Commentary & Deal Flow

• € IG supply for today totalled €11.4bn from 14 issuers / 16 tranches (4 x Corporate, 7 x FIG & 3 x SSA). Of the FIG trades, 3 were covered, with 2 senior preferreds & 2 were Tier 2’s.
• A review of today’s supply is as follows.
• • Corporate
  • • Total IG: €4.75bn
    • Avg. tranche size €792bn
    • Avg. IPT to Pricing -23bps
    • Avg. cover 3.8 X
  • FIG
  • • Total IG: €4.4bn
    • Avg. tranche size €629m
    • Avg. IPT to Pricing -27.63bps (unsecured) - €1.9bn
    • Avg. IPT to Pricing -4.67bps (covered) - €2.5bn
    • Avg. cover 2.08 X
  • SSA
  • • Total IG: €2.25bn
    • Avg. tranche size €750bn
    • Avg. IPT to Pricing -1.67bps
    • Avg. cover 1.58 X

• 3 Sterling IG trades priced for a total of £1.45bn from 3 issuers (2 x FIG & 1 x SSA).
• 1 Swiss Franc IG trade. Small Chf50m Tap from 1 issuer (1 x SSA).
• 1 USD Reg S IG trade, totalling $1.5bn from 1 issuer (1 x SSA).
• IG Pipeline:
• • 2 x € FIG
  • 2 x € SSA
  • 1 x £ SSA

Two trades remaining outstanding longer than usual are Bpi France’s 5 year secured offering - having been mandated back on the 21st of May. Also, the State of Saxony-Anhalt mandated a 2 year digital bond on the 27th of May.

Euro IG (today)

Corporate

• With the mandate having been announced last Tuesday (26th May); MTR Corporation Limited (exp. Issue ratings of AA+ / Aa3 by S&P & Moody’s) brought its anticipated 8, 12 & 20 year RegS (Category 2) Senior Unsecured Fixed Rate Green Notes. Announced early, initial guidance on the tranches was ‘area’ MS+65, MS+90 & MS+125 respectively. Combined books were first touted as being in excess of €5.25bn (incl. €940m JLMs). Size expectations were first managed as a collective total of €2.5bn expected. Orderbooks were first called as a combined €102bn (incl. €940m JLMs). Breakdown of the books, along with final pricing on each billion € tranche was as follows:
• • 8 year >€4bn (inc €575m JLMs) to >€3.3bn (incl. €575m JLMs)
  • • • • Final Books >€2.6bn (incl €575m JLMs): Priced @ MS+33
  • 12 year >€3.1bn (inc. €200m JLMs) to >€2.8bn (incl. €200m JLMs)
  • • • • Final Books >€2.2bn (incl €200m JLMs): Priced @ MS+60
  • 20 year >€3.1bn (inc. €165m JLMs) to >€2.9bn (incl. €165m JLMs)
  • • • • Final Books >€2.4bn (incl. €265m JLMs): Priced @ MS+95

• Mandated Monday (1st June), Technip Energies N.V. (exp. Issue ratings of BBB by S&P), announced a €500m (wng) senior unsecured fixed rate Reg S Bearer 7 year bond with IPTs of MS+150 area. Guidance came out as MS+115 (+/-3 bps), when the book was above €2.9bn (pre rec &  excl. JLMs). Books were over €2.5bn (pre-rec) -  & settled at €2.3bn (excl. JLMs). The €500m deal priced 38bps tighter than IPTs at MS+112.
• Austrian integrated oil, gas, & petrochemical company, OMV Aktiengesellschaft (exp. Issue rating of Baa2 / BBB by Moody’s & Fitch) announced a benchmark Perpetual NC6.5 hybrid with IPTs in the area of 5.125%. Books were over €3.8bn (pre-rec). The deal sized at €750m with guidance coming out at 4.625% area (+/- 5bps - WPIR). The deal priced 55bps tighter than IPTs with a yield of 4.575%, almost exactly in line with secondaries, with a NIC of only 1.5bps. Books progressed to €2.6bn (at the tight end of guidance) - final books were over €2.05bn.
• Swiss multinational Clariant International Financial Services (Luxembourg) S.à announced its anticipated senior unsecured, €500m (wng), 5.6 year (15th Jan 2032) offering with IPTs of MS+180 to +190. Books were over €3.3bn (pre-rec) with guidance of MS+150 area. Books were over €3.95bn (pre-rec at guidance) - final books above €3.5bn. The deal sized as telegraphed at €500m & priced at MS+140; some 45bps tighter than IPTs.

FIG

• The first financial to hit the tapes this morning was Crédit Agricole Public Sector SCF (exp. Issue ratings of Aaa / AAA by Moody’s & S&P) with a maximum of €750m for a 10 year covered issue (Obligations Foncières- ECB Eligible – ECBC Covered Bond Label (Premium)/European Covered Bond (Premium) -10% RW). Guidance on the offering was in the area of MS+56. Books first called at over €1.5bn (inc. €135m JLMs), rising to over €1.75bn (final books €1.1bn incl. €135m JLMS). Size set at €750m, pricing at MS+50.
• The flurry of covered issuance continued with CIBC - Canadian Imperial Bank of Commerce’s (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) 6.25 year, € benchmark covered issue. Guidance on the trade came in at MS+35 area. Final books were over €1.7bn (inc. €200m JLMs), rising to over €1.75bn (incl. €200m JLMs). Spread set at MS+29, which is where it priced for €1.25bn.
• Crelan Home Loan SCF (exp. Issue rating Aaa by Moody’s) came with its anticipated fixed rate soft 8 year bullet covered issue (100% Belgian Prime residential mortgage). The transaction came with guidance of MS +42 area. Final books were over €740m (incl. €200m JLMs). The deal sized at €500m & priced at MS+40.
• Having announced yesterday, KBC Insurance NV (rated A by S&P / exp.issue ratings BBB+ by S&P), brought its €500m (wng) fixed rate 10 year subordinated note, qualifying as Tier 2 capital. Books first called as being over €1.5bn (exc. JLMs), rising to €2.1bn (final books were over €1.4bn). Final terms & the deal priced at MS+132.
• The largest mutual insurance group in France, Covéa Coopérations (exp. Issue rating of A2 / A- by Moody’s & S&P) brought its anticipated €750m (wng) 30NC10 Tier 2, fixed to float offering with IPTs in the range of MS+175 to +190. Initial books over €2bn, rising to €2.7bn (pre-rec) - final books over €2.4bn. Final terms were €750m & the deal priced at MS+150.
• Banca Monte dei Paschi di Siena S.p.A. announced a fresh €500m (wng) senior preferred 3NC2 issue with IPTs in the area of MS+80. Books first quoted over €1.5bn (excl. JLMs), rising to over €1.95bn - final books above €1bn. The deal size was set at €500m & it priced at MS+50; 30bps tighter than IPTs.
• Icelands, Kvika banki hf (exp. Issue ratings of Baa2 by Moody’s) mandated on Monday, brought its 4 year, €150m (wng), RegS fixed rate senior preferred offering. Books rose to over €400m (excl. JLMs), rising to over €500m (incl. €30m JLMs) - final books over €490m. The deal sized at the expected €150m & priced at MS+165.

SSA

• The African Development Bank (Aaa / AAA / AAA), brought its anticipated 7 year, ‘social, € benchmark (Global SEC exempt). Guidance was MS+16 area & spread set at MS+14. Final books were over €2.1bn (inc. €300m JLMs). The deal sized at €1.25bn & priced at the MS+14 level.
• Mandated yesterday, the Autonomous Community of Castilla y León (exp. Issue ratings of A3 by Moody’s), brought its sustainable, short 8 year, €500m (wng) transaction. Guidance on the offering was in the area of SPGB+17 (Spanish Government Bond). Final books were over €1.55bn (incl. €70m JLMs). The €500m deal priced at SPGB+14.
• On 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 was unusual in that terms were set with investor interest collected through today, with a 10:00 am Frankfurt time deadline. The deal priced in line with the terms for €500m at MS+22.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Coöperatieve Rabobank U.A. (exp. Issue ratings of A3 / A- / A+) announced a benchmark, long 5NC4 Green Senior Non-Preferred issue with IPTs of UKT+95 area. Initial books were over £1bn (excl. JLMs), rising to over £1.5bn - final books were over €1.65bn. The deal sized at £600m & priced at UKT+80, offering up a NIC of c.6bps.
• UK lender Close Brothers Finance plc (exp. Issue ratings of A3 / BBB by Moody’s & Fitch), announced a long 5 year Op Co offering with IPTs in the area of UKT+160. Books were over £1bn (pre-rec & incl. £25m JLMs) - final books were over £700m. The deal sized at £250m & priced at UKT+145.
• KfW - Kreditanstalt fuer Wiederaufbau (Aaa / AAA / AAA), guaranteed by the Federal Republic of Germany brought a 6 year trade. With books over £85m, the borrower priced a £600m trade at SONIA MS +33 (Gilts+4.0 vs UKT 4.25% 6th July 2032 mid).

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• NRW Bank (issue ratings Aa1 / Aa / AAA), guaranteed by the Federal State of North Rhine-Westphalia (NRW) announced a Chf50m tap of the existing 0.925% 12th March 2041 issue (new outstanding amount Cnf150m). The tap launched & priced at SARON MS+28. 

Week-to-date volumes:

US$ Reg S (today)

• On Tuesday the State of North Rhine-Westphalia (Aa1 / AA / AAA) announced its USD benchmark 5 year Reg S offering, taking IOI’s overnight & today. Terms on the deal were IPTs of SOFR MS+37 area yesterday, with guidance this morning sharpened to SOFR MS+35. Books closed in excess of $5.3bn (excl. JLMs). The deal sized at $1.5bn & priced at SOFR MS+34.

Pending Deals & Mandates 

Euro (€)

• 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: Australian multinational general insurance & reinsurance company QBE Insurance Group Limited (A / A by S&P & Fitch), mandated Barclays, Crédit Agricole CIB, Deutsche Bank, JP Morgan & Natixis as JLMs to arrange a series of fixed-income investor meetings commencing Thursday 4th June. A potential €300m to €500m Regulation S Registered 11NC6 Tier 2 Subordinated issue may follow, subject to market conditions. The expected securities’ ratings are BBB+ (S&P) and BBB+ (Fitch).

• 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.

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

Swiss Franc (Chf)

• NRW Bank (issue ratings Aa1 / Aa / AAA), guaranteed by the Federal State of North Rhine-Westphalia (NRW) announced a Chf50m tap of the existing 0.925% 12th March 2041 issue (new outstanding amount Cnf150m). The tap launched & priced at SARON MS+28. 

US$ (Reg S)

• On Tuesday the State of North Rhine-Westphalia (Aa1 / AA / AAA) announced its USD benchmark 5 year Reg S offering, taking IOI’s overnight & today. Terms on the deal were IPTs of SOFR MS+37 area yesterday, with guidance this morning sharpened to SOFR MS+35. Books closed in excess of $5.3bn (excl. JLMs). The deal sized at $1.5bn & priced at SOFR MS+34.

Transaction Details 

PRICED: Crédit Agricole Public Sector SCF €750m 10yr CB; MS+50bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: MS+50bp / 99.63 / 3.545%
Benchmark: 10yr: DBR 2.9% 15-Feb-36 @ 99.105 / B+53.9bp / HR: 100%

Final Books €1.1bn (incl. €135m JLM). Peak book above €1.75bn.

Launched: 10yr: €750m @ MS+50bp - Books above €1.75bn (incl. €135m JLM)
Book Update: Books above €1.5bn (incl. €135m JLM)
Guidance: 10yr: MS+56a

• Issuer: Crédit Agricole Public Sector SCF
• LEI: 969500CN2FOU71HFHW51
• Type: Obligations Foncières- ECB Eligible – ECBC Covered Bond Label (Premium)/European Covered Bond (Premium) -10% RW
• Exp. Ratings: Aaa/AAA (Moody's/S&P)
• Form of the Covered Bonds: Reg S Bearer Dematerialised Covered Bonds
• Issue Size: €750m
• Maturity: 31-May-36 – 10Y soft bullet
• Extended Maturity Date: 31-May-37
• Settlement: 12-Jun-26 (T+7)
• Coupon: 3.500% Fixed Annual, Short First Coupon payable on 31-May-27, Act/Act ICMA
• Reoffer: MS+50bp / Price: 99.630 / Yield: 3.545%
• Benchmark: DBR 2.9% 15-Feb-36 + 53.9bp (px 99.105) / HR: 100%
• List/Law/Denoms: Paris / French / €100k+100k
• ISIN: FR0014019154
• 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") and the base prospectus dated 04-Jul-25 and any supplement thereto, in connection with the Euro 10,000,000,000 EMTN Programme for the issue of Obligations Foncières (the "Base Prospectus", together with the Final Terms, the "Covered Bonds Documentation").
• EU MiFID II / UK MiFIR Target Market: Professional clients/ECPs-Only (each as defined according to MiFID II and/or in the COBS and the UK MiFIR as applicable) .
• 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.
• Global Coordinator: Crédit Agricole CIB (B&D)
• Joint Bookrunners: Crédit Agricole CIB, ING, Helaba, La Banque Postale, LBBW, Nykredit and Scotiabank
• Timing: TOE 14.53 CET / FTT 15.20 CET
• Advertisement: Base Prospectus dated 04-Jul-25 as supplemented is available on the following CA Public Sector SCF - Covered Bonds | Crédit Agricole (credit-agricole.com)

Covered
10 year (May 2036) @ MS+56 area  
Implied Spread for fresh 10 year @ MS+50
Priced at MS+50
NIC of 0

PRICED: Crelan Home Loan SCF €500m 8yr CB; MS+40bp

IGC European Market: Deal Flow - General

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

PRICED: Banca Monte dei Paschi di Siena €500m 3NC2 SP; MS+50bp

IGC European Market: Deal Flow - General

Reoffer: 3NC2: MS+50bp / 99.853 / 3.327%
Benchmark: OBL 2.2 28 #187 @ 99.189 / B+67.5bp / HR 107%

Final Books above €1bn. Peak book above €1.95bn.

Launched: 3NC2: €500m @ MS+50bp - Books above €1.95bn
Book Update: Books >€1.5bn (excl. JLMs)
IPTs: 3NC2: MS+80bp area

• Issuer: Banca Monte dei Paschi di Siena S.p.A. (Ticker: MONTE, Country: IT)
• Issuer LEI: J4CP7MHCXR8DAQMKIL78
• Issue Type: Senior Notes, Unsecured Fixed to Floating Rate, Reg S, Tefra not applicable
• Form of Notes: Bearer Dematerialised
• Issuer Ratings: Baa3/BBB-/BBB (Moody's/Fitch/DBRS)
• Expected Issue Ratings: Baa3/BBB-/BBB (Moody's/Fitch/DBRS)
• Status: The Senior Notes are direct, unconditional, unsubordinated and unsecured obligations of the Issuer and rank (subject to any obligations preferred by any applicable law) pari passu with all other unsecured obligations (other than obligations ranking junior to the Senior Notes from time to time (including Non-Preferred Senior Notes and any further obligations permitted by law to rank, and expressed to rank, junior to the Senior Notes, on or following the Issue Date), if any) of the Issuer, present and future and pari passu and ratably without any preference among themselves. No negative pledge, no set-off.
• Nominal Amount: €500m
• Pricing Date: 03-Jun-26
• Settlement Date: 10-Jun-26 (T+5)
• Optional Redemption Date: 10-Jun-28
• Maturity Date: 10-Jun-29
• Re-Offer: MS+50bp / 99.853 / 3.327%
• Benchmark: OBL 2.2 28 #187 @ 99.189 / B+67.5bp / HR 107%
• Optional Redemption: The Issuer may elect to redeem the Notes at par on the Optional Redemption Date, subject to certain conditions as set out in the Base Prospectus including, as relevant, prior permission of the Relevant Resolution Authority
• Early Redemption: Applicable as per Condition 5(b) Redemption for tax reasons, Condition 5(e) Issuer Call due to MREL Disqualification Event and Condition 5(f) Clean-up redemption at the option of the Issuer according to the Terms and Conditions of the Notes, in all cases at par and subject to Condition 5(j) of the Terms and Conditions of the Notes, including, as relevant, prior permission of the Relevant Resolution Authority– all as set out in the Base Prospectus
• Clean-Up Percentage: 75%
• Minimum Denomination: €100,000 and integral multiples of €1,000 in excess thereof
• Coupon: 3.25%, for the period from and including the Issue Date to but excluding the Optional Redemption Date, payable annually in arrear on each Interest Payment Date; thereafter, if the Notes are not redeemed by the Issuer on the Optional Redemption Date the interest shall be a floating rate equal to 3-month EURIBOR plus 0.5% (the “Reset spread”), for the period from and including the Optional Redemption Date to but excluding the Maturity Date, payable in arrear on a quarterly basis
• Joint Lead Managers’ commission: The Joint Lead Managers will be paid a fee with regards to the transaction
• Redemption price: 100% of Nominal Amount
• Coupon payment dates: 10-Jun in each year, commencing 10-Jun-27 till the Optional Redemption Date, then quarterly on 10-Sep / 10-Dec / 10-Mar / 10-Jun till the Maturity Date
• Day Count Fraction and Business Day Convention Fixed: Actual/Actual (ICMA), following unadjusted
• Business Day Convention and Business Day Convention Floating: Actual/360, modified following adjusted
• Business Day Centre: Milan and T2
• Use of Proceeds: For general funding purposes of the Group
• Events of Default: In accordance with Condition 8(a) of the Terms and Conditions of the Notes as set out in the Base Prospectus
• Statutory Loss Absorption Powers: In accordance with Condition 14 of the Terms and Conditions of the Notes as set out in the Base Prospectus
• Variation: In accordance with Condition 11 of the Terms and Conditions of the Notes set out in the Base Prospectus if a MREL Disqualification Event, Tax Event and/or an Alignment Event occurs or to ensure the effectiveness and enforceability of Condition 14 (Statutory Loss Absorption Powers) of the Terms and Conditions of the Notes as set out in the Base Prospectus
• Waiver of Set-Off: Each holder of a Senior Note unconditionally and irrevocably waives any right of set-off, netting, counterclaim, abatement or other similar remedy which it might otherwise have under the laws of any jurisdiction in respect of such Senior Note
• ISIN: IT0005713612
• Listing: Luxembourg Stock Exchange (regulated market)
• EU MiFID II and UK MiFIR Target Market: Manufacturer target market (EEA MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or in the UK
• Clearing: Monte Titoli
• Documentation: €50,000,000,000 Debt Issuance Programme dated 22-May-26 (‘Base Prospectus’)
• Selling Restrictions: As per Base Prospectus
• Governing Law: Italian law
• Global Coordinator: Mediobanca
• Joint Lead Managers: Citi, Mediobanca, Monte dei Paschi di Siena, NatWest, Societe Generale, UBS Investment Bank (B&D), UniCredit
• Principal Paying Agent: Banca Monte dei Paschi di Siena S.p.A.
• Stabilisation: FCA/ICMA
• Legal and Other Expenses: To be borne by the Issuer, excluding JLMs’ legal advisors’ expenses
• Advertisement: The Base Prospectus is available at https://www.luxse.com/issuer/BcMtPaschiSiena/40819 and the Final Terms, when published, will be available at the same link
• TOE: 15:08 CET / 14:08 UKT
• FTT: 15:25 CET / 14:25 UKT

Snr Pref
3NC2 (Jun 2029) @ MS+80 area  
Implied Spread for fresh 3NC2 year @ MS+62
Priced at MS+50
NIC of -12

PRICED: Kvika banki hf. €150m 4yr SP; MS+165bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+165bp / 99.587 / 4.49%
Benchmark: 4yr: OBL 2.4% 30-Apr-30 + 179.3 / 98.92 / HR 99%

Final Books: Above €490m. Peak book above €500m (incl. €30m JLM - pre rec)

Launched: 4yr: €150m @ MS+165bp - Orderbook above €500m (incl. €30m JLM - pre rec)
Book Update: Books > €400m (excl. JLMs)
IPTs: 4yr: MS+190a

• Issuer: Kvika banki hf. (Ticker: KVABNK)
• LEI: 254900WR3I1Z9NPC7D84
• Issuer Ratings (Moody’s): Baa2 (stable)
• Expected Issue Ratings (Moody’s): Baa2
• Issue type: Unsubordinated and unsecured Senior Preferred Notes
• Form of the Notes: Reg S Bearer
• Currency / Size: €150m
• Use of Proceeds: General Corporate Purposes
• Reoffer: MS+165bp / 99.587 / 4.49%
• Benchmark: OBL 2.4% 30-Apr-30 + 179.3 / 98.92 / HR 99%
• Pricing Date: 03-Jun-26
• Settlement Date: 10-Jun-26 (T+5)
• Maturity Date: 10-Jun-30
• Coupon: 4.375% Fixed, Actual/Actual (ICMA), payable annually in arrear on 10 June in each year, commencing from and including 10-Jun-27 up to and including the Maturity Date
• Redemption upon MREL Disqualification Event or Tax Event: Subject to the provisions of Condition 6.13, the Notes may, save as provided in the Base Prospectus, be redeemed at the option of the Issuer, in whole, but not in part, at any time at par, on giving not less than 15 nor more than 60 days’ notice (which notice shall be irrevocable) to the Principal Paying Agent, and, in accordance with Condition 13, the Noteholders, if a Tax Event or a MREL Disqualification Event occurs
• Substitution or Variation: If at any time a MREL Disqualification Event or a Tax Event occurs, or to ensure the effectiveness or enforceability of Condition 17, subject to the provisions of Condition 6.13, the Issuer may, having given not less than 30 nor more than 60 days’ notice (which notice shall be irrevocable) to the Principal Paying Agent and, in accordance with Condition 13, the Noteholders, either substitute all, but not some only, of the Notes for, or vary the terms of the Notes (including changing the governing law of Condition 17 from English law to Icelandic law) so that they remain or, as appropriate, become Senior Preferred Qualifying Securities (as defined in the Base Prospectus), as the case may be
• Clean-up Redemption Option: Applicable. See Condition 6.6
• Clean-up Percentage: 75 per cent
• Clean-up Redemption Amount: €1,000 per Calculation Amount
• Clean-up Redemption Date: From Issue Date
• Listing: Euronext Dublin (Regulated Market)
• Events of Default: There are no events of default with respect to the Notes. Enforcement Events specified in Condition 9 apply
• Waiver of Set-Off: Applicable
• Clearing: Euroclear / Clearstream, Luxembourg
• Payment Business Days: T2
• Selling Restrictions: As per the Base Prospectus
• Specified Denominations: €100k+1k
• ISIN: XS3399022758
• Joint Bookrunners: Barclays, J.P. Morgan and Morgan Stanley (B&D/DM)
• Manufacturer Target Market: UK MiFIR / MiFID II professionals / ECPs-only / No EEA PRIIPs or UK PRIIPs KID / CCI product summary. Not available to retail in the EEA or the UK.
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Governing Law: English Law, save for Condition 3 (Status of the Notes) which is governed by Icelandic law
• Statutory Loss Absorption: Each Noteholder acknowledges that the Notes may be subject to the exercise of Statutory Loss Absorption Powers by the Relevant Resolution Authority (Condition 17)
• Advertisement: The information presented herein is an advertisement and does not comprise a prospectus for the purposes of Regulation (EU) 2017/1129. The Base Prospectus is available at https://kvika.is/en/fjarfestaupplysingar/?category=funding&subCategory=0. The Final Terms, when published, will also be available at https://kvika.is/en/fjarfestaupplysingar/?category=funding&subCategory=1 and on the website of the Euronext Dublin at https://live.euronext.com/en/product/bonds-detail/28269/documents. Investors should not subscribe for any Notes referred to in the materials except on the basis of information in the Base Prospectus.
• Timing: Priced / TOE 13.41 UKT / FTT 14.15 UKT

PRICED: African Development Bank €1.25bn 7yr Social Sr Unsec; MS+14bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+14bp / 99.559 / 3.071%
Benchmark: 7yr: DBR 2.3% 15-Feb-33 @ 96.770 / B+23.6 / HR 105%

Final Books: In excess of €2.1bn (incl. €300mm JLM). Peak book in excess of €2.2bn (incl. €275mm JLM).

Launched: 7yr: €1.25bn @ MS+14bp - Books closed in excess of €2.2bn (incl. €275mm JLM)
Spread set at: 7yr: MS+14bp - Books currently in excess of €2bn (incl. €225mm JLM)
Guidance: 7yr: MS+16a

• Issuer: African Development Bank
• Ticker: AFDB
• Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch) (all stable)
• Format: Global (SEC exempt)
• Size: €1.25bn
• Settlement: 10-Jun-26 (T+5)
• Maturity: 10-Jun-33
• Coupon: 3.000%, annual, Act/Act
• Reoffer: MS+14bp
• Price/Yield: 99.559 / 3.071%
• Bund Reference: +23.6bps vs DBR 2.3% 15-Feb-33 TWIN (bid @ 96.770 / 2.835%; HR 105%)
• Denominations: €1,000 + €1,000
• Listing/Law: Luxembourg / English
• Docs: Issuer’s Global Debt Issuance Facility, dated 08-Sep-09 (the “Programme”)
• Leads: CACIB / GS(B&D) / JPM / NatWest
• ISIN: XS3402832441
• Timing: PRICED. TOE: 14:46 CET. FTT: Immediately.
• Target Market: The manufacturer target markets (UK MiFIR/MIFID II product governance) as assessed by the lead managers are eligible counterparties, retail and professional (all distribution channels).
• UoP: An amount equal to the net proceeds of the Notes will be used to finance and/or refinance eligible social projects as further described in the Issuer’s Sustainable Bond Framework.
• Sustainable Bond Framework: https://www.afdb.org/sites/default/files/2023/09/12/230912_afdb_sustainable_bond_framework_final.pdf
• SPO: https://www.afdb.org/sites/default/files/2023/09/12/mis_spo_12092023_afdb_final.pdf

PRICED: Castilla y León €500m 8yr Sust; SPGB+14bp

IGC European Market: Deal Flow - SSA

Reoffer: 8yr: SPGB+14bp / 99.665 / 3.38%
Benchmark: 8yr: SPGB 3.25% 30-Apr-34 @ 100.05 / 3.24% (MID) HR 99%

Final Books in excess of €1.55bn (incl. €70m JLM interest)

Launched: 8yr: €500m @ SPGB+14bp - Orderbooks in excess of €1.25bn (incl. €70m JLM interest)
Guidance: 8yr: SPGB+17a

• Issuer: Autonomous Community of Castilla y Leon (Ticker: CASTIL)
• LEI: 959800Y87BK35RUBP092
• Issuer Rating: A3 (Stable) Moody’s
• Exp. Issue Rating: A3 Moody’s
• 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: 15-Jun-26 (T+8)
• Maturity: 30-Apr-34
• Coupon: 3.33% Fixed, Annual, Act/Act, short first coupon
• Reoffer: 99.665% / 3.380% SPGB + 14bps (MID)
• Benchmark Ref: SPGB 3.25% 30-Apr-34 @ 100.050% 3.240% (MID) HR 99%
• Listing: AIAF
• Gov Law: Spanish
• Min Denoms: €1k+ €1k
• Use of Proceeds: As defined in the Autonomous Community of Castilla y León 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, Crédit Agricole CIB, HSBC, ING, Kutxabank Investment and Santander (B&D)
• ISIN: ES0001351628
• Timing: TOE 14:08 UKT 15.08 CET / FTT immediately

PRICED: KBC Insurance NV €500m 10yr Sub T2; MS+132bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: MS+132bp / 99.076 / 4.366%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 99.04 / B+135.2 / HR 96%

Final Books > €1.4bn. Peak book above €2.1bn.

Launched: 10yr: €500m @ MS+132bp - Books above €2.1bn
Book Update: Books > €1.5bn (ex JLM)
IPTs: 10yr: MS+160a

• Issuer: KBC Insurance NV
• LEI: 213800G63T4ER4MSVR22
• Ticker: KBCBB
• Status: Unsecured Subordinated Notes qualifying as Tier 2 Capital
• Issuer Rating: A (S&P)
• Expected Issue Rating: BBB+ (S&P)
• Size: €500,000,000
• Settlement: 11-Jun-26 (T+6)
• Maturity: 11-Jun-36
• Reoffer: Spread MS+132 / Price 99.076 / Yield 4.366%
• Benchmark: DBR 2.9 15-Feb-36 (@99.04) + 135.2, HR 96%
• Interest Rate: 4.25% payable annually in arrear on 11 June in each year, commencing on 11-Jun-27, subject to deferral in accordance with the Terms and Conditions
• Business Days/Day Count Fraction: T2, Following; Unadjusted, Act/Act (ICMA)
• Waiver of Set-Off: Applicable
• Capital Disqualification Event Call: Applicable
• Substantial Repurchase Event Call: Applicable (75%)
• Mandatory Interest Deferral: Applicable. See Condition 5(b)
• Substitution & Variation: If the Issuer considers it necessary or desirable in order to ensure the effectiveness and enforceability of Condition 19 or if a Capital Disqualification Event, a Deductibility Event or a Gross-up Event has occurred and is continuing, the Issuer may, subject to Condition 6(o), but without any requirement for the consent or approval of the Noteholders, at any time either substitute all (but not some only) of the Notes for, or vary the terms of all (but not some only of) the Notes so that they remain or, as appropriate, become, Qualifying Securities.
• Conditions to Redemption, Substitution, Variation and Purchase: Any redemption or purchase of the Notes or any substitution or variation of the terms of the Notes is subject to the Issuer having complied with the regulatory rules relating to such action or event, including on notification to, or consent or non-objection from, the Relevant Regulator. In addition, any redemption or purchase prior to the fifth anniversary of the Specified Date is subject to the Issuer having complied with the regulatory rules relating to such action or event, including the approval of the Relevant Regulator (if applicable), and other conditions to redemption in line with Condition 6(o).
• Event of Default: None
• Acknowledgement of Bail-in Power: Acknowledgement of Bail-in Power by the Relevant Resolution Authority
• Denomination: €100k + 100k
• Target Market: MiFID II/UK MiFIR professionals/ECPs only. No EU PRIIPs key information document and no UK disclosure document required by DISC have been prepared as not available to retail in the EEA or UK.
• Listing/Docs: Euro MTF/KBC Insurance NV EMTN Programme dated 2-Jun-26
• Clearing: Securities settlement system operated by the National Bank of Belgium
• Form of the Notes: Dematerialised form, RegS Cat 2
• Selling Restrictions: United States, United Kingdom, France, Japan, Czech Republic, Republic of Italy, Canada, Hong Kong, Switzerland and Singapore. No sales to retail investors
• Governing Law: Belgian Law
• ISIN: BE6374729836
• Use of Proceeds: The Notes to be issued will be used to repay internal subordinated debts subscribed by KBC Group NV.
• Sole Global Coordinator: BNP Paribas
• Joint Lead Managers: BNP Paribas (B&D), Credit Agricole CIB, Deutsche Bank, J.P. Morgan, KBC
• Timing: PRICED, TOE 14:04 UKT, FTT 14:25 UKT

PRICED: Coöperatieve Rabobank U.A. £600m 5NC4 Green SNP; UKT+80bp

IGC European Market: Deal Flow - General

Reoffer: 5NC4: UKT+80bp / 100 / 5.146%
Benchmark: 5NC4: UKT 0.375% 22-Oct-30 @ 84.308 / HR 107%

Final Books: Over £1.65bn

Launched: 5NC4: £600m @ UKT+80bp - Books over £1.5bn
Book Update: Books > £1bn+ (excl JLM)
IPTs: 5NC4: UKT+95a

• Issuer: Coöperatieve Rabobank U.A. (“Rabobank”)
• LEI: DG3RU1DBUFHT4ZF9WN62
• Issuer Ratings: Aa3 (Stable) / A+ (Stable) / AA- (Stable) (Moody’s / S&P / Fitch)
• Expected Issue Ratings: A3/A-/A+ (Moody’s / S&P / Fitch)
• Instrument: Green Non-Preferred Senior Reg S Notes
• Status and ranking: The Non-Preferred Senior Notes and the Coupons relating to them shall qualify as, and comprise part of the class of, Statutory Non-Preferred Senior Obligations and shall constitute unsubordinated and unsecured obligations of the Issuer and such Non-Preferred Senior Notes and Coupons shall rank pari passu and without any preference among themselves (save for certain mandatory exceptions provided by law). The claims of Holders in respect of the payment obligations of the Issuer under the Non-Preferred Senior Notes and the Coupons relating to them shall, save for such exceptions as may be provided by applicable law rank: (i) in the event of bankruptcy (faillissement) of the Issuer only, junior to any unsubordinated and unsecured obligations of the Issuer which do not qualify as Statutory Non-Preferred Senior Obligations (including, for the avoidance of doubt, any Senior Preferred MREL Notes and excluded liabilities of the Issuer pursuant to Article 72a(2) of the CRR); (ii) in the event of a Winding-Up of the Issuer, pari passu with any other Statutory Non-Preferred Senior Obligations; and (iii) in the event of a Winding-Up of the Issuer, senior to any Junior Obligations. The Notes are intended to be MREL Eligible Liabilities
• Nominal Amount: £600m
• Pricing Date: 03-Jun-26
• Settlement Date: 10-Jun-26 (T+5)
• Optional Redemption: 16-Oct-30
• Maturity Date: 16-Oct-31
• Reoffer: UKT+80 / 100 / 5.146% s.a.
• Benchmark: UKT 0.375% 22-Oct-30 Corp @ 84.308 mid / 84.288 bid / 4.352% s.a. / HR 107%
• Coupon: 5.1442% Fixed, Semi-Annual. From (and including) the Optional Redemption Date to (but excluding) the Maturity, interest on the Notes will be reset to a rate equal to the 1 year UK Benchmark Gilt +80bps
• Day Count Fraction: Actual / Actual, ICMA
• Business Day Convention: Following, Unadjusted basis
• Business Days: London, T2
• Coupon Payment Dates: Each October and April of each year commencing on 16-Oct-26 until the 16-Oct-30, subject to a short first coupon, payable semi-annually in arrear
• Denominations: £100,000 (+ £100,000 increments)
• Listing: Luxembourg Stock Exchange Regulated Market
• Clearing: Euroclear / Clearstream Luxembourg
• Use of Proceeds: An amount equal to the net proceeds is used to finance and/or refinance, in part or in whole, a portfolio of Eligible Green Assets, defined in accordance with the Rabobank Sustainable Funding Framework 2025
• Governing Law: Dutch
• Type of Note: Bearer, New Global Note
• ISIN / Common Code: XS3404437991 / 340443799
• Joint-Lead Managers: Barclays Bank Ireland PLC, Bank of Montreal Europe plc, Natixis, NatWest Markets N.V, Coöperatieve Rabobank U.A, RBC Europe Limited
• Set Off: No right of Set-Off or netting
• Events of Default: No Events of Default
• Early Redemption Event: The Notes may be redeemed (all but not some only), at par (plus accrued and unpaid interest) in case of: MREL Disqualification Event: the exclusion or the likely exclusion, in whole or in part, of the instruments from the Issuer’s and/or the Group’s MREL Eligible Liabilities as a result of any amendment to, or change in, any Applicable MREL Regulations or any change in the application or official interpretation of any Applicable MREL Regulations (which the Issuer demonstrates to the satisfaction of the Relevant Regulator was not reasonably foreseeable at the Issue Date), except that MREL Disqualification Event shall not apply if such exclusion from the Issuer’s and/or the Group’s MREL Eligible Liabilities is due to the remaining maturity of the Notes being less than any period prescribed by Applicable MREL Regulations or any applicable limitation on the amount of the Issuer’s and/or the Group’s MREL Eligible Liabilities. Tax Law Change: obligation for the Issuer to pay Additional Amounts
• Substitution & Variation: Applicable. Ability to substitute or vary the terms (all but not some only) of the Notes in case of an Alignment Event or MREL Disqualification Event, without any requirement for the consent or approval of the Noteholders, so that the substituted notes are, or that the Notes remain, MREL Compliant Notes
• Alignment Event: Applicable. Occurs if as a result of any amendment to the Applicable MREL Regulations, the requisite features for Statutory Non-Preferred Senior Obligations are different in any respect from the terms and conditions of the Notes
• Documentation: Rabobank's Global Medium Term Note ("GMTN") Program consisting of the Registration Document dated 19-May-26; and the Securities Notes dated 19-May-26; and supporting documentation as incorporated by reference
• Selling Restrictions: UK, EEA and US and as further set out in the Base Prospectus. Restrictions apply to offers, sales or transfers of the Notes in various jurisdictions. In all jurisdictions, offers, sales or transfers may only be affected to the extent lawful in the relevant jurisdiction, please refer to the relevant section of the Base Prospectus. US: Reg S, TEFRA D: Not 144A eligible. Not suitable for U.S. persons (as such term is defined under Regulation S of the U.S. Securities Act of 1933, as amended (the “Securities Act”)) or a person within the United States (as such term is defined under Regulation S of the Securities Act. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the Securities Act) and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons except to certain persons in offshore transactions in reliance on Regulation S under the Securities Act.
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only – Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA or in the UK
• Advertisement: The Base Prospectus is available at https://www.rabobank.com/about-us/investor-relations/funding-and-capital/issuance-programs/gmtn-program and https://www.bourse.lu/programme/Programme-CoopRabo/12077 The Final Terms relating to the securities, when published, will be available at www.luxse.com
• Stabilisation: FCA/ICMA
• Timing: TOE: 14:19 UKT, FTT: 14:40 UKT

Green SNP
L 5NC4 (Oct 2031) @ UKT+95 area (UK
T 0.375% 22nd Oct 2030)
Implied Spread for fresh L 5NC4 @ +74
Priced at UKT+80
NIC of +6

PRICED: Canadian Imperial Bank of Commerce €1.25bn 6.25yr CB; MS+29

IGC European Market: Deal Flow - General

Reoffer: 6.25yr: MS+29bp / 99.629 / 3.193%
Benchmark: 6.25yr: DBR 1.7% 15-Aug-32 @ 93.91 / B+41bp / HR 103%

Final Books > €1.7bn (incl. €200m JLM). Peak book above €1.75bn (pre-rec).

Launched: 6.25yr: €1.25bn @ MS+29bp - Books above €1.75bn (pre-rec) (incl. 200mn JLM)
Spread set at: 6.25yr: MS+29bp - Books in excess of €1.75bn (incl. €175m JLM)
Book Update: Books > €1.65bn (incl. €175m JLM)
Guidance: 6.25yr: MS+35a

• Issuer: Canadian Imperial Bank of Commerce (Ticker: CM)
• LEI: 2IGI19DL77OX0HC3ZE78
• Guarantor: CIBC Covered Bond (Legislative) Guarantor Limited Partnership
• Issue type: Canadian legislative covered bond backed by Canadian prime residential mortgages
• Expected issue ratings: Aaa / AAA (Moody's/Fitch)
• Format: Reg S, Bearer, Covered Bonds in NGN form
• Size: €1.25bn
• Trade Date: 03-Jun-26
• Settlement Date: 10-Jun-26 (T+5)
• Maturity Date: 10-Sep-32
• Coupon: 3.125% Fixed, Annual, Act/Act (ICMA), short first coupon
• Reoffer: MS+29bps / 99.629% / 3.193%
• Benchmark: +41.0bps vs. DBR 1.7% 15-Aug-32 (px 93.910% / yield 2.783%), HR 103%
• Redemption price: 100%
• Governing Law: Province of Ontario and Canada
• Business days: London, New York, Toronto, T2
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Denomination: €100k and integral multiples of €1k in excess thereof up to (and including) €199k
• Clearing: Euroclear / Clearstream, Luxembourg
• Joint Lead Managers: CIBC Capital Markets, Commerzbank, Crédit Agricole CIB (B&D), Erste Group, ING and Natixis
• ISIN: XS3401887057
• Common code / WKN: 340188705 / A4EV18
• Target Market: Professional Clients and Eligible Counterparties (EU MiFID and UK MiFIR Product Governance) – all distribution channels / No EEA PRIIPs KID or UK CCI disclosure document required as not available to EU or UK retail investors.
• Documentation: Under the Issuer's CAD 60,000,000,000 Global Legislative Covered Bond Programme
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Timing: Priced - TOE 15.50 CET / 14.50 UKT - FTT 16.10 CET / 15.10 UKT
• Advertisement: The Base Prospectus dated 05-Aug-25 (as supplemented), is available, and the Final Terms, when published, will be available via: https://www.cibc.com/en/about-cibc/investor-relations/debt-information/legislative-covered-bond/information.html
• Stabilization: FCA/ICMA

Covered
6.25 year (Sep 2032) @ MS+35 area  
Implied Spread for fresh 6.25 year @ MS+28
Priced at MS+29
NIC of +1

PRICED: Covea Cooperations €750m 30NC10 T2; MS+150bp

IGC European Market: Deal Flow - General

Reoffer: 30NC10: MS+150bp / 99.59 / 4.552%
Benchmark: 30NC10: DBR 2.9 15-Feb-36 @ 99.01 / B+153.5 / HR 95%

Final Books €2.4bn+. Peak book over €2.7bn (pre-rec)

Launched: 30NC10: €750m @ MS+150bp - Orderbooks over €2.7bn (pre-rec)
Book Update: Books >€2bn+
IPTs: 30NC10:MS+175/180bp

• Issuer: Covéa Coopérations
• LEI: 969500K59WA6SGV1YD65
• Ticker: COVEAC
• Instrument: €750m Subordinated Fixed to Floating Rate Notes
• Status: Direct, unconditional, unsecured and ordinary subordinated Obligations and the Notes rank and will rank pari passu without any preference among themselves and pari passu with any other Ordinary Subordinated Obligations. The ordinary subordinated Obligations will at all times rank (i) junior to any present and future Unsubordinated Obligations, Senior Subordinated Obligations and other Obligations (including without limitation 1st Ranking Senior Subordinated Notes) expressed to rank senior to Ordinary Subordinated Obligations, if any, (ii) pari passu with any other present and future Ordinary Subordinated Obligations and (iii) in priority to any present and future prêts participatifs granted to the Issuer, titres participatifs issued by the Issuer, Deeply Subordinated Obligations and any class of share capital, whether represented by ordinary shares or preference shares (actions de préférence), issued by the Issuer. The Notes are subject to a dynamic ranking clause in certain circumstances.
• Issuer Financial Strength Ratings: Aa3 (Stable) by Moody’s, A+ (Stable) by S&P and A+ (Superior) (Stable) by A.M. Best
• Expected Notes Ratings: A2 (hyb) by Moody’s and A- by S&P
• Issue Size: €750m
• Reoffer: MS+150 / 99.590 / 4.552%
• Benchmark: +153.5bp vs DBR 2.9 15-Feb-36 (99.01) / HR 95%
• Settlement Date: 10-Jun-26 (T+5)
• First Call Date: 10-Jun-36
• Maturity Date: 10-Jun-56
• Interest: Fixed rate of 4.50% per annum until the First Call Date, payable annually in arrear on 10 June, beginning from (and including) the Issue Date to (but excluding) the First Call Date, subject to Optional and Mandatory Interest Deferral in accordance with the Conditions. Resets at the First Call Date and every 3 months thereafter to the sum of the then prevailing 3-month Euribor rate + the Margin (re-offer spread +100 bps)
• Margin: 2.5% per annum
• Interest Deferral: The Issuer may, at its option, elect to defer payment of interest (in whole or in part) on any Interest Payment Date other than a Compulsory Interest Payment Date or Mandatory Deferral Interest Payment Date
• Compulsory Interest Payment Dates: The Issuer shall, on each Compulsory Interest Payment Date, pay interest in respect of the Notes accrued to that date in respect of the Interest Period ending on such Compulsory Interest Payment Date, together with all Arrears of Interest at such time.
• Mandatory Deferral Interest Payment Date: Issuer will be obliged to defer payment (in whole or in part) of the interest accrued to that date upon the occurrence of (i) a Regulatory Deficiency (non-compliance of the Issuer and/or Groupe Covéa with SCR and/or MCR), or (ii) as required by the Relevant Supervisory Authority, or (iii) the Issuer admits it is, or is declared, unable to meet its liabilities as they fall due
• Arrears of Interest: Arrears of Interest may, subject to the Conditions to Settlement, at the option of the Issuer, be paid in whole or in part at any time and must be paid on the earliest of (i) the next Interest Payment Date which is a Compulsory Interest Payment Date or (ii) the date of any redemption of the Notes in accordance with the provisions relating to redemption of the Notes or (iii) the date upon which a judgment is made for the voluntary or judicial liquidation of the Issuer. The arrears of interest shall not themselves bear interest
• Optional Redemption: The Issuer may redeem the Notes outstanding in whole, but not in part on the First Call Date, and on any Interest Payment Date thereafter, at the principal amount of the Notes together with any accrued and unpaid interest, subject to Prior Approval of the Relevant Supervisory Authority and the Conditions to Redemption and Purchase
• Special Event Redemption: Callable at any time upon a (i) Gross-Up Event, (ii) Withholding Tax Event, (iii) Tax Deductibility Event, (iv) Capital Disqualification Event, (v) Rating Methodology Event, (vi) Accounting Event, (vii) Clean-up Redemption (75% or more of the Notes issued has been purchased and cancelled), subject to the Prior Approval of the Relevant Supervisory Authority and the Conditions to Redemption and Purchase
• Conditions to Redemption and Purchase: The Notes may not be redeemed or purchased if (i) a Regulatory Deficiency has occurred and is continuing (or would occur) except if (a) the Relevant Supervisory Authority has exceptionally waived the suspension of redemption or purchase (b) the Notes have been exchanged for or converted into another basic own funds item of at least the same quality and (c) the Minimum Capital Requirement of the Issuer and/or Groupe Covéa is complied with after the redemption or purchase, or (ii) an Insolvent Insurance Affiliate Winding-up has occurred and is continuing. In addition, certain other conditions to redemption apply in accordance with Solvency II Regulations
• Inapplicability Period: The Issuer may waive, at any time and in its sole discretion, its right to redeem the Notes under any of Conditions 6.3 (Redemption for Taxation Reasons), 6.4 (Optional Redemption for Regulatory Reasons), 6.5 (Optional Redemption for Rating Reasons), 6.6 (Optional redemption following an Accounting Event) and 6.7 (Clean-up Redemption) for a (definite or indefinite) period of time to be determined by the Issuer (an “Inapplicability Period”) by notice to the Noteholders in accordance with Condition 12 (Notices)of the Information Memorandum
• Variation or Substitution of the Notes: If an Accounting Event, a Capital Disqualification Event, a Rating Methodology Event or an event pursuant to which the Issuer has the right to redeem the Notes pursuant to Redemption for Taxation Reasons (and subject to the occurrence of a Redemption Alignment Event) occurs, the Issuer may, at any time, without any requirement for the consent or approval of the Noteholders, vary the Conditions or substitute all (and not some only) of the Notes for other Notes, so that the varied Notes or the substituted Notes, as the case may be, become Qualifying Securities
• Regulatory Deficiency: Non-compliance with Issuer/Group SCR or MCR requirements, or any applicable capital requirements for internationally active insurance groups. If the Relevant Supervisory Authority has requested that the Issuer must take specified action in relation to payments under the Notes. If the Issuer admits it is, or is declared, unable to meet its liabilities as they fall due with its immediately disposable assets
• Events of Default: None
• Waiver of Set-Off: No Noteholder may at any time exercise or claim any Waived Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such Noteholder
• Form of the Notes: Dematerialised Reg S bearer form (au porteur)
• Acknowledgement of Statutory Loss Absorption Powers: Applicable
• Format: Reg S, Bearer
• Business Days: Paris, T2
• Governing Law / Listing: French law / Euronext Growth
• Denomination: €100k
• Clearing Systems: Euroclear France, Clearstream Banking SA and Euroclear Bank SA/NV
• Selling Restrictions: US, EEA, UK, Belgium, Canada, Singapore, Italy (as further described in the Preliminary Information Memorandum)
• Documentation: Preliminary Information Memorandum dated 1-Jun-26
• Use of Proceeds: General financing purposes of Groupe Covéa
• ISIN / Common Code: FR0014018VQ8 / 339702365
• Joint Global Coordinators: J.P. Morgan (B&D) and Natixis
• Joint Bookrunners: Barclays, J.P. Morgan and Natixis
• Target Market: Manufacturer target market (EU MIFID II product governance) 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 not available to retail in the EEA or the UK
• Advertisement: The Information Memorandum will be published on the website of Euronext Growth and the website of Groupe Covéa
• Timing: Priced. TOE 15.51 CET / 14.51 UKT. FTT 16.05 CET / 15.05 UKT

FTF Tier 2
30NC10 (Jun 2056) @ MS+175-180
Implied Spread for fresh 30NC10 @ MS+145
Priced at MS+150
NIC of +5

PRICED: Investitionsbank Berlin €500m 8yr Sr Unsec; MS+22bp

IGC European Market: Deal Flow - SSA

Reoffer: 8yr: MS+22bp / 99.541 / 3.191%
Benchmark: 8yr: DBR 2.2 15-Feb-34 @ B+29.33bp

Launched: 8yr: €500m @ MS+22bp

• Issuer: Investitionsbank Berlin (IBB)
• Guarantor: German Federal State of Berlin
• BBG Ticker: IBB
• Format: Bearer (0% RW, senior unsecured, LCR Level 1)
• Rating: Aa1/AAA (Moody's/Fitch)
• Size: €500m
• Coupon: 3.125%
• Maturity: 09-Jun-34
• Settlement: 10-Jun-26 (T+5)
• ISIN / Series: DE000A4DFVR3 / 248
• Law/List/Denoms: German / Munich Regulated market / €100,000+€100,000
• Lead Managers: BayernLB, Crédit Agricole CIB, Norddeutsche Landesbank
• Fee: The three Lead Managers will receive a discount on the reoffer price
• Target market: The target market for the bonds is professional clients and eligible counterparties, each as defined in MiFID II (only non-advised services)

PRICED: Technip Energies N.V. €500m 7yr Sr Unsec; MS+112bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+112bp / 99.712 / 4.048%
Benchmark: 7yr: DBR 2.3 15-Feb-33 TWIN @ 96.775 / B+121.4 / HR 101%

7yr: Final Books €2.3bn (excl. JLM interests). Peak book above €2.5bn (pre-rec).

Launched: 7yr: €500m @ MS+112bp - Book above €2.5bn (pre rec) at tight end of guidance excl. JLM interests
Guidance: 7yr: MS+115 +/-3bp - Book above €2.9bn (pre rec) excl. JLM interests
IPTs: 7yr: MS+150a

• Issuer: Technip Energies N.V. (Ticker: TEFP; Country: FR)
• Issuer LEI: 724500FLODI49NSCIP70
• Issuer rating: BBB stable outlook by S&P
• Expected rating of the bonds: BBB by S&P
• Format: Reg S, Bearer, New Global Note, Senior Unsecured (Cat.2)
• Pricing Date: 03-Jun-26
• Settlement: 10-Jun-26 (T+5)
• Size: €500m
• Maturity: 10-Jun-33 (7-year)
• Reoffer: MS+112bps / 99.712 / 4.048%
• Coupon: 4% Fxd, Ann, Act/Act (ICMA)
• Benchmark: +121.4bps vs DBR 2.3 15-Feb-33 TWIN (96.775) HR: 101%
• Global Coordinators: Credit Agricole CIB, HSBC (B&D)
• Active Bookrunners: BNP Paribas, Credit Agricole CIB, Deutsche Bank, HSBC, Société Générale, Standard Chartered Bank AG
• Documentations: Standalone / English Law / 3m Par Call / MWC (Bund+20bps)/ Clean-up @75% / CoC
• Denominations: €100,000 + €1,000
• Listing: Euronext Paris
• UoP: General Corporate Purposes
• TOE / FTT: 15.27 UKT / 16.00 UKT
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• ISIN: XS3317598053
• Selling Restrictions: As set out in the Preliminary Prospectus dated 01-Jun-26
• Advertisement: Preliminary prospectus dated 01-Jun-26. Final Prospectus, when published, will be available on the website of the Autorité des Marchés financiers: https://www.amf-france.org/fr

PRICED: Close Brothers Finance £250m Long 5yr Sr Unsec; UKT+145

IGC European Market: Deal Flow - General

Reoffer: Long 5yr: UKT+145bp / 99.604 / 5.841%
Benchmark: Long 5yr: UKT 0.25% 31-Jul-31 / HR 110%

Final Books £700m+. Peak book £1bn+ (pre-rec, inc £25m JLM)

Launched: Long 5yr: £250m @ UKT+145bp - Books £1bn+ (pre-rec, inc £25m JLM)
IPTs: Long 5yr: UKT+160a

• Issuer: Close Brothers Finance plc
• Guarantor: Close Brothers Limited
• Issuer LEI: 213800URQKPVH3SJBM16
• Guarantor LEI: LC2LS8O497851NSB4L61
• Expected Rating of the Issue: A3/BBB (Moody's/Fitch)
• Ranking: Senior, unsubordinated, unsecured
• Use of Proceeds: General Corporate Purposes
• Principal Amount: £250m
• Pricing Date: 3-Jun-26
• Settlement Date: 10-Jun-26 (T+5 business days)
• Maturity Date: 10-Sep-31
• Coupon: 5.75% per annum payable semi-annually in arrear
• Reoffer Price: 99.604
• Reoffer Yield: 5.841%
• Reoffer Spread: UKT 0.25% 31-Jul-31 + 145bp
• Coupon Payment Dates: 10 March and 10 September in each year up to and including the Maturity Date. The first Coupon Payment Date will fall on 10-Sep-26 (Short First Coupon)
• Call Features: Clean-Up Call (75%), Tax Call (in whole at 100%)
• Redemption Amount: 100%
• Business Day Convention: Following, unadjusted
• Day Count Fraction: Actual/Actual (ICMA)
• Documentation: Issued under the Issuer’s £2bn Euro Medium Term Note Programme Base Admission Particulars dated 27-May-26
• Governing Law: English Law
• Type of Note: Bearer / NGN
• Selling Restrictions: Reg S, Cat 2, TEFRA D, No sales to retail in the EEA or UK
• Business Days: London
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR productgovernance) is eligible counterparties and professional clients only (all distributionchannels). No PRIIPs key information document / CCI disclosure document has beenprepared as not available to retail in the EEA or in the UK
• Denominations: £100,000 and integral multiples of £1,000 in excess thereof
• Listing: The International Securities Market of the London Stock Exchange
• ISIN / Common Code: XS3401772747 / 340177274
• Joint Lead Managers: BofA Securities, NatWest (B&D), UBS Investment Bank
• Advertisement: The Base Admission Particulars are available and the Pricing Supplement, when published, will be available on the website of the Regulatory News Service operated by the London Stock Exchange (www.londonstockexchange.com/exchange/news/market-news/market-news-home.html)

PRICED: KfW £600m 6yr Sr Unsec; SONIA MS+33bp

IGC European Market: Deal Flow - SSA

Reoffer: 6yr: SONIA MS+33bp / 99.527 / 4.593%
Benchmark: 6yr: UKT 4.25% 07-Jun-32 @ 98.690 / B+4.0 / HR 101%

Final Books: £850m (excl. JLM)

Launched: 6yr: £600m @ SONIA MS+33bp - Books closed at £850m (excl. JLM)

• Issuer: Kreditanstalt fuer Wiederaufbau (KfW)
• Guarantor: Federal Republic of Germany
• Rating: Aaa/AAA/AAA (Moody's/S&P/Scope)
• Ranking: Senior Unsecured
• Format: Reg S, Bearer
• Size: £600m
• Settle: 12-Jun-26 (T+6)
• Maturity: 01-Jun-32
• Spread: SONIA MS (A, A/365) + 33bps
• Price /Yield: 99.527 / 4.593% Annual / 4.541% Semi-Annual
• Gilt Ref: +4.0 vs UKT 4.25% 07-Jun-32 MID (mid @ 98.690; HR 101%)
• Coupon: 4.500%, Annual, ACT/ACT (short first to the 01-Jun-27)
• Denoms: £1k + £1k
• Docs: Issuer's Debt Issuance Programme
• List: Luxembourg Regulated Market
• Law: German Law
• Tgt Mkt: Manufacturer target market (MiFID II and UK MiFIR product governance) as determined by the Lead Managers is eligible counterparties and professional clients (all distribution channels)
• Leads: BofA, MS(DM, B&D), RBC
• ISIN: XS3403817003
• Timing: PRICED. TOE: 12:39 UKT. FTT immediately

PRICED: State of North Rhine-Westphalia US$1.5bn 5yr Sr Unsec; SOFR MS+34

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: SOFR MS+34bp / 99.670 / 4.325%
Benchmark: 5yr: CT5 @ 99-22 / B+8.4bp / HR 101%

Final books closed in excess of US$5.3bn (excluding JLM interest)

Launched: 5yr: US$1.5bn @ SOFR MS+34bp - Books in excess of US$4.9bn (excluding JLM interest)
Guidance: 5yr: SOFR MS+35a - IOIs in excess US$3bn, excluding JLM
IPTs: 5yr: SOFR MS+37a

• Issuer: State of North Rhine-Westphalia (BBG Ticker: NRW)
• Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope – All Stable)
• Status: Reg S bearer, Senior unsecured, 0% RW, TEFRA D Rules apply, no communications with or into the US or Canada (excluding Ontario)
• Size: US$1.5bn
• Maturity: 11-Jun-31 (5Y)
• Settlement: 11-Jun-26 (T+6)
• Coupon: 4.25% Fixed, Annual, 30/360
• Reoffer: SOFR MS (S/A, 30/360) +34bps / 99.670% / 4.325 ann% / 4.279 s.a%
• Benchmark: +8.4bps vs CT5 @ 99-22 HR 101%
• Docs: Issuer's Debt Issuance Programme
• Listing: Luxembourg Stock Exchange
• Denoms: US$200k + US$200k
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• ISIN: XS3402929528
• Bookrunners: BMO / CIBC / CITI (B&D) / DAIWA / Scotiabank
• Timing: Priced. TOE 15.18 LDN. FTT Immediately
• Target Mkt: Manufacturer target market ([UK MiFIR] / MiFID II product governance) is eligible counterparties and professional investors
• Advertisement: The Base Prospectus is available at: https://www.finanzverwaltung.nrw.de/system/files/media/document/file/nrw-dip-update-2025-alleviated-prospectus-final-submission-version.pdf

PRICED: NRW.Bank CHF 50m 15yr Social Sr Unsec; SARON MS+28

IGC European Market: Deal Flow - SSA

Reoffer: SARON MS+28 / 97.661 / 1.098%
Benchmark: Govt.+53

• Issuer: NRW.Bank (Ticker: NRWBK)
• Guarantor: Federal State of North Rhine-Westphalia (NRW)
• Guarantor Domicile: Germany
• Format: Public Fixed-Rate Social Notes
• Status: Senior unsecured
• Guarantor Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Instrument Rating (exp): Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Issue Size (in mm): CHF 50m (new total size of CHF 150m)
• Coupon: 0.925% p.a., short 1st. coupon
• Maturity: 14 years 258 days (24-Jun-26 until 12-Mar-41)
• Issue Price: 97.661%
• Spread/Yield: SARON MS +28.0 // YTM 1.098% // Govt.+53
• ISIN / Security Number: CH1571219240 / 157121924
• Accrued interest: 102 days
• Original ISIN: CH1533150962
• Lead Manager(s): UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA: Level 1)
• Documentation: Off the Issuer’s Alleviated Prospectus of NRW.BANK dated 30-Apr-26
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: German
• Covenants: PP
• SIX Listing: 22-Jun-26
• Denomination: CHF 5000
• Use of Proceeds: An amount equivalent to the net proceeds raised from any NRW.BANK Social Bond issued under the NRW.BANK Social Bond Framework dated May 2025 (as amended or restated from time to time, the NRW.BANK Social Bond Framework) (including the Notes) will be exclusively applied to finance, in part or in full, new eligible social expenditures (Eligible Social Projects) and/or to refinance, in part or in full, existing Eligible Social Projects as listed in the NRW.BANK Social Bond Framework
• Sales Restrictions: In particular, United States of America, European Economic Area, United Kingdom, Belgium, France, Germany, Italy, Luxembourg, Canada, Japan, and/or such other restrictions as may be required in connection with the offering and sale of the Notes. RegS TEFRA D Rules apply, no communications with or into the US.

PRICED: Clariant International Financial Services (Luxembourg) Sarl €500m 5.6yr Sr Unsec; MS+140bp

IGC European Market: Deal Flow - General

Reoffer: 5.6yr: MS+140bp / 99.254 / 4.282%
Benchmark: 5.6yr: DBR 0 15-Aug-31 +154.9bps / 86.93% / HR: 110%

Final Books above €3.5bn. Peak book over €3.95bn (pre rec)

Launched: 5.6yr: €500m @ MS+140bp - Books over €3.95bn (pre rec)
Guidance: 5.6yr: MS+150a - Books over €3.3bn (pre-rec)
IPTs: 5.6yr: MS+180/190bp

• Issuer: Clariant International Financial Services (Luxembourg) S.à r.l. (Ticker: CLNVX, Country: LU)
• Issuer LEI: 98450044E5CBJ9BB0A77
• Guarantor: Clariant AG (Country: CH)
• Guarantor LEI: 529900VSEKBY7TMPP349
• Guarantor Rating: BBB- (stable) by S&P
• Issue Rating (exp.): BBB- by S&P
• Format: Reg S Bearer, Cat 2
• Status: Senior, unsecured
• Settlement: 12-Jun-26 (T+6)
• Tranche: 5.6-year
• Maturity: 15-Jan-32
• Size: €500 million
• Reoffer: MS+140bp / 99.254% / 4.282%
• Benchmark Ref: DBR 0 15-Aug-31 +154.9bps / 86.93% / HR: 110%
• Coupon: 4.125% Fixed, Annual, Short first, Act/Act ICMA, following business day convention unadjusted
• ISIN: XS3311989787
• Joint Bookrunners: BofA Securities, Citigroup, Commerzbank, Deutsche Bank, Santander (B&D)
• Docs: Preliminary stand-alone prospectus dated 01-Jun-26
• Denominations: €100k+1k
• Governing Law: Swiss Law
• Terms: Tax Call / Make-Whole Call (B+25) / Change of Control (101%) / Clean-up Call (75%) / 3m Par Call
• Listing: SIX Swiss Exchange, Frankfurt Open Market
• UoP: General corporate purposes, including but not limited to, for refinancing purposes of existing debt
• Selling Restrictions: US, UK, Singapore, Canada (each as further described in the prospectus)
• Sales into Canada: Sales into Ontario only, subject to compliance with applicable law
• Target Market: Manufacturer target market MiFID II/UK MiFIR is eligible counterparties and professional investors only (all distribution channels). No PRIIPs / UK PRIIPs key information document (KID)/CCI Product Summary has been prepared as the Bonds are not available to retail investors in the EEA or the UK. Relevant stabilisation regulations including FCA/ICMA will apply
• Timing: TOE: 15:36 (UKT) / 16:36 (CET) // FTT: 16:00 (UKT) / 17:00 (CET)

PRICED: OMV Aktiengesellschaft €750m PerpNC6.5 Sub; 4.575%

IGC European Market: Deal Flow - General

Reoffer: PerpNC6.5: 4.575% / 98.921
Benchmark: DBR 2.5 15-Nov-32 + 174.1bp (@ 98.039)

Final Books: In excess of €2.05bn+. Peak book above €3.8bn+ (pre-rec)
Launched: PerpNC6.5: €750m @ 4.575% - Book above €2.6bn+
Guidance: PerpNC6.5: 4.625%a +/-5bp WPIR - Book above €3.8bn+ (pre-rec)
IPTs: PerpNC6.5: 5.125%a

• Issuer: OMV Aktiengesellschaft (Ticker: OMVAV, Country: AT)
• Issuer LEI: 549300V62YJ9HTLRI486
• Issuer Ratings: A3 (stable)/A- (stable) (Moody's/Fitch)
• Exp. Instrument Ratings: Baa2/BBB (Moody's/Fitch)
• Rating Split: Issuer: A3/A- (Moody's/Fitch), Issue: Baa2/BBB (Moody's/Fitch)
• Exp. Equity Content: Basket M (50%) / Equity Credit (50% until the First Reset Date) (Moody's/Fitch)
• Status and Subordination of the Notes: The obligations of the Issuer under the Notes constitute unsecured obligations of the Issuer which in an insolvency or liquidation of the Issuer rank (a) pari passu among themselves and with any Parity Obligation (as defined in the Terms & Conditions of the Notes), (b) subordinated to all present and future unsubordinated and subordinated obligations of the Issuer (other than Parity Obligations and Junior Obligations (as defined in the Terms & Conditions of the Notes)), and (c) senior only to all present and future Junior Obligations.
• Denominations: €100,000 x €100,000
• Format: Reg S, Bearer, Cat 2; Classical Global Note; Notes are initially represented by a Temporary Global Note which is exchangeable for a Permanent Global Note; TEFRA D
• Maturity: Perpetual
• Tenor: Perp-NC-6.5-year
• Currency: €
• Size: €750m
• Reoffer: 4.575% / 98.921 cash px
• Benchmark: DBR 2.5 15-Nov-32 + 174.1bp (@ 98.039)
• Pricing Date: 03-Jun-26
• Settlement Date: 10-Jun-26 (T+5)
• First Call Date: 13-Sep-32 (falling on the first Business Day within the 90 calendar day period prior to the First Reset Date)
• First Reset Date: 10-Dec-32
• Step-Up Date (if no S&P Rating Event has occurred): 10-Dec-37
• First Step-Up Date (if S&P Rating Event has occurred): 10-Dec-37
• Second Step-Up Date (if S&P Rating event has occurred): 10-Dec-52
• Interest Payment Dates: Interest shall be payable annually in arrear on 10 December each year, subject to interest deferral. The first payment of interest will be on 10-Dec-26 (first short coupon)
• Interest: 4.375% per annum until the First Reset Date; Then resets every 5 years at 5yr EUR Mid-Swap + Margin (inc. relevant step-up), subject to benchmark replacement provisions
• S&P Rating Event: "S&P Rating Event" means that Standard & Poor's assigns a Solicited Rating of BBB- or better to the Issuer's senior debt up to and including the 30th Business Day prior to the First Reset Date
• Margin: The initial margin of 165.6bps from the First Reset Date until the Step-up Date or the First Step-up Date if S&P Rating Event has occurred, and either: i) a margin of 265.6bps (including a 100bps step-up) from the "Step-Up Date" or ii) if an S&P Rating Event has occurred, a margin of 190.6bps (including a 25bps step-up) from the "First Step-Up Date" to the "Second Step-Up Date" and a margin of 265.6bps (including a 100bps cumulative step-up) from the Second Step-Up Date. However, if the Issuer does not obtain a written confirmation issued by Standard & Poor's within 90 days following the occurrence of the S&P Rating Event, that the Notes are assigned "intermediate equity content", there shall only be the Step-up Date and the Margin shall be the same as if no S&P Rating Event had occurred. 500bps step-up after occurrence of Change of Control
• Day Count Fraction: Act/Act (ICMA), Unadjusted
• Business Days: T2
• Interest Deferral: The Issuer may, at its sole discretion, elect to defer all or part of any interest payments on an Interest Payment Date (on a cumulative, non-compounding basis)
• Settlement of Deferred Interest: Optional settlement of deferred interest, in whole or in part, at any time. Mandatory settlement of deferred interest, in whole but not in part, upon: (i) discretionary distribution or redemption of any Junior or Parity Obligations (ii) next Interest Payment Date where the Issuer pays interest in full (iii) redemption of the Notes and (v) winding-up; subject to customary carve-outs
• Optional Redemption Date: The Issuer may, redeem in whole but not in part, the Notes on any date from (and including) 13-Sep-32 (any Business Day during the period of 90 calendar days prior to the First Reset Date) to and (including) the First Reset Date or on any Interest Payment Date thereafter at par
• Make-Whole Call Option: The Issuer may, redeem all, but not some only, of the Notes at any time other than an Optional Redemption Date, at the higher of: (i) par and (ii) present value of remaining cash flows to the next Optional Redemption Date, discounted at Bunds + .30% p.a.
• Other Early Redemptions: The Issuer may redeem the Notes, upon the occurrence of: (a) Gross-up Event, Repurchase Event (≥75%) and Change of Control Event (margin would be increased by a further 5% if the Notes are not redeemed), at any time, at par plus any interest accrued on the Note to but excluding the date of redemption but yet unpaid and, for the avoidance of doubt, any Deferred Interest Payments payable (b) Tax Event, Accounting Event and Rating Event, each at 101% plus any interest accrued prior to the First Call Date (first Business Day within the 90 calendar day period prior to First Reset Date) and at par plus any interest accrued on the Note to but excluding the date of redemption but yet unpaid and, for the avoidance of doubt, any Deferred Interest Payments payable thereafter
• Events of Default: None
• Replacement Language: Intention based, with customary carve-outs valid until the Step-up Date (or if following the occurrence of an S&P Rating Event, the Second Step-Up Date)
• Use of Proceeds: Re-financing requirements as well as general corporate purposes
• Governing Law: German law (Status governed by Austrian Law)
• Documentation: Pursuant to the €14,000,000,000 Euro Medium Term Note Programme for the issue of the Notes dated 02-Jun-26 with standard CPs as per the EMTN programme
• Listing: Notes to be admitted to the Official List of Luxembourg Stock Exchange and to be admitted to trading on the Luxembourg Stock Exchange's regulated market and Vienna Stock Exchange's regulated market
• Joint Global Coordinators, Structuring Advisors and Bookrunners: Barclays, Mizuho (B&D)
• Joint Bookrunners: Citi, IMI – Intesa Sanpaolo, J.P. Morgan, UniCredit
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No sales to retail in EEA or in the United Kingdom. No PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) and the Consumer Composite Investments (Designated Activities) Regulations 2024 will be prepared
• Selling Restrictions: United States, EEA (prohibition on retail), United Kingdom (prohibition on retail), Japan, Singapore, Canada and Switzerland
• Sales to Canada: Offers/sales into Ontario only, subject to compliance with applicable law
• Clearing: Euroclear SA/NV and Clearstream SA
• Common Code: 3401027118
• ISIN: XS3401027118
• Timing: PRICED. TOE 15.49 UKT / 16.49 CET. FTT 16.15 UKT / 17.15 CET

Perp Hybrid
PNC6.5 (Sep 2032) @ 5.125% area 
Implied Spread for fresh PNC6.5 @ 4.591% (ms+167.5)
Priced at 4.575%
NIC of +1.5

PRICED: MTR Corporation €3bn 3-part Green Sr Unsec; MS+33, MS+60 & MS+95

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+33bp / 99.501 / 3.322% 12yr: MS+60bp / 98.866 / 3.744% 20yr: MS+95bp / 98.707 / 4.222%
Benchmark: 8yr: DBR 2.2 15-Feb-34 @ 95.00 / B+38.8bp 12yr: DBR 1 15-May-38 @ 78.10 / B+50.3bp 20yr: DBR 3.4 15-May-47 @ 98.34 / B+71.1bp

8yr: Final Books >€2.6bn (incl €575mn JLM interest). Peak book in excess of €3.3bn.
12yr: Final Books >€2.2bn (incl €200mn JLM interest). Peak book in excess of €2.8bn.
20yr: Final Books >€2.4bn (incl €165mn JLM interest). Peak book in excess of €2.9bn.

Launched:
8yr: €1bn @ MS+33bp - Orderbook closed in excess of €3.3bn (incl €575mn JLM interest)
12yr: €1bn @ MS+60bp - Orderbook closed in excess of €2.8bn (incl €200mn JLM interest)
20yr: €1bn @ MS+95bp - Orderbook closed in excess of €2.9bn (incl €165mn JLM interest)
Spread set at:
8yr: MS+33bp - Orderbook in excess of €4bn (incl €575m JLM interest)
12yr: MS+60bp - Orderbook in excess of €3.1bn (incl €200m JLM interest)
20yr: MS+95bp - Orderbook in excess of €3.1bn (incl €165m JLM interest)
Book Update: Books in excess of €5.25bn (incl. €940m JLM interest)
IPTs: 8yr: MS+65a 12yr: MS+90a 20yr: MS+125a

• Issuer: MTR Corporation Limited (66.HK)
• Issuer Ratings: Aa3/AA+ (Moody's/S&P)
• Expected Issue Ratings: Aa3/AA+ (Moody's/S&P)
• Status: Senior Unsecured Green Notes, Fixed Rate, Drawdown under the Issuer’s US$25,000,000,000 Debt Issuance Programme (the “Green Notes”)
• Format: Regulation S (Category 2), Registered Form
• Issue Size: €3bn
• Tenor:
• • 8-Year
  • 12-Year
  • 20-Year
• Maturity:
• • 8yr: 10-Jun-34
  • 12yr: 10-Jun-38
  • 20yr: 10-Jun-46
• Size:
• • 8yr: €1bn
  • 12yr: €1bn
  • 20yr: €1bn
• Reoffer Spread:
• • 8yr: MS+33
  • 12yr: MS+60
  • 20yr: MS+95
• Reoffer:
• • 8yr: 99.501 / 3.322%
  • 12yr: 98.866 / 3.744%
  • 20yr: 98.707 / 4.222%
• Benchmark:
• • 8yr: +38.8bps vs DBR 2.2 15-Feb-34 (95.00/ 2.934%)
  • 12yr: +50.3 bps vs DBR 1 15-May-38 (78.10/3.241% )
  • 20yr: +71.1bps vs DBR 3.4 15-May-47 (98.34 / 3.511%)
• Optional Redemption:
• • 8yr: 3-months par-call
  • 12yr: 3-months par-call
  • 20yr: 6-months par-call
• Coupon:
• • 8yr: 3.250% Annual, Actual/Actual (ICMA)
  • 12yr: 3.625% Annual, Actual/Actual (ICMA)
  • 20yr: 4.125% Annual, Actual/Actual (ICMA)
• ISIN:
• • 8yr: HK0001306932
  • 12yr: HK0001306940
  • 20yr: HK0001306957
• Use of Proceeds: To fund or refinance, in whole or in part, eligible green investments as set out in section 4 of the MTR Sustainable Finance Framework
• Second Party Opinion Provider on the Green Notes: Sustainable Fitch
• Listing: The Stock Exchange of Hong Kong Limited, Euro MTF Market of the Luxembourg Stock Exchange
• Denominations: €100,000 / €1,000
• Governing Law: English law
• JGCs, JBRs and JLMs: BNP Paribas, Crédit Agricole CIB, Deutsche Bank, HSBC, J.P. Morgan and Societe Generale
• JLMs: Bank of China (Hong Kong), Barclays, BofA Securities, Citigroup, ICBC (Asia), Morgan Stanley, Standard Chartered Bank and UBS
• Sole ESG Structuring Advisor: Societe Generale
• B&D: HSBC
• Clearing: CMU with linkage to Euroclear/Clearstream
• Timing: Priced, 16.25 UKT / 23.25 HKT, FTT 5pm UKT
• Settlement Date: 10-Jun-26 (T+5)
• Netroadshow: FINAL LINK: www.netroadshow.com/nrs/home/#!/?show=9ce6b3ab (Recommended) OR Visit www.netroadshow.com and enter the entry code: lorol26 (not case-sensitive)

Details correct at time of posting