Commentary & Deal Flow

Reoffer: long 8yr: SPGB+12bp / 99.971 / 3.350%
Benchmark: long 8yr: SPGB 3.45% 31-Oct-34 @ 101.584% / 3.230% / HR 98%

Final Books in excess of €2bn (incl. €190m JLM interest). Peak book in excess of €2.1bn.

Launched: long 8yr: €500m @ SPGB+12bp - Orderbooks in excess of €2.1bn (incl. €205m JLM interest)
Rev Guidance: long 8yr: SPGB+14a - Orderbooks in excess of €2bn (incl. €205m JLM interest)
Guidance: long 8yr: SPGB+17a

• Issuer: Junta de Andalucía
• Ticker: ANDAL
• LEI: 959800G42HFTN7MWAY79
• Issuer Rating: A3/A/AH (all stable) by Moody's, S&P and DBRS
• Exp. Issue Rating: A3/A/AH by Moody's, S&P and DBRS
• Format: Sustainable, Reg S Cat 1, Dematerialised Book-entry form (No sales into Canada)
• Ranking: Senior, Unsecured
• Risk Weighting: 0% in the Eurozone, LCR Level 1
• Size: €500m
• Settlement: 12-Jun-26 (T+8)
• Maturity: 31-Oct-34
• Coupon: 3.350% Fixed, Annual, Act/Act, long first coupon
• Reoffer: 99.971% / 3.350% / SPGB + 12bps (MID)
• Benchmark Ref: SPGB 3.45% 31-Oct-34 @ 101.584% 3.230% (MID) HR 98%
• Listing: AIAF
• Gov Law: Spanish
• Min Denoms: €1k+ €1k
• Use of Proceeds: As defined in the Junta de Andalucía’s Sustainable Finance Framework
• 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, CaixaBank, Crédit Agricole CIB, HSBC, ING and Santander (B&D)
• ISIN: ES0000090987
• TTOE/FTT: TOE 12.46 UKT 13.46 CET / FTT immediately