Commentary & Deal Flow

Reoffer: 8yr: MS+40bp / 99.171 / 3.370%
Benchmark: 8yr: DBR 2.2 15-Feb-34 @ 95.24 / B+47.2bp / HR 104%

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
• Exp. 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)
• Reoffer: 99.171/ MS +40bps / 3.370%
• Coupon: 3.25% Fixed rate until maturity date, ACT/ACT ICMA unadjusted, Floating rate thereafter, Act/360 adjusted
• Benchmark: DBR 2.2 15-Feb-34 (95.24) + 47.2bps | HR 104%
• Denominations: €100,000 (+ €100,000)
• Listing / Law: Luxembourg Stock Exchange, regulated market professional segment / The Notes will be governed by French Covered bond legislation
• ISIN / Common: FR0014019139 / 340292499
• Programme: Launched out of Crelan Home Loan SCF (formerly AXA Bank Europe SCF) 11bn EMTN Programme (Base prospectus 07-Feb-25 and latest supplement 24-Jun-25) https://www.crelan.be/fr/particuliers/covered-bonds
• 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: PRICED TOE 14.21 CET / 13.21 UKT FTT 14.40 CET / 13.40 UKT