Commentary & Deal Flow

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