Commentary & Deal Flow

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: Fixed, annual ACT/ACT, short first to 31-Oct-26
• Spread: SPGB 3.3 30-Apr-36 (mid) + 6bps
• 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 closed, allocations and pricing to follow.