Commentary & Deal Flow

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)