Commentary & Deal Flow

Final Books above €740mn (incl. €200mn JLM). Peak book in excess of €800mn (incl. €200mn JLM)

Launched: 8yr: €500m @ MS+40bp - Books in excess of €800mn (incl. €200mn JLM)
Guidance: 8yr: MS+43a

• Issuer: Crelan Home Loan SCF
• Ticker: CRLNCB
• Sponsor Bank: Crelan, Belgian cooperative bank
• Issuer Sponsor Ratings: A, stable outlook (S&P); A2, stable outlook (Moody’s)
• Issuer LEI: CVRWQDHDBEPUUVU2FD09
• Issue Format / Type: Obligations Foncières, European Covered Bond (Premium), Reg S, Bearer form, Dematerialized, ECB Eligible, CRD 4 compliant, backed by 100% prime Belgian residential mortgage loans
• Expected Issue Rating: Aaa (Moody’s)
• Status: Senior secured obligations of the Issuer (as per Issuer EMTN Programme documentation)
• Size: €500m
• Pricing Date: 03-Jun-26
• Settlement Date: 12-Jun-26 (T+7)
• Maturity Date: 12-Jun-34 (8y)
• Benchmark: DBR 2.2 15-Feb-34; HR 104% (hedge book to close 14.05 CET / 13.05 UKT)
• Coupon: Fixed rate until maturity date, ACT/ACT ICMA unadjusted, Floating rate thereafter, Act/360 adjusted
• Denominations: €100,000 (+ €100,000)
• Listing / Law: Luxembourg Stock Exchange, regulated market professional segment / The Notes will be governed by French Covered bond legislation
• Programme: Launched out of Crelan Home Loan SCF (formerly AXA Bank Europe SCF) 11bn EMTN Programme (Base prospectus 06-Feb-26 and latest supplement 06-May-26) https://www.crelan.be/nl/corporate/covered-bonds-emtn-programme
• ISIN / Common: FR0014019139 / 340292499
• Leads: BNP Paribas, Commerzbank, HSBC, NORD/LB, Santander (B&D) and Société Générale
• Target market: Manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs and no UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA and the UK.
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Timing: Books open, today's business
• Books Close: 11.40 UKT / 12.40 CET