Commentary & Deal Flow

Guidance: 5yr: SPGB+9a

• Issuer: Autonomous Community of Madrid
• LEI: 959800KASH3LCM57Q344
• Issuer Ratings: A/A3/A/AH/A (S&P/Moody's/Fitch/DBRS/Scope)
• Expected Issue Ratings: A/A3/A/AH (S&P/Moody's/Fitch/DBRS)
• Format: Reg S Cat 1, Dematerialised Book-entry form (No sales into Canada)
• Ranking: Senior, Unsecured
• Risk Weighting: 0%
• Size: €500m (WNG)
• Maturity: 30-Jul-31
• Settlement: 08-Jun-26 (T+7)
• Coupon: Fixed, Annual, Act/Act, long first coupon
• Guidance: SPGB + 9bps area (equiv. ~MS+17 bps)
• Benchmark: SPGB 3.1 30-Jul-31
• Listing: AIAF
• Governing Law: Spanish
• Min Denoms: €1k + €1k
• UoP: European Green Bond Factsheet CdM: The European Green Bond Factsheet dated May 2025: https://www.comunidad.madrid/docs/assets/2025/05/22/comunidad_de_madrid_-_eu_gbs_factsheet_-_final_clean.pdf
• Docs: Exempt from prospectus requirements in Spain. Spanish public debt tax regime.
• Notes: No events of default. No tax gross up.
• Target Market: The target market for the Bonds is professionals and eligible counterparties (all channels for distribution), each as defined in MIFID II
• Bookrunners: BBVA (B&D), CaixaBank, Crédit Agricole CIB, HSBC, ING (Sole Green Bond Structurer) and Santander
• 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 to investors on request from your usual sales contact
• Timing: Books open, today's business