Commentary & Deal Flow

• € IG supply for the day totalled €7.1bn from 9 issuers / 10 tranches (2 x Corporate, 6 x FIG & 1 x SSA). Of the FIG trades, 4 were covered, with 2 of the remaining 3, Tier 2’s.
• The tightening we saw for today’s covered trades was in keeping with recent activity; namely -6bp from IPTs.
• Similar to last Monday, a multitude of mandates were announced today. Including 3 pending announcements, in € IG we now have 3 x Corporates, 4 x FIG & 5 x SSA.
• A review of the day’s supply is as follows.
• • Corporate
  • • Total IG: €1.1bn
    • Avg. tranche size came in at €550m
    • Avg. tightening from IPTs -37.25bps
    • Avg. cover 4.64 X
  • FIG
  • • Total IG: €5bn
    • Avg. tranche size came in at €714m
    • Avg. tightening from IPTs -30bps (unsecured - ) - €1.5bn
    • Avg. tightening from IPTs -6bps (covered - €3.5bn)
    • Avg. cover 3.07 X
  • SSA
  • • Total IG: €1bn
    • Avg. tranche size came in at €1bn
    • Avg. tightening from IPTs -2bps
    • Avg. cover 1.15 X
• In Swiss Franc we had a dual tranche covered offering from CBA for a combined Chf145m.
• No supply today in the Reg S US$ market.

Euro IG (today)

Corporate

• British real estate & investment company Hammerson plc (exp. Issue ratings Baa2 / A-) announced an expected deal size of €350m, for a fresh 5 year. IPTs were MS+145 to +150. Books announced at noon as being over €1.9bn (pre-rec). The deal sized at €350m & guidance was announced in the area of MS+115. Final books were over €1.4bn.
• Spanish infrastructure & mobility manager, Abertis Infraestructuras SA, announced a benchmark 5.75 year senior offering with IPTs of MS+125. With the book north of €3.65bn (pre-rec), guidance came in at MS+90 (+/- 2bps). The deal sized at €750m & priced at MS+88. Final books were above €3.2bn.

FIG

• First to hit the screens was BPCE SFH (exp. Issue ratings Aaa / AAA) who announced a benchmark 6.5 year EuGB (European Green Bond) covered bond. The bullet trade came with guidance of MS+43 area. Parent, Groupe BPCE, is the second-largest banking group in France. Books first called as being over €3bn (incl. €475m JLMs), rising to over €5bn for final books (incl. €545m JLMs). Spread set at MS+36, with the size expectations managed as being between €1.25bn & €1.5bn, sizing at the maximum amount. The deal priced relatively early at MS+36.
• Finland's Nordea Mortgage Bank Plc (exp. Issue rating Aaa by Moody’s) announced a benchmark, dual tranche 4 & 10 year covered bond with respective initial guidance in the area of MS+20 & MS+36. Combined books were first announced as being in excess of €3bn (inc. €665 JLMs), skewed to the 4 year. The 4 year sized at a billion, with the final order book above €1.6bn (incl. €350m JLMs), spread set at MS+14. The 10 year spread set at MS+30 & final books on this tranche were over €925m (incl. €315m JLMs). The tranches priced at MS+14 & MS+30 respectively.
• Deutsche Pfandbriefbank AG (exp. Issue rating Aa1 by Moody’s) announced a €500m (wng) 4 year covered bond with guidance of MS+40 area. Orderbooks were in excess of €1.1bn (inc. €175m JLMs). The deal sized at €500m & priced at MS+35.
• Spanish commercial bank, Kutxabank S.A. (exp. Issue ratings A3 / A / A by Moody’s, Fitch & DBRS), announced a €500m (wng) 6NC5 Green Senior Preferred issue due 10 June 2032. IPTs were in the range of MS+95 to +100. Books were over €1.3bn (incl. €90m JLMs). The deal sized as expected & priced at MS+73.
• Spanish multinational insurance company Mapfre SA (exp. Issue ratings BBB by S&P) brought a €500m (wng), 11NC10 Tier 2 offering with IPTs of MS+175 to +180. Final books were over €2.5bn. The deal sized as telegraphed & priced at MS+145.
• French cooperative banking & insurance group, Crédit Mutuel Arkéa (exp issue ratings Baa1 / A- by Moody’s & Fitch), announced a €500m (wng) 11NC6 subordinated Tier 2 offering with IPTs in the area of MS+170. Final books were over €3bn (inc. €50m JLMs) & the deal priced at MS+137, some 33bps tighter than IPTs.

SSA

• The second issuer to step forward was the Federal State of Baden-Wuerttemberg (Aaa / AA+) with a €1bn (wng), 15 year senior offering with guidance of MS+37 area. Orderbooks were first cited in excess of €1.6bn (incl. €400m JLMs), growing to €1.9bn. Spread set at MS+35. Books settled over €1.15bn (incl. €300m JLMs) & the deal priced at the MS+35 level.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Lloyds Banking Group (exp. Issue ratings A3 / A- / A+) announced a 7NC6 senior benchmark offering with IPTs of mid Gilts (UKT 4.25% June 2032) +115 area. Final books were over £1.75bn (incl. £60m JLMs). The deal sized at £750m & priced at UKT+98; 17bps tighter than IPTs.
• Having announced a 3 to 4 year issue last week, KEXIM - The Export-Import Bank of Korea (Aa2 / AA / AA-), brought a 22nd October 2029, £ benchmark, Reg S senior unsecured offering with guidance in the area of SONIA MS +53. Books were in excess of £1.1bn (excl. JLMs). The deal sized at £500m at SONIA MS+48.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

FIG

• The Commonwealth Bank of Australia (issue ratings Aaa / BBB by Moody’s & Fitch) launched & priced in short order, a dual tranche offering of public, fixed rate covered bonds. The 10 & 15 year notes sized at Chf110m & Chf135m respectively, pricing in turn at SARON MS+37 & SARON MS+42.

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 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.
• Technip Energies N.V. (rated BBB stable by S&P), a global technology & engineering powerhouse for energy infrastructure & decarbonization, has mandated Crédit Agricole CIB and HSBC as Global Coordinators together with BNP Paribas, Deutsche Bank, Société Générale & Standard Chartered Bank AG as Active Bookrunners to arrange a series of fixed income investor calls starting on Monday the 1st of June. A €500m (wng) senior unsecured fixed rate Reg S Bearer 7 year bond is expected to follow, subject to market conditions.
• Switzerland's Clariant International Financial Services (Luxembourg) S.à r.l, guaranteed by Clariant AG, rated BBB- by S&P, the internationally operating specialty chemicals company, headquartered in Muttenz, has mandated BofA Securities, Citigroup, Commerzbank, Deutsche Bank, & Santander as Joint Bookrunners to arrange a series of Fixed Income Investor Calls on Monday 1st & Tuesday 2nd of June 2026. A €500m (wng) 5.6 year, senior unsecured bond offering is expected to follow, subject to market conditions.

• 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.
• Covéa Coopérations (Aa3 / A+ by Moody’s & /S&P), mandated JP Morgan & Natixis as Joint Global Coordinators & Barclays, JP Morgan & Natixis as Joint Bookrunners to arrange a series of fixed income investor calls & meetings commencing on Monday the 1st of June. A benchmark, RegS bearer 30NC10 Tier 2 offering will follow, subject to market conditions. The transaction is expected to be rated A2 (hyb) / A- (Moody’s/S&P). Covéa Coopérations is a specialized corporate entity that serves as the central operational hub, financing engine, & reinsurance vehicle for Groupe Covéa, a market leader in property & casualty (P&C) insurance in France.
• Icelands, Kvika banki hf. has mandated Barclays, JP Morgan & Morgan Stanley as Joint Bookrunners to arrange a series of fixed income investor calls commencing on June 1, 2026. A 4 year €150m (wng) RegS fixed rate senior preferred offering is expected to follow, subject to market conditions. The transaction is expected to be rated Baa2 by Moody’s, and the deal is expected to be launched under Kvika’s €1bn EMTN Programme dated March 16 2026, subject to market conditions.
• DZ Hyp AG (Aaa / AAA) mandated Barclays, BMO, Commerzbank, DZ BANK, ING, Nordea & NordLB to lead manage its forthcoming € benchmark 10 year (30th May 2036), Green Pfandbrief (Hypothekenpfandbrief).

• 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.
• The Basque Government (A2 / AA- / A+) mandated Deutsche Bank & ING to arrange a series of physical fixed-income investor meetings in Amsterdam & London on Wednesday 3rd & Thursday 4th of June, respectively, with the aim to present the Basque Government’s Industrial Strategy 2030 plan & the Basque Financial Alliance, a strong public-private framework, targeting investments in industrial companies with deep local roots in the Basque Region. Following the investor meetings, a € denominated benchmark bond issue may follow, subject to market conditions.
• The Junta de Andalucía, (exp. Issue ratings A3 / A by Moody's & S&P), mandated BBVA, CaixaBank, Crédit Agricole CIB, HSBC, ING & Santander as Joint Bookrunners for a new Long 8 year €500m (wng) Sustainable Bond maturing on the 31st October 2034. The transaction will be launched & priced in the near future subject to market conditions.
• The European Investment Bank (Aaa / AAA / AAA) mandated BNP Paribas, JP Morgan, Natixis & NatWest to lead manage a new 10 year Climate Awareness EARN benchmark due 15 July 2036. The transaction (RegS, Registered, Cat1) will be launched in the near future, subject to market conditions.
• The German State of Hesse (AA+ by S&P), mandated BayernLB, DekaBank, DZ BANK, Helaba & NordLB to lead manage its upcoming €500m (wng) floating rate note with a maturity of 7 years (10 June 2033). The transaction will be launched in the future subject to market conditions.

Sterling (£)

• The United Kingdom (Aa3 / AA / AA- ), mandated Citi, Deutsche Bank, JP Morgan, Lloyds Bank Markets, & RBC CM to lead manage the syndicated re-opening of the 5 1/4% Treasury Gilt 2041 (ISIN code GB00BVP99897). The transaction is currently planned to take place in the week commencing 8th June 2026, subject to demand and market conditions

Swiss Franc (Chf)

• Danish pharmaceutical company Novo Nordisk A/S (exp. Issue rating Aa by S&P), mandated BNP Paribas & Deutsche Bank as Joint Bookrunners to arrange a fixed income investor call for Monday, 1st June 2026, at 2:00pm CEST. An inaugural senior unsecured benchmark multi-tranche offering comprising 3 year, 6 year, 10 year & 15 year tenors may follow, subject to market conditions.

Transaction Details 

PRICED: Deutsche Pfandbriefbank AG €500m 4yr CB; MS+35bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+35bp / 99.971 / 3.133%
Benchmark: OBL 2.4 18-Apr-30 #191 @ 99.095 / B+48.5bp, HR 102%

Final Books in excess of €1.1bn (incl €175m JLM). Peak book in excess of €1.175bn.

Launched: 4yr: €500m @ MS+35bp - Orderbooks in excess of €1.175bn (incl €175m JLM)
Guidance: 4yr: MS+40a

• Issuer: Deutsche Pfandbriefbank AG (Ticker: PBBGR)
• LEI: DZZ47B9A52ZJ6LT6VV95
• Expected Issue Rating: Aa1 (Moody's)
• Currency: Euro ("EUR")
• Size: €500m
• Status: Hypothekenpfandbriefe (“Mortgage Pfandbriefe”) as determined by the German Pfandbrief Act (Pfandbriefgesetz, (“PfandBG”))
• Launch Date: 01-Jun-26
• Settlement Date: 09-Jun-26 (T+6)
• Maturity Date: 07-Jun-30
• Coupon: 3.125%, payable annually in arrear, fixed
• Coupon Payment Dates: 07-Jun in each year, commencing on 07-Jun-27, short first
• Redemption Amount: 100%
• Denominations: €1,000
• Documentation: Under the Issuer’s €50bn European Covered Bond (Premium) Programme dated 02-Apr-26 as supplemented on 15-May-26.
• Listing: Regulated Market of the Munich Stock Exchange
• Clearing: Euroclear / Clearstream
• Governing Law: German Law
• ISIN: DE000A3827A0
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties, professional investors and retail clients (all distribution channels).
• Joint Bookrunners: Banco Bilbao Vizcaya Argentaria S.A.,Crédit Agricole Corporate and Investment Bank, DeutscheBank (DM), Helaba (B&D) and NORD/LB
• Advertisement: The Base Prospectus is available at https://www.pfandbriefbank.com/en/investors/debt-investors/issuance-programmes/dip/ and Final Terms, when published, will be available at https://www.pfandbriefbank.com/en/investors/debt-investors/final-terms/hypothekenpfandbriefe/
• Timing: Today's business
• ToE: 13.25 UKT / 14.25 CET
• FTT: 13.45 UKT / 14.45 CET

PRICED: Federal State of Baden-Wuerttemberg €1bn 15yr Sr Unsec; MS+35bp

IGC European Market: Deal Flow - SSA

Reoffer: 15yr: MS+35bp / 99.701 / 3.526%
Benchmark: 15yr: DBR 2.6 15-May-41 TWIN @ 91.597 / B+20.4 / HR: 104%

Final Books €1.15bn+ (incl. €300m JLM). Peak book above €1.9bn (incl. €400m JLM)

Launched: 15yr: €1bn @ MS+35bp - Books above €1.9bn (incl. €400m JLM)
Spread set at: 15yr: MS+35bp - Books above €1.9bn (incl. €400m JLM)
Books Update: Orderbooks in excess of €1.6bn (incl. €400m JLM interest)
Guidance: 15yr: MS+37a

• Issuer: Federal State of Baden-Wuerttemberg
• Ticker: BADWUR
• Format: Landesschatzanweisung (LCR 1, RW 0%) Unsecured / Reg S / Bearer
• Issuer Rating: Aaa / AA+ / AAA (Moody's / S&P / Scope)
• Size: €1bn
• Coupon: 3.5% Fixed, annual, ACT/ACT ICMA
• Maturity: 10-Jun-41 (15yr)
• Settlement: 10-Jun-26 (T+6)
• Reoffer: MS+35 bps / 99.701% / 3.526%
• Benchmark: +20.4 bps vs. DBR 2.6 15-May-41 TWIN @ 91.597 / HR: 104%
• Listing/Law/Denoms: Stuttgart / German / €1k+1k
• ISIN/WKN: DE000A3H26B2/ A3H26B
• Joint Leads: BNP Paribas, Commerzbank, Deutsche Bank (B&D), J.P. Morgan, LBBW, NORD/LB
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
• Timing: PRICED, TOE: 14:27 CET, FTT: 14:40 CET

PRICED: BPCE SFH €1.5bn 6.5yr CB; MS+36bp

IGC European Market: Deal Flow - General

Reoffer: 6.5yr: MS+36bp / 99.392 / 3.231%
Benchmark: 6.5yr: DBR 2.5% 15-Nov-32 (@98.33) +44.7bps, HR 101%

Final Books above €5bn (incl. €545m JLM)

Launched: 6.5yr: €1.5bn @ MS+36bp - Books over €5bn pre-rec (Incl. 545m JLMs)
Spread set at: 6.5yr: MS+36bp - Books above €4.4bn (incl. €545m JLMs)
Book Update: Books above €3bn (incl. €475m JLMs)
Guidance: 6.5yr: MS+43a

• Issuer: BPCE SFH
• LEI: 969500T1UBNNTYVWOS04
• Format: OBLIGATIONS DE FINANCEMENT DE L'HABITAT - ECBC Label - EU harmonisation label European Covered Bond (Premium) - CRD4
• Ratings: Aaa/AAA (Moody's/S&P) - Reg S – Bearer
• Size: €1.5bn
• Maturity Date: 10-Jan-33 – 6.5yr (Soft Bullet format)
• Settlement Date: 10-Jun-26. T+7
• Coupon: 3.125%, Fixed, Annual, Act/Act ICMA (short first)
• Reoffer: MS+36bps / Yld 3.231% / Px 99.392
• Benchmark: DBR 2.5% 15-Nov-32 (@98.33) +44.7bps, HR 101%
• Target Market: MiFID II and UK MiFIR professionals/ECPs-Only/No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or in the UK/ Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).
• Business Day Convention: Following, Unadjusted basis
• Business Days: T2
• Selling Restrictions: As set out in the Base Prospectus
• Governing Law: French Law
• Redemption price: 100%
• Denomination: €100k + €100k
• Listing: Euronext Paris
• Use of proceeds: The Notes to be issued are “European Green Bonds” or “EuGBs” in accordance with Regulation (EU) No 2023/2631 of the European Parliament and of the Council and an amount equivalent to the net proceeds of the issuance will be applied by the Issuer to finance or refinance the Eligible EuGB Portfolio, as described in the European Green Bonds Factsheet. The Notes are issued in accordance with the EuGB Regulation and, the EuGB Factsheet Relevant Information, incorporated by reference in the Base Prospectus; and the pre-issuance review related to the European Green Bonds Factsheet issued by ISS Corporate as external reviewer, both referred to in Article 10 of the EuGB Regulation, are available on the Issuer’s website.
• JLM: Danske Bank, Deutsche Bank, DZ BANK, ING, Natixis (B&D), NORD/LB, Santander & Swedbank
• Sole Green Structurer: Natixis
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• ISIN: FR0014018XB6
• Timing: TOE 13:30 UKT / 14:30 CET, FTT 13:55 UKT / 14:55 CET
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus, any supplements thereto, and the Final Terms (when published) are available at https://groupebpce.com/en/investors/funding/bpce-sfh
• The Green Funding Framework, Second Party Opinion, European Green Bond Factsheet and Pre-Issuance Review are available on the website of the issuer: https://www.groupebpce.com/en/investors/sustainable-bonds/framework-isin-of-issuances/

Covered

6.5 year (Jan 2033) @ MS+43 area

Implied Spread for fresh 6.5 year @ +36

Priced at MS +36

NIC of 0

PRICED: Nordea Mortgage Bank €1.5bn 4yr & 10yr CB; MS+14 & MS+30

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+14bp / 99.81 / 2.926% 10yr: MS+30bp / 99.463 / 3.314%
Benchmark: 4yr: OBL 2.4 18-Apr-30 #191 @ 99.09 / B+27.7bp (HR 103%) 10yr: DBR 2.9 15-Feb-36 @ 99.343 / B+33.7bp (HR 101%)

4yr: Final orderbook €1.6bn+ (incl. €350m JLM). Peak book above €1.85bn.
10yr: Final orderbook €925m+ (incl. €315m JLM). Peak book above €1.15bn.

Launched:
4yr: €1bn @ MS+14bp - Orderbook above €1.85bn (incl. €350m JLM)
10yr: €500m @ MS+30bp - Orderbook above €1.15bn (incl. €315m JLM)
Book Update: Combined orderbooks in excess of €3bn (incl. €665m JLM interest) - skewed to 4y
Guidance: 4yr: MS+20a 10yr: MS+36a

• Issuer: Nordea Mortgage Bank Plc
• Legal Entity Identifier: 7437001LESKGLAEOEU84
• Expected Issue Ratings: Aaa (Moody's)
• Status of the Covered Bonds: Bearer Covered Bonds
• Form of the Covered Bonds: Reg S Bearer - New Global Covered Bond (NGCB) form
• Label: Eurooppalainen katettu joukkolaina (premium) (European Covered Bond (Premium))
• Nominal Amount:
• • 4yr: €1bn
  • 10yr: €500m
• Launch Date: 01-Jun-26
• Settlement Date: 10-Jun-26 (T+7)
• Maturity Date:
• • 4yr: 10-Jun-30 (4-year)
  • 10yr: 10-Jun-36 (10-year)
• Extended Maturity Date:
• • 4yr: Interest Payment Date falling in or nearest to 10-Jun-31. Any extension is subject to Condition 5(j) of the EUR 25bn Covered Bond Programme
  • 10yr: Interest Payment Date falling in or nearest to 10-Jun-37. Any extension is subject to Condition 5(j) of the EUR 25bn Covered Bond Programme
• Reoffer:
• • 4yr: MS+14bps / 99.810 / 2.926%
  • 10yr: MS+30bps / 99.463 / 3.314%
• Benchmark:
• • 4yr: +27.7 vs OBL 2.4 18-Apr-30 #191, 99.090 (HR 103%)
  • 10yr: +33.7 vs DBR 2.9 15-Feb-36, 99.343 (HR 101%)
• Interest Payment Dates (for the period up to and including the Maturity date): On 10 June each year commencing on 10-Jun-27 up to (and including) the Maturity Date
• Coupon (for the period upto and including the Maturity date):
• • 4yr: 2.875% payable annually, Act/Act (ICMA), Following, Unadjusted
  • 10yr: 3.250% payable annually, Act/Act (ICMA), Following, Unadjusted
• Extension of Maturity Date: The Issuer may redeem the Covered Bonds in whole, or in part, on the Maturity Date or any Interest Payment Date thereafter up to (and including) the Extended Maturity Date
• Interest Payment Dates (for the period from the Maturity Date until the Extended Maturity Date):
• • 4yr: Monthly, on 10 January, 10 February, 10 March, 10 April, 10 May, 10 June, 10 July, 10 August, 10 September, 10 October, 10 November and 10 December commencing on 10-Jun-30 up to (and including) the Extended Maturity Date
  • 10yr: Monthly, on 10 January, 10 February, 10 March, 10 April, 10 May, 10 June, 10 July, 10 August, 10 September, 10 October, 10 November and 10 December commencing on 10-Jun-36 up to (and including) the Extended Maturity Date
• Coupon (for the period from the Maturity Date until the Extended Maturity Date):
• • 4yr: 1-month Euribor +0.14% , Act/360, Adjusted, Modified Following
  • 10yr: 1-month Euribor +0.30% , Act/360, Adjusted, Modified Following
• Denominations: €100k + €1k
• Redemption Amount: 100% of the outstanding nominal amount
• Clearing: Euroclear / Clearstream, Luxembourg
• Listing: Euronext Dublin
• Governing Law: Finnish law
• ISIN:
• • 4yr: XS3401022580
  • 10yr: XS3401025765
• Manufacturer Target Market: MiFID II and UK MiFIR professionals/ECPs-only / No EEA PRIIPs KID or DISC disclosure document – Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (“KID”) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as bonds are not available to retail in the EEA or the United Kingdom.
• Documentation: In accordance with the Issuer's EUR 25,000,000,000 Covered Bond Programme, with the Base Prospectus dated 25-Sep-25
• Advertisement: The Base Prospectus is available at https://www.nordea.com/en/doc/nmb-u25-base-prospectus.pdf and Final Terms, when published, will be available at http://www.ise.ie
• Selling Restrictions: Reg S. Cat 2, TEFRA D as per the Covered Bond Programme
• Joint Lead Managers: BMO Capital Markets, Barclays, Commerzbank, Deutsche Bank (B&D 10yr), Natixis, Nordea (B&D 4yr)
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in connection with the transaction
• Timing: PRICED.
• TOE:
• • 4yr: 13:31 UKT
  • 10yr: 13:36 UKT
• FTT: 13:55 UKT

Covered

4 year (Jun 2030) @ MS+20 area

Implied Spread for fresh 4 year @ +13

Priced at MS +14

NIC of +1

10 year (Jun 2036) @ MS+36 area

Implied Spread for fresh 10 year @ +29

Priced at MS +30

NIC of +1

PRICED: Commonwealth Bank of Australia CHF 245m 10yr & 15yr CB; SARON MS+37 & SARON MS+42

IGC European Market: Deal Flow - General

Reoffer: 10yr: SARON MS+37 / 100 / 1.01% 15yr: SARON MS+42 / 100 / 1.25%
Benchmark: 10yr: Govt.+60 15yr: Govt.+67

• Issuer: Commonwealth Bank of Australia (Ticker: CBAAU)
• Covered Bond Guarantor: Perpetual Corporate Trust Limited in its capacity as trustee of the CBA Covered Bond Trust
• Issuer and Guarantor Domicile: Australia
• Bond Trustee: Deutsche Trustee Company Limited
• Format: Public Fixed Rate Covered Bonds
• Status of the Covered Bonds: Direct, unconditional, unsubordinated and unsecured obligations of the Issuer
• Status of the Covered Bond Guarantee: Direct obligations secured against the assets of the Covered Bond Guarantor and recourse is limited to such assets
• Issuer Rating: Aa2/AA-/AA (Moody's/S&P/Fitch)
• Instrument Rating (exp): Aaa/AAA (Moody's/Fitch)
• Issue Size:
• • 10yr: CHF 110m
  • 15yr: CHF 135m
• Coupon:
• • 10yr: 1.01% p.a.
  • 15yr: 1.25% p.a.
• Settlement Date: 17-Jun-26
• Maturity:
• • 10yr: 17-Jun-36
  • 15yr: 17-Jun-41
• Spread/Yield:
• • 10yr: SARON MS +37.0 // YTM 1.010% // Govt.+60
  • 15yr: SARON MS +42.0 // YTM 1.250% // Govt.+67
• Issue Price:
• • 10yr: 100%
  • 15yr: 100%
• ISIN / Security Number:
• • 10yr: CH1564488729 / 156448872
  • 15yr: CH1564488737 / 156448873
• Lead Manager(s): UBS, BNP Paribas
• SNB Repo-eligibility: At the discretion of the SNB, expected yes
• Documentation: The U.S.$40,000,000,000 CBA Covered Bond Programme, as described in the base prospectus relating to the Programme dated 22-Jul-25, as supplemented on 13-Aug-25, 12-Feb-26 and 10-Mar-26, and as may be further supplemented or amended from time to time (the Prospectus)
• FinSA Prospectus: Delayed approval in accordance with art 51(2) FinSA
• Governing Law: The Covered Bonds and the Bond Trust Deed are governed by English law. The Security Trust Deed is governed by the laws of New South Wales, Australia
• Covenants: PP
• SIX Listing: 15-Jun-26
• Denomination: CHF 5'000 and multiples thereof
• Sales Restrictions: As per the Prospectus (except for Switzerland)
• Target Market: As defined by the manufacturer domiciled in the EEA (MiFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions

PRICED: KEXIM £500m 3yr Sr Unsec; SONIA MS+48bp

IGC European Market: Deal Flow - SSA

Reoffer: 3yr: SONIA MS+48bp / 99.778 / 4.580%
Benchmark: 3yr: UKT 0 7/8 22-Oct-29 @ 89.607 / B+33.10bp / HR 106%

Final Books in excess of £1.1bn (excl JLM interest)

Launched: 3yr: £500m @ SONIA MS+48bp - Books in excess of £1.1bn (excl JLM interest)
Rev Guidance: 3yr: SONIA MS+50a - Books in excess of £1bn (excl. JLM)
Guidance: 3yr: SONIA MS+53a

• Issuer: The Export-Import Bank of Korea (“KEXIM”, Ticker: EIBKOR)
• Issuer Ratings: Aa2/AA/AA- (all stable) (Moody’s / S&P / Fitch)
• Exp. Issue Ratings: Aa2/AA/AA- (Moody’s / S&P / Fitch)
• Format: Senior Unsecured; Reg S Registered
• Issue Size: £500m
• Settlement: 09-Jun-26
• Maturity Date: 22-Oct-29
• Coupon: 4.500%, Fixed, Annual, ACT/ACT (short 1st to 22-Oct-26)
• Reoffer Spread: SONIA MS (A, A/365) + 48 bps
• Reoffer Price / Yield: 99.778 / 4.580% annual / 4.529% semi-annual
• Reference Gilt: UKT 0 7/8 22-Oct-29 + 33.10 bps (mid @ 89.607 / HR 106%)
• Denominations: 100k + 1k
• Governing Law: English Law
• Documentation: Issuer's GMTN Programme
• Listing: London Stock Exchange (International Securities Market)
• Settlement: Euroclear/ Clearstream
• Lead Managers: Deutsche Bank / HSBC (B&D) / Nomura
• Target Market: Professional & Eligible Counterparties (all distribution channels, MiFID II/UK MiFIR product governance)
• ISIN: XS3389684773
• Common Code: 338968477
• Timing: Priced. TOE: 14:01 UK. FTT: Immediately.

PRICED: Crédit Mutuel Arkéa €500m 11NC6 T2; MS+137bp

IGC European Market: Deal Flow - General

Reoffer: 11NC6: MS+137bp / 100 / 4.251%
Benchmark: 11NC6: DBR 0 15-Feb-32 @ 85.635 / B+149.5 / HR 109%

Final Books: Above €3bn (inc. €50mn JLM interest). Peak book above €2.8bn (pre-rec).

Launched: 11NC6: €500m @ MS+137bp - Books above €2.8bn (inc. €50mn JLM, pre-rec)
Book Update: Books above €1.5bn (excl. JLMs)
IPTs: 11NC6: MS+170bp area

• Issuer: Crédit Mutuel Arkéa (Ticker: CMARK)
• Legal Entity Identifier: 96950041VJ1QP0B69503
• Description: EUR 500mn 11NC6 Subordinated Fixed Rate Resettable Notes due 09 June 2037
• Issuer Rating: A1 (negative) / AA- (negative) (Moody's/Fitch)
• Issue Rating (exp.): Baa1 (stable) / A- (Moody's/Fitch)
• Form: Reg S Dematerialised Bearer
• Coupon: 4.251%, Fixed, Annual, Act/Act ICMA
• Notional Amount: €500,000,000
• Launch Date: 01-Jun-26
• Settlement Date: 09-Jun-26 (T+6)
• Maturity Date: 09-Jun-37
• First Reset Date: 09-Jun-32
• Optional Redemption Date: The First Reset Date
• Reoffer: MS+137bps / 100.00 / 4.251%
• Benchmark: DBR 0% 15-Feb-32 (85.635) +149.5bps, HR 109%
• Redemption at the option of the Issuer (Issuer Call): The Issuer may, at its option, on the Optional Redemption Date, subject to certain conditions as per the Notes Documentation (see “Additional conditions to redemption and purchase of the Notes prior to the Maturity Date” below), redeem all (but not some only) of the outstanding Notes at their Optional Redemption Amount together with accrued interest but unpaid to the date fixed for redemption.
• Interest: From and including the Issue Date to but excluding the First Reset Date: 4.251% per annum (the “Initial Rate of Interest”) payable annually in arrear. From and including the First Reset Date to (but excluding) the Maturity Date: the sum of (a) the Mid-Swap Rate (prevailing at the First Reset Date; Benchmark replacement conditions apply) plus (b) the Margin, payable annually in arrear
• Early Redemption Events: Capital Event, Withholding Tax Event, Gross-up Event and Tax Deductibility Event (subject to the prior consent of the Relevant Prudential Authority and/or the Relevant Resolution Authority, if required)
• Clean-up Call Option: The Issuer may elect, subject to the Conditions to Redemption and Purchase, to redeem all, but not some only, of the Notes at any time after the Settlement Date at their Redemption Amount if 75% (seventy five per cent) or more in aggregate Principal Amount of the Notes issued on the Settlement Date (and, if applicable, on the relevant settlement date(s) of any further tranche(s) of the Notes issued and assimilated to form a single series with the Notes) has been purchased and cancelled at the time of such election.
• Recognition of Bail-in and Loss Absorption: Yes
• Documentation: Base Prospectus dated 27-Jun-25, as supplemented on 17-Sep-25, 14-Nov-25, 16-Dec-25, 11-Mar-26, 23-Apr-26, 22-May-26 and 26-May-26
• Specified Denomination: €100,000+ €100,000
• Listing: Luxembourg
• Governing Law: French Law
• Clearing System(s): Euroclear France
• Use of Proceeds: General Corporate Purposes
• Target Market: Eligible Counterparties and Professional clients only (each as defined according to EU MiFID II and/or UK MiFIR as applicable) Channel of distribution : all channels for distribution are appropriate. No EU PRIIPs or UK PRIIPs KID has been prepared
• Fees: The Banks will be paid a fee by the Issuer in relation to the transaction
• Selling Restrictions: France, prohibition of sales to EEA and UK retail investors, Italy, US, UK
• Joint Bookrunners: Crédit Agricole CIB, Crédit Mutuel Arkéa, ING, Natixis, Santander (B&D), TD Securities, UniCredit
• ISIN: FR0014018V39
• Common Code: 339594856
• Timing: TOE 15.49CET, FTT 16.00CET
• Advertisement: The Base Prospectus (and any supplements to it) and the Final Terms (when published) will be available at https://www.luxse.com/issuer/CredMutArkea/48869

PRICED: Lloyds Banking Group £750m 7NC6 Sr Unsec; UKT+98bp

IGC European Market: Deal Flow - General

Reoffer: 7NC6: UKT+98bp / 99.736 / 5.553%
Benchmark: 7NC6: UKT 4.250% 07-Jun-32 @ 98.705 / HR 98%

Final Books £1.75bn+ (incl £60m JLM). Peak book £1.85bn+ (incl £65m JLM)

Launched: 7NC6: £750m @ UKT+98bp - Books £1.85bn+ (incl £65m JLM)
Book Update: Books £1.5bn+ (excl JLM)
IPTs: 7NC6: UKT+115a

• Issuer: Lloyds Banking Group plc
• LEI: 549300PPXHEU2JF0AM85
• Ticker: LLOYDS
• Expected Issue Rating: A3/A-/A+ (Moody's/S&P/Fitch)
• Format: Senior, Unsecured / Reg S, Bearer, NGN
• Size: £750m
• Ranking: Senior Unsecured
• Tenor: 7NC6
• Settlement: 8-Jun-26 (T+5)
• Maturity Date: 8-Jun-33
• Optional Redemption Date: 8-Jun-32
• Reoffer: UKT+98bp / 99.736 / 5.553% ann.
• Benchmark: UKT 4.250% 07-Jun-32 @ 98.705 mid / HR 98%
• Initial Coupon: 5.500% Fixed, Annual, ACT/ACT ICMA until the Optional Redemption Date
• Reset Coupon: If not redeemed at the Optional Redemption Date, Notes will reset to a fixed rate equal to the Benchmark Gilt Rate +98bps
• Documentation: Lloyds Banking Group plc £25bn Euro Medium Term Note Programme base prospectus dated 23-Mar-26, as supplemented by the prospectus supplements dated 30-Apr-26
• Listing/Law/Denoms: London (Main Market)/ English Law / GBP 100k+1k
• Clearing: Euroclear, Clearstream
• MREL Eligibility: Intended to qualify as MREL and all applicable eligibility conditions to be met
• Loss Absorption Disqualification Event Redemption: Applicable at par
• ISIN/Common Code: XS3397151815 / 339715181
• Joint Lead Managers: Lloyds (B&D), BMO Capital Markets, Merrill Lynch International, Morgan Stanley and RBC Capital Markets
• Selling Restrictions: Reg S (Category 2), TEFRA D. No sales to EEA or UK retail
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU key information document (KID) has been prepared as not available to retail in the EEA. No disclosure document has been prepared as not available to retail in UK
• Timing: Priced. TOE 15:02 UKT | FTT 15:20 UKT
• 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 on request to investors participating in the transaction
• Advertisement: The Base Prospectus is available at https://www.lloydsbankinggroup.com/investors/fixed-income-investors/unsecured-funding/# and Final Terms, when published, will be available on the website of the London Stock Exchange: www.londonstockexchange.com.
• Note: PLEASE NOTE THAT £ PRICING IS VS MID GILTS AS PER ICMA GUIDELINES, BUT HEDGES WILL BE EXECUTED VS THE DM TRADER'S BID SIDE

PRICED: Abertis Infraestructuras €750m 5.75yr Sr Unsec; MS+88bp

IGC European Market: Deal Flow - General

Reoffer: 5.75yr: MS+88bp / 99.331 / 3.759%
Benchmark: 5.75yr: DBR 0% 15-Feb-32 @ 85.570 / B+98.9bp (HR 106%)

Final Books: Above €3.2bn. Peak book above €3.35bn.

Launched: 5.75yr: €750m @ MS+88bp - Books above €3.35bn
Guidance: 5.75yr: MS+90bp (+/-2) WPIR - Books above €3.65bn (pre-rec)
IPTs: 5.75yr: MS+125a

• Issuer: Abertis Infraestructuras SA (Ticker: ABESM; Country: ES)
• Exp. Issue Ratings: BBB- / BBB (S&P/Fitch)
• Issuer Ratings: Baa3 stable / BBB- stable / BBB stable (Moody’s/S&P/Fitch)
• Issuer LEI: 549300GKFVWI02JQ5332
• Format: Senior Unsecured / Reg S / Bearer / New Global Note (NGN) (TEFRA D rules apply, no communications with or into the US)
• Size: €750m
• Pricing Date: 1-Jun-26
• Settlement: 8-Jun-26 (T+5)
• Maturity: 8-Mar-32 (5.75-year)
• Coupon: 3.625%, Fixed, annual, Act/Act ICMA, short first
• Re-Offer: 99.331 / 3.759% / MS+88bp / B+98.9bp
• Reference: DBR 0% 15-Feb-32 2.77% @ 85.570 (HR 106%)
• Make-Whole Spread: B+15
• Listing: Euronext Dublin (Regulated Market)
• Governing Law: English Law (other than status of the Notes that will be governed by Spanish law)
• Docs: Pursuant to the EMTN Programme (Base Prospectus dated 4-Mar-26 and supplemented on 28-May-26) with standard conditions precedent, as per EMTN Programme, including, without limitation, closing certificate and legal opinions
• Optional Redemptions: Change of Control Put / 3m Par Call / Make Whole Call / Clean up Call (75%)
• Denominations: €100k+€100k
• UoP: GCP including the repayment or refinancing of indebtedness of the Group.
• Joint Bookrunners: Banco Sabadell, Barclays (B&D), BNP Paribas, BofA Securities, CaixaBank, Citi, Commerzbank, IMI - Intesa Sanpaolo, Mediobanca, Mizuho, Morgan Stanley, RBC Capital Markets, Santander, SMBC
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The EMTN Programme is available on the website of the Irish Stock Exchange
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• ISIN/Common Code: XS3399007288 / 339900728
• Clearing: Euroclear and Clearstream, Luxembourg
• Stabilization: Relevant Stabilization regulations including FCA/ICMA apply
• Timing: TOE 15.02 UKT / FTT: 15.30 UKT

PRICED: Mapfre €500m 11NC10 T2; MS+145bp

IGC European Market: Deal Flow - General

Reoffer: 11NC10: MS+145bp / 99.968 / 4.504%
Benchmark: 11NC10: DBR 2.9% 15-Feb-36 @ 98.940% / B+147.8 / HR 95.2%

Final book > €2.5bn. Peak book over €2.7bn

Launched: 11NC10: €500m @ MS+145bp - Books over €2.7bn
Book Update: Books over €2bn
IPTs: 11NC10: MS+175/180bp

• Issuer: Mapfre, S.A. (Ticker: MAPSM)
• Issuer LEI: 95980020140005693107
• Instrument: Fixed Rate Reset Tier 2 Notes
• Issuer Credit Rating: A- (S&P, Positive) / A (Fitch, Stable)
• Expected Issue Rating: BBB (S&P)
• Form of Securities: Reg S, dematerialised book entry form (anotaciones en cuenta)
• Status of the Notes: Tier 2 Notes (Condition 3(d) of the terms and conditions of the Tier 2 Notes of the Base Prospectus applies).
• Aggregate Nominal Amount: €500,000,000
• Spread: MS+145bps & DBR 2.90% 15-Feb-36 + 147.8bps (98.940%) HR:95.2%
• Reoffer: 99.968% (4.504% yld)
• Pricing Date: 1-Jun-26
• Settlement Date: 9-Jun-26 (T+6)
• Scheduled Maturity Date: 9-Jun-37 (subject to Condition 6(b) (Deferral of Redemption and Purchase))
• First Reset Date: 9-Jun-36
• Coupon: 4.500% Fixed, annual, payable in arrear, Act/Act (ICMA), following unadjusted, until the First Reset Date. If not redeemed on the First Reset Date, 1-year mid-swap + 145bps
• Mandatory deferral of Interest: If any of the following Regulatory Deficiency Interest Deferral Events has occurred and is continuing or would occur if payment of interest were made: (i) any event (including any breach of any Regulatory Solvency Capital Requirement or any Regulatory Minimum Capital Requirement applicable to the Issuer or all or part of the Group) which under Solvency II and/or under the Relevant Rules means that the Issuer must defer or suspend payment of interest, (ii) the Relevant Regulator prohibiting the Issuer from making payments of interest, or (iii) the Issuer being unable to meet regularly its due and payable liabilities.
• Arrears of Interest: Cash cumulative, non-compounding. Arrears of Interest may, subject to Regulatory Deficiency Interest Deferral Event not occurring / continuing, be paid in whole or in part at any time at the option of the Issuer upon not less than 14 days' notice. Arrears of Interest must be paid in full upon (i) the next Interest Payment Date which is not a Mandatory Interest Deferral Date and on which the scheduled payment of interest is made or is required to be made, (ii) the date on which a Winding-Up of the Issuer occurs, or (iii) the date of any redemption or purchase of the Notes.
• Mandatory deferral of Redemption: If any of the following Regulatory Deficiency Redemption Deferral Events has occurred and is continuing or would occur if redemption or purchase were made: (i) any event (including any breach of any Regulatory Solvency Capital Requirement or any Regulatory Minimum Capital Requirement applicable to the Issuer or the Group, or upon an Insolvent Insurer Winding-Up) which under Solvency II and/or under the Relevant Rules means that the Issuer must defer or suspend, in full or in part, repayment or redemption of the Notes, (ii) the Relevant Regulator prohibiting the Issuer from making payments of principal, or (iii) the Issuer being unable to meet regularly its due and payable liabilities.
• Issuer Call Option: Any date falling in the period from (and including) 9-Dec-35 to (and including) the First Reset Date, the Issuer may elect to redeem all, but not some only, of the Notes at 100% of their Outstanding Principal Amount together with any accrued and unpaid interest.
• Early Redemption Events: The Notes may be redeemed prior to their Schedule Maturity Date in the case of a Tax Event, following a Capital Disqualification Event, in the case of a Clean-Up Call Option (75% threshold) and following a Ratings Methodology Event Redemption of the Notes is subject to compliance with Condition 6(c), as applicable, and may be suspended or postponed in certain circumstances.
• Redemption Due to Tax Event: If a Tax Event has occurred (i.e., as a result of a change in the applicable laws or regulations the Issuer is no longer entitled to claim a deduction in respect of any payments relating to the Notes or the amount of such deduction is materially reduced), then the Issuer may, having given not less than 15 nor more than 30 days’ notice to the Holders, elect to redeem at any time all, but not some only, of the Notes at 100% of their Outstanding Principal Amount, together with any accrued and unpaid interest.
• Redemption Due to Capital Disqualification Event: If a Capital Disqualification Event has occurred (i.e., as a result of (or a change in the interpretation by any court or authority entitled to do so of) the Relevant Rules, the Notes (in whole or in part) have ceased to be eligible to qualify for inclusion in own funds as Tier 2 Capital), then the Issuer may, having given not less than 15 nor more than 30 days’ notice to the Holders, elect to redeem at any time all, but not some only, of the Notes at 100% of their Outstanding Principal Amount, together with any accrued and unpaid interest.
• Substitution and Variation: If a Tax Event, a Capital Disqualification Event or a Ratings Methodology Event has ocurred, then the Issuer may, having given not less than 15 nor more than 30 days' notice to the Holders but without any requirement for the consent or approval of the Holders, at any time either substitute all (but not some only) of the Notes for, or vary the terms of all (but not some only) the Notes so that they remain or, as appropriate, become, Qualifying Tier 2 Securities.
• Specified Denominations: €100,000 x 100,000
• ISIN / Common Code: ES0224244139
• Use of Proceeds: The net proceeds of the Notes will be used for the general financing purposes of the Issuer and/or the Group (including the tender offer for the outstanding €600,000,000 Fixed to Floating Rate Notes with scheduled maturity in 2047, ISIN: ES0224244089).
• Business Day Convention: Following, unadjusted
• Day Count Fraction: Actual / Actual ICMA
• Documentation: Issuer’s €5,000,000,000 EMTN Programme Base Prospectus dated 2-Dec-25, registered in the Spanish Securities Market Commission (CNMV) (the “Base Prospectus”).
• Governing Law: Spanish law
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus for the purposes of the Prospectus Regulation. A copy of the Base Prospectus may be obtained by eligible investors from the Joint Lead Managers and is available on the Issuer’s corporate website (www.mapfre.com) and on the website of the CNMV (www.cnmv.es). The final terms relating to the Notes to which this Term Sheet relates (the “Final Terms”) will be prepared and made available to the public in accordance with the Prospectus Regulation. The Final Terms (when published) will be available on the Issuer’s corporate website (www.mapfre.com) and on the website of the CNMV (www.cnmv.es).
• Listing: AIAF (Spanish regulated Fixed Income Securities Market)
• Target Market/PRIIPs: Manufacturers' target market (MiFID II product governance / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or DISC key information document (EU KID/UK KID) has been prepared as the Notes will not be available to retail investors in the EEA and UK. No sales to retail clients (as defined in the COBS 3.4) in the UK.
• Selling Restrictions: As per the Base Prospectus
• Fees: The Banks will be paid a fee by the Issuer in relation to the transaction
• Global Coordinators: Barclays, Citi (B&D)
• Joint Lead Managers: Barclays, BBVA, BofA Securities, Crédit Agricole CIB, Citi, Morgan Stanley and Santander
• Timing: Priced TOE: 16:08CET / 15:08UKT FTT: 16:30 CET / 15:30UKT

PRICED: Kutxabank €500m 6NC5 SP; MS+73bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+73bp / 99.631 / 3.582%
Benchmark: 6NC5: OBL 2.5 15-Apr-31 #193 @ 98.935 / B+84.9 / HR 100%

Final Books in excess of €1bn (incl. €90m JLM interest). Peak book in excess of €1.3bn.

Launched: 6NC5: €500m @ MS+73bp - Books in excess of €1.3bn (incl. €90m JLM interest)
Book Update: Books in excess of €1bn (excl. JLM interest)
IPTs: 6NC5:MS+95/100bp

• Issuer: Kutxabank S.A. (Ticker: KUTXAB)
• LEI: 549300U4LIZV0REEQQ46
• ISIN: ES0243307024
• Issuer Ratings: A3/A/A (Moody's/Fitch/DBRS)
• Expected Issue Ratings: A3/A/A (Moody's/Fitch/DBRS)
• Status of the Notes: Ordinary Senior Notes
• Form: Reg S, uncertificated, dematerialised book-entry form (anotaciones en cuenta)
• Use of Proceeds: An amount equal to the net proceeds of the Notes will be used for Green eligible projects that meet the eligibility criteria outlined in the Issuer’s Green, Social and Sustainability Bond Framework. The Issuer's Green, Social and Sustainability Bond Framework follows the ICMA Green Bond Principles: https://www.kutxabank.com/cs/Satellite/kutxabank/en/investor_relations/fixed_income/sustainable-financing
• Currency: €
• Size: €500m
• Pricing Date: 01-Jun-26
• Settlement Date: 10-Jun-26 (T+7)
• Maturity Date: 10-Jun-32 (6NC5)
• Optional Redemption Date: One-time call option on 10-Jun-31 (5-year)
• Coupon: 3.500% per cent. fixed per annum until the 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), for the interest period from and including the Optional Redemption Date to but excluding the Maturity Date.
• Interest Payment Date: 10-Jun in each year, commencing on 10-Jun-27 to (and including) the Maturity Date, if not fully redeemed previously
• Day Count Convention: Act/Act (ICMA), Following Business Day, Unadjusted
• Optional Redemption (Issuer Call): 10-Jun-31 (5-year) one-time call option, at par, in whole and not in part, at the Issuer’s discretion and subject to being permitted by the Applicable Banking Regulations and taking place in accordance with Applicable Banking Regulations in force at the relevant time and subject to the prior permission of the Relevant Resolution Authority, if and as applicable (if such permission is required). The provisions of Conditions 10(f) apply.
• Substitution & Variation: Subject to obtaining the prior Supervisory Permission, when applicable, and in accordance with Applicable Banking Regulations, if a Tax Event or an MREL Disqualification Event has occurred and is continuing, the Issuer may, at any time, substitute all (but not some only) of the Notes or vary the terms of all (but not some only) of the Notes, without any requirement for the consent or approval of the Holders, so that they are substituted for, or varied to become or remain, Qualifying Notes, all of the above in accordance with the provisions of Condition 15.
• Events of Default: None, except if an order is made by any competent court commencing insolvency proceedings against the Issuer or if any order is made by any competent court or resolution passed for the winding up or liquidation of the Issuer (except in the case of a reconstruction, merger or amalgamation or spin-off or any other structural modification, as further described in Condition 13(a)). Condition 13(b) does not apply
• Redemption upon a Tax Event: Applicable. The provisions of Condition 10(c) apply
• MREL Disqualification Event: Applicable. The provisions of Condition 10(e) apply
• Issuer Residual Call: Applicable. The provisions of Condition 10(h) apply
• Residual percentage: 25%
• Early Redemption Amount: 100% of Outstanding Principal Amount
• Waiver of Set-off: Applicable. The provisions of Condition 14 apply
• Gross-up in respect of principal and any premium: Not applicable
• Joint Lead Managers: Barclays, Citi (B&D), Credit Agricole CIB, Kutxabank Investment, Nomura and Santander
• Listing and trading: AIAF
• Clearing systems: Iberclear, Euroclear and Clearstream
• Documentation: Kutxabank, S.A. €5bn Euro Medium Term Note and European Covered Bond (Premium) Programme Base Prospectus dated 22-Jan-26. The Base Prospectus is, and the Final Terms when approved will be, available on the website of the Spanish Securities Market Commission (www.cnmv.es).
• Denominations: €100,000 + €100,000
• Governing Law: Spanish Law
• Selling restrictions: There are restrictions on the distribution of the Base Prospectus and the offer or sale of Notes in the EEA, Spain, the UK, the United States, Belgium, Switzerland, France and Italy (see “Subscription and Sale” of the Base Prospectus
• Target Market: Manufacturers’ target market is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in the EEA or in the UK
• ToE: 15:32 BST / 16:32 CET
• FtT: 16:00 BST / 17:00 CET

Green SP
6NC5 (June 2032) @ MS+95 to +100
Implied Spread for fresh 6 year @ +68
Priced at MS+73
NIC of +5

PRICED: Hammerson €350m 5yr Sr Unsec; MS+110bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+110bp / 99.683 / 3.946%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 98.981 / B+122.4 / HR 99%

Final Books: in excess of €1.4bn. Peak book in excess of €1.9bn (pre-rec)

Launched: 5yr: €350m @ MS+110bp - Books in excess of €1.9bn (pre-rec)
Guidance: 5yr: MS+115a - Books in excess of €1.9bn (pre-rec)
IPTs: 5yr: MS+145/150bp

• Issuer: Hammerson plc (Ticker: HMSOLN; Country: GB)
• LEI: 213800G1C9KKVVDN1A60
• Expected Issue Ratings: Baa2/A- (Moody's/Fitch)
• Format: Reg S, Bearer, NGN, Senior, Unsecured, TEFRA D
• Settlement Date: 08-Jun-26 (T+5)
• Size: €350m
• Maturity: 08-Jun-31 (5-year)
• Re-offer: MS+110bps / 99.683 / 3.946%
• Benchmark: 122.4bps vs OBL 2 1/2 16-Apr-31 @98.981 / 2.722% (HR: 99%)
• Coupon: 3.875%, Fixed, Annual, Act/Act (ICMA)
• Docs / Governing Law / Listing: Under the Issuer’s GBP 5,000,000,000 Euro Medium Term Note Programme dated 24-Apr-26 (the “Prospectus”) / English Law / London Stock Exchange (Regulated Market)
• Issuer Calls: 3m Par Call / MWC (B+20bps) / Clean-Up Call (80%)
• Investor Put: Change of Control Put (Restructuring Event) (100%) applicable as per the Prospectus
• Denominations: €100k+1k
• Use of Proceeds: General corporate purposes
• Selling Restrictions: As per the Prospectus
• Covenants: As per the Prospectus, Condition 4.1(A) and (B), Restrictions on Borrowing
• Active Bookrunners: BNP Paribas, Lloyds (B&D), Mizuho, Morgan Stanley
• Target Market / PRIIPs: Manufacturer target market (EU 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 the EEA or the UK
• Marketing: https://dealroadshow.com/e/HAMMERSON26
• Advertisement: This communication is an advertisement. The Prospectus and the Final Terms relating to the securities, when published will be, available on the Issuer’s website Debt Investors | Hammerson
• ISIN / Common Code: XS3392861913 / 339286191
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA will apply
• Timing: TOE: 16:06 UKT | FTT 16:30 UKT

• Details correct at time of posting