Commentary & Deal Flow

• In € IG today we had 10 issuers (3 x Corporate, 3 x FIG & 4 x SSA) bringing a total of €17.65bn.
• Most of the pipeline cleared today, though there are 3 outstanding in €.
• • 1 corporate (MTR triple-tranche) & 2 SSA’s.
• SSA’s trades offered up the most volume in €’s with investors favouring ‘safe haven’ credits as uncertainty returned to the Middle East peace process, with the 4 borrowers bringing a total of €10bn.
• • Corporate
  • • Total IG: €4.4bn
    • Avg. tranche size came in at €733m
    • Avg. tightening from IPTs 32.67bps
    • Avg. cover 3.06 X
  • FIG
  • • Total IG: €3.25bn
    • Avg. tranche size came in at €813m
    • Avg. tightening from IPTs 27.75bps (unsecured)
    • Avg. tightening from IPTs 6.5bps (covered)
    • Avg. cover 2.25 X
  • SSA
  • • Total IG: €10bn
    • Avg. tranche size came in at €2bn
    • Avg. tightening from IPTs 2.8bps
    • Avg. cover 14.59 X

• Following the huge demand for the 10 year Spain issue yesterday (c.€138bn) sovereign trades were in particularly high demand. The longer the better with books favouring the 20 year from Portugal (€54.5bn) & the 15 year from Austria (€47bn).
• Elsewhere we had one small Sterling trade, with no supply today in Swiss Franc & the Reg S US$ market.

Euro IG (today)

Corporate

• The first corporate issuer to step forward today came from German multinational agri-business & the largest sugar producer in Europe, Südzucker International Finance B.V. (Baa3 / BBB-), guaranteed by Südzucker AG. The anticipated €400m (wng) 5 year, senior, unsecured Reg S bearer bond came with IPTs in the area of MS+200. Books were over €1.8bn (pre-rec) & spread set at MS+165; 35bps tighter than IPTs. Final books were €1.3bn & it priced at MS+165.
• SAP SE (A1 / A+). Brought its 4 tranche deal that was announced yesterday.  The € benchmark RegS, bearer, Senior Unsecured offering came with the following IPTs: 2 year FRN @ 3mth E+55 to +60; 3 year @ MS+65 to +70; 5 year @ MS+85 area & a 7 year @ MS+100 to +105. The deal garnered a combined book of €10.8bn, with the total offering telegraphed as not exceeding €3.5bn. It priced at that maximum size, with terms & final book as follows:
• • 2yr FRN €800m 3mth E+33 Final books €2.2bn+
  • 3yr €850m MS+35 Final books €2.1bn+
  • 5yr €850m MS+53 Final books €2.1bn+
  • 7yr €1bn MS+68 Final books €2.75bn+
• Also having announced yesterday, Nokia Corporation (BBB- / BBB- by S&P & Fitch) brought its €500m (wng), 6 year senior, unsecured offering came with IPTs in the area of MS+125 to +130. Books were in excess of €3bn & the deal priced at MS+90; 37.5bps tighter than IPTs.

FIG

• Bank of Montreal (Aaa / AAA / AAA by Moody’s, Fitch & DBRS) announced a dual tranche 3 & 7 year covered bond. IPTs were in the area of MS+20 & +37 respectively. Combined orderbooks were first cited as being over €3.5bn (inc. €400m JLMs). Both tranches sized at a billion, with orderbooks for the 3 year peaking at €2.35bn & ending at €1.9bn (inc. €225m JLMs) & for the 7 year, €1.75bn peak ending at €11.6bn (inc. €175m JLMs). The deals priced at MS+13 & MS+31 offering investors a concession of -2 for the 3 year & -3 for the 7 year.
• The first unsecured financial offering came from Commerzbank Aktiengesellschaft (Issuer rating A2 / A exp. Issue ratings Baa1 / BBB). Its 7NC6 senior non-preferred issue came with IPTs of MS+125 area. Final books, good at re-offer, were over €2.2bn (excl. €20m JLMs). The deal sized at €750m & priced 28bps tighter than IPTs at MS+97; offering up a slight concession to secondaries of c.6bps.
• Spanish cooperative banking group, Banco Banco de Crédito Social Cooperativo (exp. Issue ratings BBB / BBB by Fitch & DBRS) announced a €500m (wng) 6NC5 Green senior preferred offering, with IPTs of MS+130 to +135 area. Books climbed to over €2bn (inc. €190m JLMs), with final books settling at €1.6bn (inc. €70m JLMs). Size was already set & the deal priced 27.5bps tighter than IPTs at MS+105.

SSA

• Having announced yesterday, the first trade of the day came from Nederlandse Waterschapsbank NV (Aaa / AAA), with its 7 year €1bn (wng) Water Bond Benchmark. The framework received a Dark Green assessment from S&P & is aligned with ICMA Green Bond Principles 2025. Guidance was MS+22 area. Spread was set at MS+19, with books over €2.6bn (inc. €150m JLMs). The deal priced at MS+19.
• The Republic of Portugal (A+ / A3 / A+) followed quickly thereafter with its anticipated € benchmark 20 year Portuguese Government Bond (PGB) maturing on 15 June 2046. Guidance on the offering was MS+69 area. Spread set quickly at MS+67. Books first called at €41bn (inc. €3.6bn for JLMs). Final books were over €54.5bn (inc. €3.6bn JLMs). The trade sized at €3bn & priced at the MS+67 as expected.
• The long awaited deal from Autonomous Community of Madrid Spain (exp. Issue ratings: A / A3 / A by S&P, Moody's & Fitch. The deal had been mandated back on the 12th of May. The deal was a €500m (wng) 5 year European Green Bond (EuGB). Price guidance on the offering was SPGB+9 area (equiv. To MS+17). Orderbooks were over €2.6bn (inc. €50m for JLMs). Spread guidance was revised to SPGB+7 area. Books rose in excess of €3bn & spread was set at SPGB+5 (mid). Final books were over €2.8bn (incl. JLM interest). The deal sized & priced as previously set.
• The Republic of Austria (AA+ / Aa1 / AA) came with its anticipated 5 & 15 year € benchmark RAGB Reg S/144a trade. The transaction had respective guidance in the area of MS+7 & MS+40. Books for the 5 year were first cited at over €33bn, with the 15 year over €37bn. Respective spreads were set at MS+4 & MS+38. For the 5 year, books grew to €39bn (inc. €2.35bn JLMs) & the tranche priced at MS+4. Demand was stronger for the 15 year, & books grew to over €47bn (inc. €2.6bn JLMs), this tranche priced at MS+38.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

Corporate

• Volkswagen Financial Services N.V. (Baa1 / BBB+ / A-) announced a short 3 year (4th April 2029) Green bond. The deal was expected to be a £300m with IPTs of Mid Gilts +110 to +115. With books over £800m (pre-rec); final books £700m, the deal grew slightly, pricing £350m at mid UKTs+93.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

FIG

• Late to the table was a covered bond tap from Compagnie de Financement Foncier (issue rating Aaa / AAA). The original 0.885% June 2036 issue was for Chf150. The tap was initially cited as being for Chf150m & that’s where it priced in line with initial indications at SARON MS+48.

Week-to-date volumes:

US$ Reg S (today)

• None.

Pending Deals & Mandates 

Euro (€)

• On Tuesday (28th May), 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.

• Bpifrance ESN Master FCT, a newly set up French fonds commun de titrisation, mandated (21st May) 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 German State of Saxony-Anhalt (Aa1 / AAA / AAA), mandated (27th May) 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.

Sterling (£)

• On Tuesday (27th May), 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: Autonomous Community of Madrid €500m 5yr EuGB Sr Unsec; SPGB+5bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: SPGB+5bp / 99.993 / 2.976%
Benchmark: 5yr: SPGB 3.1 30-Jul-31 @ 100.816 / 2.926%

Final Books: in excess of €2.8bn (incl. €50m JLM interest). Peak Books: in excess of €3bn.

Launched: 5yr: €500m @ SPGB+5bp - Orderbooks in excess of €3bn (incl. €50m JLM interest)
Rev Guidance: 5yr: SPGB+7a - Orderbooks in excess of €2.6bn (including €50m JLM)
Guidance: 5yr: SPGB+9a

• Issuer: Autonomous Community of Madrid
• LEI: 959800KASH3LCM57Q344
• Issuer Ratings: A/A3/A/AH/A (st/st/st/st/pos) (S&P/Moody's/Fitch/DBRS/Scope)
• Expected Issue Ratings: A/A3/A/AH by 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
• Maturity: 30-Jul-31
• Settlement: 08-Jun-26 (T+7)
• Coupon: 2.976% Fixed, Annual, Act/Act, long first coupon
• Reoffer: 99.993%, 2.976% Yield (SPGB + 5 bps)
• Benchmark: SPGB 3.1 30-Jul-31 @ 2.926, 100.816 price
• 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. 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
• ISIN: ES00001010T9
• Timing: Priced TOE 12.52 UKT / 13.52 CET, FTT immediately

PRICED: Republic of Austria €5.5bn 5yr & 15yr Sr Unsec; MS+4bp & MS+38bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+4bp / 99.837 / 2.885% 15yr: MS+38bp / 99.699 / 3.577%
Benchmark: 5yr: OBL 2.5 2031 @ 99.03 / B+17.4bp 15yr: DBR 2.6 2041 @ 91.38 / B+23.5bp

5yr: Final Books in excess of €39bn (incl. €2.35bn JLM). Peak book in excess of €40bn.
15yr: Final Books in excess of €47bn (incl. €2.6bn JLM). Peak book in excess of €48bn.

Launched:
5yr: €3.5bn @ MS+4bp - Orderbook closed in excess of €40bn (incl. €2.35bn JLM)
15yr: €2bn @ MS+38bp - Orderbook closed in excess of €48bn (incl. €2.6bn JLM)
Spread set at: 5yr: MS+4bp - Orderbook in excess of €33bn (incl. €850m JLM) 15yr: MS+38bp - Orderbook in excess of €37bn (incl. €1.25bn JLM)
Guidance: 5yr: MS+7a 15yr: MS+40a

• Issuer: Republic of Austria
• Ratings: AA+/Aa1/AA/AAA/AA+ (S&P/Moody's/Fitch/DBRS/Scope)
• Format: Reg S, Bearer, 144A eligible, CAC
• Settlement: 03-Jun-26 (T+4)
• Maturity:
• • 5yr: 20-Oct-31
  • 15yr: 20-Sep-41
• Size:
• • 5yr: €3.5bn
  • 15yr: €2bn
• Retention:
• • 5yr: €500m
  • 15yr: €500m
• Coupon:
• • 5yr: 2.85%, Fixed, Ann, ACT/ACT
  • 15yr: 3.55%, Fixed, Ann., ACT/ACT
• First coupon:
• • 5yr: Short first on 20-Oct-26
  • 15yr: Short first on 20-Sep-26
• Spread:
• • 5yr: MS+4bp
  • 15yr: MS+38bp
• Reoffer:
• • 5yr: 99.837 / 2.885%
  • 15yr: 99.699 / 3.577%
• Denoms: €100
• ISIN:
• • 5yr: AT0000A3V200
  • 15yr: AT0000A3V234
• Listing/Law: Vienna Stock Exchange’s Regulated Market / Austrian Law
• Docs: Government Bonds Debt Issuance Programme
• Bookrunners: Barclays, BofA, Deutsche Bank(DM/B&D), J.P. Morgan, Nomura, Raiffeisen Bank International
• Timing: Priced. TOE 14.04 CET. FTT immediately
• MiFID II: Retail / Professional / Eligible Counterparties (all distribution channels)

PRICED: Republic of Portugal €3bn 20yr PGB; MS+67bp

IGC European Market: Deal Flow - SSA

Reoffer: 20yr: MS+67bp / 99.477 / 3.913%
Benchmark: DBR 3.4% May-47 @ 98.97 / B+44.5 / HR 94%
Books: Final books €54.5bn (incl. €3.6bn JLM)

Launched: 20yr: €3bn @ MS+67bp - Final books €54.5bn (incl. €3.6bn JLM)
Spread set at: 20yr: MS+67bp - Books in excess of €41bn (incl. €3.6bn JLM)
Guidance: 20yr: MS+69a

• Issuer: Republic of Portugal
• Ratings: A3/A+/A/AH/A(Sta/Pos/Pos/Pos/Pos) (Moody's/S&P/Fitch/DBRS/SCOPE)
• Format: Reg S Category 1, 144A Eligible, CAC
• Issue size: €3bn
• Settlement: 4-Jun-26 (T+5)
• Maturity: 15-Jun-46
• Coupon: 3.875% Fixed, Annual ACT/ACT, long first to 15-Jun-27
• Spread: MS+67bps (DBR 3.4% May-47 +44.5bps, Spot: 98.97% / 3.468%, HR 94%)
• Reoffer: 99.477% / 3.913%
• Listing: MTS, BrokerTec, BGC Brokers and Euronext Lisbon
• Governing Law: Portuguese
• Docs: Standalone, no contractual events of default, no tax gross up
• Denomination: €0.01
• ISIN: PTOTEEOE0019
• Bookrunners: BBVA/BofA(B&D/DM)/DB/GSBE SE/JPM/Santander
• Timing: Priced. TOE 13:16h Ldn. FTT Immediately.
• Target market: Retail / Professionals / Eligible Counterparties only (all distribution channels)

PRICED: CFF CHF 150m 10yr CB Reopening; SARON MS+48

IGC European Market: Deal Flow - General

Reoffer: SARON MS+48 /Govt.+69/ 97.697 / 1.1361%

• Issuer: Compagnie de Financement Foncier (Ticker: CFF)
• Issuer Domicile: France
• Format: Public Fixed Rate Bonds
• Status: Covered Bonds (Obligations Foncières)
• Instrument Rating (exp): Aaa/AAA/AAA (Moody's/S&P/Scope)
• Issue Size (in mm): CHF 150m (new total size of CHF 300m)
• Coupon: 0.885% p.a., short 1st. coupon
• Maturity: 9 years 265 days (11-Jun-26 until 06-Mar-36)
• Issue Price: 97.697%
• Spread/Yield: SARON MS +48.0 // YTM 1.1361% // Govt.+69
• ISIN / Security Number: CH1564488703 / 156448870
• Accrued interest: 95 days
• Original ISIN: CH1533150954
• Lead Manager(s): UBS, ZKB, Natixis (no-books)
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under the issuer’s EUR125bn EMTN Programme
• FinSA Prospectus: Delayed prospectus approval in accordance with art. 51(2) FinSA
• Governing Law: French law
• Covenants: PP
• SIX Listing: 09-Jun-26
• Denomination: CHF 5000
• Sales Restrictions: As per the issuer's EMTN Programme

PRICED: Volkswagen Financial Services N.V. £350m Short 3yr Green Sr Unsec; UKT+93bp

IGC European Market: Deal Flow - General

Reoffer: Short 3yr: UKT+93bp / 99.846 / 5.192%
Benchmark: Short 3yr: UKT 0.500% 31-Jan-29 @ 90.743 / HR 111%

Final Books: £700m+. Peak books: above £800m (pre-rec)

Launched: Short 3yr: £350m @ UKT+93bp - Books above £800m (pre-rec)
Spread set at: Short 3yr: UKT+93bp - Books above £1bn (pre-rec)
IPTs: Short 3yr: UKT+110/115bp

• Issuer: Volkswagen Financial Services N.V.
• Guarantor: Volkswagen Financial Services AG
• Issuer LEI: 529900ZTQC8D1TW6BL41
• Guarantor LEI: 529900SSGT49ZZSWYE62
• Guarantor Ratings: Baa1 (stable) by Moody's / BBB+ (negative) by S&P / A- (negative) by Fitch
• Expected Issue Ratings: Baa1 by Moody's / BBB+ by S&P / A- by Fitch
• Status of the Notes: Senior Unsecured
• Format of Notes: Reg S, Bearer Notes, NGN, Green Bond, Fixed Rate
• Settlement Date: 04-Jun-26 (T+5)
• Maturity Date: 04-Apr-29 (Short 3-year)
• Size: £350m
• Re-offer: Mid-UKT+93bps / 5.192% (Annual) / 99.846
• Coupon: 5.125% Fixed, Annual, ACT/ACT (ICMA)- short first coupon
• Benchmark: UKT 0.500% Jan-2029 (Mid 90.743 / Bid 90.728) | HR 111%
• ISIN: XS3398382674
• Use of Proceeds: Amount equivalent to net proceeds are intended to be used to finance and / or refinance the eligible Green Projects relating to vehicles with zero-tailpipe emissions as defined by VW FS AG Group’s Green Finance Framework (GFF) dated November 2025
• GFF and SPO: The Green Finance Framework is available on: https://www.vwfs.com/content/dam/bluelabel/valid/www-vwfs-com/investor-relations/vwfs-ag/green-finance-framework/20251121_VWFSAG_GFF.pdf and the SPO by ISS ESG is available on: https://www.vwfs.com/content/dam/bluelabel/valid/www-vwfs-com/investor-relations/vwfs-ag/green-finance-framework/spo-vwfs-211125.pdf
• Denoms: £100k x £100k
• Law: German law
• Docs: As per the EUR 50,000,000,000 Debt Issuance Programme dated 03-Jul-25, supplemented on 01-Dec-25, 23-Mar-26, 14-Apr-26, and 04-May-26
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Target Market: Manufacturer target market (MiFID II (Directive 2014/65/EU (as amended) product governance and UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared
• Selling Restrictions: As per Debt Issuance Programme. U.S.: RegS (Category 2), TEFRA D. No communications with or into the US. Sales into Canada: Sales into Ontario only, subject to compliance with applicable law
• Bookrunners: Barclays (B&D), Santander
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Debt Issuance Programme prospectus and the final terms when published will be, available on the website of the Luxembourg Stock Exchange. (https://www.luxse.com).
• Timing: ToE 14h09 UKT | FTT 14h30 UKT

Green
Short 3 year (April 2029) @ UKT+110 to +115

Implied Spread for fresh 3 year @ 86
Priced at 93
NIC of +7

PRICED: NWB Bank €1bn 7yr Green; MS+19bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+19bp / 99.485 / 3.083%
Benchmark: 7yr: DBR 2.3 15-Feb-33 @ 96.94 / B+27.7bp (HR 104%)

Final Books: Over €2.6bn (incl. €150m JLM interest)

Launched: 7yr: €1bn @ MS+19bp - Books over €2.6bn incl €150m JLM interest
Guidance: 7yr: MS+22a

• Issuer: Nederlandse Waterschapsbank NV (Ticker: NEDWBK)
• Issuer Ratings: Aaa (Moody's) / AAA (S&P)
• ESG Ratings: Sustainalytics (8.0, Negligible Risk), ISS ESG (B Prime)
• Issuer LEI: JLP5FSPH9WPSHY3NIM24
• ISIN: XS3398041338
• Format: Reg S, Bearer, Senior Unsecured
• Size: €1bn
• Settlement Date / Issue Date: 04-Jun-26 (T+5)
• Maturity Date: 03-Jun-33
• Reoffer: MS+19bps (3.083% / 99.485)
• Benchmark: +27.7 bps vs DBR 2.3 15-Feb-33 TWIN @ 96.94 / 2.806% (HR 104%)
• Coupon: 3.000% Fixed, Annual, ACT/ACT, short 1st coupon
• Listing: Luxembourg
• Governing Law: Dutch
• Denominations: 100k+1k
• Docs: The issuer’s €75bn Debt Issuance Programme
• Bookrunners: BofA, Crédit Agricole CIB (B&D), NatWest, SEB
• Use of Proceeds: The proceeds of the Notes will be exclusively used to fund the Issuer’s lending to the Dutch water authorities according to the Issuer’s Green Bond Framework
• Timing: Priced, TOE 14.27 UKT, FTT Immediately

PRICED: Commerzbank €750m 7NC6 SNP; MS+97bp

IGC European Market: Deal Flow - General

Reoffer: 7NC6: MS+97bp / 99.589 / 3.828%
Benchmark: 7NC6: DBR 0 15-Feb-32 @ 88.71% / B+109 / HR 110%

7NC6: Final Books €2.2bn (excl. €20m JLM). Peak book above €2.4bn.

Launched: 7NC6: €750m @ MS+97bp - Books above €2.4bn (excl. €20m JLM)
IPTs: 7NC6: MS+125bp area

• Issuer: Commerzbank Aktiengesellschaft
• Ticker: CMZB
• LEI: 851WYGNLUQLFZBSYGB56
• Issuer Rating: A2 (Stable) by Moody's / A (Positive) by S&P
• Exp. Issue Rating: Baa1 by Moody’s / BBB by S&P
• Format: Reg S Cat. 2, TEFRA D
• Status of the Notes: Non-Preferred Senior Notes (eligible liabilities (MREL))
• Size: €750m
• Settlement: 03-Jun-26 (T+4)
• Reset/Call Redemption Date: 03-Jun-32
• Maturity: 03-Jun-33
• Reoffer: MS+97bp / 99.589 / 3.828%
• Benchmark: DBR 0 15-Feb-32 at 88.71% / B+109 / HR 110%
• Coupon: 3.750%, fixed, Annual, ACT/ACT, ICMA following unadjusted until Reset Date, then Act/360, modified following adjusted
• Coupon Reset: If the Notes are not redeemed on the Call Redemption Date: 3-month Euribor plus 97bps p.a., payable quarterly in arrears on each Interest Payment Date from and including the Reset Date until the Maturity Date
• Early Redemption: Early Redemption, in whole but not in part at the Option of the Issuer, for Regulatory Reasons, for Reasons of Taxation and for Minimal Outstanding Aggregate Principal Amount, at par, subject to the Conditions to Redemption and Repurchase being fulfilled, all as set out in the Base Prospectus
• Early Redemption at the Option of the Issuer: Subject to the Conditions to Redemption and Repurchase being fulfilled, the Issuer may, on giving not less than 5 and not more than 60 days' prior notice to the Noteholders, redeem all, but not only some, of the outstanding Notes on the Call Redemption Date
• Early Redemption for Minimal Outstanding Amount (Clean-up Call): Subject to the Conditions to Redemption and Repurchase being fulfilled, the Issuer may, at any time on giving not less than 30 and not more than 60 days' prior notice to the Noteholders, redeem in whole, but not only some, of the outstanding Notes, if at any time 75% or more of the aggregate principal amount of the Notes originally issued have been redeemed or repurchased by the Issuer and cancelled
• Denoms/Law: €100k + €100k / German
• Docs: €90bn Medium Term Note Programme; Securities Note dated 22-May-26 and Registration Document dated 22-May-26 (together, the "Base Prospectus")
• Listing: Frankfurt Stock Exchange, Regulated Market
• ISIN/WKN: DE000CZ46CR1 / CZ46CR
• Global Coordinator: Commerzbank
• Bookrunners: BMO Capital Markets, Commerzbank (B&D), ING, Lloyds & Santander
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Timing: TOE 15:36 CET / FTT 15:50 CET
• Target Market: The manufacturer target market (MIFID II) product governance is professional investors and eligible counterparties (all distribution channels)
• Advertisement & Links: The Securities Note is available and the Final Terms, when published, will be available at: https://investor-relations.commerzbank.com/debt-holders-information/emtn-programme/ The Registration Document is available at: https://investor-relations.commerzbank.com/debt-holders-information/registration-document

Senior Non-Preferred

7NC6 (June 2033) @ MS+125 area

Implied Spread for fresh 7NC6 @ +91

Priced at MS +97

NIC of +6

PRICED: Südzucker International Finance €400m 5yr Sr Unsec; MS+165bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+165bp / 99.591 / 4.468%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 99.09 / B+177.0 / HR 98%

Final Books above €1.3bn. Peak book above €1.8bn (pre-rec).

Launched: 5yr: €400m @ MS+165bp - Books above €1.8bn (pre-rec)
IPTs: 5yr: MS+200a

• Issuer: Südzucker International Finance B.V. (Ticker: SZUGR, Country: NL)
• Issuer LEI: 724500M1VGG79HOVI026
• Guarantor: Südzucker AG (Country: DE)
• Guarantor LEI: 529900S8QNB101D40S72
• Guarantor Rating: Baa3 (negative) / BBB- (negative) (Moody's/S&P)
• Expected Issue Rating: Baa3/BBB- (Moody's/S&P)
• Format: Senior, unsecured, unsubordinated, Reg S Cat 2, Bearer, New Global Note
• Size: €400m
• Trade Date: 28-May-26
• Settlement Date: 05-Jun-26 (T+6)
• Maturity Date: 05-Jun-31
• Reoffer: MS +165 bps / 99.591 / 4.468%
• Benchmark: 177.0bps vs. OBL 2.5 16-Apr-31 @99.09 / 2.698% (HR: 98%)
• MWC: B+30
• Coupon: 4.375% Fixed (Annual, Act/Act, ICMA)
• Documentation: Standalone format with Preliminary Prospectus dated 26-May-26
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Governing Law: German
• Call / Put Options: Tax Call / 3-Month Par Call / Clean-Up Call (80%) / Change of Control (100%) / MWC
• Denomination: €100k x €100k
• Use of Proceeds: General corporate purposes, including the refinancing of the outstanding EUR 400mn 5.125% SLB notes due 2027
• Global Coordinators: Deutsche Bank (B&D), Landesbank Baden-Württemberg, UniCredit
• Joint Bookrunners: BofA Securities, Deutsche Bank (B&D), DZ BANK, Landesbank Baden-Württemberg, SEB, UniCredit
• ISIN: XS3393874436
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared
• Selling Restrictions: As per the Preliminary Prospectus dated 26-May-26. TEFRA D Rules apply, no communications with or into the US. Sales into Canada via exemption (Ontario/Alberta/British Columbia only, subject to compliance with applicable law)
• Stabilisation: Relevant stabilisation regulations, including FCA/ICMA apply
• Advertisement: The final Prospectus will be available, when published, on the website of the Luxembourg Stock Exchange: https://www.luxse.com/home
• TOE: 15.43 CET / 14.43 UKT
• FTT: 16.15 CET / 15.15 UKT

PRICED: Nokia €500m 6yr Sr Unsec; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+90bp / 99.350 / 3.748%
Benchmark: 6yr: DBR 0% Feb-32 @ 85.74% / B+101.7bp

Final Books in excess of €3bn.

Launched: 6yr: €500m @ MS+90bp - Books in excess of €3bn
IPTs: 6yr: MS+125/130bp

• Issuer: Nokia Corporation (Ticker: NOKIA, Country: FI)
• Issuer LEI: 549300A0JPRWG1KI7U06
• Issuer Rating: BBB- / BBB-, stable outlook by S&P and Fitch
• Exp Issue Rating: BBB- / BBB- by S&P and Fitch
• Status: Senior Unsecured
• Format: Reg S, Bearer, New Global Note
• Settlement: 05-Jun-26 (T+6)
• Tenor: 6-year
• Maturity: 05-Jun-32
• Size: €500m
• Coupon: 3.625% Fixed, Actual / Actual, Annual (ICMA), Unadjusted
• Re-Offer: 99.350% / 3.748% / MS+90bp / B+101.7bp
• Reference: DBR 0% Feb-32 @ 85.74% (HR 110%)
• ISIN: XS3397145767
• Use of Proceeds: The net proceeds of the offering of the notes will be used for general corporate purposes, including (without limitation) and at the sole discretion of the Issuer, the refinancing of existing indebtedness. Nokia Corporation intends, following pricing of the notes, to give notice of the exercise of its option to redeem in full all of its outstanding €500m 3.125% Notes due May 2028 (ISIN: XS2171872570) pursuant to the make whole redemption provisions in the Conditions thereof, in accordance with, and subject to, the terms and conditions set out in the relevant redemption notice.
• Documentation: €5,000,000,000 EMTN Programme Base Prospectus dated 31-Mar-26 (the “Base Prospectus”) and the Supplement dated 25-May-26 (the “Supplement”)
• Denominations: €100,000 + €1,000
• Issuer Call Options: MWC (Partial or in Whole), 3m Par Call, Clean-up Call (75%), Tax Call (at 100%)
• Make-Whole Spread: B+15bp
• Governing Law: English Law
• Listing: Euronext Dublin, Regulated Market
• Clearing: Euroclear and Clearstream
• Selling Restrictions: As per Base Prospectus (Reg. S Compliance Category 2; TEFRA D)
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only (all distribution channels). No EEA PRIIPs key information document (KID) or CCI product summary has been prepared as not available to retail in EEA or UK
• Advertisement: The Base Prospectus and the Supplement is available, and the Final Terms, when published, will be available, on the website of Euronext Dublin at: www.euronext.com
• Joint Bookrunners: BNP Paribas (B&D), Goldman Sachs Bank Europe SE, Nordea, Santander, SEB
• Timing: PRICED - TOE 14:53 LDN / 15:53 CET, FTT - 15:20 LDN / 16:20 CET

PRICED: Banco de Crédito Social Cooperativo €500m 6NC5 Green SP; MS+105bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+105bp / 99.491 / 3.864%
Benchmark: OBL 2 1/2 16-Apr-31 @ 99.108 / B+117bp / HR 99%

Final Books in excess of €1.6bn (incl. €170m JLM). Peak book >€2bn (incl. €190m JLM interest)

Launched: €500m @ MS+105bp - Books >€2bn (incl. €190m JLM interest)
Book Update: Books > €1.5bn (incl. €190m JLM interest)
IPTs: 6NC5: MS+130/135a

• Issuer: Banco de Crédito Social Cooperativo, S.A. (Ticker: CAJAMA)
• LEI: 95980020140005881190
• Issuer Ratings: BBB- (st) / BBB (st) / BBB (pos) (S&P/Fitch/DBRS)
• Expected Issue Ratings: BBB / BBB (Fitch/DBRS)
• Instrument: MREL Eligible Green Senior Preferred Notes
• Form: Reg S, Registered Form, TEFRA not applicable
• Status of the Notes: Direct, unconditional, unsubordinated and unsecured obligations of the Issuer (créditos ordinarios) that will rank (i) senior to any senior non preferred obligations and any subordinated claims (créditos subordinados) under article 281.1 of the Spanish Insolvency Law and (ii) pari passu among themselves and with any other senior preferred obligations. Condition 3.1 of the Terms and Conditions of the Notes applies
• Currency: Euro (“EUR”)
• Size: €500m
• Settlement: 04-Jun-26 (T+5)
• Maturity: 04-Jun-32 (6NC5)
• Optional Redemption Date: One-time call option on 04-Jun-31 (5-year)
• Optional Redemption (Issuer Call): One-time call on the Optional Redemption Date, at par, in whole and not in part, at the issuer´s discretion subject to compliance with the Applicable Banking Regulations then in force and subject to the prior permission of the Competent Authority and/or the Relevant Resolution Authority, if and as applicable, with interest accrued to (but excluding) the relevant Optional Redemption Date. Condition 8.3 of the Notes applies
• Early Redemptions: Subject to compliance with the Applicable Banking Regulations then in force and subject to the prior permission of the Competent Authority and/or the Relevant Resolution Authority, if and as applicable, the Issuer may redeem in whole, but not in part, at any time, the Notes, at the Early Redemption Amount, with interest accrued to (but excluding) the date of redemption, for tax reasons or an Eligible Liabilities Event. Conditions 8.2, 8.5 and 8.8 of the Terms and Conditions of the Notes apply
• Clean-Up Redemption at the Option of the Issuer: Applicable
• Clean-up Percentage: 75 per cent.
• Final Spread: MS+105bps
• Reoffer: 99.491 / 3.864%
• Benchmark: OBL 2 1/2 16-Apr-31 + 117bps (Spot 99.108) HR 99%
• Coupon: 3.750% per annum, payable annually in arrears on each Interest Payment Date, Act/Act (ICMA), following unadjusted, until Optional Redemption Date. If not redeemed on the Optional Redemption Date, then resets to 1-year Mid-Swap Rate + Reset Margin (subject to Benchmark Discontinuation), payable annually in arrear, Act/Act (ICMA), following unadjusted
• Interest Payment Date: 04 June in each year, commencing on 04-Jun-27 to (and including) the Maturity Date, if not fully redeemed previously
• Substitution & Variation: Condition 21 of the Notes applies
• Events of Default: If any order is made by any competent court or resolution passed for the winding up or liquidation of the Issuer. Condition 11.2 of the Terms and Conditions of the Notes applies
• Waiver of Set-off: No Holder may at any time exercise or claim any Waived Set-Off Rights against any right, claim, or liability of the Issuer or that the Issuer may have or acquire against such holder, directly or indirectly, howsoever arising and each Holder shall be deemed to have waived all Waived Set-Off Rights to the fullest extent permitted by applicable law in relation to all such actual and potential rights, claims and liabilities. Condition 5 of the Terms and Conditions of the Notes applies
• Non-viability & Recognition of Stay Powers: The Notes may be subject to the exercise of the Loss Absorbing Power and EU BRRD Stay Powers by the Relevant Resolution Authority. Conditions 14 and 15 of the Terms and Conditions of the Notes applies
• Use of Proceeds: An amount equivalent to the net proceeds from the Notes will be applied by the Issuer to finance or refinance, in whole or in part, new or existing Eligible Green Projects meeting the Eligibility Criteria as defined in the Grupo Cooperativo Cajamar Sustainable Bond Framework: https://www.bcc.es/en/responsabilidad-corporativa/marco-de-bonos-sostenibles/
• Joint Lead Managers: Credit Agricole CIB (B&D), Deutsche Bank, Natixis, Nomura and Santander
• Listing and trading: Euronext Dublin (Regulated Market)
• Clearing systems: Euroclear / Clearstream
• Documentation: Banco de Crédito Social Cooperativo, S.A. EUR 7,000,000,000 Euro Medium Term Note Programme dated 26-May-26 (the “Offering Circular”) approved by the Central Bank of Ireland
• Denominations: €100,000 + €100,000
• Governing Law: Spanish Law
• Selling restrictions: As per the Base Prospectus. Regulation S, Category 2. TEFRA Not applicable
• Target Market: Manufacturers’ target market is eligible counterparties and professional clients only (each as defined in MIFID II and in the FCA Handbook COBS and in UK MiFIR) (all distribution channels). No PRIIPs key information document (KID) has been prepared as the manufacturers should not be characterized as making available to retail investors in the EEA or the UK any packaged securities for PRIIPs purposes
• Advertisement: The Base Prospectus, supplements and the Final Terms, when published, will be available on the website of the Issuer (www.bcc.es).
• ISIN / Common Code: XS3396961289 / 339696128
• Timing: Priced
• TOE: 14.51 UKT / 15.51 CET
• FTT: 15.10 UKT / 16.10 CET

PRICED: Bank of Montreal €2bn 3yr & 7yr CB; MS+13bp & MS+31bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+13bp / 99.694 / 2.858% 7yr: MS+31bp / 99.746 / 3.166%
Benchmark: 3yr: OBL 2.1 12-Apr-29 @ 98.745 / B+29.9 / HR 105% 7yr: DBR 2.3 15-Feb-33 @ 97.17 / B+39.9 / HR 104%

Tranche 1 (3yr): Final Books > €1.9bn (incl €225m JLM). Peak book €2.35bn (incl €225m JLM)
Tranche 2 (7yr): Final Books > €1.6bn (incl €225m JLM). Peak book €1.75bn (incl €175m JLM)

Launched: 3yr: €1bn @ MS+13bp - Books €2.35bn (incl €225m JLM) 7yr: €1bn @ MS+31bp - Books €1.75bn (incl €175m JLM)
Book Update: Orderbooks > €3.5bn (Incl €400m JLM interest)
Guidance: 3yr: MS+20a 7yr: MS+37a

• Issuer: Bank of Montreal
• LEI: NQQ6HPCNCCU6TUTQYE16
• Guarantor: BMO Covered Bond Guarantor Limited Partnership
• Expected Ratings: Aaa/AAA/AAA (Moody's/Fitch/DBRS)
• Instrument: Euro Fixed Rate Canadian Legislative Covered Bond, backed by Canadian residential mortgages
• Form: Reg S (Category 2), Registered, TEFRA not applicable
• Maturity:
• • 3yr: 08-Jun-29 (soft bullet)
  • 7yr: 08-Jun-33 (soft bullet)
• Settlement: 08-Jun-26 (T+7)
• Size:
• • 3yr: €1bn
  • 7yr: €1bn
• Benchmark:
• • 3yr: OBL 2.1 12-Apr-29 @ 98.745 / B+29.9 / HR 105%
  • 7yr: DBR 2.3 15-Feb-33 @ 97.17 / B+39.9 / HR 104%
• Reoffer:
• • 3yr: MS+13bp / 2.858% / 99.694
  • 7yr: MS+31bp / 3.166% / 99.746
• Coupon: 2.75% (3y) & 3.125% (7y) Fixed, Annual, Act/Act (ICMA)
• Denominations: €100,000 x €1,000
• Business Day Convention: Following Payment Business Day Convention
• Business Days: Toronto, London, New York and T2
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Listing: London Main Market
• Documentation: Issued under the Issuer’s US$50,000,000,000 Global Registered Covered Bond Program dated 10-Sep-25 and supplemented 15-Dec-25, 03-Mar-26 and 27-May-26 (the “Prospectus”)
• Advertisement: The Prospectus is, and the applicable Final Terms (when published) will be, available on: https://www.bmo.com/home/about/banking/investor-relations/fixed-income-investors/covered-bonds/registered-covered-bond#
• Selling Restrictions: As set out in the Prospectus
• Target Market: MiFID II / UK MiFIR professional clients / ECPs-only. No sales to retail investors in the UK and the EEA
• Joint Lead Managers: BMO (B&D/DM), Danske, Erste Group, HSBC, ING, Natixis, UniCredit
• Fees: Joint Lead Managers will be paid a fee in connection to the transaction
• ISIN/Common Code:
• • 3yr: XS3397036123 / 339703612
  • 7yr: XS3397036396 / 339703639
• Timing: Priced, TOE 16.13 3y & 16.15 7y CET, FTT 16.45 CET
• Stabilization: FCA/ICMA

Covered

3 year (Jun 2029) @ MS+20 area

Implied Spread for fresh 3 year @ +15

Priced at MS +13

NIC of -2

Covered

7 year (Jun 2034) @ MS+37 area

Implied Spread for fresh 7 year @ +34

Priced at MS +31

NIC of -3

PRICED: SAP SE €3.5bn 4-part 2yr FRN, 3yr, 5yr & 7yr Sr Unsec; 3mE+33bp / MS+35bp / MS+53bp / MS+68bp

IGC European Market: Deal Flow - General

Reoffer: 2yr FRN: 3mE+33bp / 100 3yr FXD: MS+35bp / 99.757 / 3.086% 5yr FXD: MS+53bp / 99.7 / 3.316% 7yr FXD: MS+68bp / 99.731 / 3.544%
Benchmark: 3yr FXD: OBL 2.1 29-Apr-29 @ 98.71 / B+51.4bp (HR: 104%) 5yr FXD: OBL 2.5 30-Apr-31 @ 99.25 / B+65.4bp (HR: 101%) 7yr FXD: DBR 2.3 15-Feb-33 @ 97.09 / B+76.4bp (HR: 103%)

2yr FRN: Final Books €2.2bn+.
3yr FXD: Final Books €2.1bn+. Peak book €2.3bn+.
5yr FXD: Final Books €2.1bn+. Peak book €2.2bn+.
7yr FXD: Final Books €2.75bn+. Peak book €3bn+.

Launched (Combined Books: €9.7bn+ pre-rec):
2yr FRN: €800m @ 3mE+33bp - Books: €2.2bn+
3yr FXD: €850m @ MS+35bp - Books: €2.3bn+
5yr FXD: €850m @ MS+53bp - Books: €2.2bn+
7yr FXD: €1bn @ MS+68bp - Books: €3bn+
Guidance:
2yr FRN: 3mE+33bp - Books: €2.6bn+
3yr FXD: MS+35bp - Books: €2.4bn+
5yr FXD: MS+53bp - Books: €2.5bn+
7yr FXD: MS+68bp - Books: €3.3bn+
IPTs:
2yr FRN: 3mE+55/60bp
3yr FXD: MS+65/70bp
5yr FXD: MS+85bp area
7yr FXD: MS+100/105bp

• Issuer: SAP SE (Ticker: SAPGR, Country: DE)
• Expected Issue Ratings: A1 by Moody’s / A+ by S&P
• Issuer LEI: 529900D6BF99LW9R2E68
• Format: Senior, Unsecured, Bearer, Permanent Global Notes
• Settlement: 03-Jun-26 (T+4)
• Size:
• • 2yr FRN: €800m
  • 3yr FXD: €850m
  • 5yr FXD: €850m
  • 7yr FXD: €1bn
• Maturity:
• • 2yr FRN: 03-Jun-28
  • 3yr FXD: 03-Jun-29
  • 5yr FXD: 03-Jun-31
  • 7yr FXD: 03-Jun-33
• Reoffer:
• • 2yr FRN: 3mE+33bp / 100
  • 3yr FXD: MS+35bp / 3.086 / 99.757
  • 5yr FXD: MS+53bp / 3.316 / 99.700
  • 7yr FXD: MS+68bp / 3.544 / 99.731
• Benchmark:
• • 2yr FRN: 3mE
  • 3yr FXD: OBL 2.1% 29-Apr-29 @ 98.71 / 2.572% (HR: 104%)
  • 5yr FXD: OBL 2.5% 30-Apr-31 @ 99.25 / 2.662% (HR: 101%)
  • 7yr FXD: DBR 2.3% 15-Feb-33 @ 97.09 / 2.780% (HR: 103%)
• Benchmark spread:
• • 2yr FRN: -
  • 3yr FXD: B+51.4bp
  • 5yr FXD: B+65.4bp
  • 7yr FXD: B+76.4bp
• TOE:
• • 2yr FRN: 16.21 UKT
  • 3yr FXD: 16.21 UKT
  • 5yr FXD: 16.21 UKT
  • 7yr FXD: 16.21 UKT
• Coupon:
• • 2yr FRN: 3mE+33 Floating, Act/360, Quarterly, Modified Following, Adjusted
  • 3yr FXD: 3%, Fixed, Actual/Actual (ICMA), Annual, Following, Unadjusted
  • 5yr FXD: 3.25%, Fixed, Actual/Actual (ICMA), Annual, Following, Unadjusted
  • 7yr FXD: 3.5%, Fixed, Actual/Actual (ICMA), Annual, Following, Unadjusted
• Par call:
• • 2yr FRN: -
  • 3yr FXD: 1-month
  • 5yr FXD: 3-month
  • 7yr FXD: 3-month
• Tax call:
• • 2yr FRN: Yes
  • 3yr FXD: Yes
  • 5yr FXD: Yes
  • 7yr FXD: Yes
• Clean-up call:
• • 2yr FRN: -
  • 3yr FXD: Yes (75%)
  • 5yr FXD: Yes (75%)
  • 7yr FXD: Yes (75%)
• ISIN:
• • 2yr FRN: XS3393867224
  • 3yr FXD: XS3393867810
  • 5yr FXD: XS3393869279
  • 7yr FXD: XS3393869782
• Docs: Standalone / Lux. listing, regulated market / German Law / €100k + €100k / CoC at par
• Selling Restrictions: RegS, TEFRA D (as per the preliminary prospectus)
• Sales into Canada: Sales into Ontario, Alberta, British Columbia only, subject to compliance with applicable law
• Use of proceeds: General corporate purposes, including (re)financing of recently announced acquisitions
• Target Market: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• Global Coordinators: ING, J.P. Morgan
• Active Bookrunners: BNP Paribas, Deutsche Bank, ING (GC/B&D), J.P. Morgan (GC), Morgan Stanley, UniCredit
• DealRoadshow: URL: https://dealroadshow.com Entry Code: SAP2026 Direct Link: https://dealroadshow.com/e/SAP2026
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 (as amended) and underlying legislation. It is not a prospectus. The Prospectus, when published, will be available at: https://www.luxse.com
• Timing: PRICED. FTT 17 UKT

2 year FRN (June 2028) @ 3mE+55 to +60
Implied Spread for fresh 2 year @ +35
Priced at +33
NIC of -2

3 year (June 2029) @ MS+65 to +70
Implied Spread for fresh 3 year @ +31
Priced at +35
NIC of +4

5 year (June 2031) @ MS+85 area
Implied Spread for fresh 5 year @ +40
Priced at +53
NIC of +13

7 year (June 2033) @ MS+100 to +105
Implied Spread for fresh 7 year @ +53

Priced at +68
NIC of +15

Details correct at time of posting