Commentary & Deal Flow

• European high grade primary markets exploded today with a wave of optimism & a huge pipeline heading into Tuesday.
• € IG supply for the day totalled only €44.95bn from 23 issuers / 29 tranches (8 x Corp, 8 x FIG & 7 x SSA).
• SSA’s dominated headlines, with heavily oversubscribed orderbooks. A look across to all asset classes & currencies points to highly conducive market conditions for bond issuers.
• Landing points for pricing in both the corporate & financial space indicated that bankers are being cautious when announcing IPTs. Nevertheless, quality orderbooks are being quickly oversubscribed, & it is difficult to imagine this situation changing ahead of the annual summer slowdown.
• Further mandates were announced during the day, & - subject to geo-political turmoils - the week looks set to continue at a brisk pace of issuance. 
• A review of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €6.2bn
    • Avg. tranche size €620m
    • Avg. IPT to Pricing -35.35bps
    • Avg. cover 3.98 X
  • FIG
  • • Total IG: €8bn
    • Avg. tranche size €800m
    • Avg. IPT to Pricing -30.6bps (unsecured) - €4.25bn
    • Avg. IPT to Pricing -7bps (covered) - €3.75bn
    • Avg. cover 2.59 X
  • SSA
  • • Total IG: €30.75bn
    • Avg. tranche size €3.417bn
    • Avg. IPT to Pricing -2.89bps
    • Avg. cover 13.41 X

• Sterling IG was also extremely active with a total of £11.35bn from 7 issuers (2 x Corp, 2 x FIG & 3 x SSA).
• Swiss Franc IG priced Chf500m from 1 issuer (1 x Corp) - dual tranche from L’Oreal.
• While the vast majority of Monday’s pipeline cleared, a few remain in the wings with several fresh mandates announced. As we stand the current pipeline is as follows (full details below).
• • 2x € Corp
  • 1 x € FIG
  • 6 x € SSA
  • 1 x £ FIG

Euro IG (today)

Corporate

• Announced yesterday, Universal Music Group N.V. (exp. Issue ratings of Baa1 / BBB+ by Moody’s & S&P), a global leader in music-based entertainment, brought its RegS, fixed rate, senior unsecured dual-tranche 4 & 10 year. Both tranches were €500m (wng), with respective IPTs of MS+95 to +100 & MS+150 area. Guidance was revised to MS+65 area & MS+120 area, while books hit €3.3bn for each tranche (pre-rec). The 4 year books were over €3.5bn at guidance (pre-rec), with final books over €2.5bn & the 10 year books were over €3.9bn at guidance (pre-rec), with final books over €3.1bn. The tranches sized at €500m each & priced at MS+58 & MS+113 respectively. 
• European automotive giant Stellantis NV (exp. Issue ratings of Baa3 / BBB- by Moody’s & S&P) announced a senior unsecured benchmark dual-tranche offering. The 6.6 year had IPTs in the area of MS+190, with IPTs on its 10.6 year in the area of MS+230. Combined books were first called over €3.3bn (skewed to the 6.6 year). Spreads set at MS+165# & MS+210# respectively. The 6.6 year sized at €750 with books at €1.8bn; final books €1.55bn. The 10.6 year sized at €500m, with books at €1.2bn; final books €1.15bn. The trades priced at MS+165 & MS+210 respectively.
• Heathrow Funding Limited (exp. Issue ratings of BBB+ / A- by S&P & Fitch) brought a senior secured Class A, 13NC11 offering with an expected issue size of €500m. IPTs were in the area of MS+155. If the notes are not redeemed on 11th June 2037 the coupon will reset to Euribor+400bps. Books were in excess of €1.6bn (incl. €25m JLMs)., final books were over €1bn (excl. JLMs). The trade priced at MS+125; 30bps tighter than IPTs.
• Norway's Avinor AS (exp. Issue ratings of A+ by S&P), the wholly state-owned airport operator, brought its anticipated €500m (wng), RegS, Bearer, 10 year senior unsecured offering with IPTs of MS+110 to +115. The orderbook was first reported at over €2.75bn. Guidance came in at MS+80 area (+/- 3bps WPIR) & books settled to >€2.3bn (pre-rec at the tight end of the range). The trade priced at MS+77; 32.5bps tighter than IPTs. Final books were in excess of €2bn.
• Mandated yesterday, Dassault Systèmes SE (exp. Issue rating of A by S&P), brought a 5 year, senior unsecured benchmark offering with IPTs of MS+85 area. Books were over €2.6bn (pre-rec), with final books in excess of €2.15bn. The deal sized at €1bn & priced at MS+53.
• Dutch paints & coatings multinational, Akzo Nobel N.V. (exp. Issue ratings Baa3 / BBB by Moody’s & S&P), brought a benchmark 3 year senior unsecured offering, with IPTs of MS+125 area. Books were over €6.1bn (pre-rec), rising to over €6.7bn at guidance, final books €6bn. Guidance was MS+90 area. The deal sized at €750m & priced at MS+80.
• As anticipated, Alstom SA (exp. Issue ratings Ba2 by Moody’s), announced its € benchmark Reg S Bearer Category 2 inaugural EU green bond, PerpNC5.25 hybrid transaction. IPTs on the deal were for an annual yield in the area of 5.875%. Books were over €4bn, with final books over €4.2bn. The trade priced €700m at 5.30%, an impressive 57.5bps tighter than IPTs.
• Simon Global Development B.V. (exp. Issue ratings of A3 / A), the Netherlands funding vehicle for US parent Simon Property Group L.P., brought a senior unsecured, Reg S 5 year issue with an expected issue size of €500m. IPTs on the trade were MS+110 area. Guidance came in at MS+80 area (+/- 5 WPIR). The orderbook exceeded €1.95bn, settling at €1.55bn (pre-rec & good at tight end of guidance). Final books were over €1bn. The deal sized at €500m & priced at MS+75.

FIG

• UniCredit S.p.A. (exp. Issue rating of Aa2 by Moody’s) - Guaranteed by UniCredit OBG S.r.l. Announced a dual tranche Covered Bond (Obbligazioni Bancarie Garantite), European Covered Bond label (Premium). The 3 & 7 year came with respective IPTs of MS+27 area & MS+47 area. Combined books above €6bn initially (incl. €375m JLMs). Books for the 29’s exceeded €4bn (incl. €190m JLMs - pre-rec), while the book on the 33’s was over €3.4bn (incl. €180m JLMs pre-rec). The deals sized in turn at €1bn & €1.5bn, pricing at MS+19 & MS+39 respectively. Final combined books were >€6.75bn (>€3.5bn & >€3.25bn respectively, both excl. JLMs).
• Muenchener Hypothekenbank eG (exp. Issue ratings of Aaa by Moody’s)  brought a €500m (wng) 3 year European Covered Bond (Premium). Guidance was in the area of MS+14. Books first called over €1.6bn (incl. €330m JLMs), rising to €1.9bn (incl. €350m JLMs) Spread set 7bps tighter at MS+7. Final books were €1.75bn (incl. €350m JLMs). The deal priced as expected at MS+7,
• Belgian financial Argenta Spaarbank SA/NV (exp. Issue ratings of AAA by S&P) brought a 6 year European Covered Bond (Premium) - Belgian Mortgage Pandbrieven - European Green Bond. Guidance on the benchmark offering was in the area of MS+35. Books were above €1.2bn (incl. €75m JLMs) & the deal sized at €750m, pricing at MS+30; 5bps tighter than IPTs.
• The 3rd financial to step forward today came from the Royal Bank of Canada (exp. Issue ratings of A1 / A / AA- by Moody’s, S&P & Fitch) announced a 4NC3 senior unsecured, fixed to floating Green issue with IPTs of MS+75 to +80; alongside an 8NC7 fixed to float senior unsecured offering with IPTs of MS+105 to +110. Combined books first reported as being in excess of €3bn (excl JLMs), evenly split across both tranches. Books for the 4NC3 climbed to over €2.1bn (incl. €45m JLMs), settling at €2bn, with final books €1.8bn; while the 8NC7 rose over €1.8bn (incl. €20m JLMs), settling at €1.6bn, with final books €1.35bn. The 4NC3 sized at €1bn & priced at MS+52. The 8NC7 sized at €750m & priced at MS+82. 
• Norway's DNB Bank (exp. Issue ratings of Aa2 / AA- by Moody’s & S&P) stepped forward with a 5NC4 senior preferred green offering with IPTs of MS+70 to +75. Initial books over €1.7bn, climbing to over €2bn (pre-rec). The deal sized at €750m & priced at MS+47; 25.5bps tighter than IPTs. Final books were €1.7bn.
• Announcing very early, Crédit Agricole Assurances S.A. (exp. Issue ratings of BBB by S&P) brought a Perpetual Fixed Rate Resettable Restricted Tier 1 issue with IPTs of a semi-annual coupon in the area of 6.375%. Books first called over €3bn, rising to €4.4bn (pre-rec); final books were over €4.7bn. The deal sized at €750m & priced 50bps tighter at 5.875% (semi-annual coupon).
• Switzerland's private banking & wealth manager, Julius Baer Group Ltd., (exp. Issue ratings of Baa1 by Moody’s) brought a €500m (wng), senior unsecured, 5 year offering, with IPTs in the area of MS+130. Initial books over €1.25bn, rising to over €1.65bn (pre-rec). The deal priced at MS+100; 30bps tighter than IPTs. Final books were >€1.5bn.
• Nordea Bank Abp (exp. Issue ratings of A3 / A- / A by Moody’s, S&P & Fitch) announced a €500m (wng) 10NC5 Green Tier 2 issue. IPTs were MS+125 area. Books were above €1.9bn & the deal launched & priced at MS+98.

SSA

• The anticipated The Republic of Italy (rated Baa2 / BBB+ / BBB+ by Moody's, S&P & Fitch), was the first SSA to announce this morning with its dual-tranche. The first tranche was a benchmark tap of the 7 year BTPS 3.3% 15th June 2033 with guidance of BTPS 3.15% March 2033 +8 area; the second tranche was a €5bn (wng) tap of the 30 year BTPS 4.65% 1st  October 2055, which came with guidance of BTPS 4.30% Oct 2054 +7 area. Books were first called over €100bn for the 33’ & over €85bn for the 55’. Spreads set & priced 2 bps tighter than IPTs. Books closed in turn over €128bn (incl. €7.245bn JLMs) & over €112bn (incl. €5.645bn JLMs). Tranches priced & sized at €13bn & €5bn respectively.
• ACOSS; Agence Centrale des Organismes de Securite Sociale (rated Aa3 / A+ / A+ by Moody’s, S&P & Fitch), in charge of France’s Social Security scheme's cash operations & the financing of short & mid-term deficits, announced it 2 year, fixed rate, social benchmark. Guidance on the trade was OAT interp.+ 15 area (equivalent to MS+12 & ESTR+41bps at announcement). Books called in excess of €1.5bn (incl. €200m JLMs), rising to over €2bn. Spread set & priced at the +15 mark & the deal sized at €1.75bn.
• Announced yesterday, The Asian Development Bank, ADB (Aaa / AAA / AAA), brought a new 7 year € benchmark, fixed rate Green bond. Guidance on the offering was MS+15 area. Books were first called at over €3.7bn (incl. €300m JLMs), closing at €3.9bn. Spread set 3bps tighter at MS+12. The deal sized at €1.25bn & priced at MS+12. Final books were over €4.1bn (incl. €325m JLMs).
• The European Union (Aaa / AA+ / AAA) brought its anticipated € Fixed Rate RegS Bearer dual tranche transaction, comprising a TAP of the EU 2.5% Benchmark Oct-2030 with guidance in the area of MS+8; & a TAP of the EU 3.625% Benchmark Dec-2040 with guidance of EU 3.375% 10/39s +12 area. Books on the 30’s were cited as over €61bn (incl. €4.5bn JLMs), final books over €64.5bn. Size set at €3bn & the trade priced at MS+5. The 40’s had an initial book over €80bn (incl. €5bn JLMs), final books were €96.5bn, sized at €5bn & priced at EU October 2039’s +10.
• The OPEC Fund for International Development (rated AA+/AA+ by S&P & Fitch), which mandated yesterday, brought its €500m (wng) Reg S 5-year fixed rate transaction with guidance in the area of MS+29. Orderbooks first called in excess of €1.25bn (excl. JLMs), climbing to €1.7bn. Spread was revised to MS+27 area & set & priced at +25. 
• The long awaited (mandated 22nd May) Bpifrance ESN Master FCT (exp. Issue ratings of Aaa by Moody’s), a newly set up French fonds commun de titrisation, brought its inaugural € benchmark European Secured Notes, 5 year offering (secured against a portfolio of SME loans receivables). Guidance on the notes was MS+42 area. Books initially in excess of €1.75bn (incl. €150m JLMs), rising to €1.95bn, with final books at €1.5bn. The deal sized at €750m & priced at MS+37; 5 tighter than IPTs.
• Having roadshow in Amsterdam & London, The Basque Government (exp. Issue ratings of A2 / A+ by Moody’s & Fitch) announced a new long 9 year, €500m (wng) offering with guidance of SPGB +9 area (equiv. To MS+45 area at the time of the announcement). Guidance was revised to SPGB+6 area, when orderbooks were in excess of €2bn (incl. €165m JLMs), rising to €2.2bn. The deal was already sized at €500m & the deal priced at SPGB+4. Final books were over €2.1bn (incl. €165m JLMs).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

Corporate

• Sanctuary Capital PLC (exp. Issue ratings A2 / A by Moody’s & S&P), brought its anticipated £ benchmark, 9 year, senior, secured, sustainable, RegS, NGN bearer offering. IPTs on the trade were in the area of UKT +105. The orderbook rose to over £1.3bn; final books were over £1.2bn (incl. £75m JLMs). The transaction sized at £350m & priced at UKT 4.5% March 2035 +85.
• Ford Motor Credit Company LLC (exp. Issue ratings of Ba1 / BBB- / BBB-) brought a 6.5 year senior unsecured benchmark with IPTs of UKT+175 area. Guidance came in at UKT+155 (+/- 2 WPIR). Books were above £800m (pre-rec at the tight end of guidance). The deal priced £300m at UKT+153.

FIG

• The Toronto Dominion Bank (exp. Issue ratings of A2 / A- / AA- by Moody’s, S&P & Fitch) brought a long dated 4 year (28th November 2030), fixed rate, senior Bail-In with IPTs of  mid UKT’s +95 area. Books rose to over £800m (excl. JLMs), then to £930m (incl. £30m JLMs pre-rec).The deal sized at £350m & priced at UKT+80. Final books were £900m (incl. £30m JLMs).
• The UK’s Just Group plc (exp. Issue ratings of BBB by Fitch) delivered its £250m (wng) 11.25NC6.25 Tier 2 transaction with IPTs of UKT +220 to +225. Books were first called over £600m (excl. JLMs), rising to over £800m; final books were >£675m (excl. JLMs). The transaction priced at UKT+205.

SSA

• Having announced on the 29th of May, The United Kingdom (Aa3 / AA / AA- ). Confirmed its  re-opening of the 5.25% Treasury Gilt 31st Jan 2041 (ISIN code GB00BVP99897). Guidance on the tap was announced at UKT 4.375% Treasury Gilt January 2040 +6.5 / +6.75. The orderbook was first touted as being over a simply massive £108bn (incl. £6bn JLMs), growing to £125bn. Spread set at the tight end of the range at +6.5. The tap sized at £9bn, taking the outstanding to £25.25bn. Books closed at £116bn (incl. £9bn JLMs).
• Province of Saskatchewan (Aa1 / AA) announced a benchmark, senior unsecured offering with a maturity of 22nd October 2030. Guidance on the offering was SONIA MS+45 area (indicatively UKT 0.375% October 2030+28.9). Books initially called over £1.2bn (excl. JLMs), rising to over £1.8bn (excl. JLMs). The trade sized at £600m & priced at SONIA MS+43.
• Korea Housing Finance Corporation (exp. Issue ratings of AAA / Aaa by S&P & Moody’s), 100% government-owned entity established under the Korean Housing Finance Corporation Act (the “KHFC Act”) for the purpose of supporting the government’s housing welfare policy, brought its benchmark 3 year FRN Reg S Social Covered Bonds (ICMA Secured Social Collateral Bond), backed by Korean residential mortgages. Guidance on the trade was SONIA +56 area. Books exceeded £875m & the deal priced its £500m at SONIA+51.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

Corporate

• Leading beauty player L’Oréal (exp. Issue ratings of Aa1 / AA by Moody's & S&P), brought its inaugural CHF-denominated dual-tranche senior 6 & 10 year offering. Respective IPTs were SARON MS +48 to+53 & SARON MS +60 to +65. Both tranches were first announced at Chf200m each. Indications tightened to SARON MS+48 to 50 for the 32’s & to SARON MS+48 to +60 for the 36’s. The tranches sized at Chf225m & Chf275m respectively, pricing in turn at MS+48 & MS+58.

Week-to-date volumes:

US$ Reg S (today)

• None.

Pending Deals & Mandates 

Euro (€)

• Monday, 8th June: Motor Oil (Hellas) Corinth Refineries S.A. mandated Citigroup, Goldman Sachs Bank Europe SE, HSBC & Morgan Stanley as Global Coordinators & Joint Active Bookrunners to arrange a series of fixed income investor calls commencing Monday 8th June. Citigroup is coordinating marketing logistics. A €400m Reg S Only 5 year senior unsecured notes offering may follow, subject to market conditions. Motor Oil is a leading energy group with a history of over 50 years, operating across key segments of the broader energy value chain, including refining & fuels marketing, electrification and the circular economy. Headquartered in Athens, Greece, the Group employs c.4,400 people & maintains a strong operational footprint both domestically & internationally.
• Tuesday, 9th June: Davide Campari-Milano N.V. (unrated), a leading player in the global premium spirits industry, mandated BNP Paribas, BofA Securities, Deutsche Bank, IMI - Intesa Sanpaolo & UniCredit as Joint Bookrunners to arrange a series of fixed income investor calls starting on Tuesday, June 9th. BNP Paribas is coordinating logistics. A €500m (exp), senior unsecured, RegS bearer, 7 year may follow, subject to market conditions. Balance of investor feedback on Tuesday was in the MS+mid 100s. Timing as soon as Wednesday the 10th, 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 commenced Thursday 4th & concluded 9th 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.
• Tuesday, 9th June: The Kingdom of Sweden (rated Aaa / AAA / AAA by Moody's, S&P & Fitch), mandated BNP Paribas, Danske Bank, SEB & Swedbank to lead manage its forthcoming 3 year (due 18 June 2029), fixed rate, EUR-denominated, RegS, syndicated benchmark transaction. The transaction will be launched in the near future, subject to market conditions.
• Tuesday, 9th June: Council of Europe Development Bank (Aaa / AAA / AAA), mandated Credit Agricole CIB, Deutsche Bank AG, Goldman Sachs Bank Europe SE & Nomura to lead manage a new 10 year € benchmark RegS Bearer Bond maturing in June 2036. The issue is expected to be launched in the near future subject to market conditions.
• Tuesday, 9th June: The Autonomous Community of Galicia (rated A+ / A3 by S&P & Moody's) mandated Abanca, Banco Sabadell, BBVA, Credit Agricole CIB, HSBC & Santander as Joint Bookrunners for its upcoming Sustainable €500m (wng) transaction. The RegS Cat1, dematerialised book-entry form, short 7 year bond transaction will carry a maturity date on 30th April 2033. The transaction will be launched & priced in the near future subject to market conditions.
• Tuesday, 9th June: The Hellenic Republic (rated Baa3 / BBB / BBB / BBB by Moody's, S&P, Fitch & DBRS), mandated Alpha Bank, Barclays, Citi, Commerzbank, Nomura & Societe Generale as Joint Lead Managers for their upcoming increase of the existing 10 year GGB Benchmark due 16th June 2036, Reg S Cat1, 144A eligible bonds to be issued in dematerialised registered form. The manufacturer target market (MiFID II & UK MiFIR product governance) is eligible counterparties, professional & retail clients (all channels for distribution). US taxation: OID may be applicable. The syndicated transaction will be launched in the near future, subject to market conditions.
• Tuesday, 9th June: The Free Hanseatic City of Bremen (rated AAA by Fitch), mandated DekaBank, DZ BANK, Erste Group, Helaba & Rabobank to lead manage its upcoming 10 year, €500m (wng) Landesschatzanweisung (aka, State Treasury note). The transaction will be launched in the near future, subject to market conditions.

Sterling (£)

• Monday, 8th June: Starling Group Holdings Limited (exp. Issue ratings of Baa3 by Moody’s), mandated NatWest as Sole Structuring Agent to the Issuer, & Morgan Stanley & NatWest as Joint Lead Managers to arrange a series of fixed income investor calls on the 8th of June. A £150m (exp) 10.25NC5.25 Tier 2 transaction will follow subject to market conditions.

Transaction Details 

PRICED: Republic of Italy €18bn 7yr & 29yr Sr Unsec; BTP+6 & BTP+5

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: BTP+6 / 98.597 / 3.559% 29yr: BTP+5 / 100.631 / 4.663%
Benchmark: 7yr: BTPS 3.15% 03/2033 @ 98.09 / 3.499% / HR 105% 29yr: BTPS 4.30% 10/2054 @ 95.86 / 4.613% / HR 103%

7yr: Final books at reoffer over €128bn (incl. €7.245bn JLM)
29yr: Final books at reoffer over €112bn (incl. €5.645bn JLM)

Launched:
7yr: €13bn @ BTP+6bp - Books over €128bn (incl. €7.245bn JLM)
29yr: €5bn @ BTP+5bp - Books over €112bn (incl. €5.645bn JLM)
Spread set at: 7yr: BTP+6bp - Book in excess of €100bn (incl. €7.245bn JLM) | 29yr: BTP+5bp - Book in excess of €85bn (incl. €5.645bn JLM)

• Issuer: Republic of Italy
• Ratings: Baa2/BBB+/BBB+/AL/BBB+ (stab/pos/stab/stab/pos) by Moody's/S&P/Fitch/DBRS/Scope
• Format: Buoni del Tesoro Poliennali (Reg S in dematerialised book entry form), 144A eligible, CACs
• Settlement: 16-Jun-26 (T+5)
• Tranche:
• • 7yr: BTPS 3.30% 15-Jun-33 tap
  • 29yr: BTPS 4.65% 1-Oct-55 tap
• Size:
• • 7yr: €13bn
  • 29yr: €5bn
• Maturity:
• • 7yr: 15-Jun-33
  • 29yr: 01-Oct-55
• Coupon:
• • 7yr: 3.30%, S/A ACT/ACT. (1 day accrued)
  • 29yr: 4.65%, S/A ACT/ACT (76 days accrued)
• Spread:
• • 7yr: BTPS 3.15% 03/2033 +6bps
  • 29yr: BTPS 4.30% 10/2054 +5bps
• Benchmark:
• • 7yr: 98.09 / 3.499% (ANN), HR 105%
  • 29yr: 95.86 / 4.613% (ANN), HR 103%
• Reoffer:
• • 7yr: 98.597 / 3.559% (ANN)
  • 29yr: 100.631 / 4.663% (ANN)
• ISIN:
• • 7yr: IT0005704868
  • 29yr: IT0005668238 (both funge immediately)
• Listing: Borsa Italiana S.p.A. (M.O.T.) (Regulated Market), also trading on MTS
• Denoms: €1k + €1k
• Law: Italian Law
• Docs: Domestic, Standalone
• Target Market: The target market (MIFID II and UK MIFIR product governance) is eligible counterparties, professional and retail (all distribution channels).
• Bookrunners: BNPP / BofA / GSBE (B&D/DM) / JPM / MS / Santander
• Timing: Priced, TOE 13:50 UKT, FTT immediately

PRICED: ACOSS €1.75bn 2yr Social Sr Unsec; OAT+15bp

IGC European Market: Deal Flow - SSA

Reoffer: 2yr: OAT+15bp / 99.78 / 2.99%
Benchmark: 2yr: interp. FRTR 0.75% May-28 & FRTR 2.4% Sep-28

Final Books: In excess of €2bn (incl. €200m JLM)

Launched: 2yr: €1.75bn @ OAT+15bp
Spread set at: 2yr: OAT+15bp - Books in excess of €1.5bn (incl. €200m JLM)
Guidance: 2yr: OAT+15a

• Issuer: Agence Centrale des Organismes de Sécurité Sociale (ACOSS)
• Ticker: ACOSSL
• LEI: 9695004688W2B6R2E206
• Issuer Rating: Aa3/A+/A+ (Moody's/S&P/Fitch)
• Risk weighting: 0%
• LCR Status: HQLA Level 1 classification
• Format: Senior Unsecured, neuMTN, NGN, Not Listed, ECB eligible
• Size: €1.75bn
• Coupon: 2.875% Fixed, Annual ACT/ACT
• Settlement: 16-Jun-26 (T+5)
• Maturity: 16-Jun-28
• Spread: +15bps vs interp. FRTR 0.75% May 2028 (MID 96.09 / 2.835%) & FRTR 2.4% Sep 2028 (MID 98.99 / 2.86%)
• Reoffer: 99.78% / 2.99%
• Docs: Issuer’s Negotiable European Medium Term Note Programme dated 5-Jun-26
• Law: French law
• Listing: Not Listed
• Denoms: €200k x €200k
• Bookrunners: BNPP (B&D), CACIB, JPM, Natixis, NatWest, SG
• Timing: Priced. TOE: 14.04 CET / 13.04 LDN. FTT immediately
• Target market: Manufacturers' target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
• Use of Proceeds: Proceeds of the transaction are used alongside the issuer’s “Social Bond Framework”

PRICED: Asian Development Bank €1.25bn 7yr Green Sr Unsec; MS+12bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+12bp / 99.994 / 3.101%
Benchmark: 7yr: DBR 2.3 15-Feb-33 TWIN @ 96.545 / B+22.7bp / HR 106%

Final books in excess of €4.1bn (incl. €325m JLM). Peak book in excess of €3.9bn (incl. €300m JLM)

Launched: 7yr: €1.25bn @ MS+12bp - Book closed in excess of €3.9bn (including €300m JLM interest)
Spread set at: 7yr: MS+12bp - Book in excess of €3.7bn (including €300m JLM interest)
Guidance: 7yr: MS+15a

• Issuer: Asian Development Bank (Ticker: ASIA)
• Ratings: Aaa/AAA/AAA (all stable) (Moody's/S&P/Fitch)
• Format: Senior, Unsecured, Global SEC Exempt
• Size: €1.25bn
• Settlement: 17-Jun-26 (T+6)
• Maturity: 17-Jun-33 (7Y)
• Coupon: 3.100%, Annual, ACT/ACT (ICMA)
• ReOffer: 99.994 / 3.101% / MS+12bps
• DBR Ref: DBR 2.3 15-Feb-33 TWIN (DE000BU2Z007) @ 96.545 / 2.874% / +22.7bps / HR 106%
• Denoms: €1k + €1k
• Docs: Issuer's Global Debt Programme
• Target Market: (UK MiFIR/MiFID II) Eligible Counterparties and Professional Clients (all distribution channels)
• Leads: BNPP / CACIB (B&D/DM) / DB / JPM
• Listing: Luxembourg
• Settlement: Euroclear / Clearstream
• ISIN: XS3408976507
• Timing: PRICED. TOE 14.12 UKT. FTT immediately
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus relating to the securities is available on the Luxembourg Stock Exchange: https://www.luxse.com/issuer/ADB/26709
• Use of Proceeds: The proceeds of the bond will be used in accordance with ADB’s Green and Blue Bond framework (https://www.adb.org/sites/default/files/publication/731026/adb-green-blue-bond-framework.pdf)

PRICED: European Union €8bn 4yr & 14yr Sr Unsec TAP; MS+5bp & EU 10/39s+10bp

IGC European Market: Deal Flow - SSA

Reoffer: 4yr: MS+5bp / 98.226 / 2.940% 14yr: EU 3.375% 10/39s+10bp / 97.670 / 3.835%
Benchmark: 4yr: OBL 2.2 10/30s @ 97.780 / HR 100% 14yr: DBR 2.6 5/41s @ 90.773 / HR 99%

4yr: Final books > €64.5bn (incl. €4.5bn JLM)
14yr: Final books > €96.5bn (incl. €5bn JLM)

Launched:
4yr: €3bn @ MS+5bp - Books > €61bn (incl. €4.5bn JLM)
14yr: €5bn @ EU 10/39s+10bp - Books > €80bn (incl. €5bn JLM)

• Issuer: European Union (EU)
• LEI: 529900FZRK8FGMPEOM08
• Ratings: AAA/Aaa/AA+/AAA (Fitch/Moody's/S&P/Scope)
• Risk Weighting: 0%
• Format & Type: Reg S (Category 1) Bearer (TEFRA Rules apply, no communications with or into the US or Canada (excluding Ontario)), NGN
• Trade Date: 09-Jun-26
• Settlement: 16-Jun-26 (T+5)
• Tranche: TAP Oct-2030 / TAP Dec-2040
• Maturity: 14-Oct-30 / 12-Dec-40
• Tranche Size: €3bn / €5bn
• New O/S: €18.378bn / €12.964bn
• Coupon:
• • TAP Oct-2030: 2.5%, Fixed, 273 days accrued, Ann, ACT/ACT ICMA
  • TAP Dec-2040: 3.625%, Fixed, 245 days accrued, Ann, ACT/ACT ICMA
• ReOffer:
• • TAP Oct-2030: 98.226 / 2.940% / MS + 5 bps
  • TAP Dec-2040: 97.670 / 3.835% / EU 3.375% 10/39s @ 96.26 + 10 bps
• DBR Refs:
• • TAP Oct-2030: OBL 2.2 10/30s @ 97.780/2.748%/+19.2bps
  • TAP Dec-2040: DBR 2.6 5/41s @ 90.773/3.398%/+43.7bps
• HR: 100% / 99%
• ISIN: EU000A4EG021 (imm. fungible) / EU000A4EJF17 (imm. fungible)
• Denoms: €1
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Law: Luxembourg
• Docs: In accordance with the Issuer's Debt Issuance Programme
• JLMs: Barclays (DM/B&D), BNP Paribas, BofA Securities, Santander, UBS
• Target Market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II/UK MiFIR
• TOE: 15:24 CET (Oct-30) / 15:22 CET (Dec-40)
• FTT: Immediately
• Timing: PRICED

PRICED: The OPEC Fund for International Development €500m 5yr Sr Unsec; MS+25bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+25bp / 99.79 / 3.171%
Benchmark: 5yr: OBL 2.5% 16-Apr-31 @ 98.72 / B+38.9bp / HR 102%

Final books in excess of €1.7bn (excl. JLM)

Launched: 5yr: €500m @ MS+25bp - Orderbook in excess of €1.6bn (excl. JLM)
Rev Guidance: 5yr: MS+27a - Orderbook in excess of €1.25bn (excl. JLM)
Guidance: 5yr: MS+29a

• Issuer: The OPEC Fund for International Development (Ticker: "OFIDEV")
• Issuer Ratings: AA+/AA+ (S&P/Fitch, both stable)
• Expected Issue Ratings: AA+/AA+ (S&P/Fitch)
• Format: Reg S, Registered Form, Senior Unsecured
• Size: €500m
• Settlement: 16-Jun-26 (T+5)
• Maturity: 16-Jun-31 (5 year)
• Coupon: 3.125%, Annual, ACT/ACT ICMA
• Reoffer: MS+25bps / 99.790% / 3.171% Yield
• Benchmark: OBL 2.5% 16-Apr-31 +38.90bps / bid price 98.720% / HR 102%
• Denoms: €100k x 1k
• ISIN: XS3404449061
• Listing: London Stock Exchange (Main Market)
• Governing Law: English
• Target market: Manufacturer target market (UK MiFIR/ EU MIFID II) is Professional & Eligible Counterparties (all distribution channels)
• Bookrunners: BofA / CACIB (B&D) / DB / GSBE SE
• Docs: Issuer's Global Medium Term Note Programme Base Offering Memorandum, as supplemented
• Timing: Priced. TOE 13.35 LDN 14.35 CET. FTT Immediately.

PRICED: Bpifrance ESN Master FCT €750m 5yr Sec; MS+37bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+37bp / 99.986 / 3.253%
Benchmark: 5yr: OBL #193 2.5% 16-Apr-31 @ 98.71% / B+50.9bp / HR 101%

Final books in excess of €1.5bn (incl. €150m JLM). Peak book in excess of €1.95bn.

Launched: 5yr: €750m @ MS+37bp - Books in excess of €1.95bn (incl €150m JLM)
Books: in excess of €1.75bn (incl €150m JLM)
Guidance: 5yr: MS+42a

• Issuer: Bpifrance ESN Master FCT
• Ticker: BPIESN
• LEI: 984500BB9AGF50HFCF81
• Form of the notes: Reg S, Dematerialised Notes – Bearer form
• Type: Fixed Rate Soft bullet with a 12-month extension period
• Status: Structured notes offering a dual recourse against Bpifrance, and against a portfolio of SME loans receivables originated by Bpifrance
• Security Package: The Issuer holds a loan to Bpifrance collateralised by SME loans receivables originated by Bpifrance (the "Cover Pool")
• Expected Issue Rating: Aaa (Moody's)
• Use of Proceeds: The aggregate net proceeds will be applied to the payment to Bpifrance S.A. as described in the Secured Notes program dated 21-May-26 and in accordance with the provisions of Article L. 214-169 paragraph VI of the French Monetary and Financial Code
• Settlement Date: 17-Jun-26 (T+6)
• Maturity Date: 25-Jun-31
• Extended Maturity Date: 25-Jun-32, if a Maturity Extension Trigger Event occurs. See condition 4(a)
• Size: €750m
• Reoffer: MS+37bp, Px 99.986%, Yld 3.253% (qtly)
• Coupon: 3.25% quarterly, Actual/Actual ICMA, long first to 25-Sep-26, unadjusted thereafter
• Bund Reference: OBL #193 2.5% 16-Apr-31 + 50.9 bps (@98.71%), HR 101%
• ISIN: FR0014019410
• Listing: Euronext Paris
• Governing Law: French
• Denoms: €100k + 100k
• Business Days: T2
• Documentation: Issuer’s €2bn Secured Notes program dated 21-May-26
• Joint Bookrunners: BNP Paribas (B&D), Deutsche Bank, Natixis
• Clearing: Euroclear Bank SA/NV, Clearstream Banking SA
• Target Market: Manufacturers target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels)
• Selling Restrictions: US Sales Restrictions: TEFRA C / TEDRA D: Applicable Prohibition of Sales to EEA Retail Investors: Applicable Prohibition of Sales to UK Retail Investors: Applicable
• Timing: PRICED, F.T.T. 15.02 cet, T.O.E. 15.25 cet
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus, any supplements and the final terms will be available at https://www.bpifrance.fr/Investor-Relations

PRICED: Basque Government €500m 9yr Sr Unsec; SPGB+4bp

IGC European Market: Deal Flow - SSA

Reoffer: 9yr: SPGB+4bp / 99.767 / 3.476%
Benchmark: 9yr: SPGB 3.20% 31-Oct-35 @ 98.120%

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
• Issuer Ratings: A2/AA-/A+ (Moody's/S&P/Fitch)
• Expected Issue Ratings: A2/A+ (Moody's/Fitch)
• LEI: 959800SNQAKVSTR20G68
• Format: Reg S Cat 1, Dematerialise Book-entry form (No sales into Canada)
• Ranking: Senior, Unsecured
• Status: Risk weighted 0%, LCR Level 1
• Size: €500m
• Settlement: 19-Jun-26 (T+8)
• Maturity: 31-Oct-35 (Long 9 year)
• Coupon: 3.450% Fixed, Annual, Act/Act, long first coupon
• Spread: SPGB (mid) + 4bps
• Benchmark Ref: SPGB 3.20% 31-Oct-35 (3.436% - 98.120%)
• Reoffer: 99.767% (3.476%)
• Listing: Bolsa de Bilbao
• Governing Law: Spanish
• Min Denominations: €1,000 plus €1,000
• Use of Proceeds: General budgetary purposes
• 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
• Global Coordinators: BBVA and Kutxabank Investment
• Joint Bookrunners: Banco Sabadell, BBVA (B&D), CaixaBank, Deutsche Bank, ING, Kutxabank Investment and Santander
• 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
• Timing: Priced. TOE: 15:34 CET, FTT: 15:50 CET

PRICED: UniCredit €2.5bn 3yr & 7yr CB; MS+19bp & MS+39bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+19bp / 99.785 / 3.071% 7yr: MS+39bp / 99.918 / 3.387%
Benchmark: 3yr: OBL 2.1 Apr-29 @ 98.37 / B+36.8bp / HR 110% 7yr: DBR 2.3 Feb-33 @ 96.45 / B+49.6bp / HR 106%

3yr (Jul-29): Final book €3.5bn+ (excl. JLM). Peak book above €4bn (pre-rec)
7yr (Jul-33): Final book €3.25bn+ (excl. JLM). Peak book above €3.4bn (pre-rec)

Launched:
3yr: €1.5bn @ MS+19bp - Books above €4bn (incl. €190m JLM), pre-rec
7yr: €1bn @ MS+39bp - Books above €3.4bn (incl. €180m JLM), pre-rec
Book Update: Combined books above €6bn (including €375m JLMs)
Guidance: 3yr: MS+27a 7yr: MS+47a

• Issuer: UniCredit S.p.A.
• LEI: 549300TRUWO2CD2G5692
• Guarantor: UniCredit OBG S.r.l.
• Issue Type: Mortgage Covered Bond (Obbligazioni Bancarie Garantite), European Covered Bond label (Premium)
• Format: Reg S, Bearer and dematerialised
• Eligibility: ECB Eligible, LCR Level 1, beneficial treatment under CRR Art.129 & Solvency II & ECBC Covered Bond Label Compliant
• Exp. Issue Rating: Aa2 (Moody's)
• Size: €1.5bn (3yr) | €1bn (7yr)
• Settlement: 16-Jun-26 (T+5)
• Maturity: 31-Jul-29 (soft bullet with 12months extension) | 31-Jul-33 (soft bullet with 12months extension)
• Coupon: 3.000%, Annual, Fixed, Act/Act (3yr) | 3.375%, Annual, Fixed, Act/Act (7yr)
• Reoffer: 99.785, 3.071%, MS+19bps (3yr) | 99.918, 3.387%, MS+39bps (7yr)
• Benchmark: OBL 2.1 Apr-29 +36.8bp (px 98.37 HR 110%) (3yr) | DBR 2.3 Feb-33 +49.6 (px 96.45 HR 106%) (7yr)
• ISIN: IT0005716805 (3yr) | IT0005716797 (7yr)
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Denominations: €100,000 + €1,000
• Governing Law: Italian Law
• Documentation: Off the Issuer’s €35,000,000,000 Obbligazioni Bancarie Garantite programme guaranteed by UniCredit OBG S.r.l. dated 11-May-26
• Target Market: Manufacturer target market (MIFID II/UK DISC) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK DISC Regulation for offering or selling the Covered Bonds or otherwise making them available has been prepared as not available to retail in EEA or the UK
• Sole Global Coordinator: UniCredit
• Bookrunners: BBVA, BMO Capital Markets, Erste Group, ING, IMI-Intesa Sanpaolo, LBBW, Natixis, Raiffeisen Bank International, Santander, and UniCredit (B&D)
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus dated 11-May-26, as duly supplemented is available at Luxembourg Stock Exchange - Unicredit - EUR 35 000 000 000 Obbligazioni Bancarie Garantite Programme guaranted by UniCredit OBG S.r.l. | LuxSE and the Final Terms, when available, at www.bourse.lu
• Timing: Priced. TOE 07/29 - 14.53CET 07/33 - 14.55CET. FTT 15.30CET

PRICED: Muenchener Hypothekenbank €500m 3yr CB; MS+7bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+7bp / 99.788 / 2.948%
Benchmark: 3yr: OBL 2.1 04-Dec-29 #189 @ 98.38 / B+24.8bp / HR 108%

Final books at reoffer above €1.75bn (incl. €350m JLM) | Peak book above €1.9bn

Launched: 3yr: €500m @ MS+7bp - Orderbooks above €1.9bn (incl. €350m JLM)
Book Update: Orderbooks above €1.6bn (incl. €330m JLM interest)
Guidance: 3yr: MS+14a

• Issuer: Muenchener Hypothekenbank eG
• LEI: 529900GM944JT8YIRL63
• Ticker: MUNHYP
• Type: Hypothekenpfandbrief (Mortgage Covered Bond)
• Covered Bond Label: European Covered Bond (Premium)
• Issue Rating: Aaa by Moody's (exp.)
• Format: Reg S Bearer
• Size: €500m
• Coupon: 2.875% Fixed, annual, act/act ICMA, long first
• Trade Date: 09-Jun-26
• Settlement: 16-Jun-26 (T+5)
• Maturity: 05-Jul-29
• Reoffer: MS + 7 bps / 99.788% / 2.948%
• Reference: OBL 2.1 04-Dec-29 #189 +24.8 bps @98.38, HR 108%
• Denoms/Listing/Law: 1k / Munich / German
• ISIN/WKN/Series: DE000MHB43J4 / MHB43J / Serie 2096
• Joint Leads: ABN AMRO, BMO Capital Markets, DekaBank (B&D), Deutsche Bank, DZ BANK and NORD/LB
• MiFID II: Manufacturer target market (EU MiFID II product governance) is eligible counterparties, professional clients and retail (all distribution channels appropriate)
• Advertisement: The Base Prospectus is available at https://www.mhb.de/en/investors/prospect-final-terms-and-summaries
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in respect of the placement of the securities.
• Timing: Priced 14.39 CET / FTT 14.55 CET

PRICED: Argenta Spaarbank €750m 6yr EuGB CB; MS+30bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+30bp / 99.979 / 3.254%
Benchmark: 6yr: DBR 0 15-Feb-32 @ 85.44 / B+44.6bp / HR 114%

Final Books €1.2bn (incl. €75m JLM interest)

Launched: 6yr: €750m @ MS+30bp - Books above €1.2bn (incl €75mm JLM interest)
Guidance: 6yr: MS+35a

• Issuer: Argenta Spaarbank SA/NV (Ticker: ARGSPA)
• LEI: A6NZLYKYN1UV7VVGFX65
• ISIN: BE6374825824
• Issue Type: Belgian Mortgage Pandbrieven
• Status: European Covered Bond (Premium)
• Format: EuGB, Reg S, Dematerialized
• Expected Issue Ratings: AAA (S&P)
• Volume: €750m
• Reoffer: MS +30bps / Price: 99.979 / Yield: 3.254%
• Benchmark: DBR 0 15-Feb-32 + 44.6bs (px 85.44) / HR 114%
• Coupon: 3.25% fixed, annual, act/act ICMA, Following Business Day Convention
• Settlement Date: 17-Jun-26 (T+6)
• Maturity Type: 6-year (soft bullet)
• Maturity Date: 17-Jun-32
• Leads: ABN AMRO, BNP Paribas (B&D), LBBW and NORD/LB
• Listing: Luxembourg Stock Exchange (Professional segment)
• Use of Proceeds: The Mortgage Pandbrieven use the designation ‘European Green Bond’ or ‘EuGB’ in accordance with Regulation (EU) 2023/2631 (the “EU Green Bond Regulation”). An amount equivalent to the proceeds of the Notes will be used to finance and/or refinance the Economic Activities specified in the applicable Final Terms in accordance with the European green bond factsheet dated 19-Nov-25 (the “Factsheet”), prepared by the Issuer in accordance with the EU Green Bond Regulation. The Factsheet is publicly available on the Issuer’s Website at https://www.argenta.eu/investor-relations/debt-issuance/green-bonds.html
• Target market: MIFID II and UK MiFIR professionals/ECPs-Only/No PRIIPs KID – 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 not available to retail in EEA or in the UK.
• Selling Restrictions: As set out in the Base Prospectus
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Denominations/Law: €100k/100k / Belgian Law
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus dated 03-Jun-26, and the Final Terms, when published, are available on https://www.argenta.eu/investor-relations/debt-issuance/belgian-mortgage-pandbrieven-programme.htmlGreen Bond Framework and related documents such as European Green Bond Factsheet are available on the website of the issuer https://www.argenta.eu/investor-relations/debt-issuance/green-bonds.html
• Timing: Priced Toe 14:04 CET, FTT 14:20 CET

PRICED: DNB Bank ASA €750m 5NC4 Green SP; MS+47bp

IGC European Market: Deal Flow - General

Reoffer: 5NC4: MS+47bp / 99.624 / 3.352%
Benchmark: 5NC4: OBL 2.4 18-Apr-30 #191 @ 98.81 / B+62.3bp / HR 103%

Final Books €1.7bn+. Peak book €2.0bn+ (pre-rec)

Launched: 5NC4: €750m @ MS+47bp - Books €2.0bn+ (pre-rec)
Book Update: Books above €1.7bn
IPTs: 5NC4: MS+70/75bp

• Issuer: DNB Bank ASA (Ticker: DNBNO, Country: NO)
• LEI: 549300GKFG0RYRRQ1414
• Expected Issue Ratings: Aa2 / AA- (Moody's / S&P)
• Status: Senior Preferred Notes
• Format: Reg S only, Bearer form, NGN, TEFRA D rules apply (no communications with U.S. persons or into the U.S. or Canada (excluding Ontario))
• Size: €750m
• Pricing Date: 09-Jun-26
• Settlement Date: 17-Jun-26 (T+6)
• Maturity Date: 17-Jun-31
• Issuer Call: Subject to Condition 7(i), one-time call option, at par, at the Optional Redemption Date
• Residual Holding Call: Applicable, 75%, subject to Condition 7(i)
• Optional Redemption: 17-Jun-30
• Reoffer: MS+47bp / 99.624 / 3.352%
• Benchmark: OBL 2.4 18-Apr-30 #191 +62.3bp (Spot: 98.81 / HR 103%)
• Interest:
• • Fixed Rate Notes: Fixed rate of 3.250% per annum, payable annually in arrear from (and including) the Issue Date to (but excluding) the Optional Redemption Date
  • Floating Rate Notes: If not redeemed on the Optional Redemption Date, the interest basis will change from a fixed rate to a floating rate. The floating rate of interest will be calculated by reference to 3m EURIBOR plus the Margin, payable quarterly in arrear from (and including) the Optional Redemption Date to (but excluding) the Maturity Date
• Fixed Rate Day Count: ACT/ACT (ICMA)
• Floating Rate Day Count: Actual/360
• Fixed Rate Business Day Convention: Following Business Day Convention, unadjusted until Optional Redemption Date
• Floating Rate Business Day Convention: Modified Following Business Day Convention
• Business Days: London, T2
• Clearing: Euroclear / Clearstream Luxembourg
• Denominations: EUR 100,000 + integral multiples of EUR 1,000 in excess thereof up to and including EUR 199,000
• Documentation: DNB Bank’s EUR 45,000,000,000 Euro Medium Term Note Programme - Base Prospectus dated 13-Apr-26 (the "Base Prospectus")
• Redemption upon MREL Disqualification Event: Applicable, subject to Condition 7(i)
• Redemption for Tax Reasons: Applicable, subject to Condition 7(i)
• Substitution or Variation: Applicable, subject to Condition 7(i)
• Events of Default: As per Condition 10
• Waiver of Set-Off Rights: Applicable
• Norwegian Statutory Loss Absorption Powers: Applicable
• Use of Proceeds: The Notes are intended to constitute Green Bonds (as defined in the Base Prospectus). An amount equal to the net proceeds from the issue of the Notes is intended to finance or refinance, in whole or in part, a portfolio of Eligible Green Loans under the Issuer's Green Finance Framework (available on the Issuer's website). See the second and third paragraphs of "Use of Proceeds" in the Base Prospectus for further details
• ISIN: XS3407456980
• TEFRA Certification: Yes, TEFRA D
• Listing & Trading: Euronext Dublin (regulated market)
• Joint Bookrunners: BofA Securities, BNP Paribas, Citigroup, Deutsche Bank (B&D), DNB Carnegie, HSBC
• Governing Law: English law, except for (i) the provisions of Condition 2, (ii) the provisions of Condition 11, (iii) the provisions of Condition 22 and (iv) any other write-down or conversion of the Notes in accordance with Norwegian law and regulation applicable to the Issuer from time to time, which in each case shall be governed by, and shall be construed in accordance with, Norwegian law
• Selling Restrictions: As per the Base Prospectus
• Target Market: MiFID II and UK MiFIR professionals/ECPs-only / No EEA PRIIPs KID or DISC disclosure document – Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) 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 bonds are not available to retail in the EEA or the United Kingdom
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA apply
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus is, and the Final Terms will be, available at https://live.euronext.com/
• Timing: TOE: 15.16 CET / FTT: 15.45 CET

PRICED: Julius Baer Group €500m 5yr Sr Unsec; MS+100bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+100bp / 99.884 / 3.901%
Benchmark: 5yr: OBL 2.5 30-Apr-31 @ 98.78 / B+113.3bp / HR 100%

5yr: Final Books in excess of €1.5bn. Peak book in excess of €1.65bn (pre-rec)

Launched: 5yr: €500m @ MS+100bp - Orderbook in excess of €1.65bn (pre-rec)
Book Update: Books in excess of €1.25bn
IPTs: 5yr: MS+130a

• Issuer of Loan Notes: Julius Baer Group Ltd., a limited liability company incorporated in Zürich, Switzerland (Ticker: BAERVX)
• Loan Notes Issuer LEI: 5299007MF0604ZGJER92
• Issuer of ELM Notes: ELM B.V., a limited liability company incorporated in Amsterdam, the Netherlands
• ELM Notes Issuer LEI: 724500DHUNQ9NF3A7D24
• Rating of Loan Notes Issuer: Baa1 (Moody’s), stable outlook
• Expected ELM Notes / Loan Notes Rating: Baa1 (Moody’s)
• Form of Instruments: Reg S Registered Notes
• Status: Senior Unsecured
• Issue Type: 5-year Fixed Rate Notes
• Title of the ELM Notes: EUR 500m 3.875 per cent. Senior Unsecured Fixed Rate Notes due 2031 secured by Fixed Rate Senior Unsecured Loan Notes due 2031 by Julius Baer Group Ltd.
• Issue Size: €500,000,000
• Pricing Date: 09-Jun-26
• Settlement Date: 16-Jun-26 (T+5)
• Maturity Date (Loan Notes): 16-Jun-31 (the Maturity Date of the ELM Notes is two Business Days thereafter)
• Reoffer: MS+100bps / 99.884 / 3.901%
• Benchmark: OBL 2.5% Apr-31 +113.3bps (Spot : 98.78 / HR : 100%)
• Interest Payment Dates (Loan Notes): Payable annually in arrear on 16 June in each year, commencing on 16-Jun-27. The Interest Payment Dates for the ELM Notes are one Business Day thereafter.
• Day Count Fraction: Act/Act ICMA
• Business Day Convention: Following unadjusted
• Business Days: T2, London and Zurich Business Days
• Final Redemption: 100% of the aggregate principal amount of the Notes
• Documentation: Final Series Memorandum – Preliminary Series Memorandum dated 09-Jun-26
• Use of proceeds: General corporate purposes
• Denomination: €100,000
• Governing Law (Loan Notes): Swiss Law (Zurich 1)
• Governing Law (ELM Notes): English Law
• Listing: Euronext Dublin for the ELM Notes; the Loan Notes will not be listed
• ISIN: XS3397091573
• Product Governance: The manufacturer target market (EU MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or UK
• Selling Restrictions: US (Reg S only. Not 144A eligible), EEA, UK, The Netherlands, Switzerland (no public offer), Hong Kong, Italy, Belgium, Singapore. The ELM Notes may only ever be sold, re-sold or otherwise transferred to non-US Persons under Reg S., in each case as further described in the Final Series Memorandum.
• Stabilisation: FCA/ICMA
• Joint Bookrunners: BNP Paribas, BofA Securities, Deutsche Bank and UBS Investment Bank (B&D)
• Final Series Memorandum: The Final Series Memorandum, when published, will be available on the website of Euronext Dublin (https://www.euronext.com/en/markets/dublin)
• Timing: Priced: TOE 1542CET / FTT 1600CET

PRICED: Nordea Bank €500m 10NC5 Green T2; MS+98bp

IGC European Market: Deal Flow - General

Reoffer: 10NC5: MS+98bp / 99.888 / 3.9%
Benchmark: 10NC5: OBL 2.5% 16-Apr-31 @ B+111.9

Final Books: Books above €1.9bn.

Launched: 10NC5: €500m @ MS+98bp - Books above €1.9bn
IPTs: 10NC5: MS+125a

• Issuer: Nordea Bank Abp (NDAFH)
• Expected Ratings: A3/A-/A (Moody's/S&P/Fitch)
• Format: Reg S, Bearer, Green Bond
• Size: €500m
• Ranking: Tier 2
• Maturity: 16-Jun-36
• Optional Redemption Dates: 16-Jun-31 and any Interest Payment Date thereafter
• Coupon: 3.875%, fixed until the Optional Redemption Date, if not called resets to the sum of the applicable Single Mid-Swap Rate and the Reset Margin, payable annually in arrear on 16 June every year.
• Day Count: Annual, Act/Act (ICMA)
• Calls: Tax changes call, regulatory / capital disqualification call
• Use of Proceeds: An amount equal to the net proceeds of the Notes is intended to be used, directly or indirectly, to finance or refinance green bond assets evaluated and selected by the Issuer pursuant to Nordea’s Green Funding Framework published in March 2025.
• Denominations: €100,000 x €1,000
• Bookrunners: GS, MS, Nordea, SocGen, UBS
• Settlement: 16-Jun-26
• ISIN: XS3406830052
• Timing: FTT 14:05 London time

PRICED: Sanctuary Capital PLC £350m 9yr Sust Snr Sec; UKT+85

IGC European Market: Deal Flow - General

Reoffer: 9yr: UKT+85bp / 99.436 / 5.706%
Benchmark: 9yr: UKT 4.500% 07-Mar-35 / 97.485 (MID) / HR 100%

Final Books in excess of £1.2bn (incl. £75m JLM). Peak book in excess of £1.3bn.

Launched: 9yr: £350m @ UKT+85bp - Orderbooks in excess of £1.3bn
IPTs: 9yr: UKT+105a

• Issuer: Sanctuary Capital PLC (Ticker: SANCTU)
• Issuer LEI: 213800A6T7362M7XHO44
• Guarantors: Sanctuary Housing Association, Sanctuary Affordable Housing Limited, Sanctuary Scotland Housing Association Limited, Swan Housing Association Limited
• Expected Issue Ratings: A2 / A (Moody's / S&P)
• Format: Senior, Secured, Reg S, Bearer, NGN
• Size: £350m
• Settlement: 16-Jun-26 (T+5)
• Expected Maturity: 16-Jun-35
• Reoffer: UKT+85bps / 99.436 / 5.706% (S/A)
• Benchmark Gilt: UKT 4.500% due March 2035 / 97.485 (MID) / 97.465 (BID), HR = 100%
• Coupon: 5.625%, Fixed, Semi-Annual, ACT/ACT (ICMA)
• Documentation: Note Programme dated 31-Mar-26, £100k + £1k, London Stock Exchange (ISM), English Law
• Optional Redemption: 3 month Par Call, MWC (UKT+15bps)
• Asset Cover: 1.05x EUV-SH; 1.15x MV-ST plus charged cash
• Use of Proceeds: Sustainable Bonds. Net proceeds from the issue of the Notes will be used by the Issuer for sustainable purposes and applied in accordance with the Issuer’s Sustainable Finance Framework
• Target Market: UK MiFIR product governance is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary. No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK.
• ISIN: XS3405554737
• Active Bookrunners: Barclays (B&D), HSBC, RBC Capital Markets
• Marketing: https://dealroadshow.com / Entry code SANCTU26
• Timing: Priced. TOE: 14:29 (UKT). FTT: 14:50 (UKT)
• Advertisement: The Admission Particulars are available at https://www.sanctuary.co.uk/investors and the Final Terms, when published, will be available on the website of the London Stock Exchange

PRICED: The Toronto-Dominion Bank £350m Long 4yr Sr Unsec; UKT+80bp

IGC European Market: Deal Flow - General

Reoffer: Long 4yr: UKT+80bp / 100 / 5.139% s/a
Benchmark: Long 4yr: UKT 0.375% 22-Oct-30 @ 84.387 mid (HR 110%)

Final Books: > £900m (inc. £30m JLMs). Peak book > £930m (pre-rec)

Launched: Long 4yr: £350m @ UKT+80bp - Books above £930m (inc. £30m JLM, pre-rec)
Book Update: Books above £800m (excl. JLMs)
IPTs: Long 4yr: UKT+95a

• Issuer: The Toronto-Dominion Bank (Ticker: TD)
• LEI: PT3QB789TSUIDF371261
• Exp Issue Ratings: A2/A-/AA- (Moody's/S&P/Fitch)
• Offering Format: Reg S only, Registered form
• Distribution: As set out in the Base Prospectus. Regulation S, compliance Category 2, TEFRA not applicable. Not Rule 144a eligible. Canadian Sales not permitted. Singapore Sales to Institutional Investors and Accredited Investors only. The Notes are not available to EEA or UK retail investors
• Status: Senior Bail-inable Notes
• Settlement: 16-Jun-26 (T+5)
• Maturity: 28-Nov-30
• Pricing Date: 09-Jun-26
• Tenor: Long 4-year Fixed
• Issue Size: £350,000,000
• Reoffer: Mid UKT+80bps / 100% / 5.139% s/a
• Benchmark: UKT 0.375% 22-Oct-30 / 84.387 mid / 84.367 bid (HR 110%)
• Coupon: 5.1383%, Fixed, Semi-annual, Act/Act (ICMA), Following (Unadjusted), Short First coupon on 28-Nov-26
• Denominations: £100,000 and integral multiples of £1,000 in excess thereof
• Business Days: London and Toronto
• Listing: London Stock Exchange’s Main Market
• Governing Law: Province of Ontario, Canada and the federal laws of Canada applicable therein
• Documentation: Under the Bank’s GMTN Programme using the base prospectus dated 01-Aug-25, as supplemented (the "Prospectus")
• EU MiFID/UK MiFIR Target Market: Professional investors and ECPs only target market (all distribution channels)
• PRIIPS/UK PRIIPs: No EEA or UK PRIIPs key information document (KID)/CCI product summary has been prepared as not available to retail in EEA or UK
• Early Redemption: The Notes are not redeemable prior to their stated maturity except for taxation reasons. TLAC Disqualification Event Call Option is not applicable
• Status of the Senior Notes: The Senior Notes will rank pari passu with all deposit liabilities of the Bank without any preference amongst themselves except as otherwise prescribed by law and subject to the exercise of bank resolution powers. The Senior Notes do not evidence or constitute deposits that are insured under the Canada Deposit Insurance Corporation Act (the “CDIC Act”)
• Bail-in: The Senior Notes are Bail-inable Notes. Bail-inable Notes are subject to conversion in whole or in part – by means of a transaction or series of transactions and in one or more steps – into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the CDIC Act and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Senior Notes. For a description of Canadian bank resolution powers and the consequent risk factors attaching to Bail-inable Notes, reference is made to the Prospectus (as defined above under "Documentation")
• Bookrunners: Barclays, BMO Capital Markets, Lloyds, NatWest, TD Securities (B&D)
• Advertisement: The Prospectus, is (and the Final Terms once published will be) available on: https://www.td.com/ca/en/about-td/for-investors/investor-relations/fixed-income-investor/debt-information/bail-in-debt
• ISIN: XS3410755998
• Timing: Priced, ToE 14:35 Ldn, FTT 15:00 Ldn
• Stabilisation: FCA/ICMA

PRICED: Korea Housing Finance Corporation £500m 3yr Social CB; SONIA+51bp

IGC European Market: Deal Flow - SSA

Reoffer: 3yr: SONIA+51bp / 100
Final Books: Books closed at £875m+
Launched: 3yr: £500m @ SONIA+51bp - Books £875m+
Guidance: 3yr: SONIA+56a

• Issuer: Korea Housing Finance Corporation
• Ticker: KHFC
• LEI: 9884002AAOBT56QW9B80
• Issuer Ratings: Aa2/AA (Moody's/S&P)
• Exp. Issue Ratings: Aaa/AAA (Moody's/S&P)
• Security Type: Statutory Covered Bond under the KHFC Act (drawdown from KHFC’s US$15bn Global Covered Bond Programme)
• Format: Reg S, Registered form, Category 2
• Size: £500m
• Pricing Date: 9-Jun-26
• Settlement Date: 17-Jun-26
• Maturity: 17-Jun-29, hard bullet
• Coupon: Floating, Compounded Daily SONIA, 5 London Business Days Observation Lag, Quarterly, Act/365 (Fixed)
• Reoffer: SONIA + 51 bps / 100.00
• Use of Proceeds: The issuer will use an amount equal to the net proceeds from the issue of the Covered Bonds to finance and/or refinance, in whole or in part, new or existing projects meeting the Eligibility Criteria of any of the Eligible Social Project Categories as detailed in the Issuer’s Sustainable Financing Framework dated February 2026 (which is available on the Issuer’s website)
• Denomination: £100k + £1k
• Listing / Governing Law: London Stock Exchange ISM / English Law
• ISIN: XS3397060693
• Target Market: Manufacturer target market (EEA MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail investors in EEA or the UK.
• Sustainable Financing Framework: https://www.hf.go.kr/en/sub06/sub06_06_02.do
• Joint Bookrunners/Joint Lead Managers: Crédit Agricole CIB, HSBC, Nomura, Standard Chartered Bank(B&D)
• Timing: TOE: 13.53 UKT / FTT 14.10 UKT

PRICED: United Kingdom £9bn 15yr Sr Unsec; UKT Jan-40+6.5bp

IGC European Market: Deal Flow - SSA

Reoffer: 15yr: UKT Jan-40+6.5bp / 99.033 / 5.3454%
Benchmark: UKT 4 3/8% Treasury Gilt Jan-2040 @ 91.27 / 5.2804% (HR 110%)

Final Books: In excess of £116bn (including JLM interest of £9bn). Peak book in excess of £125bn (including JLM interest of £6bn).

Launched: 15yr: £9bn @ UKT 4 3/8% Treasury Gilt Jan-2040+6.5bp - Order book closed in excess of £116bn (including JLM interest of £9bn)
Spread set at: UKT Jan-40+6.5bp - Orderbook in excess of £125bn (including JLM interest of £6bn)
Book Update: Orderbook in excess of £108bn (including JLM interest of £6bn)
Guidance: UKT Jan-40+6.5/6.75bp

• Issuer: United Kingdom
• LEI: ECTRVYYCEF89VWYS6K36
• Rating: Aa3/AA/AA- (Moody's/S&P/Fitch)
• Format: Reg S, Registered Form, Fixed Rate Notes
• Size: £9bn (tap)
• New O/S: £25.25bn
• Maturity: 31-Jan-41
• Expected Settlement Date: 10-Jun-26 (T+1)
• Coupon: 5.25% SA, ACT/ACT, 130 days accrued
• Spread: UKT 4 3/8% Treasury Gilt Jan-2040 +6.5bps
• Reoffer: 99.033 / 5.3454%
• Benchmark: UKT 4 3/8% Treasury Gilt Jan-2040 (GB00BQC82D08), Ref Spot 91.27 / 5.2804%, Hedge at 91.27 (HR 110%)
• Denominations: £0.01
• Listing: FCA Official List / London Stock Exchange (Main Market)
• Law: English Law
• Docs: Issuer’s Stand-Alone Documentation
• Target Market: UK MiFIR Eligible counterparties, Professional clients, and retail clients only (all distribution channels) MIFID II Eligible counterparties and professional clients (all distribution channels)
• ISIN: GB00BVP99897
• Joint Leads: Citi, DB (B&D/DM), JPM, RBC CM, Lloyds
• Timing: Priced TOE 11.38 LDN / FTT Immediately

PRICED: Province of Saskatchewan £600m 4yr Sr Unsec; SONIA MS+43bp

IGC European Market: Deal Flow - SSA

Reoffer: 4yr: SONIA MS+43bp / 99.804 / 4.682%
Benchmark: 4yr: UKT 0.375% 22-Oct-30 @ 84.323 / B+27.1bp / HR 108%

Final Books > £1.9bn (excl JLM)

Launched: 4yr: £600m @ SONIA MS+43bp - Books > £1.8bn (excl JLM)
Book Update: Books > £1.2bn (excl JLM)
Guidance: 4yr: SONIA MS+45a (indicatively UKT 0.375% Oct-30+28.9bps)

• Issuer: Province of Saskatchewan (Ticker: SCDA)
• Issue Ratings: Aa1/AA/AAL (Moody's/S&P/DBRS, all stable)
• Format: Reg S, Bearer Notes
• Ranking: Senior Unsecured
• Size: £600m
• Maturity: 22-Oct-30
• Settlement: 16-Jun-26 (T+5)
• Coupon: 4.625%, Fixed, Annually, ACT/ACT
• Re-Offer: SONIA MS+43bp / 99.804 / 4.682% an. / 4.628% sa.
• Gilt Ref: +27.1bp versus UKT 0.375% 22-Oct-30 / 84.323 (MID) / 84.303 (BID) / HR 108%
• Denomination: £100k+£1k
• Listing: Luxembourg Euro MTF Market
• Law: Province of Saskatchewan and the federal laws of Canada applicable therein
• Docs: Issuer’s Euro Medium Term Note Programme
• Bookrunners: Barc/BMO(DM/B&D)/CIBC/RBC CM
• Timing: PRICED, TOE 14:03 LDN | FTT Immediately
• Advertisement: The Offering memorandum and all relevant documents are available at https://www.saskatchewan.ca/government/budget-planning-and-reporting/investor-relations#borrowing-strategy-and-issuance-documents
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professionals only (all distribution channels)

PRICED: L'Oréal CHF 500m 6yr & 10yr Sr Unsec; SARON MS+48bp & SARON MS+58bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: SARON MS+48bp / 100 / 0.930% 10yr: SARON MS+58bp / 100 / 1.250%
Benchmark: 6yr: Govt. +65bp 10yr: Govt. +83bp

Launched: 6yr: CHF 225m @ SARON MS+48bp 10yr: CHF 275m @ SARON MS+58bp
Guidance: 6yr: SARON MS+48/50bp 10yr: SARON MS+58/60bp
IPTs: 6yr: SARON MS+48/53bp 10yr: SARON MS+60/65bp

• Issuer: L'Oréal (Ticker: ORFP)
• Country: France
• Issuer Ratings: Aa1/AA (Moody's/S&P)
• Expected Issue Ratings: Aa1/AA (Moody's/S&P)
• Format: Public Fixed Rate Notes
• Ranking: Senior unsecured
• Settlement Date: 16-Jun-26 (T+7)
• Size:
• • 6yr: CHF 225m
  • 10yr: CHF 275m
• Coupon:
• • 6yr: 0.930% p.a.
  • 10yr: 1.250% p.a.
• Maturity Date:
• • 6yr: 16-Jun-32
  • 10yr: 16-Jun-36
• Issue Price: 100.000%
• Reoffer Spread / Yield:
• • 6yr: SARON MS +48bps // YTM 0.9300% // Govt. +65bps
  • 10yr: SARON MS +58bps // YTM 1.2500% // Govt. +83bps
• ISIN / Valor:
• • 6yr: CH1564881949 / 156'488'194
  • 10yr: CH1564881956 / 156'488'195
• Lead Managers: Deutsche Bank, BNP PARIBAS, Commerzbank
• Listing: SIX Swiss Exchange as of 15-Jun-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Under the EUR 15,000,000,000 EMTN Programme
• Governing Law: French Law
• FINSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Covenants: PP, NP, XD
• Early Redemption: 3-month Par Call, Clean-up Call (85% threshold), Tax Redemption Call
• Use of Proceeds: General corporate purposes
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: In particular United States of America, the EEA, France, Italy, the United Kingdom, Japan and Singapore.
• Target Market: As defined by the manufacturer domiciled in the EEA: Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions

PRICED: Avinor AS €500m 10yr Sr Unsec; MS+77

IGC European Market: Deal Flow - General

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

PRICED: Crédit Agricole Assurances €750m PerpNC6 RT1; 5.875%

IGC European Market: Deal Flow - General

Reoffer: 5.875% / 100

Final Books: Over €4.7bn.

Launched: PerpNC6: €750m @ 5.875% - Books over €4.4bn (pre-rec)
Book Update: Books above €3bn
IPTs: PerpNC6: 6.375%a

• Issuer: Crédit Agricole Assurances S.A. (ACAFP)
• Type of Security: Perpetual Fixed Rate Resettable Restricted Tier 1 Notes
• Long Term Issuer Rating: A by S&P
• Expected Issue Rating: BBB by S&P
• Rating Split: Issuer: A (S&P), Issue: BBB (S&P)
• Reoffer: 100 / 5.875% (semi-annual) / 5.961% (annual) / Reset 301.4bps
• Status of the Notes: The obligations of the Issuer under the Notes in respect of principal, interest and other amounts constitute direct, unconditional, unsecured and deeply subordinated obligations of the Issuer and rank and will rank pari passu without any preference among themselves and, so long as the Notes constitute (or would constitute but for any applicable limitation on the amount of such capital), fully or partly, Tier 1 Own Funds of the Issuer and/or the Group under the Applicable Supervisory Regulations, with any other Deeply Subordinated Obligations, including, to the extent that such other Deeply Subordinated Obligations constitute (or would constitute but for any applicable limitation on the amount of such capital) fully or partly, Tier 1 Own Funds of the Issuer and/or the Group under the Applicable Supervisory Regulations (and in particular as the result of the future implementation of the last paragraph of article 38(1) of IRRD under French law). The subordination provisions of the Notes are governed by Article L.228-97 of the French Code de commerce. Subject to applicable law, in the event of the voluntary or judicial liquidation (liquidation amiable or liquidation judiciaire) of the Issuer, bankruptcy proceedings or any other similar proceedings affecting the Issuer or if the Issuer is liquidated for any other reason, the rights of Noteholders to payment in respect of principal and interest under the Notes rank, or are expressed to rank: (i) so long as the Notes constitute (or would constitute but for any applicable limitation on the amount of such capital), fully or partly, Tier 1 Own Funds of the Issuer and/or the Group under the Applicable Supervisory Regulations, subordinated to the full payment of: (A) any Unsubordinated Obligations (including depositors and creditors whose claims arise under contracts entered into for the purposes of any liquidation), (B) to the extent permitted under the then Applicable Supervisory Regulations, and in particular as the result of the future implementation of the last paragraph of article 38(1) of IRRD under French law, any 1st Ranking Senior Subordinated Obligations, (C) any Senior Subordinated Obligations, (D) any Ordinarily Subordinated Obligations, (E) any titres participatifs issued by, and prêts participatifs granted to, the Issuer, (F) any Deeply Subordinated Obligations that would no longer constitute in full Tier 1 Own Funds of the Issuer and/or the Group under the Applicable Supervisory Regulations, to the extent required under the then Applicable Supervisory Regulations, and in particular as a result of the future implementation of the last paragraph of article 38(1) of IRRD under French law, and (G) any other obligations expressed to rank senior to Deeply Subordinated Obligations, in each case outstanding from time to time; (ii) pari passu (A) without any preference among themselves and (B) so long as the Notes constitute, fully or partly, Tier 1 Own Funds of the Issuer and/or the Group under the Applicable Supervisory Regulations, with any Deeply Subordinated Obligations outstanding from time to time; and (iii) in priority to any payments to holders of Equity Securities, or any other obligation expressed to rank junior to the Notes in each case outstanding from time to time. Should the Notes no longer be treated in full as Tier 1 Own Funds, their rank will, subject to certain conditions and in particular as required and/or permitted by, the Applicable Supervisory Regulations (including without limitation as the result of the future implementation of the last paragraph of article 38(1) of IRRD under French law), change, and the Notes will become either Senior Notes, 1st Ranking Senior Subordinated Obligations, Senior Subordinated Obligations or Ordinarily Subordinated Obligations.
• Form: Dematerialised bearer form (au porteur)
• Aggregate Principal Amount: €750m
• Pricing Date: 09-Jun-26
• Issue Date: 16-Jun-26 (T+5)
• No Redemption Date: The Notes are perpetual notes in respect of which there is no fixed maturity date or redemption date. The Issuer shall be entitled to redeem the Notes only in accordance with the provisions below. The Notes are not redeemable at the option of the Noteholders at any time or in any circumstances
• First Call Date: 17-Jun-32
• First Resettable Note Reset Date: 17-Dec-32
• Reset Dates: The First Resettable Note Reset Date and thereafter every fifth anniversary of the preceding Reset Date.
• Optional Redemption from the First Call Date: The Issuer may, subject to certain conditions (including the Prior Approval of the Relevant Supervisory Authority) as per the Notes Documentation, redeem the Notes in whole, but not in part, at their Prevailing Principal Amount together with accrued (but not cancelled) interest, on the First Call Date and on any date thereafter up to and including the First Resettable Note Reset Date or on any Interest Payment Date falling thereafter
• Interest Payments Dates: Interest on the Notes will be payable semi-annually in arrear on 17 June and on 17 December in each year. There will be a long first Interest Period from (and including) the Issue Date to (but excluding) 17-Dec-26.
• Initial Rate of Interest: From (and including) the Issue Date to (but excluding) the First Resettable Note Reset Date, 5.875% per annum, payable semi-annually
• Reset Rate of Interest: From (and including) the First Resettable Note Reset Date to (but excluding) the next following Reset Date (being every 5th anniversary thereafter the First Resettable Note Reset Date) and thereafter from (and including) each Reset Date to (but excluding) the next Reset Date, the sum of the Reset Rate in respect of such Reset Period plus the First Margin in respect of such Reset Period, as determined by the Reset Rate Calculation Agent
• First Margin: 301.4bps per annum
• Specified Denominations: €100k + 100k
• Business Day Convention: Following Business Day Convention (Unadjusted)
• Day Count Fraction: Actual/Actual (ICMA)
• No Negative Pledge: There will be no negative pledge in respect of the Notes
• Interest Cancellation: On any Optional Cancellation Interest Payment Date (as defined below), the Issuer may, at its option, elect to cancel payment (in full or in part) of the interest accrued in respect of the Notes during the relevant Interest Period. On any Mandatory Cancellation Interest Payment Date (as defined below), the Issuer will be obliged to cancel payment of all or part (as applicable) of the interest accrued in respect of the Notes during the relevant Interest Period. Any interest payment (or such part thereof) which is not paid on any Interest Payment Date shall forthwith be cancelled, shall not accumulate or be payable at any time thereafter, and such non-payment will not constitute a default or an event of default by the Issuer or for any other purpose, and shall not give Noteholders any right to accelerate the Notes. “Mandatory Cancellation Interest Payment Date” means the cancellation of each Interest Payment Date in respect of which: the Issuer has determined, based on information available at the relevant time, that there is non-compliance with the Solvency Capital Requirement of the Issuer and/or the Group on such Interest Payment Date, or non-compliance with the Solvency Capital Requirement of the Issuer and/or the Group would occur immediately following, and as a result of making, such interest payment due on such Interest Payment Date; the Issuer has determined, based on information available at the relevant time, that there is non-compliance with the Minimum Capital Requirement of the Issuer and/or the Group on such Interest Payment Date, or non-compliance with the Minimum Capital Requirement of the Issuer and/or the Group would occur immediately following, and as a result of making, such interest payment due on such Interest Payment Date; the Issuer has determined, based on information available at the relevant time, that the amount of such interest payment falling due on such Interest Payment Date when aggregated together with any interest amounts or distributions which have been paid or made or which are scheduled simultaneously to be paid or made on all Tier 1 Own Funds (excluding any such payments which do not reduce the Issuer’s Distributable Items and any payments already accounted for by way of deduction in determining the Issuer’s Distributable Items) since the end of the latest financial year of the Issuer and prior to, or on, such Interest Payment Date, would exceed the amount of the Issuer’s Distributable Items as at such Interest Payment Date in respect of such interest payment; or the Issuer is otherwise required by the Relevant Supervisory Authority or under the Applicable Supervisory Regulations (on the basis that the Notes are intended to qualify as Tier 1 Own Funds) to cancel the relevant interest payment on such Interest Payment Date. (each, a “Mandatory Interest Cancellation Event”), provided however, that the relevant Interest Payment Date will not be a Mandatory Cancellation Interest Payment Date in relation to such interest payment (in whole or in part, as applicable), to the extent permitted by the Applicable Supervisory Regulations, if, cumulatively: the Mandatory Interest Cancellation Event is of the type described in paragraph A above only; the Relevant Supervisory Authority has exceptionally waived the cancellation of the interest payment; the payment of the interest would not further weaken the solvency position of the Issuer and/or the Group; and the Minimum Capital Requirement will be complied with immediately following such interest payment, if made; “Optional Cancellation Interest Payment Date” means an Interest Payment Date other than a Mandatory Cancellation Interest Payment Date
• Special Event Redemption: The Issuer may, at any time, redeem the Notes (in whole but not in part) at their Prevailing Principal Amount with accrued interest for taxation reasons (Gross-Up Event, Tax Deductibility Event or Withholding Tax Event), upon the occurrence of an Accounting Event, a Capital Disqualification Event, a Rating Methodology Event, or if the conditions for a Clean-up Call Option (i.e., if 75% or more of the Notes originally issued has been purchased and cancelled) are satisfied. Any such redemption is subject to certain conditions (including subject to the Prior Approval of the Relevant Supervisory Authority) as per the Notes Documentation
• Principal Loss Absorption / Trigger Event: A “Trigger Event” shall be deemed to have occurred if, at any time, the Issuer determines that any of the following has occurred: the amount of own funds eligible to cover the Solvency Capital Requirement of the Issuer and/or the Group determined under the Applicable Supervisory Regulations is equal to or less than 75 per cent. of the Solvency Capital Requirement; or the amount of own funds eligible to cover the Minimum Capital Requirement of the Issuer and/or the Group determined under the Applicable Supervisory Regulations is equal to or less than 100 per cent. of the Minimum Capital Requirement; or the amount of own funds eligible to cover the Solvency Capital Requirement of the Issuer and/or the Group has been less than 100 per cent. but more than 75 per cent. of the Solvency Capital Requirement for a continuous period of three months (commencing on the date on which non-compliance with such Solvency Capital Requirement was first observed) (the Trigger Event being described in this subparagraph (c), a “Special Trigger Event”)
• Acknowledgement of Bail-In and Write-Down or Conversion Powers: Notwithstanding any other term of any other agreement, arrangement or understanding between the Issuer and the holders of any Note, by the acquisition of any Note, each Noteholder or Coupon holder acknowledges, accepts, consents and agrees: (a) to be bound by the effect of the exercise of the Bail-in Power (as defined below) by the Relevant Resolution Authority (as defined below), which may include and result in any of the following, or some combination thereof: the reduction of all, or a portion, of the Amounts Due (as defined below), including on a permanent basis; the conversion in whole or in part, of the Amounts Due into shares, other securities or other obligations of the Issuer or another person (and the issue to the Noteholder of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Notes, in which case the Noteholder agrees to accept in lieu of its rights under such Notes any such shares, other securities or other obligations of the Issuer or another person; the cancellation of the Notes; the amendment or alteration of the term of the Notes or amendment of the amount of interest payable on the Notes, or the date on which the interest becomes payable, including by suspending payment for a temporary period; any other tools and powers provided for in the IRRD, as implemented under French law; and/or any specific French tools and powers pertaining to the recovery and resolution of Regulated Entities. (b) that the terms of the Notes are subject to, and may be varied, if necessary, to give effect to, the exercise of the Bail-in Power by the Relevant Resolution Authority
• Discretionary Reinstatement: Following any reduction of the Prevailing Principal Amount, the Issuer may, to the extent permitted by the Applicable Supervisory Regulations at the relevant time and provided that the Condition 7(c) shall not apply to the extent that the existence of such provision would cause the occurrence of a Capital Disqualification Event, at its discretion, increase the then Prevailing Principal Amount of the Notes (a “Discretionary Reinstatement”) on any date and in any amount that it determines in its discretion (either up to the Principal Amount or to any lower amount) provided that such Discretionary Reinstatement: is permitted only if the Issuer and/or the Group complies with the Solvency Capital Requirement of the Issuer and/or the Group following such Discretionary Reinstatement; is not activated by reference to own funds regulatory capital (or whatever the terminology then employed by the Applicable Supervisory Regulations) of the Issuer and/or the Group, issued or increased in order to restore compliance with the Solvency Capital Requirement of the Issuer and/or the Group; occurs only on the basis of profits which contribute to Issuer’s Distributable Items made subsequent to the restoration of compliance with the Solvency Capital Requirement of the Issuer and/or the Group in a manner that (i) does not undermine the loss absorbency intended by Article 71(5) and Article 71(5)bis of the Solvency II Regulation and (ii) does not hinder recapitalisation as required by Article 71(1)(d) of the Solvency II Regulation; does not result in a Trigger Event; occurs within ten (10) years from the last Write-Down Date; and is authorised only if the Issuer and/or the Group is not subject to any Administrative Procedure and provided that if the Issuer and/or the Group has been subject to such Administrative Procedure, the Relevant Supervisory Authority has formally notified the Issuer and/or the Group of the end of such Administrative Procedure. A Discretionary Reinstatement may occur on one or more occasions until the then Prevailing Principal Amount of the Notes has been reinstated up to the Principal Amount. Any decision by the Issuer to effect or not to effect any Discretionary Reinstatement on any occasion shall not preclude it from effecting or not effecting any Discretionary Reinstatement on any other occasion. Any Discretionary Reinstatement shall be applied in respect of each Note equally. In addition, subject to any existing contractual restrictions, the Discretionary Reinstatement shall be effected using the amounts designated therefor on a pari passu basis with the discretionary reinstatement of other Loss Absorbing Tier 1 Instruments of the Issuer which provide for a discretionary reinstatement and for which the conditions for a discretionary reinstatement are fulfilled
• Events of Default: None
• Cross Default: None
• Waiver of set-off rights: No Noteholder may exercise or claim any right of deduction, set-off, netting, compensation, retention or counterclaim in respect of any amount owed to it by the Issuer in respect of, or arising directly or indirectly under or in connection with, the Notes and each Noteholder will be deemed to have waived all such rights of deduction, set-off, netting, compensation, retention or counterclaim, subject to applicable law
• Use of Proceeds: An amount equal to the net proceeds of the issue of the Notes will be used for general corporate purposes, including financing or refinancing current indebtedness
• Selling Restrictions: As per Notes Documentation
• Prohibition of sales to EEA and UK retail investors: Applicable
• Manufacturer Target Market: Manufacturer target market (EEA MiFID II/UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or in the UK.
• ISIN / Common Code: FR00140193E6 / 340682971
• LEI number: 969500K2MUPSI57XK083
• Clearing System: Euroclear France, Euroclear Bank and Clearstream
• Business Days: Paris and T2 Business Day
• Listing: Regulated market of Euronext Paris
• Documentation: The terms set out in this Term Sheet are subject entirely to the terms and conditions set forth in the final terms of the Notes (referred to in this Term Sheet as the “Final Terms”) and the base prospectus dated 5-Jun-26 in connection with the Euro Medium Term Note Programme (the “Base Prospectus”, together with the Final Terms, the “Notes Documentation”). For the avoidance of doubt, any references to the Terms and Conditions of the Notes refer to the section entitled “Terms and Conditions of the Restricted Tier 1 Notes” in the Base Prospectus. Capitalised terms not specifically defined in this Term Sheet shall have the meanings given to them in the Notes Documentation.
• Governing Law: French Law
• Structuring Advisors and Global Coordinators: Crédit Agricole Corporate and Investment Bank (B&D)
• Joint Lead Managers No Book: A group is being formed
• Timing: Priced – TOE 15.25 UKT // FTT 15.45 UKT / 16.45 CET

PRICED: Simon Global Development €500m 5yr Sr Unsec; MS+75bp

IGC European Market: Deal Flow - General

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

PRICED: Royal Bank of Canada €1.75bn 4NC3 Green & 8NC7 Sr Unsec FXD/FRN; MS+52bp & MS+82bp

IGC European Market: Deal Flow - General

Reoffer: 4NC3: MS+52bp / 99.994 / 3.377% 8NC7: MS+82bp / 99.737 / 3.794%
Benchmark: 4NC3: OBL 2.1 29 #189 @ 98.442% / B+70.1bp 8NC7: DBR 2.3 15-Feb-33 @ 96.592% / B+92.8bp

4NC3 Green: Final Books >€1.8bn (incl. €45m JLM). Peak book >€2.1bn.
8NC7: Final Books >€1.35bn (incl. €20m JLM). Peak book >€1.8bn.

Launched:
4NC3: €1bn @ MS+52bp - books >€2bn (incl. €45m JLM)
8NC7: €750m @ MS+82bp - books >€1.6bn (incl. €20m JLM)
Spread set at: 4NC3: MS+52bp - books >€2.1bn (incl. €45m JLM) 8NC7: MS+82bp - books >€1.8bn (incl. €20m JLM)
Book Update: Combined books in excess of €3bn (excl. JLM), evenly split
IPTs: 4NC3 Green: MS+75/80bp 8NC7: MS+105/110bp

• Issuer: Royal Bank of Canada (Ticker: RY)
• LEI: ES7IP3U3RHIGC71XBU11
• Issuer Ratings: Aa1/AA-/AA+ (Moody's/S&P/Fitch)
• Exp Ratings: A1/A/AA- (Moody's/S&P/Fitch)
• Instrument:
• • 4NC3: Senior Unsecured Green Notes
  • 8NC7: Senior Unsecured Notes
• Format: Regulation S Bearer Notes, TEFRA D applicable. Not Rule 144a eligible
• Status: Pari passu with all other present and future unsubordinated and unsecured obligations of the Issuer including deposit liabilities
• Size:
• • 4NC3: €1bn
  • 8NC7: €750m
• Tenor:
• • 4NC3: 4NC3 FXD-to-FRN
  • 8NC7: 8NC7 FXD-to-FRN
• Settlement Date: 15-Jun-26 (T+4) (for both tranches)
• Optional Redemption Date:
• • 4NC3: 15-Jun-29
  • 8NC7: 03-Aug-33
• Maturity Date:
• • 4NC3: 15-Jun-30
  • 8NC7: 03-Aug-34
• Coupon:
• • 4NC3: 3.375%, Annual (Act/Act ICMA), until the Optional Redemption Date. If not redeemed on the Optional Redemption Date, quarterly coupon of 3m€+52bps, quarterly, Act/360.
  • 8NC7: 3.75%, Annual (Act/Act ICMA), until the Optional Redemption Date. If not redeemed on the Optional Redemption Date, quarterly coupon of 3m€+82bps, quarterly, Act/360. (Short first coupon).
• Reoffer:
• • 4NC3: 99.994% (reo yld 3.377%; MS+52)
  • 8NC7: 99.737% (reo yld 3.794%; MS+82)
• Ref Benchmark:
• • 4NC3: +70.1bps vs OBL 2.1 29 #189 @ 98.442% (yld 2.676%)
  • 8NC7: +92.8bps vs DBR 2.3 15-Feb-33 @ 96.592% (yld 2.867)
• Documentation: Issued under the Programme for the Issuance of Securities, dated 09-Jul-25, as supplemented
• Use of Proceeds: As specified in the Base Prospectus dated 09-Jul-25 the Notes are specified to be Green Bonds and for green purposes as described under Use of Proceeds – Sustainable Notes in the Base Prospectus, in accordance with the issuer’s Sustainable Bond Framework dated June 2020 (as amended) (available at: https://www.rbc.com/investor-relations/sustainable-bonds.html)
• ISIN:
• • 4NC3: XS3406773740
  • 8NC7: XS3406773666
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Listing: London Stock Exchange
• Denominations: €100k+€1k
• Bookrunners: Crédit Agricole CIB, Danske Bank, Lloyds, NATIXIS, RBC Capital Markets (B&D), Santander, Société Générale, Swedbank
• Timing: PRICED; 3yr TOE 15.16 LND; 7yr TOE 15.17 LND; FTT 16.00 LND
• Target Market: Manufacturer target market (UK MIFIR/MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIPPS key information document (KID)/CCI product summary has been prepared as not available to retail in EEA or UK.
• Advertisement: The base prospectus dated 09-Jul-25 and any supplements there to are available on http://www.rbc.com/investorrelations . The Final Terms, when published, will be available on http://www.rbc.com/investorrelations
• Notes: Subject to bail-in conversion in Canadian Bail-in Regime

PRICED: Akzo Nobel N.V. €750m 3yr Sr Unsec; MS+80bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+80bp / 99.894 / 3.663%
Benchmark: 3yr: OBL 2.1% 12-Apr-29 @ 98.43% / B+98.2bp (HR 105%)

Final books above €6.0bn. Peak book over €6.7bn (pre-rec)

Launched: 3yr: €750m @ MS+80bp - Books over €6.7bn (pre-rec)
Guidance: 3yr: MS+90a - Books over €6.1bn (pre-rec)
IPTs: 3yr: MS+125a

• Issuer: Akzo Nobel N.V. (Ticker: AKZANA, Country: NL)
• Issuer LEI: 724500XYIJUGXAA5QD70
• Issuer Rating: Baa3 (stable)/BBB (negative) (Moody's/S&P)
• Expected Issue Rating: Baa3/BBB (Moody's/S&P)
• Status: Senior, Unsecured
• Issuer ESG Rating: AAA (MSCI)
• Format: RegS Bearer, New Global Note
• Pricing date: 09-Jun-26
• Settlement: 16-Jun-26 (T+5)
• Currency & Size: €750m
• Tenor: 3-year
• Maturity: 16-Jun-29
• ISIN: XS3402712627
• Common Code: 340271262
• Use of Proceeds: General corporate purposes for the Group and financing the merger with Axalta Coating Systems Ltd
• Special Redemption Event (Issuer Call): Yes (optional, in whole) @ 101.00%
• Special Redemption Event: A Special Redemption Event shall be deemed to have occurred if the Issuer (i) has not completed and closed the merger with Axalta by 18-May-27; or (ii) has published an announcement that it no longer intends to pursue the merger with Axalta
• Coupon: 3.625% Fixed; Annual; Actual/Actual (ICMA)
• Re-offer: 99.894% / 3.663% / MS+80bps / B+98.2bps
• Reference: OBL 2.1% 12-Apr-29 (DE000BU25026) @98.43% (HR 105%)
• Joint Active Bookrunners: BBVA (B&D), HSBC, NatWest, SEB, Standard Chartered Bank AG
• Selling Restrictions: As per the Issuer’s Euro Medium Term Note Programme dated 05-Mar-26 (Reg S Cat. 2; TEFRA D).
• Documentation: To be documented under the Issuer’s EMTN Programme dated 05-Mar-26, supplemented 03-Jun-26; Clean-up Call (75%) at Par; MWC; 1m Par Call; Tax Call at Par; CoC at Par
• Make-Whole Spread: B+15bps
• Listing: Luxembourg Stock Exchange listing (regulated market)
• Governing Law: English Law
• Denominations: €100,000 + €1,000
• Target Market: Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or FCA Product Disclosure Sourcebook (DISC) disclosure document has been prepared as the bonds are not available to retail in EEA or the UK.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus dated 05-Mar-26, supplement dated 03-Jun-26 and the final terms, when published, will be available, at: https://www.luxse.com/
• Stabilisation: Relevant stabilisation languages apply
• Timing: PRICED – TOE 15:46 UKT / 16:46 CEST FTT 16:15 UKT / 17:15 CEST

PRICED: Just Group £250m 11.25NC6.25 T2; UKT+205bp

IGC European Market: Deal Flow - General

Reoffer: 11.25NC6.25: UKT+205bp / 99.624 / 6.565%
Benchmark: 11.25NC6.25: UKT 4.25% 07-Jun-32 @ 98.614 (BID) / HR: 98%

Final Books >£675m (excl. JLM). Peak book >£800m (excl. JLM)

Launched: 11.25NC6.25: £250m @ UKT+205bp - Books >£800m (excl. JLM)
Book Update: Books > £600m (excl. JLM)
IPTs: 11.25NC6.25: UKT+220/225bp

• Issuer: Just Group plc (Ticker: JUSTLN)
• LEI: 5493006456YEZEELRR90
• Expected Issue Rating: BBB (Fitch)
• Instrument: Fixed Rate Reset Subordinated Tier 2 Notes (the “Notes”)
• Status and Subordination: The Notes will constitute direct, unsecured and subordinated obligations of the Issuer and will rank pari passu and without any preference among themselves, as further described in the Conditions
• Tenor: 11.25NC6.25
• Pricing Date: 09-Jun-26
• Issue Date: 17-Jun-26 (T+6)
• Reset Date: 30-Sep-32
• Maturity Date: 30-Sep-37
• Size: £250m
• Re-offer: UKT+205bps // 6.565% (SA) // 99.624
• Reference Benchmark: UKT 4.25% 07-Jun-32 (HR: 98%) @98.614 (BID)
• Interest Payment Dates: 30 March and 30 September in each year, commencing on 30 March 2027 (long first)
• Redemption Price: 100% together with any Arrears of Interest and any other accrued and unpaid interest to (but excluding) the date fixed for redemption
• Day Count Fraction: Actual / Actual (ICMA)
• Business Day Convention: Refer to Condition 6.4
• Mandatory Interest Deferral: Required on each Mandatory Interest Deferral Date (being an Interest Payment Date in respect of which a Regulatory Deficiency Interest Deferral Event (as more fully described in the Conditions) has occurred and is continuing or would occur if payment of interest were made on such Interest Payment Date). Any interest so deferred will, for so long as it remains unpaid, constitute “Arrears of Interest”. Arrears of Interest shall not themselves bear interest
• Optional Interest Deferral: Not applicable
• Solvency Condition: All payments in respect of the Notes (including payments of principal and/or interest) outside of an Issuer Winding-Up (as defined in the Conditions) are conditional upon the Issuer being solvent (as defined in the Conditions) at the time for payment. Any payment which is not paid due to operation of the Solvency Condition will be deferred (which shall not constitute a default for any purpose) and will be payable as further provided in the Conditions
• Mandatory Deferral of Redemption: Mandatory deferral of scheduled redemption of the Notes if (i) a Regulatory Deficiency Redemption Deferral Event (as more fully described in the documentation, and including an Insolvent Insurer Winding-up having occurred and continuing, or any event which causes any Solvency Capital Requirement or Minimum Capital Requirement (including any minimum group Solvency Capital requirement) applicable to the Issuer or the Insurance Group to be breached) has occurred and is continuing or would occur if such redemption was made; (ii) the redemption would otherwise breach the provisions of the Relevant Rules; or (iii) the Regulatory Clearance Condition is not met or such redemption otherwise cannot be effected in compliance with the Relevant Rules on such date and subject to the Issuer Solvency Condition
• Issuer Optional Redemption: At any time at, par and in full, from (and including) 30 June 2032 to (and including) the Reset Date (3 month par call)
• Initial Rate of Interest: From (and including) the Issue Date to (but excluding) the Reset Date, at the rate of 6.5% per annum, payable semi-annually in arrear (subject as provided under “Mandatory Interest Deferral” below)
• Reset Rate of Interest: The sum of the Reset Reference Rate plus the Margin (no step-up), payable semi-annually in arrear (subject as provided under “Mandatory Interest Deferral” below)
• Reset Reference Rate: Benchmark Gilt 5-year yield in respect of the Reset Period
• Early Redemption: At the Issuer’s option, at par and in full, upon the occurrence of a Tax Event, Capital Disqualification Event, Ratings Methodology Event (or if a Capital Disqualification Event or a Ratings Methodology Event will occur within the forthcoming period of six months) or if 75% or more of the aggregate principal amount of the Notes originally issued have been repurchased and cancelled (or will, prior to any date fixed for redemption be purchased and cancelled)
• Substitution or Variation: If a Tax Event, Capital Disqualification Event or Ratings Methodology Event has occurred and is continuing, or if a Capital Disqualification Event or a Ratings Methodology Event will occur within the forthcoming period of six months, then the Issuer may at any time substitute the Notes, or vary the terms of the Notes so that they become or remain, Qualifying Tier 2 Securities or Rating Agency Compliant Securities (as applicable)
• Pre-conditions to Redemption, Substitution, Variation or Purchase: Any redemption, substitution, variation or purchase of the Notes will be subject to certain conditions, including compliance with Relevant Rules
• Documentation: Preliminary Offering Memorandum dated 08-Jun-26 and the final Offering Memorandum to be dated prior to the Issue Date
• Acknowledgment of Statutory Loss Absorption Powers: Applicable
• Denominations: £100,000 + £1,000
• Form / Listing / Law: Reg S Registered / London Stock Exchange (ISM) / English law
• Clearing: Euroclear and Clearstream
• Selling Restrictions: U.S. Reg S, Cat 2, UK and the EEA – no sales to retail investors, Italy, Canada, Hong Kong, Japan, Singapore, Switzerland; all as set out in the Documentation
• Target Market: Manufacturer target market (UK MiFIR / MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPS KID or CCI product summary has been prepared as not available to retail investors in the EEA or the UK
• Advertisement: When published, the final Offering Memorandum will be available for viewing on the website of the Regulatory News Service operated by the London Stock Exchange at: https://www.londonstockexchange.com/news?tab=news-explorer
• Use of Proceeds: The net proceeds of the issue of the Notes will be used by the Issuer for its general corporate purposes, including, without limitation, to repurchase existing notes validly tendered pursuant to the Tender Offer (as further described in the Documentation).
• ISIN / Common Code: XS3307225170 / 330722517
• Joint Global Coordinators: HSBC (B&D), Morgan Stanley
• Joint Lead Managers: Barclays, HSBC, Morgan Stanley, Santander
• Co-Manager: Brookfield Capital Solutions
• Fees: The Managers will be paid a fee in connection with the transaction. Details of the fee may be available to investors upon request
• Timing: Priced // TOE: 15:48 UKT // FTT: 16:10 UKT

PRICED: Ford Motor Credit Company £300m 6.5yr Sr Unsec; UKT+153bp

IGC European Market: Deal Flow - General

Reoffer: 6.5yr: UKT+153bp / 99.996 / 6.129%
Benchmark: 6.5yr: UKT 4.25% 07-Dec-32 @ 98.657 / HR 104%

Final Books: above £800mm (pre-rec, at tight end of guidance)

Launched: 6.5yr: £300m @ UKT+153bp - Books above £800mm (pre-rec, at tight end of guidance)
Guidance: 6.5yr: UKT+155bp (+/-2 WPIR)
IPTs: 6.5yr: UKT+175a

• Issuer: Ford Motor Credit Company LLC (Ticker: F, Country: US)
• Issuer Ratings (M/S/F): Ba1 (Stable) / BBB- (Negative) / BBB- (Stable)
• Expected Ratings (M/S/F): Ba1 / BBB- / BBB-
• Format: SEC Registered EMTN / NYSE Listing / NY Law
• Ranking: Senior Unsecured
• Currency: GBP
• Gilt Benchmark: UKT 4.25% due 2032 Mid (98.657) (Bid (98.627) / HR: 104%
• Size: £300m
• Tenor: 6.5yr
• Maturity Date: 16-Dec-32
• Reoffer: 99.996 UKT + 153bps Semi Ann 6.038% / Annual 6.129%
• Coupon: 6.12%, Fixed; Annual (short first); ACT/ACT (ICMA)
• Optional Redemption: MWC UKT+25bps
• Settlement: 16-Jun-26 (T+5)
• Denominations: £100k x £1k
• Use of Proceeds: General Corporate Purposes
• Active Bookrunners: Barclays, HSBC, ICBC Standard Bank, Lloyds (B&D), NatWest
• Selling Restrictions: See the Prospectus dated 07-Feb-24, as supplemented by the Prospectus Supplement dated 30-Apr-26
• Clearing: Euroclear / Clearstream
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the Notes are not available to retail in the EEA or the UK
• Sales into Canada: No
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• LEI: UDSQCVRUX5BONN0VY111
• ISIN: XS3402923596
• Timing: Priced TOE 15:11UKT / FTT TBC

PRICED: Heathrow Funding €500m 13NC11 Snr Sec; MS+125bp

IGC European Market: Deal Flow - General

Reoffer: 13NC11: MS+125bp / 99.931 / 4.383%
Benchmark: 13NC11: DBR 4% 01-Apr-37 @ 107.97 / B+128.1bps / HR 92%

Final Books above €1bn (excl JLM interest). Peak book in excess of €1.6bn (incl. €25m JLM interest)

Launched: 13NC11: €500m @ MS+125bp - Books in excess of €1.6bn (Incl 25mm JLM interest)
IPTs: 13NC11: MS+155bp area

• Issuer: Heathrow Funding Limited (ticker: HTHROW, country: GB)
• Issuer LEI: 7TI96JO3DYEIQWZ7Z726
• Obligors: Heathrow Airport Limited, Heathrow (AH) Limited, Heathrow (SP) Limited and Heathrow Express Operating Company Limited
• Exp Issue Rating: BBB+/A- (S&P/Fitch)
• Format and Status: Reg S, Registered, Senior Secured Class A Bonds
• Size: €500m
• Settlement: 11-Jun-26 (T+2)
• Scheduled Redemption Date: 11-Jun-37
• Tenor: 11yr
• Final Maturity: 11-Jun-39, if not redeemed on 11-Jun-37 the coupon will reset to EURIBOR+400bps
• Re-offer: MS+125bp, 99.931, 4.383%
• Benchmark: DBR 4% 01-Apr-37 @107.97, B+128.1bps HR 92%
• Coupon: 4.375% Fixed, Annual, ACT/ACT (ICMA)
• ISIN: XS3405671960
• UoP: General Corporate Purposes
• Call Options: 3m Par Call / MWC Bunds +20
• Denoms: €100k + €1k
• Listing / Docs: Official List of the London Stock Exchange / £50bn Multicurrency EMTN Programme dated 19-Dec-25, as supplemented on 02-Mar-26 and 02-Apr-26
• Governing Law: English Law
• Clearing: Euroclear/ Clearstream Luxembourg
• Active Bookrunners: MUFG, NAB, RBC Capital Markets, Santander, Société Générale (B&D)
• Target Market: No EEA PRIIPs key information document (KID) and no UK PRIIPs KID/CCI Product Summary has been prepared as not available to retail in EEA or UK.
• Timing: TOE 16:00 UK / 17:00 CET, FTT 16:20 UK/ 17:20 CET
• Advertisement: This communication is an advertisement. The Base Prospectus dated 19-Dec-25 and any supplements thereto, and the Final Terms relating to the securities, when published will be, available at https://www.londonstockexchange.com/