Commentary & Deal Flow

Final Books €2.1bn+ (incl. €165m JLM). Peak book in excess of €2.2bn.

Launched: 9yr: €500m @ SPGB+4bp - Orderbooks in excess of €2.2bn (incl. €165m JLM interest)
Rev Guidance: 9yr: SPGB+6a - Orderbooks in excess of €2bn (incl. €165m JLM interest)
Guidance: 9yr: SPGB+9a (equiv. MS+45a)

• Issuer: Basque Government
• Ticker: BASQUE
• LEI: 959800SNQAKVSTR20G68
• Issuer Ratings: A2/AA-/A+ (Moody's/S&P/Fitch)
• Expected Issue Ratings: A2/A+ (Moody's/Fitch)
• Format: RegS Cat 1, Dematerialise Book-entry form (No sales into Canada)
• Size: €500m
• Ranking: Senior, Unsecured
• Status: Risk weighted 0%, LCR Level 1
• Global Coordinators: BBVA and Kutxabank Investment
• Joint Bookrunners: Banco Sabadell, BBVA (B&D), CaixaBank, Deutsche Bank, ING, Kutxabank Investment and Santander
• Settlement: 19-Jun-26 (T+8)
• Maturity: 31-Oct-35 (Long 9 year)
• Coupon: Fixed, Annual, Act/Act, long first coupon
• Benchmark Ref: SPGB 3.20% 31-Oct-35 (MID)
• Use of Proceeds: General budgetary purposes
• Min Denominations: €1,000 plus €1,000
• Listing: Bolsa de Bilbao
• Governing Law: Spanish
• 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
• 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 to investors on request from your usual sales contact
• ISIN: ES0000106783
• Hedges: No hedges
• Timing: Books open, today’s business. Books to close 12:30 CET / 11:30 UKT. Allocations and pricing later today