Commentary & Deal Flow

Reoffer: 5yr: MS+75bp / 100 / 3.650%
Benchmark: 5yr: OBL 193 2.5% Apr-31 @ 98.81 / B+88.8bp / HR 101%

Final Books in excess of €900m. Peak book in excess of €1.95bn.

Launched: 5yr: €500m @ MS+75bp - Books in excess of €1.55bn
Guidance: 5yr: MS+80+/-5bp - Orderbook in excess of €1.95bn
IPTs: 5yr: MS+110a

• Issuer: Simon Global Development B.V.
• Ticker: SPG
• Country: Netherlands
• Guarantor: Simon Property Group, L.P.
• Guarantor Ratings: A3 (Stable) / A (Stable) (Moody's/S&P)
• Expected Issue Ratings: A3 / A (Moody's/S&P)
• Format: Senior Unsecured Notes; Reg S
• Settlement: 15-Jun-26 (T+4)
• Tenor: 5-year
• Size: €500m
• Maturity: 15-Jun-31
• Reoffer: 100.00%, 3.650% MS+75bp
• Coupon: 3.650% Fixed, Annual, ACT/ACT (ICMA)
• Benchmark: OBL 193 2.5% Apr-31 @ 98.81, B+88.8bp, HR 101%
• MWC: Yes B+15bp
• Par Call: Yes, 1-month
• ISIN: XS3330157572
• Common Code: 333015757
• Documentations: Standalone / New York Law
• Denominations: €100,000 x €1,000
• Covenants: Total Indebtedness to Total Assets ≤ 65%Secured Indebtedness to Total Assets ≤ 50%Annualized EBITDA to Interest Expense ≥ 1.50xUnencumbered Assets to Unsecured Indebtedness ≥ 125%
• Listing / Admission to Trading: Luxembourg Stock Exchange/Euro MTF Market
• Clearing: Euroclear and Clearstream, Luxembourg
• UoP: General Corporate Purposes
• Sales into Canada: No
• Active Bookrunners: Barclays, BNP Paribas (B&D), Societe Generale
• Timing: TOE 15:02 UK / 16:02 CET , FTT 15:25 UK/ 16:25 CET
• LEI: 254900758JILC822LO70
• Stabilization: ICMA/FCA Stabilization applies
• Target Market / PRIIPs: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the notes are not available to retail in the EEA