on the Fungibility Date, 4-Jun-26 Ahead of the Fungibility Date, CH1564488679 As of the Fungibility Date, CH1331113469
• Date on which the Notes will be consolidated and form a single Series with the Existing Notes: 4-Jun-26 (the Fungibility Date)
• Day Count Basis: Act/Act (ICMA), following, unadjusted
• Documentation: Covered Bond Programme
• FinSA prospectus: Base prospectus approved by the SIX Exchange Regulation Ltd in its capacity as review body pursuant to article 52 of the FinSA as of 12-Nov-25 as supplemented by the supplement thereto dated 4-Feb-26, 30-Mar-26 and 29-Apr-26 (together, the Prospectus)
• Target Market: The manufacturer target markets (MIFID II product governance) for the bonds are eligible counterparties and professional clients (all channels for distribution of the bonds are appropriate).
• Selling Restrictions: Reg S, TEFRA D as further specified in the Base Prospectus
• Swiss Withholding Tax: Applicable
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
• Global Coordinator and Joint Lead Manager: UBS Investment Bank (B&D)
• Joint Lead Managers: Commerzbank and Natixis
• Billing & Delivery: UBS Investment Bank
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended). It is not a prospectus. The Prospectus (including the supplements thereto) and the Final Terms, when published, can be obtained in electronic or printed form, free of charge, during normal business hours from the Issuer at UBS AG, Investment Bank, Swiss Prospectus Switzerland, P.O. Box, 8098 Zurich, Switzerland (voicemail: +41 44 239 47 03, fax: +41 44 239 69 14, email: swiss-prospectus@ubs.com)

PRICED: Kingdom of Spain €13bn 10yr Sr Unsec; SPGB+6bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: SPGB+6bp / 99.60 / 3.448%
Benchmark: 10yr: SPGB 3.3 30-Apr-36 @ 99.265 / B+6bp / HR 104%

Final Books: Order book in excess of €138bn (incl. €6.25bn JLM interest)

Launched: 10yr: €13bn @ SPGB+6bp - Order book in excess of €138bn (incl. €6.25bn JLM interest)
Spread set at: 10yr: SPGB+6bp - Order book in excess of €130bn (incl. €6.25bn JLM interest)
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: €13bn
• Maturity: 31-Oct-36
• Settlement: 03-Jun-26 (T+5)
• Coupon: 3.4% Fixed, annual ACT/ACT, short first to 31-Oct-26
• Spread: SPGB 3.3 30-Apr-36 (mid 99.265 / 3.388%) + 6bps / HR 104%
• Reoffer: 99.600 / 3.448%
• 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: TOE: 15:02 CET / 14:02 UKT / FTT Immediately

PRICED: Smith & Nephew €500m 12yr Sr Unsec; MS+118bp

IGC European Market: Deal Flow - General

Reoffer: 12yr: MS+118bp / 99.852 / 4.266%
Benchmark: 12yr: DBR 1 15-May-38 @ 78.63 / B+109.1bp (HR:108%)

Final Books > €3.4bn. Peak book in excess of €3.55bn (pre-reconciliation)

Launched: 12yr: €500m @ MS+118bp - Books in excess of €3.55bn (pre-reconciliation)
Guidance: 12yr: MS+120a (+/-2bps) WPIR - Books in excess of €3.4bn (pre-reconciliation)
IPTs: 12yr: MS+155bp area

• Issuer: Smith & Nephew plc (Ticker: SNLN; Country: UK)
• Issuer LEI: 213800ZTMDN8S67S1H61
• Issuer’s Rating (Moody’s / S&P / Fitch): Baa2 (Positive) / BBB+ (Stable) / BBB+ (Stable)
• Expected Issue Rating (S&P / Fitch): BBB+ / BBB+
• Format: Senior, Unsecured, Reg S, Bearer, TEFRA D
• Settlement: 03-Jun-26 (T+5)
• Tranche: € 12-year
• Size: €500m
• Maturity: 03-Jun-38
• Re-Offer: MS+118bps / 99.852% / 4.266%
• Benchmark: 109.1bps vs DBR 1 15-May-38 @78.63 / 3.175% (HR:108%)
• Coupon: 4.250% Fixed, Annual, Act/Act (ICMA)
• Denominations: €100,000 and integral multiples of €1,000
• Issuer Calls: 3 Month Par Call, MWC B+20, Clean-Up Call (75%)
• Investor Put: Change of Control Put applicable (at Par)
• Documentation: Under the Issuer’s $5,000,000,000 Euro Medium Term Note Programme dated 17-Mar-26, as supplemented on 15-May-26
• Listing: London Stock Exchange’s Main Market
• Clearing / Settlement: Euroclear / Clearstream
• Governing Law: English Law
• Selling Restrictions: As set out in the Base Prospectus
• Use of Proceeds: General Corporate Purposes, including the repayment of existing indebtedness
• Joint Bookrunners: BNP Paribas (B&D), HSBC, Société Générale
• ISIN / Common Code: XS3384821834 / 338482183
• Target Market / PRIIPs/CCI: Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is MiFID II / UK MiFIR Professionals & Eligible Counterparties only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID / CCI product summary has been prepared as not available to retail in EEA or the United Kingdom
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA will apply
• Advertisement: The Base Prospectus is available and the Final Terms, when published, will be available on https://www.smith-nephew.com/en/who-we-are/investors
• Marketing: https://dealroadshow.com | Entry code: SPECTRE26 Direct Link: https://dealroadshow.com/e/SPECTRE26
• Sales into Canada: Yes, via exemption
• ToE: 14:14 UKT / 15:14 CET
• FTT: 14:45 UKT / 15:45 CET

PRICED: ABANCA Corporación Bancaria €500m 8NC7 SP; MS+97bp

IGC European Market: Deal Flow - General

Reoffer: 8NC7: MS+97bp / 99.354 / 3.857%
Benchmark: 8NC7: DBR 2.3% Feb-33 @ 97 / B+106.2bp / HR 101%

Final Books: >€990m. Peak book: >€1.3bn (pre-rec, incl. 115m JLM)

Launched: 8NC7: €500m @ MS+97bp - Orderbook >€1.3bn (pre-rec, incl. 115m JLM)
Book Update: Orderbook in excess of €1.25bn (incl. €115m JLM)
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 stable / BBB stable / BBB+ stable / A (low) stable (Moody’s / S&P / Fitch / DBRS)
• Expected Issue Ratings: A3 / A (low) (Moody’s / DBRS)
• Currency / Size: €500m
• Tenor: 8NC7
• Pricing: 99.354, equiv., to MS+97/ Yield 3.857%, DBR2.3% Feb33+106.2bp (Spot 97/ HR 101%)
• Coupon: 3.75% 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 + 97bp 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)
• 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, Societe Generale
• ISIN: ES0265936080
• Timing: Priced. ToE 2.21pm UK/ 3.21pm CET. FTT 2.40pm UK/ 2.40pm CET
• Fees: [●]% (paid separately)
• 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).

PRICED: Gecina €500m 5yr Green Sr Unsec; MS+68bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+68bp / 98.916 / 3.49%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 99.15 / B+80.6bp

Final Book > €1.1bn. Peak book €1.7bn+ (pre-reconciliation)

Launched: 5yr: €500m @ MS+68bp - Books €1.7bn+ [Pre Rec]
IPTs: 5yr: MS+100a

• Issuer: Gecina
• Ticker: GFCFP
• Country: FR
• LEI: 9695003E4MMA10IBTR26
• Issuer Ratings: A3 (stable) / A- (stable) (Moody's/S&P)
• Expected Issue Ratings: A3 / A- (Moody's/S&P)
• Format: Senior, Unsecured, Reg S Bearer, Dematerialised Notes, Green
• Settlement: 03-Jun-26 (T+5)
• ISIN: FR0014018W12
• Size: €500m
• Maturity: 03-Jun-31 (5-year)
• Reoffer: MS+68bp / 98.916 / 3.49%
• Coupon: 3.25%, Fixed, Annual, Act/Act
• Benchmark: +80.6bps vs OBL 2.5 16-Apr-31 (@ 99.15) / HR: 100%
• MWC: OAT (FRTR 1.5 25-May-31 @ 93.10) +10bps
• Calls: CoC, MWC (OAT), 3m Par Call, Clean-up-call (75%)
• Listing / Docs: Euronext Paris Regulated Market / Gecina €8bn EMTN Programme dated 24-Jun-25 and supplemented on 23-Jul-25, 29-Oct-25, 25-Feb-26 and 20-May-26
• Governing Law: French Law
• Clearing: Euroclear France
• Denoms: €100k
• Global Coordinators: BNP Paribas (B&D), CaixaBank, Crédit Agricole CIB, Natixis, Société Générale
• Active Bookrunners: Barclays, CIC CIB, Banco Sabadell
• UoP: The Notes constitute “Green Bonds” and an amount equal to the net proceeds of the issue of such Notes will be used by the Issuer to the financing or refinancing of a portfolio of eligible green assets as described in the Issuer's Green Bond Framework dated April 2021 (as amended and supplemented). The net proceeds may be used, in whole or in part, to refinance existing indebtedness
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs KID or CCI product summary has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restriction: As per Base Prospectus
• Advertisement: This communication is an advertisement and is not a prospectus. The Base prospectus and its supplement are available on the website of the AMF (http://www.amf-france.org). The Final Terms, when available, will be also published on the website of the AMF (http://www.amf-france.org)
• Green bond Framework: Gecina’s Green Bond Framework available on https://www.gecina.fr/sites/default/files/2021-04/green_bond_framework_-_uk.pdf
• Second Party Opinion: ISS – ESG available on https://www.gecina.fr/sites/default/files/2021-04/second_party_opinion.pdf Annual report of funds allocation and compliance with Gecina’s Green Bond Framework and the Green Bond Principles : KPMG. Available on https://www.gecina.fr/sites/default/files/2025-03/25_02_17_assurance_report_green_bonds.pdf
• TOE: 14:26 UKT / 15:26 CET
• FTT: 14:45 UKT / 15:45 CET

PRICED: Agence Francaise de Developpement US$2bn 3yr Sust Sr Unsec; SOFR MS+51bp

IGC European Market: Deal Flow - SSA

Reoffer: 3yr: SOFR MS+51bp / 99.922 / 4.403%
Benchmark: 3yr: T 3 7/8 15-May-29 @ 99-13 7/8 / B+32.42 / HR 101%

Final Books: In excess of US$5.4bn (incl. US$100m JLM)

Launched: 3yr: US$2bn @ SOFR MS+51bp - Books in excess of US$5.2bn (incl. US$100m JLM)
Spread set at: 3yr: SOFR MS+51bp - Books in excess of US$4.4bn (incl. US$100m JLM)
Guidance: 3yr: SOFR MS+52a - IOIs in excess of US$3bn (incl. US$100m JLM)

• Issuer: Agence Francaise de Developpement
• Ticker: AGFRNC
• Issue Ratings: A+/A+ (S&P/Fitch)
• Format: Sustainable, Dematerialized Reg S, Bearer
• Size: US$2bn
• Coupon: 4.375%, Fixed, Semi-annual 30/360
• Maturity: 04-Jun-29
• Settlement: 04-Jun-26 (T+6)
• Spread: SOFR MS S/A 30/360 + 51bps
• Reoffer: 99.922% / 4.403% S/A
• Benchmark: +32.42bps vs T 3 7/8 15-May-29 @ 99-13 7/8, HR 101%
• Denoms: US$200k + 200k
• Listing: Euronext Paris
• Docs: Issuer’s EMTN Programme dated 19-Dec-25
• Governing Law: French Law
• ISIN: FR0014018VR6
• Bookrunners: CACIB, DB(B&D), JPM, Nomura, Santander
• Target Market: The manufacturer target markets (EU MiFID II/UK MiFIR product governance) as assessed by the lead managers are professional & eligible counterparties (all distribution channels)
• Use of Proceeds: The net proceeds of the Notes will be allocated by the Issuer to a portfolio of eligible loans which will be used to finance eligible climate, social and/or sustainable projects pursuant to the updated AFD SDG Bond Framework as of November 2024 which is available on the website of the Issuer (https://www.afd.fr/en/ressources/updated-sdg-bond-issuance-framework-afd)
• Timing: Priced. ToE 14.20 UKT. FTT 14.30 UKT

PRICED: BKS Bank €250m 5yr Green SP; MS+130bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+130bp / 99.543 / 4.103%
Benchmark: OBL 2.5 31-Dec-31 @ 99.19 / B+142.8bp / HR 98%

Final Books: Above €425m (incl. €40m JLM). Peak book above €475m.

Launched: 5yr: €250m @ MS+130bp - Books above €475m (incl. €40m JLM)
Book Update: Books above €400m
IPTs: 5yr: MS+155bp area

• Issuer: BKS Bank AG (Ticker: BKUSAV)
• LEI: 529900B9P29R8W03IX88
• Issuer Ratings: BBB+ (stable) by S&P
• Expected Issue Ratings: BBB+ by S&P
• Status of the Notes: The Notes constitute direct, unsecured and unsubordinated obligations of the Issuer and are intended to qualify as eligible liabilities instruments (within the meaning of point (a) of Article 72a(1) and Article 72b CRR with the exception of point (d) of Article 72b(2) CRR) of the Issuer for the MREL Requirement (as set out in the BKS AG’S base prospectus dated 08 April 2026, as supplemented)(“Base Prospectus”)
• Format: Reg S, Bearer, Digital Global Notes
• Size: €250m
• Tenor: 5-year
• Pricing Date: 27-May-26
• Settlement Date: 03-Jun-26 (T+5)
• Maturity Date: 03-Jun-31
• Reoffer: MS+130bps / 99.543 / 4.103%
• Benchmark: OBL 2 ½ 31 #193 +142.8bps (@99.19), HR 98%
• Coupon: 4.000% p.a., fixed, Act/Act (ICMA) following unadjusted
• Business Days: T2 and Clearing Systems
• Documentation: BKS Bank AG’s Debt Issuance Programme, dated 08-Apr-26, as supplemented
• Denoms/Listing/Law: €100,000 + €100,000 / Vienna (Official Market) / Austrian Law
• ISIN / WKN: AT0000A3USG1 / A4EVV8
• Clearing: Euroclear / Clearstream / OeKB
• Use of Proceeds: Use of Proceeds will be allocated by the Issuer to Eligible Green Projects as set out in the Sustainable Bond Framework of BKS Bank
• Manufacturer target market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID as not available to retail in the EEA.
• 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 and the Final Terms, when published, will be available at: https://www.bks.at/ueber-uns/investor-relations/anleiheemissionen
• Global Coordinator: Erste Group
• Joint Bookrunners: DekaBank, Erste Group (B&D), Jyske Bank and NORD/LB
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the Notes.
• Timing: TOE: 15.50 CET / FTT: 16.10 CET

PRICED: SCOR SE €500m 30NC10 T2; MS+150bp

IGC European Market: Deal Flow - General

Reoffer: 30NC10: MS+150bp / 100 / 4.51%
Benchmark: 30NC10: DBR 2.9 15-Feb-36 @ 99.31% / B+152.9 / HR 95%

30NC10: Final Books €1.15bn. Peak book €1.5bn (pre-rec)

Launched: 30NC10: €500m @ MS+150bp - Books at €1.5bn (pre-rec)
IPTs: 30NC10: MS+175a - Books in excess of €1.5bn (excl. JLM)

• Issuer: SCOR SE (LEI: 96950056ULJ4JI7V3752)
• Insurer Financial Strength Ratings: A+ (stable) by S&P, A1 (stable) by Moody’s, A+ (stable) by Fitch, A (stable) by AM Best
• Issue Ratings (expected): A3 by Moody’s
• Description: €500,000,000 Fixed to Floating Rate Subordinated Notes (the Notes).
• Use of Proceeds: General corporate purposes of the Group, including to finance the concurrent tender offer on the Issuer’s outstanding €250,000,000 Fixed to Reset Rate Subordinated Notes due 05-Jun-47 with a first call date on 05-Jun-27 (ISIN: FR0012770063) and €500,000,000 Fixed to Reset Rate Subordinated Notes due 27-May-48 with a first call date on 27-May-28 (ISIN: FR0013179314) announced by the Issuer on 27-May-26.
• Status: The Notes are direct, unconditional, unsecured and ordinarily subordinated obligations of the Issuer (Tier 2). 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 Obligations or Senior Subordinated Obligations.
• Issue Amount: €500,000,000
• Settlement Date: 05-Jun-26 (T+7)
• Reoffer: MS+150bps / 4.51% Yld / 100%
• Benchmark: DBR 2.9% 15-Feb-36 +152.9bps (@99.31% - HR 95%)
• First Call Date: 05-Dec-35, subject to Conditions to Redemption, Purchase and Replacement
• First Call Period / First Reset Date: 6 months, from the First Call Date to the First Reset Date (05-Jun-36)
• Scheduled Maturity Date: 05-Jun-56, subject to Conditions to Redemption, Purchase and Replacement
• Interest Rate: Fixed rate of 4.510% per annum, from (and including) the Issue Date, to (but excluding) the First Reset Date, payable annually in arrear (the Fixed Rate Period). From (and including) the First Reset Date to (but excluding) the relevant date of redemption, floating rate, at the prevailing 3-month Euribor (or relevant replacement rate) + Margin (including 100 bps step-up), payable quarterly in arrear (the Floating Rate Period).
• Specified Denomination: €100,000
• Documentation: Standalone Preliminary Prospectus to be dated 27-May-26 and the final prospectus expected to be dated 01-Jun-26 (the Prospectus)
• Interest Payment Dates: In respect of the Fixed Rate Period: on 5 June in each year until (and including) the First Reset Date. In respect of the Floating Rate Period: on or about 5 March, 5 June, 5 September and 5 December in each year thereafter commencing on 05-Sep-36
• Optional Deferral of Interest Payments: Subject to Mandatory Deferral of Interest (see below), the Issuer may, at its option, elect to defer in full or in part the payment of interest otherwise due and payable on any Optional Interest Payment Date in respect of the Interest Period ending on such date, whereupon the Issuer shall not have any obligation to pay any interest on an Optional Interest Payment Date and such non-payment shall not constitute a default or event of default by the Issuer under the Notes or for any other purpose and shall not give Noteholders any right to accelerate the Notes. Any interest in respect of the Notes which has not been paid on an Optional Interest Payment Date will be deferred and shall constitute “Optional Deferred Interest” and shall be payable as outlined below. Noteholders will not receive any additional interest or compensation for the optional deferral of payment. In particular, the resulting Arrears of Interest will not bear interest.
• Optional Interest Payment Date: Any Interest Payment Date which is not otherwise a Mandatory Interest Deferral Date or Compulsory Interest Payment Date.
• Compulsory Interest Payment: The Issuer shall, on each Compulsory Interest Payment Date, for so long as the compulsory interest provisions apply, pay interest in respect of the Notes accrued to that date in respect of the Interest Period ending on such Compulsory Interest Payment Date, together with all Arrears of Interest at such time.
• Compulsory Interest Payment Date: Each Interest Payment Date prior to which, at any time during a period of six (6) months prior to such Interest Payment Date, a Compulsory Interest Payment Event occurred; provided, however, that this Interest Payment Date is not a Mandatory Interest Deferral Date.
• Compulsory Interest Payment Event: Any of the following events: (i) a declaration or payment of a dividend by the Issuer; or (ii) a payment of any nature by the Issuer on any Equity Securities (other than a dividend or other distribution paid on the ordinary shares of the Issuer consisting solely of newly-issued ordinary shares or a payment on any Equity Securities that was required under the terms of such Equity Securities).
• Mandatory Deferral of Interest: On any Mandatory Interest Deferral Date, the Issuer will be obliged to defer payment of all (but not some only) the interest accrued (and, if relevant, any Arrears of Interest) in respect of the Notes during the relevant Interest Period and any such non-payment shall not constitute a default or event of default by the Issuer for any purpose and shall not give Noteholders any right to accelerate the Notes. Any interest in respect of the Notes which has not been paid on a Mandatory Interest Deferral Date will be deferred and shall constitute “Mandatory Deferred Interest” and shall constitute, together with Optional Deferred Interest, “Arrears of Interest” and shall be payable as outlined below. Noteholders will not receive any additional interest or compensation for the compulsory deferral of payment. In particular, the resulting Arrears of Interest will not bear interest.
• Mandatory Interest Deferral Date: Each Interest Payment Date in respect of which, notwithstanding the occurrence of a Compulsory Interest Payment Event, a Regulatory Deficiency has occurred and such Regulatory Deficiency is continuing on such Interest Payment Date, or such interest payment (and, if relevant, any Arrears of Interest) would itself cause a Regulatory Deficiency provided, however, that the relevant Interest Payment Date will not be a Mandatory Interest Deferral Date in relation to such Interest Payment (and, if relevant, any Arrears of Interest) (or such part thereof) if, cumulatively: (i) the Relevant Supervisory Authority has exceptionally waived the deferral of such Interest Payment (and, if relevant, any Arrears of Interest) (to the extent the Relevant Supervisory Authority can give such waiver in accordance with the Applicable Supervisory Regulations); (ii) paying the Interest Payment (and, if relevant, any Arrears of Interest) does not further weaken the solvency position of the Issuer as determined in accordance with the Applicable Supervisory Regulations; and (iii) the Minimum Capital Requirement will be complied with immediately after the Interest Payment (and, if relevant, any Arrears of Interest) is made.
• Regulatory Deficiency: the own funds regulatory capital (or, if different, whatever terminology then employed by the Applicable Supervisory Regulations) of the Issuer or of the Group is not sufficient to cover the capital requirement (or, if different, whatever terminology then employed by the Applicable Supervisory Regulations) of the Issuer or its Group or any applicable capital requirements for internationally active insurance or reinsurance groups (or, if different, whatever terminology is employed to denote such requirement by the then Applicable Supervisory Regulations), whichever occurs earlier. For the avoidance of doubt, a Regulatory Deficiency would be deemed to have occurred when the Issuer and/or the Group has determined, based on information available at the relevant time, that it fails to meet the Solvency Capital Requirement and/or Minimum Capital Requirement (or, if different, whatever terminology is employed to denote such requirement by the then Applicable Supervisory Regulations) whichever occurs earlier; or the Relevant Supervisory Authority has notified the Issuer that it has determined, in view of the financial condition of the Issuer or its Group, that in accordance with Applicable Supervisory Regulations at such time, the Issuer must take specified action in relation to payments under the Notes; or the Issuer admits it is or is declared unable to meet its liabilities as they fall due with its immediately disposable assets (cessation des paiements), in each case without taking into account any Prior Approval of the Relevant Supervisory Authority being granted on an exceptional basis with respect to the payment of interest and/or Arrears of Interest on, or the redemption or purchase of, the Notes.
• Arrears of Interest: All Arrears of Interest may, subject to the fulfilment of the Conditions to Settlement, at the option of the Issuer, be paid in whole or in part at any time but all Arrears of Interest in respect of all Notes for the time being outstanding shall become due in full on whichever is the earliest of: the next Interest Payment Date which is a Compulsory Interest Payment Date; the date of any redemption of the Notes in accordance with the provisions relating to redemption of the Notes; or the date upon which a judgment is made for the voluntary or judicial liquidation (liquidation amiable ou liquidation judiciaire) of the Issuer or the Issuer is liquidated for any other reason or the sale of the whole of the business (cession totale de l'entreprise) subsequent to the opening of a judicial recovery procedure of the Issuer. Conditions to Settlement are satisfied on any day with respect to any payment of Arrears of Interest, if (i) the Issuer has obtained the Prior Approval of the Relevant Supervisory Authority (to the extent such consent is then required by Applicable Supervisory Regulations), and (ii) such day is not a Mandatory Interest Deferral Date.
• Redemption from the First Call Date: Issuer redemption right at the Base Call Price on any day from and including the First Call Date to the First Reset Date, and then on each Interest Payment Date thereafter, subject to Conditions to Redemption, Purchase and Replacement and to the Prior Approval of the Relevant Supervisory Authority. The Base Call Price is equal to the Principal Amount of the Notes and any accrued and unpaid interest (and any Arrears of Interest) up to their Redemption Date.
• Early Redemption Rights: At the Base Call Price, in whole but not in part, for Tax Reasons (Gross-up Event, Withholding Tax Event and Tax Deductibility Event), Rating Reasons, Regulatory Reasons, Accounting Reasons, or Clean-Up Redemption (75% threshold), subject, in each case, to Conditions to Redemption, Purchase and Replacement and to the Prior Approval of the Relevant Supervisory Authority.
• Conditions to Redemption, Purchase and Replacement: The Notes may not be redeemed, purchased or replaced pursuant to any of the redemption, purchase or replacement provisions referred to herein if (i) a Regulatory Deficiency has occurred and is continuing on the due date for redemption or purchase (or such redemption or purchase would itself cause a Regulatory Deficiency), except if (a) the Relevant Supervisory Authority has exceptionally waived the suspension of redemption, purchase or replacement (b) the Notes have been exchanged for or converted into another basic own-fund item of at least the same quality and (c) the Minimum Capital Requirement is complied with after the redemption or purchase, or (ii) an Insolvent Insurance Affiliate Winding-up has occurred and is continuing on the date due for redemption, purchase or replacement (to the extent required under the Applicable Supervisory Regulations in order for the Notes to be treated under the Applicable Supervisory Regulations as at least "tier two" own funds regulatory capital (or, if different, whatever terminology employed by the then Applicable Supervisory Regulations) of the Issuer and/or the Group except to the extent permitted under the Applicable Supervisory Regulations and with the Prior Approval of the Relevant Supervisory Authority) (together, the Conditions to Redemption, Purchase and Replacement, as complemented and further described in the Prospectus).
• Variation and Substitution of the Notes: If a Capital Disqualification Event, a Rating Event, an Accounting Event or an event pursuant to which the Issuer has the right to redeem the Notes pursuant to Condition 6.3 (Redemption for Tax Reasons) occurs, the Issuer may, at any time, without any requirement for the consent or approval of the Noteholders, vary the Conditions or substitute all (and not some only) of the Notes for other Notes, so that the varied Notes or the substituted Notes, as the case may be, become Qualifying Equivalent Securities.
• Inapplicability Period: In each case, the Issuer may waive, at any time and in its sole discretion, its right to redeem the Notes under any of Conditions 6.2 (Optional Redemption from the First Call Date), 6.3 (Redemption for Tax Reasons), 6.4 (Redemption for Rating Reasons), 6.5 (Redemption for Regulatory Reasons), 6.6 (Redemption for Accounting Reasons) and/or 6.7 (Clean-up Redemption) for a (definite or indefinite) period of time to be determined by the Issuer by notice to the Noteholders.
• Events of Default: There are no events of default in respect of the Notes.
• Acknowledgement of bail-in and write-down or conversion powers: Yes - only applicable if the Notes are in the scope of articles 35 et seq. of the IRRD, as finally transposed under French law.
• Form of the Notes: Dematerialised bearer form (au porteur)
• Listing: Luxembourg Stock Exchange (Regulated Market)
• Governing Law: French Law
• ISIN / Common Code: FR0014018PB2 / 338817070
• Selling Restrictions: US, EEA, UK [and Singapore] (as further described in the Prospectus)
• Target Market: Manufacturer target market (MiFID II & MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA and in the UK.
• Advertisement: The final Prospectus, once available, will be published on the website of the Luxembourg Stock Exchange (www.luxse.com) and on the website of the Issuer (www.scor.com)
• Structuring Advisors and Global Coordinators: BNP Paribas (B&D), Crédit Agricole CIB
• Joint Bookrunners and Joint Lead Managers: BNP Paribas, Citi, Crédit Agricole CIB, HSBC and Natixis
• Timing: Priced - TOE 15.07UKT / FTT 15.25UKT / 16.25CET

PRICED: Carrefour €750m 8yr Sr Unsec SLB; MS+107bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+107bp / 99.172 / 3.998%
Benchmark: 8yr: DBR 2.2 Feb-34 @ 95.435 / B+113.1bp / HR 101%

Final Books above €1.6bn. Peak book above €2.2bn.

Launched: 8yr: €750m @ MS+107bp - Books above €1.8bn (pre-rec)
Guidance: 8yr: MS+110a - Books above €2.2bn


IPTs: 8yr: MS+140a

• Issuer: Carrefour S.A.
• Ticker: CAFP
• Country: FR
• Issuer LEI: 549300B8P6MUJ1YWTS08
• Issuer Rating: BBB (outlook stable) by S&P
• Expected Issue Ratings: BBB by S&P
• Format: Senior, unsecured, Reg S (Cat2) Bearer Dematerialised Form
• Settlement Date: 04-Jun-26 (T+6)
• Maturity Date: 04-Jun-34 (8-year)
• Size: €750m
• Coupon: 3.875% Fixed (Annual, Act/Act, ICMA), following unadjusted
• Reoffer: MS+107bps / 3.998 / 99.172
• Spread vs DBR: DBR 2.2 Feb-34 (95.435) + 113.1bps / HR 101%
• ISIN / Common Code: FR0014018Q93 / 338965583
• Docs: EMTN / French Law / MWC (B+20) / No Change of Control / Clean-Up Call 75% / 3m Par Call / €100k+100k
• Listing: Euronext Paris
• Global Coordinators: CIC CIB, Deutsche Bank, HSBC (B&D), ING, IMI - Intesa Sanpaolo, Natixis
• UoP: The net proceeds of the issue of the Notes will be used by the Issuer for general corporate purposes, including the refinancing of the €1,000,000,000 2.625% Dec-2027 Bond (ISIN: FR0013505260), of which €800,0000,000 are outstanding, and the €850,000,000 4.125% Oct-2028 Bond (ISIN: FR001400D0F9) which are also subject to a concurrently launched capped tender offer.
• Sustainability Performance Targets (SPTs): KPI 1: SPT for Group Greenhouse Gas (GHG) emissions reduction (scope 1 and 2, in tCO2eq.) (KPI 1): 50% reduction by 31 December 2030 compared to 2019 levels KPI 2.b: SPT for Number of suppliers committed to a climate strategy (scope 3) (KPI 2.b): Reach 150 suppliers committed to a climate strategy by 2030
• Observation Date: 31-Dec-30 (KPI 1 & 2.b)
• Step Up Mechanism: +25bp from the next coupon payment date, i.e. 04-Jun-31, up to the Maturity Date if one or two of the SPTs is not met (i.e. 4 coupons potentially impacted)
• SLB Framework & SPO: Available on Issuer's website under sections “Finance/Debt and Rating“ www.carrefour.com/en/finance/debt-and-rating
• Timing: Books open, today’s business
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary have been prepared as not available to retail in EEA or the United Kingdom, respectively.
• Advertisement: The Base Prospectus dated 26-May-26 is available at www.amf-france.org and the Final Terms when published will be available on the French Stock Exchange at www.amf-france.org
• ToE: 15.14 UKT
• FTT: 15.35 UKT

PRICED: NatWest Group £500m PerpNC10 AT1; 7.50%

IGC European Market: Deal Flow - General

Reoffer: PerpNC10: 7.50% / 100

Final Books £4.4bn+

Launched: PerpNC10: £500m @ 7.5% - Books £4.4bn+
IPTs: PerpNC10: 8.000-8.125%

• Issuer: NatWest Group plc
• LEI: 2138005O9XJIJN4JPN90
• Ticker: NWG
• Country: UK
• Notes: GBP 500m 7.5% Reset Perpetual Subordinated Contingent Convertible Additional Tier 1 Capital Notes (the “Contingent Capital Notes”)
• Issuer Ratings: A3/A-/A+ (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa3/BBB (Moody's/Fitch)
• Rating Split: Issuer: A3/A-/A+ (Moody's/S&P/Fitch), Issue: Baa3/BBB (Moody's/Fitch)
• Maturity: Perpetual
• Size: £500m
• Settlement: 03-Jun-26 (T+5)
• Reoffer Price: 100
• Reoffer Yield: 7.50%
• Coupon: 7.50%
• Status: The Contingent Capital Notes will constitute direct, unsecured and subordinated obligations of the Issuer, ranking pari passu without any preference among themselves. In the event of a Winding-up or Administration Event of the Issuer, the rights and claims of the holders and beneficial owners in respect of, or rising from, the Contingent Capital Notes (including any damages, if payable) will be subordinated to the claims of Senior Creditors.
• First Call Date: 03-Jun-36
• First Reset Date: 03-Dec-36
• Reset Dates: The First Reset Date and every fifth anniversary thereafter
• Optional Redemption Dates: The Issuer may, at the Issuer's option and in its sole discretion, redeem the Contingent Capital Notes, in whole but not in part, on (i) any day falling in the period commencing on (and including) the First Call Date and ending on (and including) the First Reset Date, and (ii) any Reset Date thereafter, in each case at 100 per cent. of their principal amount, together with any Accrued Interest to the date fixed for redemption subject to certain conditions set out in the Conditions including, but not limited to, the Issuer having complied with any pre-conditions as set out in the Capital Regulations and/or required by the PRA as a prerequisite to its permission for such redemption
• Early Redemption Events: Subject to certain conditions, in whole (but not in part), upon the occurrence of a Tax Event or Capital Disqualification Event, at 100% of their principal amount plus any Accrued Interest to the date fixed for redemption subject to certain conditions set out in the Conditions including, but not limited to, the Issuer having complied with any pre-conditions as set out in the Capital Regulations and/or required by the PRA as a prerequisite to its permission for such redemption
• Clean-up Call Option: If, at any time, the outstanding aggregate principal amount of the Contingent Capital Notes is 25 per cent. or less of the aggregate principal amount originally issued, the Issuer may at any time and at the Issuer's option and in its sole discretion redeem the Contingent Capital Notes, in whole but not in part, at a redemption price equal to 100 per cent. of the principal amount of the Contingent Capital Notes together with any Accrued Interest to (but excluding) the date fixed for redemption subject to certain conditions set out in the Conditions including, but not limited to, the Issuer having complied with any pre-conditions as set out in the Capital Regulations and/or required by the PRA as a prerequisite to its permission for such redemption
• Interest: 7.5% per annum from and including the Issue Date to but excluding the First Reset Date. Fixed rate reset on each Reset Date to the sum of the then prevailing 5-year Gilt gross redemption yield as further described in the conditions plus the initial margin.
• Interest Payment Dates: Quarterly in arrear on 31 March, 30 June, 30 September and 31 December of each year, commencing on 30-Jun-26 (short first coupon).
• Interest Payments Discretionary: Interest on the Contingent Capital Notes is due and payable only at the full discretion of the Issuer, and the Issuer shall have sole and absolute discretion at all times and for any reason to cancel (in whole or in part) any interest payment that would otherwise be payable on any Interest Payment Date. If the Issuer does not make an interest payment on the relevant Interest Payment Date, such interest payment (or the portion thereof not paid) shall not be, or become, due and payable.
• Restrictions on Interest Payments: The Issuer shall not make an interest payment on the Contingent Capital Notes on any Interest Payment Date (and such payment shall therefore be deemed to have been canceled) if (a) the Issuer has an insufficient amount of Distributable Items on any such scheduled Interest Payment Date or (b) the Solvency Condition is not (or would not be) satisfied in respect of such amounts payable on such Interest Payment Date. In addition, the Issuer shall not be permitted to pay any interest otherwise scheduled to be paid on an Interest Payment Date if the payment of such interest would cause, when aggregated together with other distributions, the Maximum Distributable Amount, if any, then applicable to the Group to be exceeded
• Solvency Condition: Payments in respect of or arising from the Contingent Capital Notes are in addition to the right of the Issuer to cancel payments of interest, conditional upon the Issuer being solvent at the time when the relevant payment is to be made and no principal, interest or other amount shall be due and payable in respect of or arising from the Contingent Capital Notes except to the extent that the Issuer could make such payment and still be solvent immediately thereafter. For the purposes of determining whether the Solvency Condition is met, the Issuer shall be considered to be solvent at a particular point in time if:it is able to pay its debts as they fall due; andits Assets are at least equal to its Liabilities.
• Automatic Conversion: Upon the occurrence of the Conversion Trigger Event, the Automatic Conversion will occur on the Conversion Date and all of the Issuer's obligations under the Contingent Capital Notes shall be irrevocably and automatically released in consideration of the Issuer's issuance and delivery of the Settlement Shares to the Settlement Share Depository
• Conversion Trigger Event: If at any point in time at which the CET1 Ratio of the Regulatory Group is less than 7.000 per cent
• Conversion Price: The Conversion Price is fixed at £1.764 per Settlement Share subject to certain anti-dilution adjustments
• Settlement Shares Offer: Subject to certain conditions, upon Automatic Conversion, the Issuer may elect that the Settlement Shares Depositary make an offer of all or some of the Settlement Shares to all or some of the Issuer's ordinary shareholders at such time at a cash price per Settlement Share not less than the Conversion Price subject to certain anti-dilution adjustments
• Substitution or Variation: If a Tax Event or a Capital Disqualification Event has occurred, then the Issuer may, at any time, and at the Issuer's option and in its sole discretion and without any requirement for the consent or approval of the Holders of the Contingent Capital Notes, either substitute all (but not some only) of the Contingent Capital Notes for, or vary the terms of the Contingent Capital Notes so that they remain or, as appropriate, become, Compliant Notes subject to certain conditions set out in the Conditions including, but not limited to, the Issuer having complied with any pre-conditions as set out in the Capital Regulations and/or required by the PRA as a prerequisite to its permission for such substitution or variation
• Agreement with Respect to the Exercise of UK Bail-in Power: No repayment or payment of Amounts Due on the Notes shall become due and payable or be paid after the exercise of any UK Bail-in Power by the Resolution Authority, unless permitted under applicable law
• No Set-Off: By acquiring a Contingent Capital Note, each holder (and the Trustee acting on behalf of the holders) will be deemed to have waived any right of set-off, netting, counterclaim or combination of accounts with respect to the Contingent Capital Notes or the Trust Deed (or between the Issuer's obligations under or in respect of the Contingent Capital Notes and any liability owed by a Holder to the Issuer) that they (or the Trustee acting on their behalf) might otherwise have against the Issuer, whether before or during any Winding-up or Administration Event.
• Day Count Fraction: Actual / Actual (ICMA)
• Denominations: £200,000 and integral multiples of £1,000 in excess thereof
• Governing Law: English Law & Scots Law (Subordination, Solvency Condition and waiver of the right of set-off)
• Listing: London Stock Exchange’s International Securities Market
• Form: Registered. Reg S, Category 2
• Documentation: Standalone format. Preliminary Offering Circular dated 27-May-26. The final Offering Circular expected to be dated on or around 01-Jun-26.
• Selling Restrictions: U.S.: Regulation S, Category 2, no communications with or into the US; customary selling restrictions in the UK, EEA, Italy, Hong Kong, Japan, Singapore and as more fully set out in the Documentation
• Target Market: Manufacturer target market (UK MiFIR/MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document / CCI disclosure document has been prepared as not available to retail in the EEA or in the UK.
• Sole Bookrunner: NatWest (B&D)
• Joint Lead Managers (No Books): BofA Securities, Citigroup, J.P Morgan, Morgan Stanley, TD Securities, UBS Investment Bank, Wells Fargo Securities
• Common Code: 339486476
• ISIN: XS3394864766
• Timing: Today's business

PRICED: Cassa Depositi e Prestiti €750m 5yr Sr Unsec; BTPS+18bp

IGC European Market: Deal Flow - GeneralIGC European Market: Deal Flow - SSA

Reoffer: 5yr: BTPS+18bp / 99.691 / 3.318%
Benchmark: 5yr: BTPS 3.15 01-Jun-31 @ 100.16 / B+18bp

Final Books in excess of €3.1bn (incl. €150m JLM interest). Peak book in excess of €3.6bn (incl. €150m JLM interest)

Launched: 5yr: €750m @ BTPS+18bp - Books in excess of €3.6bn (incl. €150m JLM interest)
IPTs: 5yr: BTPS+25a

• Issuer: Cassa Depositi e Prestiti S.p.A. (Ticker: CDEP, Country: IT)
• Issuer LEI: 81560029E2CE4D14F425
• Issuer Ratings: Baa2 Stable by Moody’s / BBB+ Positive by S&P / BBB+ Stable by Fitch / BBB+ Positive by Scope
• Expected Issue Ratings: BBB+ by S&P / BBB+ by Fitch / BBB+ by Scope
• Status of the Notes: Senior Unsecured
• Format: Reg S Bearer, Dematerialised
• Issue Size: €750m
• Reoffer: 3.318% / 99.691
• Spread: BTPS 3.15 01-Jun-31 (@ 100.16 / 3.138%) +18bps
• Pricing Date: 27-May-26
• Settlement Date: 03-Jun-26 (T+5)
• Maturity Date: 03-Jun-31
• Coupon: 3.25% Fixed, Annual, Actual / Actual (ICMA)
• Use of Proceeds: General Funding Purposes
• Listing: Borsa Italiana S.p.A. (M.O.T.) (Regulated Market)
• Clearing: Euronext Securities Milan (Monte Titoli)
• Denominations: €100k x €100k
• Governing Law: Italian Law
• Documentation: The Issuer’s €15bn Debt Issuance Programme Base Prospectus dated 13-May-26
• ISIN: IT0005713042
• Bookrunners: Banca Akros, BNP Paribas, Deutsche Bank, Goldman Sachs International (B&D), IMI – Intesa Sanpaolo, Santander, UniCredit
• Target Market: EU MiFID II or UK MiFIR Eligible counterparties and professional clients only. No key information document required by Regulation (EU) No 1286/2014 (PRIIPs Regulation) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the EEA or UK
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. The Debt Issuance Programme Base Prospectus and any supplements relating to it are available on https://www.cdp.it/sitointernet/en/dept_issuance_programme.page and the Final Terms, when published, will be available on https://www.cdp.it/sitointernet/en/debt_issuance_programme.page
• Fees: A fee will be paid by the Issuer to the Bookrunners in association with this transaction
• Timing: Priced, TOE 15.24 UKT / 16.24 CET, FTT Immediately

• Details correct at time of posting