Commentary & Deal Flow

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