Commentary & Deal Flow

Final Books: Combined books >€390mm (incl €35mm JLM interest)

Launched: 2yr: €35.1m @ MS+65bp 5.5yr: €150m @ MS+150bp - Combined books >€350mm (incl €35mm JLM interest)
IPTs: 2yr: MS+85bp 5.5yr: MS+165/170bp

• Issuer: Sirius Real Estate Ltd. (Ticker: SRELN)
• Issuer LEI: 213800NURUF5W8QSK566
• Issuer Rating: BBB (stable) by Fitch
• Expected Issue Rating: BBB by Fitch
• Format: Bearer Form, Classic Global Note
• Size:
• • 2yr: €35.1m
  • 5.5yr: €150m
• Expected New Total:
• • 2yr: €500,000,000 (benchmark)
  • 5.5yr: €500,000,000 (benchmark)
• Maturity date:
• • 2yr: 24-Nov-28
  • 5.5yr: 22-Jan-32
• Issue/Settlement Date:
• • 2yr: 17-Jun-26 (T+5)
  • 5.5yr: 17-Jun-26 (T+5)
• Coupon:
• • 2yr: 1.750%
  • 5.5yr: 4.000%
• Origin ISIN:
• • 2yr: XS2412732708
  • 5.5yr: XS2973477990
• TAP temporary ISIN:
• • 2yr: XS3405564025
  • 5.5yr: XS3405555031
• Benchmark:
• • 2yr: DBR 0.25 15-Aug-28 / HR 111%
  • 5.5yr: DBR 0 15-Feb-32 / HR 102%
• Calls:
• • 2yr: CoC 101, 3-month par call, MWC B+40bps, clean-up call (80%), tax changes call
  • 5.5yr: CoC 101, 3-month par call, MWC B+30bps, clean-up call (80%), tax changes call
• Docs: Standalone, incl. Short-Form Prospectus
• Denomination: €100K + €100K
• Listing: Euro MTF market of the Luxembourg Stock Exchange
• Clearing System: Clearstream Banking / Euroclear
• Governing Law: German Law
• UoP: General corporate purposes and refinancing of existing debt
• Target market: MiFID II and UK MiFIR product governance – eligible counterparties and professional clients only (all distribution channels). No sales to retail in the EEA or the United Kingdom. No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary
• Sole Structuring Bank: HSBC
• Sole Global Coordinator: HSBC (B&D)
• Active Bookrunners: Barclays, BNP PARIBAS, HSBC
• Passive Bookrunners: ABN AMRO
• Selling Restrictions: As set out in the Short-Form Prospectus
• Advertisement: The short-form prospectus, when published, will be, available at https://www.luxse.com/issuer/SiriusRealEstat/103310
• Schedule: Books open, today's business
• Books subject: 13.00 UKT / 14.00 CET
• Hedge Deadline: Hedges in by 14.25 UKT
• Timing: Pricing shortly thereafter
• Stabilisation: Yes. HSBC will act as stabilisation manager. Standard stabilisation regulations apply, including FCA/ICMA