Commentary & Deal Flow

The Junta de Andalucía, rated A3/A/AH (Moody's/S&P/DBRS), has mandated BBVA, CaixaBank, Crédit Agricole CIB, HSBC, ING and Santander as Joint Bookrunners for a new Long 8-year Euro denominated 500m (WNG) Sustainable Bond maturing on 31-Oct-34.

The transaction is expected to be rated A3/A/AH by Moody's, S&P and DBRS respectively and will be launched and priced in the near future subject to market conditions.

• Documentation: Domestic documentation
• Stabilisation: FCA/ICMA stabilisation
• Target Market: Professionals and eligible counterparties (all channels for distribution), each as defined in MIFID II

Investor presentation, Sustainability Finance Framework, SPO and Impact report can be found in the links below:

• Investor Presentation: {https://juntadeandalucia.es/sites/default/files/inline-files/2026/05/Investor%20Presentation%20Mayo%202026.pdf}
• Sustainable Finance Framework: {https://juntadeandalucia.es/export/drupaljda/Andalucia_Sustainability_Framework_March_2021.pdf}
• Second Party Opinion: {https://juntadeandalucia.es/export/drupaljda/Junta_de_Andalucia_Sustainable_Finance_Framework_Second_Party_Opinion_0.pdf}
• Impact Report: {https://juntadeandalucia.es/sites/default/files/inline-files/2026/02/Allocation%20and%20Impact%20Report%202024.pdf}
• Relevant Links: {https://juntadeandalucia.es/organismos/economiahaciendayfondoseuropeos/areas/tesoreria-endeudamiento/datos-endeudamiento/informacion-inversor.html}