Commentary & Deal Flow

Reoffer: 10yr: MS+77 / 99.126 / 3.857%
Benchmark: 10yr: DBR 0% 15-May-36 @ 73.95 / 3.087% (HR: 114%)

Final Books in excess of €2bn. Peak book > €2.3bn

Launched: 10yr: €500m @ MS+77bp - Orderbook > €2.3bn
Guidance: 10yr: MS+80a (+/-3bps) will price within range - Orderbook > €2.75bn
IPTs: 10yr: MS+110/115bp

• Issuer: Avinor AS (Ticker: AVINOR, Country: NO)
• Issuer LEI: 5967007LIEEXZX8ZW078
• Issuer Ratings: A1 (Stable) by Moody’s, A+ (Stable) by S&P
• Expected Issue Rating: A+ by S&P
• Format & Status: Reg S, Bearer, Senior, Unsecured, NGN
• Size: €500m
• Settlement Date: 16-Jun-26 (T+5)
• Maturity Date: 16-Jun-36
• Re-offer: MS+77 / 99.126 / 3.857%
• Reference Benchmark: +77.0 vs DBR 0% 15-May-36 @73.95 / 3.087% (HR: 114%) (Bund ISIN: DE0001102549)
• MWC: B+15
• Coupon: 3.750% Fixed, Annual, ACT/ACT (ICMA)
• Business Days: T2, London, Oslo
• ISIN: XS3401046928
• Use of Proceeds: General corporate purposes
• Docs / Denoms: EMTN / English Law / €100k + 1k
• Listing: Luxembourg Stock Exchange (Regulated Market)
• Call Options: Tax Call at Par, Make Whole Call (Partial or Whole), 3m Par Call, Clean-Up Call (80%) at Par
• Change of Control Put Option: Yes, at Par
• Change of Control: A Change of Control shall be deemed to occur if the Kingdom of Norway ceases to (a) own, directly or indirectly, 100 per cent. of the issued share capital of the Issuer, or (b) control the Issuer, and for the purposes of this definition control means the power to direct the management and policies of the Issuer or to control the composition of its board of directors or other equivalent body, whether through the ownership of share capital, by contract or otherwise.
• Global Coordinators: BNP Paribas (B&D), Danske Bank
• Joint Bookrunners: BNP Paribas (B&D), Danske Bank, DNB Carnegie, Nordea, SEB
• Selling Restrictions: As per the Issuer’s EMTN Programme (RegS, Category 2, TEFRA D)
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only (all distribution channels). No EEA PRIIPs key information document (KID) or CCI product summary has been prepared as not available to retail in EEA or UK
• Advertisement: The Base Prospectus, and the final terms, when published, will be available at www.luxse.com
• Timing: TOE: 14:44 UKT | FTT: 15:30 UKT