Commentary & Deal Flow

• € IG supply for today totalled €10.8bn from 9 issuers / 10 tranches (2 x Corporate, 4 x FIG & 3 x SSA). Of the FIG trades, 2 were covered (one of which was green), with 1 a senior preferred ‘green’ & the remaining a Tier 2.
• Covered issues continue to price in line with recent trades; namely by 6 or 7bps from IPTs.
• A review of today’s supply is as follows.
• • Corporate
  • • Total IG: €2.05bn
    • Avg. tranche size €683bn
    • Avg. IPT to Pricing -52.33bps
    • Avg. cover 6.1 X
  • FIG
  • • Total IG: €2.75bn
    • Avg. tranche size €688m
    • Avg. IPT to Pricing -20bps (unsecured) - €1bn
    • Avg. IPT to Pricing -6.5bps (covered) - €1.75bn
    • Avg. cover 2.84 X
  • SSA
  • • Total IG: €6bn
    • Avg. tranche size €2bn
    • Avg. IPT to Pricing -2.33bps
    • Avg. cover 6.3 X
• 2 Sterling IG trades priced for a total of £1.65bn from 2 issuers (1 x FIG & 1 x SSA).
• 1 Swiss Franc IG trade. Multi-tranche Chf1.09bn (€1.2bn) from 1 issuer (1 x Corp).
• 1 USD Reg S IG trade, totalling $500m from 1 issuer (1 x FIG).
• One oddity worth mentioning was SSA issuer ‘Investitionsbank Berlin’ who launched a €500m, 8 year with terms set, however, they took the unusual step of holding the trade open through until tomorrow, when the deal is expected to price.
• IG Pipeline:
• • 3 x € Corporate 
  • 5 x € FIG
  • 5 x € SSA
  • 1 x £ SSA
  • 1 x $ SSA 

A few trades remaining outstanding are the MTR triple-tranche which commenced investor meetings on the 28th of May. Additionally, Bpi France’s 5 year secured offering also remains out there, having been mandated back on the 21st of May. Finally, the State of Saxony-Anhalt mandated a 2 year digital bond on the 27th of May.

Euro IG (today)

Corporate

• The first corporate offering of the day came from British utility SSE plc - formerly known as Scottish & Southern Energy (exp. Issue ratings Baa3 / BBB- / BBB) announced a dual-tranche hybrid offering with a Perp NC5.25 & a Perb NC8. Both were announced as benchmark size with IPTs of 4.875% to 5.0% for the former & 5.375% to 5.5% for the latter. Both tranches sized at €650m with solid orderbooks of €4.8bn & €5.6bn respectively. Final books were an impressive €10bn (€4bn & €6bn). The PNC5.25 priced at 4.375%, while the PNC8 priced at 4.80%.
• Renault SA (Ba1 / BBB- by Moody’s & S&P) brought a € benchmark vanilla 5 year offering with IPTs in the area of MS+170. Books initially called at over €1.75bn & rose to over €3.2bn (pre-rec) - final books >€2.3bn. Guidance came in the area of MS+135 (+/- 2, WPIR). The deal sized at €750m & priced 37bps tighter than IPTs at MS+133. Final books were over €2.5bn (pre-rec at the tight end of guidance).

FIG

• ING Belgium NV/SA (issue ratings Aaa / AAA by Moody’s & Fitch), came out first with a €750m (wng) 5.25 year covered - Residential Mortgage Pandbrieven. The soft bullet September 31 issue had initial guidance of MS+28 area. Books were first called at over €1.5bn (excl. JLMs), rising to over €2.2bn (incl. €140m JLMs) - final books >€1.9bn. The trade sized as expected, pricing at MS+21 - 7bps tighter than IPTs.
• Having announced the mandate yesterday, DZ Hyp AG (exp. Issue ratings Aaa / AAA) brought its € benchmark, 10 year (30th May 2036), Green Pfandbrief (Hypothekenpfandbrief). Guidance on the offering was in the area of MS+36. Books were first announced as over €2bn (incl. €300m JLMs), climbing to €2.7bn. The deal sized at €1bn & priced at MS+30, with final books over €3.4bn (incl. €350m JLMs).
• Volkswagen Bank GmbH (exp. Issue ratings A1 / BBB+ / A-) brought a 2 year FRN, green, senior preferred offering with an expected size of €500m. Guidance for the trade was in the area of 3mth Euribor +75. Books rose to over €1.1bn (exc. JLMs), with final books over €1bn. The deal sized at €500m & priced at 3mth Euribor+63.
• The UK’s Nationwide Building Society (exp. Issue ratings Baa1 / BBB / BBB+) announced a €500m (wng), 11NC6 Tier 2 with IPTs in the area of MS+155. Books stood over €2.45bn (pre-rec), with final books above €2.2bn. The €500m trade priced at MS+127 - 28bps tighter than IPTs.

SSA

• The anticipated European Investment Bank (Aaa / AAA / AAA) 10 year Climate Awareness EARN benchmark (aka: ‘Green’ bond) came early, due 15 July 2036. The transaction (RegS, Registered, Cat1) had guidance in the area of MS+24. Books were first called above €30bn (incl. €2.5bn JLMs), climbing to over €35bn. Spread set at MS+22 & the deal sized at €5bn, pricing at that level.
• The German State of Hesse (AA+ by S&P), brought its anticipated €500m (wng) 7 year FRN (10 June 2033). Guidance on the trade was in the area of 6 mth Euribor +15. Books were first cited as over €725m (incl. €350m JLMs), when spread was set at 6mth Euribor +15, in line with guidance. Books climbed to over €820m & the deal priced as expected at 6 mth Euribor +15.
• The Junta de Andalucía, (exp. Issue ratings A3 / A by Moody's & S&P), brought its expected  Long 8 year €500m (wng) Sustainable Bond maturing on the 31st October 2034. The deal came with guidance in the area of SPGB+17 (Spanish Govies). With orderbooks over €2bn (inc. €205m JLMs), guidance was revised tighter to SPGB+14 area. Books peaked at €2.1bn (final books €2bn - incl. €190m JLMs), & with size already set at €500m the deal priced 2bps tighter still at SPGB (mid) +12. 

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Crédit Agricole S.A. came with a long 7NC6 (20 December 2033), senior, non-preferred benchmark offering. IPTs were in the area of UKT+115. Books called over £1.5bn, rising to over £1.7bn (incl. £15m JLMs) - final books >£1.6bn. The deal sized at £650m & priced at UKT+100.
• Province of British Columbia (Aa2 / AA / AA-) announced a fresh 6 year benchmark, with IPTs of SONIA MS+54. Books were in called over £1.9bn (incl. £200m JLMs), rising to £2.5bn. The trade sized at £1bn, pricing at the SONIA MS+51 number.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

Corporate

• Having previously announced the mandate, Danish pharmaceutical company Novo Nordisk A/S (exp. Issue rating AA by S&P), came early with details of their inaugural senior unsecured benchmark multi-tranche offering. IPTs to guidance, with first indications of size were announced as follows:
• • 3 year SARON MS+35 => SARON MS+35 area / Chf 100m
  • 6 year SARON MS+52 => SARON MS +55 area / Chf 300m
  • 10 year SARON MS+68 => SARON MS +70 area / Chf 200m
  • 15 year SARON MS+80 => SARON MS +83 area / Chf 150m

Final terms & pricing: - Total of Chf1.09bn (€1.2bn)

• • 3 year SARON MS+35 / Chf 180m
  • 6 year SARON MS+55 / Chf 400m
  • 10 year SARON MS+70 / Chf 335m
  • 15 year SARON MS+83 / Chf 175m

Week-to-date volumes:

US$ Reg S (today)

FIG

• UK financial Marex Group (exp. Issue rating BB / BB by S&P & Fitch) announced a Perp NC6.5 hybrid issue with IPTs in the area of an 8.0% coupon. With a book of over $975m, the trade priced 30bps tighter at 7.70%.

Pending Deals & Mandates 

Euro (€)

• Tuesday, 26th 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.
• Monday, 1st June: Technip Energies N.V. (rated BBB stable by S&P), a global technology & engineering powerhouse for energy infrastructure & decarbonization, mandated Crédit Agricole CIB & 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. Investor marketing concluding Tuesday with 70+ investors engaged. Balance of feedback in the context of MS+low 100s.
• Monday, 1st June: 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. Calls concluded today with 80+ investors engaged. Timing as soon as Wednesday, 3rd June, subject to market conditions

• Friday, 22nd May: 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.
• Monday, 1st June: 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.
• Monday, 1st June: Icelands, Kvika banki hf. 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.
• Tuesday, 2nd June: KBC Insurance NV (rated A by S&P), mandated BNP Paribas as Sole Global Coordinator & BNP Paribas, Credit Agricole, Deutsche Bank, JP Morgan & KBC as JLMs to arrange a series of fixed income investor calls on 2 June 2026. A €500m (wng) fixed rate 10 year subordinated note, qualifying as Tier 2 capital & expected to be rated BBB+ by S&P, will follow, subject to market conditions.
• Tuesday, 2nd June: Crelan Home Loan SCF (exp. Issue rating Aaa by Moody’s) mandated BNP Paribas, Commerzbank, HSBC, NORD/LB, Santander & Société Générale as Joint Bookrunners to lead manage a dematerialized € benchmark 8 year fixed rate soft bullet covered bond (100% Belgian Prime residential mortgage) transaction. The notes will be labelled European Covered Bond (Premium). The sponsor bank Crelan SA is rated A / A-1, stable outlook (S&P) and A2 /P-1, stable outlook (Moody’s). Relevant stabilization regulation, including FCA/ICMA Stabilization, apply. The transaction will be launched in the near future, subject to market conditions. 

• Thursday, 28th May: 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.
• Monday, 1st June: 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.
• Tuesday, 2nd June: Investitionsbank Berlin (Aa1 / AAA by Moody’s & Fitch) & guaranteed by  the German Federal State of Berlin, announced & launched an 8 year, €500m senior unsecured offering with pricing set at MS+22. The trade is unusual in that terms are set & the borrower stated that they would be collecting interest through until Wednesday June 3rd at 10:00 am Frankfurt time. Pricing will be shortly thereafter on the same day. As such the deal is in the pipeline.
• Tuesday, 2nd June: The African Development Bank (Aaa / AAA / AAA), mandated Credit Agricole CIB, Goldman Sachs International, JP Morgan & NatWest, to lead manage its new 7 year € Social benchmark (Global SEC exempt) to be launched & priced in the near future, subject to market conditions.
• Tuesday, 2nd June: The Autonomous Community of Castilla y León (A3 by Moody’s), mandated BBVA, Crédit Agricole CIB, HSBC, ING, Kutxabank Investment & Santander as Joint Bookrunners for its upcoming Sustainable € Bond transaction. The RegS Cat1, dematerialized book-entry form,  short 8 year, €500m (wng) bond transaction (30 April 2034) & is expected to be rated A3 by Moody’s. The transaction will be launched and priced in the near future subject to market conditions.

Sterling (£)

• Friday, 29th May: 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

US$ (Reg S)

• Tuesday, 2nd June: The State of North Rhine-Westphalia (Aa1 / AA / AAA) announced a USD benchmark 5 year. Taking IOI’s IPTs were SOFR MS+37 area. Bookrunners were Bank of Montreal, CIBC, Citi, Daiwa & Scotiabank.

Transaction Details 

PRICED: ING Belgium NV/SA €750m 5.25yr CB; MS+21bp

IGC European Market: Deal Flow - General

Reoffer: 5.25yr: MS+21bp / 99.941 / 3.014%
Benchmark: 5.25yr: OBL 2.5 31 #193 @ 99.23 / B+34.70 / HR 107%

Final book above €1.9bn (incl 140m JLM interest). Peak book above €2.2bn.

Launched: 5.25yr: €750m @ MS+21bp - Books above €2.2bn (incl. €140m JLM)
Book Update: Books above €1.5bn (excl. JLM)
Guidance: 5.25yr: MS+28a

• Issuer: ING Belgium NV/SA
• Issuer Legal Entity Identifier (LEI): JLS56RAMYQZECFUF2G44
• Issue Ratings: Aaa/AAA (Moody's/Fitch)
• Status: Belgian Mortgage Pandbrieven (collateral 100% Prime Belgian Residential Mortgages)
• EU Harmonisation Label: European Covered Bond (Premium)
• Size: €750m
• Reoffer: MS+21bp / 99.941% / 3.014%
• Benchmark: OBL 2.5 31 #193 / B+34.70 / 99.23 /HR: 107%
• Settlement Date: 09-Jun-26 (T+5)
• Maturity Date: 09-Sep-31 – 5.25yr Soft Bullet
• Coupon: 3.000%, Fixed Annual, Short first
• Coupon during Extended Maturity: 1 month Euribor + 21bps, per annum, monthly in arrear, from 09-Sep-31 until 09-Sep-32
• Day Count Fraction until the Maturity Date: Actual/actual (ICMA)
• Business Day Convention until the Maturity Date: Following Business Day Convention, unadjusted
• Day Count Fraction during Extended Maturity: Actual/360
• Business Day Convention during Extended Maturity: Following Business Day Convention, adjusted
• Business Day Centre: T2, Brussels
• ISIN: BE0390354265
• Denomination: €100,000 + €100,000
• Listing: Euronext Brussels
• Governing Law: Belgian Law
• Joint Lead Managers: Danske Bank, Erste Group, ING (B&D), La Banque Postale, LBBW, NORD/LB and SEB
• Documentation: Issued off the ING Belgium NV/SA €20bn Residential Mortgage Pandbrieven Programme dated 26-May-26
• Security Format: Dematerialized Notes in the X/N Clearing System of the National Bank of Belgium (“NBB”), Reg S.
• Target market: MiFID II professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) has been prepared as not available to retail in EEA
• Fees: The Joint Lead Managers will be paid a fee in connection to the transaction. Details of the fee may be available to investors upon request from your usual contact sales.
• Timing: TOE: 13:56 CET / FTT 14:15 CET
• Advertisement: This Term Sheet is an advertisement for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”). It is not a prospectus or final terms for the purposes of the Prospectus Regulation. The Prospectus dated 26-May-26, and its supplement(s) thereto are available at https://www.ing.be/en/individuals/about-us/investor-information/residential-mortgage-pandbrieven-programme and the Final Terms, when published, will be available on the same website

PRICED: Federal State of Hesse €500m 7yr Sr Unsec FRN; 6mE+15bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: 6mE+15bp / 99.036

Final Books: Above €820m (incl. €350m JLM)

Launched: 7yr: €500m @ 6mE+15bp - Books above €725m (incl. €350m JLM)
Guidance: 7yr: 6mE+15a

• Issuer: Federal State of Hesse (Ticker: HESSEN)
• BBG Ticker: HESSEN Govt
• Issuer Rating: AA+ (stable) S&P / AAA (stable) Scope
• Status: Senior, Unsecured, Unsubordinated, RW 0%
• Size: €500m
• Maturity: 10-Jun-33
• Settlement: 10-Jun-26 (T+5)
• Reoffer: 6mE+15 bps, 99.036
• Coupon: 6mE flat, semi annual, act/360 (mod. following, adjusted)
• Interest Payment Dates: Semi annual payments on 10 June, 10 December, from and including 10-Dec-26 to (and including) the maturity date, subject to adjustment in accordance with the Business Day.
• Law/List/Denoms: German / Frankfurt / 1k
• Joint Leads: BayernLB, DekaBank (B&D), DZ BANK, Helaba, NORD/LB
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Target Market: Manufacturer target market (MiFID II product governance) is retail, eligible counterparties and professional clients (all distribution channels)
• ISIN/WKN/Series: DE000A1RQFF4 / A1RQFF / 2606
• Timing: ToE 14:04 CET, FTT immediately

PRICED: Junta de Andalucia €500m long 8yr Sust Sr Unsec; SPGB+12bp

IGC European Market: Deal Flow - SSA

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

PRICED: ING Belgium NV/SA €750m 5.25yr CB; MS+21bp

IGC European Market: Deal Flow - General

Reoffer: 5.25yr: MS+21bp / 99.941 / 3.014%
Benchmark: 5.25yr: OBL 2.5 31 #193 @ 99.23 / B+34.70 / HR 107%

Final book above €1.9bn (incl 140m JLM interest). Peak book above €2.2bn.

Launched: 5.25yr: €750m @ MS+21bp - Books above €2.2bn (incl. €140m JLM)
Book Update: Books above €1.5bn (excl. JLM)
Guidance: 5.25yr: MS+28a

• Issuer: ING Belgium NV/SA
• Issuer Legal Entity Identifier (LEI): JLS56RAMYQZECFUF2G44
• Issue Ratings: Aaa/AAA (Moody's/Fitch)
• Status: Belgian Mortgage Pandbrieven (collateral 100% Prime Belgian Residential Mortgages)
• EU Harmonisation Label: European Covered Bond (Premium)
• Size: €750m
• Reoffer: MS+21bp / 99.941% / 3.014%
• Benchmark: OBL 2.5 31 #193 / B+34.70 / 99.23 /HR: 107%
• Settlement Date: 09-Jun-26 (T+5)
• Maturity Date: 09-Sep-31 – 5.25yr Soft Bullet
• Coupon: 3.000%, Fixed Annual, Short first
• Coupon during Extended Maturity: 1 month Euribor + 21bps, per annum, monthly in arrear, from 09-Sep-31 until 09-Sep-32
• Day Count Fraction until the Maturity Date: Actual/actual (ICMA)
• Business Day Convention until the Maturity Date: Following Business Day Convention, unadjusted
• Day Count Fraction during Extended Maturity: Actual/360
• Business Day Convention during Extended Maturity: Following Business Day Convention, adjusted
• Business Day Centre: T2, Brussels
• ISIN: BE0390354265
• Denomination: €100,000 + €100,000
• Listing: Euronext Brussels
• Governing Law: Belgian Law
• Joint Lead Managers: Danske Bank, Erste Group, ING (B&D), La Banque Postale, LBBW, NORD/LB and SEB
• Documentation: Issued off the ING Belgium NV/SA €20bn Residential Mortgage Pandbrieven Programme dated 26-May-26
• Security Format: Dematerialized Notes in the X/N Clearing System of the National Bank of Belgium (“NBB”), Reg S.
• Target market: MiFID II professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) has been prepared as not available to retail in EEA
• Fees: The Joint Lead Managers will be paid a fee in connection to the transaction. Details of the fee may be available to investors upon request from your usual contact sales.
• Timing: TOE: 13:56 CET / FTT 14:15 CET
• Advertisement: This Term Sheet is an advertisement for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”). It is not a prospectus or final terms for the purposes of the Prospectus Regulation. The Prospectus dated 26-May-26, and its supplement(s) thereto are available at https://www.ing.be/en/individuals/about-us/investor-information/residential-mortgage-pandbrieven-programme and the Final Terms, when published, will be available on the same website

PRICED: Province of British Columbia £1bn 6yr Sr Unsec; SONIA MS+51bp

IGC European Market: Deal Flow - SSA

Reoffer: 6yr: SONIA MS+51bp / 99.903 / 4.719%
Benchmark: 6yr: UKT 4.250% 09-Jun-32 @ 99.053 / B+23.4bp / HR 101%

Final Books: In excess of £2.5bn (incl. £200m JLM)

Launched: 6yr: £1bn @ SONIA MS+51bp - Books in excess of £2.5bn (incl. £200m JLM)
Spread set at: 6yr: SONIA MS+51bp - Books in excess of £1.9bn (incl. £200m JLM)
IPTs: 6yr: SONIA MS+54bp area

• Issuer: Province of British Columbia (Ticker: BRCOL)
• Issuer Ratings: Aa2/AA/AA-/A (Moody's/DBRS/Fitch/S&P)
• Format: Reg S, Bearer Notes, NGN
• Size: £1bn
• Maturity Date: 09-Jun-32 (6 years)
• Settlement: 09-Jun-26 (T+5)
• Coupon: 4.700%, Fixed, Ann. ACT/ACT
• Spread: SONIA MS (A, A/365) + 51 bps
• Price / Yield: 99.903 / 4.719% Annual / 4.665% Semi
• Gilt ref: +23.4 bps vs UKT 4.250% 09-Jun-32 MID (mid @ 99.053, bid 99.068; HR 101%)
• Denominations: £100,000 + £1,000
• Bookrunners: Barclays/HSBC/Scotiabank (B&D)
• Listing: Luxembourg (Euro MTF Market)
• Docs: Issuer’s Euro Debt Issuance Programme
• ISIN: XS3402723400
• Governing Law: Province of British Columbia/Canada
• Timing: PRICED. TOE: 14:12 UKT. FTT: Immediately.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Final Prospectus, when published, will be available at https://www.luxse.com/issuer/BritishColumbia/27848
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professionals only (all distribution channels)
• Notes: Reference Gilt spread was vs mid Gilts mark but hedges were executed vs the DM traders bid side

PRICED: Novo Nordisk A/S CHF 1.09bn 3yr, 6yr, 10yr & 15yr Sr Unsec; SARON MS+35, +55, +70 & +83

IGC European Market: Deal Flow - General

Reoffer:
3yr: SARON MS+35 / 100 / 0.575%
6yr: SARON MS+55 / 100 / 0.9425%
10yr: SARON MS+70 / 100 / 1.315%
15yr: SARON MS+83 / 100 / 1.6325%

Benchmark:
3yr: Govt +48.1bp
6yr: Govt +69.8bp
10yr: Govt +93.8bp
15yr: Govt +106.1bp

Launched:
3yr: CHF 180m @ SARON MS+35bp
6yr: CHF 400m @ SARON MS+55bp
10yr: CHF 335m @ SARON MS+70bp
15yr: CHF 175m @ SARON MS+83bp

Spread set at:
3yr: SARON MS+35bp
6yr: SARON MS+55bp
10yr: SARON MS+70bp
15yr: SARON MS+83bp

Guidance:
3yr: SARON MS+35a
6yr: SARON MS+55a
10yr: SARON MS+70a
15yr: SARON MS+83a

IPTs:
3yr: SARON MS+35/40bp
6yr: SARON MS+52/57bp
10yr: SARON MS+68/73bp
15yr: SARON MS+80/85bp

• Issuer: Novo Nordisk A/S
• Ticker: NOVOB
• Issuer Domicile: Denmark
• Format: Public Fixed-Rate Notes
• Ranking: Senior Unsecured
• Issuer Rating: Aa3 (stable) by Moody's, AA (stable) by S&P
• Instrument Rating (exp): AA by S&P
• Size:
• • 3yr: CHF 180m
  • 6yr: CHF 400m
  • 10yr: CHF 335m
  • 15yr: CHF 175m
• Coupon:
• • 3yr: 0.5750% p.a. (30/360, following unadj.)
  • 6yr: 0.9425% p.a. (30/360, following unadj.)
  • 10yr: 1.3150% p.a. (30/360, following unadj.)
  • 15yr: 1.6325% p.a. (30/360, following unadj.)
• Maturity:
• • 3yr: 11-Jun-29
  • 6yr: 11-Jun-32
  • 10yr: 11-Jun-36
  • 15yr: 11-Jun-41
• Spread/Yield:
• • 3yr: SARON MS +35.0 // YTM 0.5750% // Govt + 48.1
  • 6yr: SARON MS +55.0 // YTM 0.9425% // Govt + 69.8
  • 10yr: SARON MS +70.0 // YTM 1.3150% // Govt + 93.8
  • 15yr: SARON MS +83.0 // YTM 1.6325% // Govt + 106.1
• Issue Price:
• • 3yr: 100.000%
  • 6yr: 100.000%
  • 10yr: 100.000%
  • 15yr: 100.000%
• ISIN / Valor:
• • 3yr: CH1572819956 / 157.281.995
  • 6yr: CH1572819964 / 157.281.996
  • 10yr: CH1572819972 / 157.281.997
  • 15yr: CH1572819980 / 157.281.998
• Lead Manager(s): Deutsche Bank, BNP Paribas
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 2a)
• Documentation: Under the Issuer’s €30,000,000,000 EMTN Programme Base Prospectus
• Early Redemption: 1-month Par Call on Tranche 1, 3-month Par Call on Tranche 2-4, Clean-up Call (85% threshold), Tax Call
• Use of Proceeds: General corporate purposes
• FinSA Prospectus: Base Prospectus is deposited with and recognized by the Swiss Prospectus Office pursuant to Art. 54(2) FinSA. Final Terms available in accordance with Art. 45 (3) FinSA. Public Offering in Switzerland only.
• Governing Law: English law
• Covenants: PP, NP, XD
• SIX Listing: 10-Jun-26
• Settlement: 11-Jun-26
• Denomination: CHF 100,000 and multiples thereof
• Selling Restrictions: In particular United States and US persons, European Economic Area, United Kingdom, Japan, Belgium, Denmark, The Netherlands, Singapore, Canada, each as per the Issuer’s EMTN Programme Base Prospectus. No public offer in the EEA and the UK (Prohibition of sales to retail investors in the EEA and the UK).
• Target Market: The manufacturer target market under MiFID II product governance is eligible counterparties and professional clients only (all channels for distribution), subject to applicable selling restrictions.

PRICED: DZ HYP €1bn 10yr Green CB; MS+30bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: MS+30bp / 99.541 / 3.305%
Benchmark: 10yr: DBR 0% 15-May-36 @ 74.47% / B+29.7bp / HR 116%

Final Books €3.4bn (incl. €350m JLM).

Launched: 10yr: €1bn @ MS+30bp - Orderbook at €2.7bn (incl. €300m JLM)
Book Update: Books above €2bn (incl. €300m JLM)
Guidance: 10yr: MS+36a

• Issuer: DZ HYP AG
• Ticker: DZHYP
• Issuer ESG Rating: ISS-Corporate (C+ / Prime), Sustainalytics (15.5 / low risk), Sustainable Fitch (2 / entity and framework)
• Issue Type: Mortgage Pfandbrief, European Covered Bond (Premium)
• Format: Reg S, bearer Tefra C
• Expected Issue Rating: Aaa/AAA (Moody's/S&P)
• Size: €1bn
• Coupon: 3.25% fixed, annual act/act ICMA 251, short first cpn
• Value Date: 09-Jun-26 (T+5)
• Maturity Date: 30-May-36
• Reoffer: MS +30bps - yld 3.305% - 99.541%
• Benchmark: DBR 0% 15-May-36 +29.7 bps @spot 74.47%, h/r 116%
• Leads: Barclays, BMO, Commerzbank, DZ BANK (B&D/DM), ING, Nordea, NORD/LB
• Listing: Hamburg Stock Exchange (Regulated market)
• Denoms/Law: €1,000 + €1,000, German
• ISIN/WKN/Series: DE000A4DFKT2 / A4DFKT / 1288
• Target Market: The target market for the bonds is eligible counterparties, professional clients and retail clients, each as defined in MiFID II (all channels for distribution of the bonds are appropriate).
• Use of proceeds: DZ HYP intends to use the proceeds from the issuance of Green Pfandbriefe to finance and refinance eligible green assets as defined in the issuer’s Green Bond Framework dated December 2024, which is published on the issuer’s website (https://dzhyp.de/en/investor-relations/informations-for-investors/green-bonds/). In addition, DZ HYP publishes an annual Green Bond Reporting, consisting of an allocation report and an impact report, available under ‘Reports’ at the same link.
• Advertisement: The Prospectus dated 11-May-26 is available at https://www.luxse.com/programme/Programme-DZHyp/12937 and the Final Terms, when published, will be available at https://www.dzhyp.de/en/investor-relations/informations-for-investors/debt-issuance-programme/
• Public offer restrictions: Public offer (retail) may be made in Luxembourg and Germany during the Offer Period on 08 and 09-Jun-26. Elsewhere in the EEA subject to any national restrictions onoffers in such EEA states, offers to qualified investors (as defined in the Prospectus Regulation) may be made. See Prospectus and Final Terms for further details.
• Timing: PRICED - toe 15:35 CEST / 14:35 BST, FTT 15:50 CEST / 14:50 BST

PRICED: Marex Group US$500m PNC6.5 Sub; 7.7%

IGC European Market: Deal Flow - General

Reoffer: PNC6.5: 7.7% / 100 / Reset +343.4bp

Final Books >$975m. Peak book >$1.2bn.

Launched: PNC6.5: US$500m @ 7.7% - Books >$1.2bn
IPTs: PNC6.5: 8%a

• Issuer: Marex Group plc (Ticker: MARGRO)
• LEI: 549300DWX0SVICJAL507
• Instrument: Perpetual Subordinated Resettable Fixed Rate Notes (the “Notes”)
• Format: Reg S only (Cat 2), Registered, TEFRA not applicable
• Expected Issuance Rating (S&P / Fitch): BB / BB
• Issuer Rating (S&P, Fitch): BBB- (Stable) / BBB- (Positive)
• Currency / Amount: US$500m
• Maturity: Perpetual
• Status and Subordination: Direct, unsecured and subordinated obligations of the Issuer
• Settlement Date: 9-Jun-26 (T+5)
• First Reset Date: 9-Dec-32 (6.5yrs from date of issuance)
• First Call Date: 9-Jun-32 (6yrs from date of issuance)
• Reoffer: 100 px, 7.7% yld (s/a), Reset: +343.4bps
• Interest: 7.7% until the First Reset Date, payable semi-annually in arrear. Thereafter the Interest Rate will reset on each Reset Date to the then prevailing 5-year US Treasury yield plus the applicable Margin
• Interest Payment Dates: 9 June and 9 December of each year, commencing 9-Dec-26
• Reset Dates: First Reset Date and each fifth anniversary of the First Reset Date thereafter
• Margin: 3.434% (initial credit spread) until (but excluding) the Reset Date falling in 2052, then 4.434% (initial credit spread + 100bps)
• Optional Interest Deferral: Optional deferral, in whole or in part, at any time, at the Issuer’s discretion, cash cumulative and compounding. Arrears of Interest may be satisfied by the Issuer in whole or in part at any time. Mandatory settlement of all Arrears of Interest on the next occurring Mandatory Settlement Date (i.e. next Interest Payment Date on which the Issuer pays interest on the Notes or upon any redemption or repurchase of the Notes)
• Dividend Stopper: No interest, distribution or dividend on, or redemption or purchase of, Junior Obligations or Parity Obligations until all Arrears of Interest on the Notes are paid in full, subject to certain exceptions set out in the Conditions
• Optional Redemption: At the option of the Issuer, in whole but not in part, on any date in the six months from (and including) the First Call Date to (and including) the First Reset Date or on any Interest Payment Date thereafter at the principal amount plus accrued but unpaid interest and any outstanding Arrears of Interest
• Clean-Up Call: At the option of the Issuer at par upon the occurrence of a Substantial Repurchase Event (75%)
• Early Redemption Events: At the option of the Issuer at par upon the occurrence of a Tax Deductibility Event, Withholding Tax Event, Accounting Event or Rating Methodology Event
• Business Reorganisation Event: "Business Reorganisation” means the interposition of Marex Group Limited (an exempted company incorporated in Bermuda with registration number 202505104) as a new parent company (the “New ParentCo”) between the Issuer and the shareholders of the Issuer, pursuant to the transaction announced by the Issuer on 26-Mar-26. A “Business Reorganisation Event” shall be deemed to occur on the earlier of: (i) 2-Jun-27, if the Business Reorganisation Completion Criteria have not been satisfied on or before such date; (ii) the first date on which the Issuer publicly announces that it no longer intends to complete the Business Reorganisation; and (iii) the date on which S&P Global Ratings UK Limited or Fitch Ratings Limited (or any of their respective affiliates or successors) publicly announces or confirms in writing to the Issuer (or New ParentCo) that it will not, following completion of the Business Reorganisation, assign “intermediate” (or higher) equity credit (in the case of S&P Global Ratings UK Limited and its affiliates or successors) or 50% (or higher) equity credit (in the case of Fitch Ratings Limited and its affiliates or successors) to the Notes. The “Business Reorganisation Completion Criteria” shall be satisfied if both (i) the Business Reorganisation becomes effective and (ii) each of S&P Global Ratings UK Limited and Fitch Ratings Limited (or any of their respective affiliates or successors) publicly announces, or confirms in writing to the Issuer (or New ParentCo), that it has assigned or will assign “intermediate” (or higher) equity credit (in the case of S&P Global Ratings UK Limited and its affiliates or successors) or 50% (or higher) equity credit (in the case of Fitch Ratings Limited and its affiliates or successors) to the Notes (on the basis that such equity credit is expected to apply to the full principal amount of Notes outstanding at least up to (but excluding) the First Reset Date)
• Redemption for Business Reorganisation Event: If a Business Reorganisation Event occurs, then the Issuer may redeem all, but not some only, of the Notes at any time on or prior to the last day of the Business Reorganisation Event Call Period at the Business Reorganisation Event Call Price together with any outstanding Arrears of Interest and any other accrued and unpaid interest up to (but excluding) the redemption date. “Business Reorganisation Event Call Period” means the period from (and including) the Issue Date to (and including) 9-Jun-27. “Business Reorganisation Event Call Price” means an amount equal to the sum of (x) 100 per cent. of the principal amount of the Notes, and (y) 1 per cent. of the principal amount of the Notes (which amount shall represent a fixed interest amount for the period from (and including) the Issue Date up to (but excluding) the date of redemption. The Issuer shall not be entitled to give notice of redemption for a Business Reorganisation Event (and, accordingly, such redemption right shall cease to be available) at any time after 2-Jun-27 or, if earlier, the time at which the Business Reorganisation Completion Criteria are first satisfied
• Substitution / Variation: Upon a Tax Deductibility Event, Withholding Tax Event, Accounting Event or Rating Methodology Event, the Issuer may substitute all (and not some only) of the Notes for, or vary the terms of the Notes so that they remain or become, Qualifying Notes, instead of redeeming the Notes
• Events of Default: If a default is made by the Issuer for a period of 14 days or more in the payment of any principal or 21 days or more in the payment of any interest, in each case in respect of the Notes and which is due (an “Event of Default”), then the Trustee in its sole discretion may institute proceedings for the winding-up of the Issuer. If an Issuer Winding-up occurs, the Trustee in its sole discretion may prove and/or claim in such Issuer Winding-up in respect of the Notes, such claim being as contemplated in Condition 4(a)
• No set-off, etc.: Subject to applicable law, no Holder may exercise, claim or plead any right of set-off, compensation, counterclaim or retention in respect of any amount owed to it by the Issuer in respect of, or arising under or in connection with, the Notes
• Issuer Substitution at discretion of Trustee: Subject as provided in the Trust Deed, the Trustee, if it is satisfied that so to do would not be materially prejudicial to the interests of the Holders, may agree, without the consent of the Holders, to the substitution on a subordinated basis equivalent to that referred to in Conditions 3 (Status) and 4 (Subordination) of another company in place of the Issuer (or any previous substitute) as principal debtor under the Trust Deed and the Notes
• Substitution of New ParentCo: Subject to the Trust Deed and as set out in the Conditions, if requested by the Issuer in connection with a Business Reorganisation effected during the Business Reorganisation Event Call Period, the Trustees shall agree, without the consent of the Noteholders, to substitute new ParentCo in the place of the Issuer as principal debtor under the Trust Deed and the Notes and the making of any consequential amendments to the Trust Deed and the Conditions which the Issuer may reasonably require in connection therewith
• Day Count Fraction: 30 / 360
• Business Days: London, New York City
• Use of Proceeds: General corporate purposes, which may include (without limitation) (i) the funding of the repurchase of any or all of the Issuer’s outstanding U.S.$100,000,000 13.250 per cent. Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes pursuant to the tender offer announced by the Issuer on 1-Jun-26 and (ii) the funding of acquisitions.
• Listing: Vienna MTF of the Vienna Stock Exchange
• Denominations: US$200,000 x US$1,000
• Governing Law: English Law, except for Condition 3 (Status) and Condition 4 (Subordination) which will be governed under the law of the Relevant Jurisdiction
• Documentation: Preliminary Offering Memorandum dated 1-Jun-26 and final Offering Memorandum to be dated on or around 2-Jun-26
• Joint Bookrunners: Barclays Bank PLC (B&D), Goldman Sachs International, Jefferies International Limited
• ISIN / Common Code: XS3388192935 / 338819293
• Advertisement: This communication does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”), the Public Offers and Admissions to Trading Regulations 2024 and the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook and no such prospectus is required to be (or will be) prepared in connection with the issuance of the Notes. Investors should not subscribe for or purchase the Notes except on the basis of information in the final Offering Memorandum (including the section ‘Risk Factors’ therein) which, when published, will be available on the website of the Issuer (https://www.marex.com/investors) and of the Vienna Stock Exchange (https://www.wienerborse.at/en/)
• Target Market/PRIIPs/ CCI Regulations: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU 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.
• Timing: Priced, TOE 14.48 LDN. FTT 15.10 LDN

PRICED: Crédit Agricole S.A. £650m 7NC6 SNP; UKT+100bp

IGC European Market: Deal Flow - General

Reoffer: 7NC6: UKT+100bp / 99.961 / 5.514%
Benchmark: 7NC6: UKT 4.25% 07-Jun-32 @ 99.006 / HR 105%

Final Books £1.6bn+ (incl 15m JLM). Peak book £1.7bn+ (incl 15m JLM)

Launched: 7NC6: £650m @ UKT+100bp - Books £1.6bn+ (incl 15m JLM)
Spread set at: UKT+100bp - Books £1.7bn+ (incl 15m JLM)
Book Update: Books £1.5bn+
IPTs: UKT+115bp area

• Issuer: Crédit Agricole S.A.
• LEI Number: 969500TJ5KRTCJQWXH05
• Issuer Rating: A1/A+/AA- (Moody's/S&P/Fitch)
• Expected Issue Ratings: A3/A-/A+ (Moody's/S&P/Fitch)
• Form of Notes: Reg S Bearer dematerialised form (au porteur)
• Security: Senior Non-Preferred Callable Fixed Rate Resettable Notes (referred to herein as the “Notes”)
  The Notes constitute obligations under French Law (See “Status and Ranking” below)
• Aggregate Nominal Amount and Currency: £650m
• Trade Date: 02-Jun-26
• Issue Date and Interest Commencement Date: 09-Jun-26 (T+5)
• Maturity Date: 20-Dec-33
• Optional Redemption Date: 20-Dec-32
• Interest Payment Dates: Annually in arrears on 20 December from and including 20-Dec-26 up to and including the Maturity Date (short first)
• Interest Rate: The rate of interest for each Interest Period from (and including) the Issue Date to (but excluding) the Reset Date is 5.5% per cent. per annum payable annually in arrears. The rate of interest for the Interest Period beginning on the Reset Date will be equal, per annum, to the sum of the (a) Sterling Reference Bond Rate (prevailing at the Reset Date) plus (b) the Margin, as determined by the Calculation Agent on the Reset Date
• Reoffer: UKT+ 100bps / 99.961 / 5.44% s/a / 5.514% ann
• Reference Gilt: UKT 4.250% 07-Jun-32 (ISIN GB0004893086) @ 99.006 mid / bid 98.976; HR 105%
• Day Count Fraction: Actual/Actual (ICMA)
• Business Day Convention: Following, unadjusted
• Business Days: London
• Status and Ranking: The Notes are Senior Non-Preferred Obligations (see Condition 3(a)(ii) “Status of the Notes – Senior Non-Preferred Notes” of the Terms and Conditions of the Notes, and the principal and interest on the Notes constitute, with the Receipts, Talons and/or Coupons relating to them (if any), direct, unconditional, senior (chirographaires) and unsecured obligations of the Issuer ranking pari passu without any preference among themselves and with other Senior Non-Preferred Obligations, and ranking:
• • (i) senior to Other Subordinated Obligations, Capital Subordinated Obligations, present and future prêts participatifs granted to the Issuer, present and future titres participatifs issued by the Issuer and Deeply Subordinated Obligations of the Issuer; and (ii) junior to Senior Preferred Obligations of the Issuer and all present and future claims benefiting from statutory preferences. It is the intention of the Issuer that the Notes shall be treated, for regulatory purposes, as MREL/TLAC-Eligible Instruments under the Applicable MREL/TLAC Regulations.
• Statutory Write Down and Conversion (Acknowledgement of Statutory Loss Absorption Powers): Notwithstanding any other term of the Notes or any other agreement, arrangement or understanding between the Issuer and the Noteholders, by its acquisition of any Note, each Noteholder acknowledges, accepts, consents and agrees (i) to be bound by the effect of the exercise of the Statutory Loss Absorption Powers by the Relevant Resolution Authority and (ii) that the terms of the Notes are subject to, and may be varied, if necessary, to give effect to, the exercise of the Statutory Loss Absorption Powers by the Relevant Resolution Authority, as more fully described in the Terms and Conditions of the French Law Notes.
• No Negative Pledge: There is no negative pledge in respect of the Notes.
• Redemption at the option of the Issuer (Issuer Call): Applicable – the Issuer may, at its option, on the Optional Redemption Date, subject to certain conditions as per the Notes Documentation (see Condition 7(j) (Additional conditions to redemption or purchase and cancellation of Senior Notes), of the Terms and Conditions of the Notes), redeem all (but not some only) of the outstanding Notes at their Optional Redemption Amount, together with accrued interest thereon but unpaid to the date fixed for redemption.
• Optional/Early/Final Redemption Amount: 100 per cent. of the principal amount
• Optional Clean-up Redemption Date(s) (solely if the Clean-up Percentage is: reached): 21-Dec-27 and any Interest Payment Date thereafter
• Clean-up Redemption Option: Applicable (Clean-up Percentage: 75%), (see Condition 7(f) “Clean-up Redemption Option” of the Terms and Conditions of the Law Notes)
• Redemption upon the occurrence of a Withholding Tax Event or a Gross-Up Event: The Issuer may, at its option, upon the occurrence of a Withholding Tax Event or a Gross-Up Event, subject to certain conditions as per the Notes Documentation (see Condition 7(j) (Additional conditions to redemption or purchase and cancellation of Senior Notes), of the Terms and Conditions of the Notes) redeem all, but not some only, of such outstanding Notes at their Early Redemption Amount together with any interest accrued thereon but unpaid to the date set for redemption.
• Redemption upon the occurrence of a MREL/TLAC Disqualification Event (MREL/TLAC Disqualification Event Call Option): Applicable - the Issuer may, at its option, upon the occurrence of a MREL/TLAC Disqualification Event, subject to certain conditions as per the Notes Documentation (see Condition Condition 7(j) (Additional conditions to redemption or purchase and cancellation of Senior Notes) of the Terms and Conditions of the Notes), redeem all, but not some only, of such outstanding Notes at their Early Redemption Amount together with any interest accrued thereon but unpaid to the date set for redemption.
• Events of Default: There are no events of default under the Notes which could lead to an acceleration of the Notes. However, if any judgement were issued for the judicial liquidation (liquidation judiciaire) of the Issuer or if the Issuer were liquidated for any other reason, then the Notes would become immediately due and payable.
• Waiver of Set-Off: The Noteholders waive any right of set-off, compensation and retention against any right, claim, or liability the Issuer has or may have or acquire against such holder, directly or indirectly in relation to the Notes to the fullest extent permitted by law.
• Governing Law: French law
• MIFID II/UK MiFIR Product Governance: Professional clients/ECPs-Only (each as defined according to EU MiFID II and/or in the COBS and the UK MiFIR as applicable)
  Channel of distribution: all channels for distribution are appropriate. No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary has been prepared
• Listing / Denom: Euronext Paris / £100,000 plus £100,000
• Clearing: Euroclear France
• Selling Restrictions: As per the Notes Documentation
• Documentation: The terms set out in this Term Sheet are subject entirely to the terms and conditions set forth in the final terms (referred to in this Term Sheet as the “Final Terms”) dated on or about the Issue Date and the Base Prospectus dated 02-Apr-26 and any supplement thereto, in connection with the Euro Medium Term Note programme (the “Base Prospectus”, together with the Final Terms, the “Notes Documentation”).
  For the avoidance of doubt, any references to the Terms and Conditions of the Notes refers to the part titled as such in the Base Prospectus.
  Any purchase by you, of any Notes will only be made on the basis of the Notes Documentation, which supersede and replace the information set out in this Term Sheet. Capitalised terms not specifically defined in this Term Sheet shall have the meanings given to them in the Notes Documentation.
• Use of Proceeds: General Corporate Purposes
• Joint Lead Managers: BMO Capital Markets, Credit Agricole CIB, HSBC, Lloyds (B&D), Mizuho, SMBC
• ISIN/Common Code: FR0014018ZG0 / 340178785
• Timing: Priced, ToE 14:47 LDN, FTT 15:05 LDN
• Advertisement: This communication is an advertisement and is not a prospectus. The Final Terms relating to the Notes, when published, will be available on the Issuer’s website (https://www.credit-agricole.com/finance/dette-et-notations) and on the website of the Autorité des marchés financiers (www.amf-france.org).

PRICED: Nationwide Building Society €500m 11NC6 T2; MS+127bp

IGC European Market: Deal Flow - General

Reoffer: 11NC6: MS+127bp / 99.373 / 4.120%
Benchmark: DBR 0% 15-Feb-32 @ 85.77 / B+139.1 / HR 109%

Final Books above €2.2bn. Peak book €2.45bn (pre-rec)

Launched: 11NC6: €500m @ MS+127bp - Books at €2.45bn (pre-rec)
Book Update: Books above €1.75bn
IPTs: 11NC6: MS+155a

• Issuer: Nationwide Building Society
• LEI: 549300XFX12G42QIKN82
• Securities: Fixed Rate Reset Dated Subordinated Tier 2 Notes (the “Notes”)
• Status and Subordination: The Notes and any relative Coupons will be direct and unsecured obligations of the Issuer. Subordinated Notes ranking (i) junior to all (x) Senior Claims, (y) Senior Non-Preferred Claims and (z) Subordinated Claims (if any) which rank, or are expressed by their terms to rank, in priority to claims in respect of the Notes; (ii) pari passu with themselves and other Tier 2 Capital; and (iii) in priority to claims in respect of Additional Tier 1 Capital, CET 1 Capital (including Issuer's core capital deferred shares), and any other claims which rank or expressed to rank junior in claims in respect of the Notes (including Issuer's Permanent Interest Bearing Shares)
• Waiver of set-off: Applicable
• Form: Reg S (Cat 2), Bearer, NGN, TEFRA D
• Issuer Ratings: A1/A+/AA- (Moody's/S&P/Fitch)
• Expected Issue Rating: Baa1/BBB/BBB+ (Moody's/S&P/Fitch)
• Size: €500m
• Tenor: 11NC6
• Issue Date: 09-Jun-26 (T+5)
• Optional Redemption Date/Reset Date: 09-Jun-32
• Maturity Date: 09-Jun-37
• Re-offer: MS+127bp / 99.373 / 4.120%
• Benchmark: DBR 0% 15-Feb-32 (85.77) + 139.1bps | HR 109%
• Coupon: 4% per annum, payable annually in arrear until the Optional Redemption Date, then reset to the prevailing 5-year EUR Mid-Swap Rate +127bps (“First Margin”), payable annually in arrear
• Coupon Payment Dates: 09 June each year, commencing on 09-Jun-27 up to and including the Maturity Date
• Documentation: Nationwide Building Society US$35,000,000,000 European Note Programme Base Prospectus dated 01-Aug-25 as supplemented by the Supplements dated 20-Nov-25, 16-Dec-25, 09-Apr-26 and 21-May-26 (together, the “Base Prospectus”) and the Terms and Conditions of the Notes set out therein (the “Conditions”, and references herein to a numbered “Condition” shall be construed accordingly)
• Listing: London Stock Exchange (Main Market)
• Clearing: Euroclear, Clearstream
• Optional Redemption: Applicable. The Issuer may in its sole discretion (subject to compliance with Condition 4.12) redeem all, but not some only, of the Notes then outstanding on the Optional Redemption Date at par, together with interest accrued to (but excluding) the Optional Redemption Date
• Tax Event Redemption: If a Tax Event has occurred and the Issuer cannot avoid the foregoing by taking reasonable measures available to it, then the Issuer may in its sole discretion (subject to compliance with Condition 4.12), at any time redeem all, but not some only, of the Notes at par, together with interest accrued to (but excluding) the date fixed for redemption
• Regulatory Event Redemption: If a Regulatory Event (full or partial exclusion of the Notes from the Tier 2 Capital of the Issuer) has occurred, then the Issuer may in its sole discretion, subject to compliance with Condition 4.12, at any time redeem all, but not some only, of the Notes at par, together with interest accrued to (but excluding) the date fixed for redemption
• Substitution or Variation: Upon the occurrence of a Tax Event or a Regulatory Event in respect of the Notes, the Issuer (in its sole discretion but subject to certain conditions, including Condition 4.12) may, without any requirement for the consent or approval of the Noteholders or Couponholders, either substitute all (but not some only) of the Notes for, or vary the terms of the Notes so that they remain or, as appropriate, become, Compliant Notes.
• Day-Count Fraction and Business Day Convention: Actual/Actual (ICMA), Following Business Day (unadjusted)
• Business Days: T2, London
• Denomination: EUR 100,000 and integral multiples of EUR 1,000 in excess thereof up to (and including) EUR 199,000
• Target Market: Manufacturer target market (MiFID II product governance and MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK.
• Joint Lead Managers: Barclays, BofA Securities, Citigroup and Wells Fargo Securities
• Selling Restrictions: As per Base Prospectus (Reg S (Cat 2), TEFRA D rules apply. No offers or sales or communications in or into the United States; no sales into Italy; sales in Singapore to accredited investors and institutional investors only; offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law; other restrictions apply – see Base Prospectus)
• Events of Default: Applicable – See Condition 10
• Recognition of UK Bail-In Power: Applicable – See Condition 20
• Governing Law: English Law
• ISIN / Common Code: XS3393974228 / 339397422
• Timing: ToE 15h05 UKT | FTT 15h30 UKT
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in respect of the placement of the Notes

PRICED: Volkswagen Bank €500m 2yr SP Green FRN; 3mE+63bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: 3mE+63bp / 100
Final Books: over €1bn (ex JLM). Peak book over €1.1bn (ex JLM)

Launched: 2yr: €500m @ 3mE+63bp - Books over €1.1bn (ex JLM)
Guidance: 2yr: 3mE+75a

• Issuer: Volkswagen Bank GmbH (Ticker: VW, Country: DE)
• Issuer LEI: 529900GJD3OQLRZCKW37
• Issuer Ratings: A1/BBB+/A- (Moody's/S&P/Fitch)
• Expected Issue Ratings: A1/BBB+/A- (Moody's/S&P/Fitch)
• Status of the Notes: Green Senior Preferred
• Format of Notes: Reg S, Bearer, New Global Notes, Tefra D
• Settlement: 09-Jun-26 (T+5)
• Size: €500m
• Maturity: 09-Jun-28
• Coupon: 3mE + 63 bps, Floating (Quarterly, Act / 360)
• Re-Offer Price: 100
• ISIN: XS3402822210
• Use of Proceeds: An amount equal of the Net Proceeds will be to be used to finance and/or refinance the eligible Green Projects relating to zero-tailpipe emission mobility 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
• Documentation: 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)
• Selling Restrictions: As per Debt Issuance Programme. No communications with or into the US, no sales to Canada
• Bookrunner: Crédit Agricole CIB - sole
• Advertisement: The Base Prospectus and any supplements are available and the Final Terms, when published, will be available at: https://www.luxse.com/issuer/VWFS/113537
• Timing: TOE: 3.33 pm UKT / 4.33 pm CET, FTT: 4.00 pm UKT / 5.00 pm CET

PRICED: SSE €1.3bn PerpNC5.25 & PerpNC8 Sub; 4.375% & 4.80%

IGC European Market: Deal Flow - General

Reoffer: PerpNC5.25: 4.375% / 99.972 PerpNC8: 4.80% / 99.674

PerpNC5.25: Final book €4bn. Peak book €4.80bn
PerpNC8: Final book €6bn. Peak book €5.60bn

Launched:
PerpNC5.25: €650m @ 4.375% - Orderbook €4.80bn
PerpNC8: €650m @ 4.80% - Orderbook €5.60bn
IPTs: PerpNC5.25: 4.875-5.000% PerpNC8: 5.375-5.500%

• Issuer: SSE plc
• Ticker: SSELN
• Country: GB
• Issuer LEI: 549300KI75VYLLMSK856
• Issuer Rating: Baa1 (stable) / BBB+ (stable) / BBB+ (stable) (Moody's/S&P/Fitch)
• Expected Instrument Rating: Baa3 / BBB- / BBB (Moody's/S&P/Fitch)
• Expected Equity Credit:
• • PerpNC5.25: Basket M (50%) / Intermediate (50%) until First Reset Date / 50%
  • PerpNC8: Basket M (50%) / Intermediate (50%) until First Reset Date / 50%
• Status: Direct, unsecured and subordinated obligations of the Issuer and rank pari passu among themselves and with Parity Obligations, and senior only to obligations in respect of the ordinary share capital of the Issuer.
• Size:
• • PerpNC5.25: €650m
  • PerpNC8: €650m
• Coupon:
• • PerpNC5.25: 4.375% ann
  • PerpNC8: 4.750% ann
• Reoffer yield / price:
• • PerpNC5.25: 4.375% / 99.972
  • PerpNC8: 4.80% / 99.674
• Issue Date: 09-Jun-26 (T+5)
• Tenor:
• • PerpNC5.25: Perpetual NC5.25
  • PerpNC8: Perpetual NC8
• First Call Date:
• • PerpNC5.25: 09-Jun-31
  • PerpNC8: 09-Mar-34
• First Reset Date:
• • PerpNC5.25: 09-Sep-31 (Year 5.25)
  • PerpNC8: 09-Jun-34 (Year 8)
• Interest Rate:
• • PerpNC5.25: Until First Reset Date: Fixed, payable annually in arrear on 9 September in each year, commencing on 09-Sep-27 (Long first coupon). Thereafter: interest rate resets every 5 years to the then prevailing 5-year EUR mid-swap rate plus the initial margin plus the relevant step-up
  • PerpNC8: Until First Reset Date: Fixed, payable annually in arrear on 9 June in each year, commencing on 09-Jun-27. Thereafter: interest rate resets every 5 years to the then prevailing 5-year EUR mid-swap rate plus the initial margin plus the relevant step-up
• Mid-Swap Rate:
• • PerpNC5.25: 2.828% (interp)
  • PerpNC8: 2.931%
• Initial Margin:
• • PerpNC5.25: +154.7bps
  • PerpNC8: +186.9bps
• First Step-up (+25bps):
• • PerpNC5.25: 09-Sep-36 (Year 10.25)
  • PerpNC8: 09-Jun-39 (Year 13)
• Second Step-up (additional 75bps; +100bps cumulative):
• • PerpNC5.25: 09-Sep-51 (Year 25.25)
  • PerpNC8: 09-Jun-54 (Year 28)
• Optional Interest Deferral: At any time, in whole or in part, at the discretion of the Issuer, cumulative and compounding
• Settlement of Arrears of Interest: Optional at any time (in whole or in part). Mandatory (in whole but not in part) upon (i) declaration and/or payment of a dividend (interim or final), other distribution or payment on, or redemption, repurchase or acquisition of: (a) the Issuer’s ordinary shares, any obligations of the Issuer that rank pari passu therewith or any obligations of any Subsidiary of the Issuer which are subject to an Issuer guarantee ranking pari passu with the Issuer’s ordinary shares, or (b) any Parity Obligations, subject to customary exceptions; (ii) no deferral at next interest payment date; (iii) redemption.
• Optional Redemption (Issuer Call): At par at any time from First Call Date until First Reset Date (3-month par call) and on any annual interest payment date thereafter
• Special Event Redemption: At 101% until First Call Date, at par thereafter in case of an Accounting Event, a Capital Event, or a Tax Deductibility Event. At par at any time in case of a Withholding Tax Event, Clean-Up Call Event (75%) or Change of Control Event
• Change of Control Step-Up Margin: 500bps step-up upon a Change of Control Event if not redeemed
• Substitution and Variation: Substitution or variation option upon the occurrence of an Accounting Event, a Capital Event, a Tax Deductibility Event or a Withholding Tax Event, subject to certain conditions
• Replacement Language: Intentional replacement language subject to customary exemptions
• Denominations: €100k + €1k
• Governing Law: English law, subordination under Scots Law
• Listing: London Stock Exchange, Main Market
• Documentation: Under the Issuer’s €20,000,000,000 Euro Medium Term Note Programme Base Prospectus dated 01-Jun-26 (the “Base Prospectus”)
• Format / Type: Reg S Bearer (Cat 2), TEFRA D
• Use of Proceeds: General corporate purposes, including the refinancing of the Issuer’s existing 3.125% €500m Capital Securities (ISIN: XS2195190520)
• ISIN:
• • PerpNC5.25: XS3310370799
  • PerpNC8: XS3310370955
• Advertisement: This communication is an advertisement for the purposes of Prospectus Rules: Admission to Trading on a Regulated Market. It is not a prospectus. The Base Prospectus is available and the Final Terms, once published, will be available at https://www.sse.com/investors/debt-investors/emtn-programme/ and www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
• Target Market (MiFID II / UK MiFIR) / No EEA PRIIPs or UK PRIIPs/CCI: Eligible Counterparties and Professional Clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK KID/CCI product summary has been prepared as not available to retail in EEA or the UK
• Joint Active Bookrunners: BBVA, BNP Paribas, BofA Securities (B&D), J.P. Morgan
• Selling Restrictions: US, Prohibition on sales to EEA and UK retail investors, UK, Belgium, Italy, Japan and Singapore. Canada – offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Timing: TOE: 15:23 / FTT at 16:00 UKT

PRICED: Renault SA €750m 5yr Sr Unsec; MS+133bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+133bp / 99.894 / 4.149%
Benchmark: 5yr: OBL 2.5% 16-Apr-31 @ 99.1 / B+145.3bp / HR 99%

Final Books above €2.3bn. Peak book over €2.5bn (pre rec)

Launched: 5yr: €750m @ MS+133bp - Books over €2.5bn (pre rec)
Guidance: 5yr: MS+135bp - Books €3.2bn+ (pre-rec)
IPTs: 5yr: MS+170a

• Issuer: Renault SA (Ticker: Renaul, Country: FR)
• Issuer LEI: 969500F7JLTX36OUI695
• Issuer Ratings: Ba1 (positive) / BBB- (stable) (Moody's / S&P)
• Issue Ratings (expected): Ba1 / BBB- (Moody's / S&P)
• Format of Notes: Senior, Unsecured, Reg S CAT2, Bearer
• Settlement Date: 09-Jun-26 (T+5)
• ISIN: FR0014019113
• Size: €750m
• Maturity: 09-Jun-31 (5-year)
• Re-offer: MS+133bp / 99.894 / 4.149%
• Coupon: 4.125% Fixed, Annual, ACT/ACT
• Bund Benchmark: 145.3bps vs OBL 2.5% 16-Apr-31 #193 @ 99.1 / 2.696% / HR: 99%
• Docs: EMTN Programme / French Law / €100k+100k / Euronext Paris / Clean-Up call (75%) / 3m Par call
• MWC: B+25bp
• UoP: The net proceeds of the issue of the Notes will be used to finance general corporate purposes
• Active Bookrunners: BBVA, Commerzbank, Mizuho, MUFG, Societe Generale (B&D)
• Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by the FCA Product Disclosure Sourcebook have been prepared as the notes are not available to retail in the EEA or the UK
• Selling Restriction: As documented in the EMTN Programme dated 30-Apr-26
• Advertisement Language: The Base Prospectus is available on the website of the AMF (http://www.amf-france.org) and on the Issuer’s website (https://www.renaultgroup.com/en/finance/debt-and-ratings/). The Final Terms, when available, will also be published on the website of the AMF (http://www.amf-france.org).
• TOE: 16:03 UKT / 17:03 CET
• FTT: 16:35 UKT / 17:35 CET

• Details correct at time of posting