Commentary & Deal Flow

• Yesterday was the 3rd heaviest volume day this year in the European IG primary markets, so today seems light in comparison, however, the market still delivered a very respectable €16.735bn from 17 issuers / 19 tranches (5 x Corp, 7 x FIG & 5 x SSA).
• While it was a heavy day for financials with 7 borrowers stepping forward, SSA’s dominated volumes with an average tranche size of €1.4bn. Nothing compared to yesterday, but still healthy.
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €2.535bn
    • Avg. tranche size €423m - 2 small taps brought down avg.
    • Avg. IPT to Pricing -27.83bps
    • Avg. cover 3.62 X
  • FIG
  • • Total IG: €7.2bn
    • Avg. tranche size €900m
    • Avg. IPT to Pricing -26.43bps (unsecured) - €5.95bn
    • Avg. IPT to Pricing -6bps (covered) - €1.25bn
    • Avg. cover 1.89 X
  • SSA
  • • Total IG: €7bn
    • Avg. tranche size €1.4bn
    • Avg. IPT to Pricing -2bps
    • Avg. cover 6.68 X

• Sterling IG saw only one small £150m, Tier 2 trade from the UK’s Starling Group. 
• Significantly, with the ECB's rate decision tomorrow, the pipeline is extremely light, save for the Saxony-Anhalt digital bond that has been pending these last 2 weeks & a fresh mandate for a single tranche, split rated US corporate.
• • 1 x € Corp
  • 1 x € SSA

Euro IG (today)

Corp

• The first corporate issue came from RCI Banque S.A. (exp. Issue ratings of Baa1 / BBB- by Moody’s & S&P). The issuer being the finance arm of Renault. They announced a 5.2 year (19th August 2031) senior preferred, unsecured Green bond with IPTs in the area of MS+140. Books pre-rec were over €2.3bn. The deal sized at €750m & priced 30bps tighter than IPTs at MS+110.
• Davide Campari-Milano N.V. (unrated), a leading player in the global premium spirits industry, brought its anticipated €500m (exp), senior unsecured, RegS bearer, 7 year, with IPTs of MS+175 area (investor feedback from the roadshow was MS+mid 100s). Books were north of €2.9bn, so the issuer elected to size up a little pricing €600m at MS+140; 25bps tighter than IPTs. Final books were €3bn.
• Sirius Real Estate Ltd (exp. Issue ratings of BBB by Fitch) announced a dual tap offering to tidy up the outstanding liquidity of two existing issues. Their June 2028 is being tapped for €35.1m to bring its outstandings to €500m, while their January 2032 notes will see an increase of €150m to create a €500m security. IPTs on the respective taps were MS+85 ‘area’ & MS+165 to 170.Combined books were over €350m. Sizing as anticipated, the 28’s priced at MS+65, while the 32’s priced at MS+150.
• Motor Oil (Hellas) Corinth Refineries S.A. (unrated) brought its anticipated €400m Reg S only 5 year senior unsecured notes offering €400m (wng). IPTs were 4.375% area. Books exceeded €1.5bn (inc. JLMs), rising to €1.9bn, allowing the borrower to price half a point tighter at 3.875% - was yet to price " time of going to press.
• Aéroports De Paris S.A. (exp. Issue ratings of A- by S&P) brought a €500m (exp), senior unsecured, 9 year (17th June 2035) with IPTs of MS+120 to +125. Books were above €1.3bn, and the trade was upsized marginally to €600m & priced at MS+98, 24.5bps tighter than the mid range of IPTs.

FIG

• Canada’s Bank of Nova Scotia (exp. Issue ratings of Aaa / AAA / AAA by Moody’s Fitch & DBRS) announced a 4 year covered bond (Canadian legislative covered bond, backed by Canadian residential mortgages). Guidance on the offering was in the area of MS+25. Books first called at over €1.75bn (inc. €300m JLMs) & rose to over €2bn; final books were €1.8bn. The trade sized at €1.25bn & priced 6bps tighter at MS+19; in keeping with recent covered trades.
• BNP Paribas Cardif (exp. Issue rating of BBB- by S&P) announced a benchmark perpetual fixed rate, resettable, callable, Restricted Tier 1 issue (Perp NC7.5) with IPTs in the area of 6.50%. The coupon set at 6.125% (s.a.), with the trade sizing at €700m, against a book backdrop of over €2.4bn (final books >€2bn). The deal priced at 3 eights tighter than IPTs.
• Switzerland’s Zürcher Kantonalbank (aka ZKB) (exp. Issue ratings of Aa2 by Moody’s) brought a €500m (wng) 6NC5 bail-in notes with IPTs of MS+90 to +95. Books were over €1.15bn (inc. €30m JLMs); final books were over €980m. The deal sized at €500m & priced at MS+70.
• Barclays Bank Plc (exp. Issue ratings A1 / A+ / AA- by Moody’s, S&P & Fitch), Senior Op Co deal; brought a dual-tranche 2 year FRN & a 3 year fixed. Both announced as a benchmark, IPTs were 3 mth €+60 area for the floater & MS+70 area for the fixed rate. Combined books exceeded €5bn early favouring the FRN (€2.75bn vs €2.25bn); rising to (€3.8bn vs €2.75bn) - settling at final books of €2.7bn vs €1.9bn. Barclays sized the FRN at €1.75bn, pricing at 3 mth €+38. The 3 year sized at €1.25bn, pricing at MS+45.
• SpareBank 1 SMN (exp. Issue ratings of Aa3 by Moody’s) announced a 5 year, €500m (wng), senior preferred Reg S, bearer Green offering with IPTs of MS+80 to +85. Books were over €1bn, rising to €1.15bn; final books were c.€1bn. The trade priced at MS+57, some 25.5bps tighter than the mid range of IPTs.
• Having announced on Monday, Australian multinational general insurance & reinsurance company QBE Insurance Group Limited (exp. Issue ratings of BBB+ / BBB+ by S&P & Fitch), brought its  €300m to €500m Reg S registered 11NC6 Tier 2 subordinated issue with IPTs of MS+160 to +165. Books rose to over €2.4bn; final books were over €1.8bn. The borrower elected to size at the top end of the range, pricing €500m at MS+135.
• American Express Company (exp. Issue ratings A2 / A- / A by Moody’s, S&P & Fitch) brought an SEC Registered 8NC7 benchmark offering with IPTs in the area of MS+110. No books revealed as the deal was an SEC Registered transaction. The trade priced €750m at MS+85; 25bps tighter than IPTs.

SSA

• Having announced yesterday, the Council of Europe Development Bank (Aaa / AAA / AAA), announced its 10 year € benchmark RegS Bearer Bond maturing in June 2036. Guidance on the offering was in the area of MS+24. Books were in excess of €1.25bn & the deal sized at €1bn, pricing 1bp tighter at MS+23.
• Quickly to announce thereafter was The Hellenic Republic (rated Baa3 / BBB / BBB / BBB with their anticipated increase of the existing 10 year GGB Benchmark due 16th June 2036. Books opened with guidance of MS+71 area. Books hit €31bn (inc. €1.55bn JLMs) & closed at over €36bn. The trade sized at €3bn & priced at MS+68. 
• The Free Hanseatic City of Bremen (rated AAA by Fitch), brought its expected 10 year, €500m (wng) Landesschatzanweisung (aka, State Treasury note). Guidance was MS+24 area. Books were first called at €580m (inc. €175m JLMs), with final books above €590m. Size was confirmed at €500m & the deal priced at the MS+24 level.
• Having announced yesterday The Kingdom of Sweden (rated Aaa / AAA / AAA by Moody's, S&P & Fitch), brought a € benchmark, senior unsecured 3 year with guidance of MS-3 area. Books grew to over €7.5bn (inc. €100m JLMs) & the deal tightened by 2bps to size at €bn & price at MS-5.
• Yet another SSA trade announced yesterday came from The Autonomous Community of Galicia (rated A+ / A3 by S&P & Moody's) who brought their anticipated short 7 year (30th April 2033). The transaction came as a €550 (wng) with guidance of SPGB (mid) +15 area (equiv. to MS+36 at the time of the announcement). Books exceeded €1.5bn (inc. €175m JLMs) & guidance was revised 4bps tighter to SPGB +11 area. Books tightened to €1.45bn (inc. €175m JLMs), with final books €1.4bn (inc. €150m JLMs). They priced €500m at SPGB+10, 5bps tighter than IPTs.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

FIG

• Having announced on Monday, UK challenger bank Starling Group Holdings Limited (exp. Issue ratings of Baa3 by Moody’s), brought its £150m (exp), 10.25NC5.25 Tier 2 transaction with IPTs of 6.75% (semi annual). The order book was above £400m (inc. £20m JLMs), settling at £380m; final books were above £215m (inc. £15m JLMs). The deal sized as expected at £150m & priced an eighth tighter than IPTs at 6.625% (s.a.).

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• None.

Week-to-date volumes:

US$ Reg S (today)

• None.

Pending Deals & Mandates 

Euro (€)

• Wednesday 10th May: Viatris Inc. (rated Baa3 / BB+ / BBB by Moody’s, S&P & Fitch), a global healthcare company with an extensive portfolio of medicines that is well-diversified across therapeutic areas, mandated BNP Paribas, Citigroup, & Goldman Sachs & Co. LLC to organize a series of European fixed income investor calls on Thursday, June the 11th. Citigroup is coordinating logistics. A € benchmark, 7 year fixed-rate, Euronext Dublin-listed, senior unsecured, SEC registered, refinancing transaction is expected to follow, subject to market conditions.

• 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.

Transaction Details 

PRICED: Council of Europe Development Bank €1bn 10yr Sr Unsec; MS+23bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+23bp / 99.187 / 3.347%
Benchmark: DBR 2.9% Feb-36 @ 98.581 / B+27.7bp / HR 102%

Final book: In excess of €1.25bn (incl €150m JLM)

Launched: 10yr: €1bn @ MS+23bp
Guidance: 10yr: MS+24a

• Issuer: Council of Europe Development Bank (Ticker: COE)
• Issuer LEI: 549300UYNXMI821WYG82
• Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch) (all stable)
• Format: Issued under MTN programme, TEFRA D, Reg S bearer, HQLA1, 0% RW
• Size: €1bn
• Settlement: 17-Jun-26 (T+5)
• Maturity: 17-Jun-36
• Coupon: 3.250% Fixed, Annual, ACT/ACT
• Yield: 3.347%
• Price: 99.187
• Spread: MS+23bps
• Benchmark: DBR 2.9% Feb-36 +27.7bps (Price: 98.581% / Yield: 3.07%) / HR: 102%
• Listing: Luxembourg Stock Exchange's regulated market
• Denominations: €1k + €1k
• Bookrunners: CACIB (B&D), DB, GSBE SE, Nomura
• ISIN: XS3410918612
• Timing: Priced. TOE: 12:37 UKT / 13:37 CET | FTT immediately
• Advertisement: The Base Prospectus is available at: https://coebank.org/en/investor-relations/funding/bond-issue-programmes/

Tier 2
10.25NC5.25 (Sep 2036) @ 6.75% 

Implied Spread for fresh 10.25 year @ 6.50%

Priced at 6.625%
NIC of +12.5

PRICED: SpareBank 1 SMN €500m 5yr Green SP; MS+57bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+57bp / 99.472 / 3.492%
Benchmark: 5yr: OBL 2.5% 17-Apr-31 #193 @ 98.695 / B+70.4bp / HR 101%

Final Books c.€1bn. Peak book €1.15bn+

Launched: 5yr: €500m @ MS+57bp - Books €1.15bn+
Book Update: Books in excess of €1bn
IPTs: 5yr: MS+80/85bp

• Issuer: SpareBank 1 SMN (Ticker: MINGNO)
• LEI: 7V6Z97IO7R1SEAO84Q32
• Exp. ratings: Aa3 (Moody's)
• Format: Senior Preferred Notes, Unsubordinated and Unsecured
• Form: Reg S, Bearer, NGN, Green Bonds
• Currency: Euro ("EUR")
• Pricing Date: 10-Jun-26
• Settlement: 17-Jun-26 (T+5)
• Maturity: 17-Jun-31 (5-year)
• Size: €500m
• Reoffer: 99.472% / 3.492% / MS+57bp
• Coupon: 3.375% Fixed, Annual, Act/Act (ICMA)
• Reference: OBL 2.5% 17-Apr-31 #193 +70.4bp (98.695%) / HR 101%
• Denoms: €100k+€1k
• Listing: Luxembourg Stock Exchange
• Waiver of Set-Off Rights: Not Applicable (Condition 2 (b))
• Prior consent of regulator: Applicable as per Condition 6 (j), for early redemptions or substitution or variation
• Clean-up Call: Applicable, outstanding nominal amount of the Notes is 20% (Condition 6 (d))
• Early redemption for taxation reasons: Applicable (Condition 6 (b))
• Early redemption following an MREL Disqualification Event: Applicable (Condition 6 (l))
• Substitution or variation following an MREL Disqualification Event: Applicable (Condition 6 (n))
• Restricted Gross-Up: Applicable (Condition 7)
• Events of Default: Limited Events of Default (Condition 9)
• Law: English Law, except Condition 2 and 3,(Status of the Notes) which will be governed by, and construed in accordance with, Norwegian law
• Use of Proceeds: An amount equivalent to the net proceeds will be allocated to fund Green Projects (as defined in the Base Prospectus)
• Documentation: SpareBank 1 SMN, SpareBank 1 Nord-Norge and SpareBank 1 Østlandet EUR10bn EMTN Programme, prospectus dated 04-Jun-26 (the “Base Prospectus”)
• 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 available at https://www.sparebank1.no/en/smn/about-us/investor/financial-info/funding/archive.html and the Final Terms, when published, will be available at https://www.luxse.com/programme/Programme-Sparebank1SMN/12549
• Joint Lead Managers: BNP Paribas, DekaBank, Goldman Sachs International, ING, Nordea (B&D)
• Sole Green Bond Structurer: ING Bank N.V.
• ISIN / Common code: XS3408760596 / 340876059
• Target Market: MiFID II/UK MiFIR professionals/ECPs only. No EU PRIIPs key information document and no UK disclosure document required by DISC have been prepared as notes not available to retail in the EEA or UK
• Selling Restrictions: As per the Base Prospectus Reg S, Cat 2, TEFRA D
• Fees: The Banks will be paid a fee by the issuer in respect of the placement of the Securities.
• Timing: ToE 14.23 CET / FTT 14.40 CET

Green SP
5 year (June 2031) @ MS+80-85

Implied Spread for fresh 5 year @ MS+55

Priced at MS+57
NIC of +2

PRICED: Barclays Bank €3bn 2yr FRN & 3yr FXD Sr Unsec; 3mE+38 & MS+45

IGC European Market: Deal Flow - General

Reoffer: 2yr FRN: 3mE+38 / 100 3yr FXD: MS+45 / 100 / 3.32%
Benchmark: 3yr FXD: OBL 2.1 29 #189 @ 98.390 / B+62.4bp / HR 106%

2yr FRN: Final Books above €2.7bn. Peak book above €3.8bn.
3yr FXD: Final Books above €1.9bn. Peak book above €2.75bn.

Launched: 2yr FRN: €1.75bn @ 3mE+38bp - Books above €2.8bn | 3yr FXD: €1.25bn @ MS+45bp - Books above €2.1bn
Spread set at: 2yr FRN: 3mE+38bp - Books above €3.8bn | 3yr FXD: MS+45bp - Books above €2.75bn
IPTs: 2yr FRN: 3mE+60a | 3yr FXD: MS+70a

• Issuer: Barclays Bank PLC
• Ticker: BACR
• LEI: G5GSEF7VJP5I7OUK5573
• Expected Issue Ratings: A1/A+/AA- (Moody's/S&P/Fitch)
• Ranking: Senior, Unsecured, Unsubordinated
• Legal Format: Reg S, Cat 2, Registered
• Size:
• • 2yr FRN: €1.75bn
  • 3yr FXD: €1.25bn
• Settlement Date: 17-Jun-26 (T+5)
• Maturity Date:
• • 2yr FRN: The Interest Payment Date falling on or immediately after 17-Jun-28
  • 3yr FXD: 17-Jun-29
• Initial Coupon:
• • 2yr FRN: Floating, Quarterly, Act/360, (Benchmark: EURIBOR). Payable quarterly in arrear on 17 March, 17 June, 17 September and 17 December, from (and including) the Settlement Date to (but excluding) 17-Jun-28, commencing on 17-Sep-26.
  • 3yr FXD: 3.320% per annum payable annually in arrear from (and including) the Settlement Date to (but excluding) the Maturity Date, commencing on 17-Jun-27.
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof
• Listing: London Stock Exchange, Main Market
• Governing Law: English Law
• Documentation: Issued off the Debt Issuance Programme Base Prospectus dated 02-Jul-25, as supplemented on 31-Jul-25 and 28-May-26 (the “Prospectus”)
• Target Market: MiFID II and UK MiFIR – professionals/ECPs-only /No PRIIPs or UK PRIIPs KID/CCI product summary – 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) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or the UK
• Selling Restrictions: As per the Prospectus; Canada; no sales into Italy
• Sole Bookrunner: Barclays Bank PLC
• ISIN:
• • 2yr FRN: XS3405674980
  • 3yr FXD: XS3405674808
• Use of Proceeds: General corporate purposes of the Issuer and its subsidiaries
• TOE: 14h47 UKT (2yr FRN) | 14h49 UKT (3yr FXD)
• FTT: 15h15 UKT
• Advertisement: The Prospectus is available at https://home.barclays/investor-relations/, the Final Terms, when published, will be available at www.londonstockexchange.com

Senior Unsecured
2 year FRN (June 2028) @ 3mE+60 area 

Implied Spread for fresh 2 year @ 3mE+36

Priced at 3mE+38
NIC of +2

Senior Unsecured
3 year (June 2029) @ MS+70 area 

Implied Spread for fresh 3 year @ MS+42

Priced at MS+45
NIC of +3

PRICED: Sirius Real Estate €185.1m 2yr & 5.5yr Sr Unsec; MS+65bp & MS+150bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: MS+65bp / 95.905 / 3.529% 5.5yr: MS+150bp / 97.849 / 4.438%
Benchmark: 2yr: DBR 0.25 15-Aug-28 @ 94.95 / B+85.9bp, HR 111% 5.5yr: DBR 0 15-Feb-32 @ 85.42 / B+162.4bp, HR 102%

Final Books: Combined books >€390m (incl €35m JLM interest)
Launched: 2yr: €35.1m @ MS+65bp 5.5yr: €150m @ MS+150bp - Combined books >€350m (incl €35m 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
• Outstanding Size:
• • 2yr: €464,900,000
  • 5.5yr: €350,000,000
• Tap Amount:
• • 2yr: €35,100,000
  • 5.5yr: €150,000,000
• New Total:
• • 2yr: €500,000,000
  • 5.5yr: €500,000,000
• 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)
• Reoffer:
• • 2yr: MS+65bps / 95.905 / 3.529%
  • 5.5yr: MS+150bps / 97.849 / 4.438%
• Reference Benchmark:
• • 2yr: DBR 0.25 15-Aug-28 +85.9bps / 94.950 / 2.670%, HR = 111%
  • 5.5yr: DBR 0 15-Feb-32 + 162.4bps / 85.420 / 2.814%, HR = 102%
• 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 DE0001102457
  • 5.5yr: DBR 0 15-Feb-32 DE0001102580
• 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
• Timing:
• • 2yr: TOE: 14:36 (UKT). FTT: 15:00 UKT
  • 5.5yr: TOE: 14:37 (UKT). FTT: 15:00 UKT
• Stabilisation: Yes. HSBC will act as stabilisation manager. Standard stabilisation regulations apply, including FCA/ICMA

PRICED: Zürcher Kantonalbank €500m 6NC5 Sub; MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+70bp / 100 / 3.622%
Benchmark: 6NC5: OBL 2.5% 30-Apr-31 @ 98.675 / B+83bp / HR 99%

Final Books: €980m+. Peak book >€1.15bn (incl €30m JLM)

Launched: 6NC5: €500m @ MS+70bp - Books >€1.15bn (incl €30m JLM)
Book Update: Books in excess of €1bn (incl. €30m JLM)
IPTs: 6NC5: MS+90/95bp

• Issuer: Zürcher Kantonalbank (Ticker: ZKB)
• Issuer LEI: 165GRDQ39W63PHVONY02
• Issuer ratings: Aaa/AAA/AAA stable outlooks (Moody’s/S&P/Fitch)
• Expected instr. ratings: Aa2 (Moody’s)
• Format: Reg S; uncertificated securities (Wertrechte). Bonds eligible as loss-absorbing debt instruments in the event of insolvency measures to meet the requirements for additional loss-absorbing funds under the National Regulations applicable to domestic systemically important banks.
• Status: The Bonds constitute direct, unsecured and subordinated obligations of the Issuer ranking pari passu with each other. In the liquidation or restructuring proceedings of the Issuer, the bondholders' claims against the Issuer under the Bonds shall rank as follows: (i) subordinated to all non-subordinated claims against the Issuer, including all deposits with the Issuer; (ii) pari passu among each other and with the claims of creditors of the Issuer under other bail-in bonds of the Issuer; and (iii) subject to FINMA Measures in restructuring proceedings (see below), senior to equity and similar instruments of the Issuer and to all other subordinated claims (including Additional Tier 1 and Tier 2 instruments) against the Issuer. In restructuring proceedings, FINMA may, in particular, order the full or partial reduction of bondholders' claims or the full or partial reduction of the Issuer's obligations under the Bonds without first having to write down the Issuer's equity.
• Pricing Date: 10-Jun-26
• Issue Date: 17-Jun-26 (T+5)
• Redemption Date: 17-Jun-32
• Optional Redemption Date: 17-Jun-31 (one-time call)
• Tenor: 6NC5
• Reoffer: MS+70bps / 3.622% / 100.000
• Nominal Amount: €500 million
• Interest Rate (Coupon): 3.622% fixed rate p.a. until the Optional Redemption Date, payable annually in arrear. Thereafter, reset rate equal to the sum of one year EUR mid-swap and the margin of 0.70%
• Interest Payment Dates: 17 June in each year, commencing on 17-Jun-27
• Day Count Fraction: ACT/ACT (ICMA)
• Business Day Convention: Following unadjusted
• Business Days: T2, Zurich
• Nominal Value: Nominal Value means the original nominal value of EUR 200,000 per Bond or, if FINMA has ordered the partial (but not full) reduction of the bondholders' claims or the Issuer's obligations under the Bonds in the restructuring plan in a restructuring proceeding concerning the Issuer pursuant to the Banking Act and, if applicable, other National Regulations, the nominal value per Bond still outstanding at the relevant time
• Early Redemption: Subject to the prior approval of FINMA (if then required), taking into account the National Regulations, the Bonds may be redeemed prior to the Maturity Date at the option of the Issuer in whole, but not in part, at the Nominal Value plus any accrued and unpaid interest thereon on the Optional Redemption Date, or upon the occurrence of a Tax Event or Regulatory Event
• Documentation: Standalone EUR documentation. Prospectus will only be submitted for review to a competent Swiss Review Body pursuant to Art. 52 FinSA after the offering has been completed
• FINMA Measures: The bondholder expressly acknowledges that FINMA may take measures in the course of restructuring proceedings under the Banking Act which may interfere with the rights of the bondholders, in particular the full or partial reduction of the bondholders' claims or the full or partial reduction of the Issuer's obligations under the Bonds (subject to the creditors' right to the issuance of Recovery Certificates by the Issuer) as well as all other measures to which FINMA is entitled under the then applicable financial market laws and ordinances, excluding the conversion of the Bonds into equity (the FINMA Measures)
• Waiver of the "No-Creditor-Worse-Off" protection: By acquiring a Bond, bondholders expressly waive the protection of Art. 30c para. 1 letter b Banking Act, according to which, in restructuring proceedings, the restructuring plan is not likely to place the creditors in a worse economic position than the immediate opening of bankruptcy proceedings ("No-Creditor-Worse-Off"). In the event that FINMA Measures are ordered, the Bondholder thereby waives any compensation, with the exception of the claim to the granting of Recovery Certificates (see "Entitlement to the granting of Recovery Certificates" below), and in the event of a subsequent liquidation of the Issuer, any claim to a liquidation dividend. They expressly acknowledge that they could be worse off in a restructuring proceeding of the Issuer than in a bankruptcy
• Entitlement to the granting of Recovery Certificates: In the event that FINMA orders the partial or complete reduction of the bondholders' claims or the Issuer's obligations under the Bonds in the restructuring plan in a restructuring proceeding concerning the Issuer, the bondholders are entitled to the granting of two Recovery Certificates with no par value for each Bond affected after the restructuring plan has been approved by FINMA
• No state guarantee / no set-off: The Bonds are not covered by the state guarantee of the Canton of Zurich. Offsetting with claims from the Bonds is excluded
• Use of proceeds: General corporate purposes
• Product Governance: Target market as defined by the manufacturers (EU MiFID II/ UK MiFIR product governance): eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) / UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or the UK
• Sales Restrictions: In particular, USA and U.S. persons and Italy as well as prohibition of sales to retail investors in the EEA and the UK as set out in the prospectus
• Joint Lead Managers: BNP Paribas, Commerzbank, UBS (B&D), Zürcher Kantonalbank
• Listing: SIX Swiss Exchange
• Denomination: €200,000 and €200,000 increments
• Primary clearing system: SIX SIS Ltd
• ISIN / Swiss Security Number: CH1515238637 / 151'523'863
• Governing law/ Place of J.: Swiss law / Zurich
• Timing: Priced. TOE 1528CET FTT 1555CET

Senior Bail-In
6NC5 (June 2032) @ MS+90-95

Implied Spread for fresh 6 year @ MS+70

Priced at MS+70
NIC of 0

PRICED: The Bank of Nova Scotia €1.25bn 4yr CB; MS+19bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+19bp / 100 / 3.084%
Benchmark: 4yr: OBL 2.4 30-Apr-30 #191 @ 98.75 / B+33.9 / HR 104%

Final books >€1.8bn (incl. €225m JLM). Peak book over €2bn (incl. €300m JLM)

Launched: 4yr: €1.25bn @ MS+19bp - Books over €2bn (incl. €300m JLM)
Book Update: Books over €1.75bn (incl. €300m JLM)
Guidance: 4yr: MS+25a

• Issuer: The Bank of Nova Scotia
• LEI: L3I9ZG2KFGXZ61BMYR72
• Guarantor: Scotiabank Covered Bond Guarantor Limited Partnership
• Collateral: Canadian legislative covered bond, backed by Canadian residential mortgages
• Exp Issue Ratings: Aaa/AAA/AAA (Moody's/Fitch/DBRS)
• Format: Reg S, Registered form
• Distribution: Regulation S compliance Category 2, TEFRA not applicable
• Tenor: 4Yr
• Size: €1.25bn
• Settlement: 17-Jun-26 (T+5)
• Maturity: 17-Jun-30
• Reoffer: MS+19 / 100 / Yld 3.084%
• Benchmark: OBL 2.4 30-Apr-30 #191 + 33.9bps @ spot 98.75 HR 104%
• ISIN: XS3412551551
• Coupon: 3.084%, fixed, Annual, ACT/ACT (ICMA), following unadjusted
• Listing / Denoms: London / EUR 100k + 1k
• Clearing: Euroclear/Clearstream
• Target Market: MiFID II / UK MiFIR professionals/ ECPs-only
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Joint Lead Managers: Commerzbank (B&D), Erste Group, DZ BANK, ING, Natixis, Scotiabank
• 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 participating in the transaction on request.
• Documentation: Issued under the Global Covered Bond Programme as described in the Prospectus dated 10-Oct-25 as supplemented (together, the “Prospectus”)
• Timing: Priced: TOE 14:04 LDN / FTT 14:30 LDN

PRICED: Kingdom of Sweden €2bn 3yr Sr Unsec; MS-5bp

IGC European Market: Deal Flow - SSA

Reoffer: 3yr: MS-5bp / 99.753 / 2.837%
Benchmark: 3yr: OBL #189 2.1% 12-Apr-29 @ 98.34 / B+12.2 / HR 106%

Final Books: Above €7.5bn (incl. €100m JLM interest)

Launched: 3yr: €2bn @ MS-5bp - Books above €7.5bn (incl. €100m JLM interest)
Guidance: 3yr: MS-3a

• Issuer: Kingdom of Sweden
• LEI: ERE94C0BSULG2RM19605
• Issuer Ticker: SWED Govt
• Issuer Rating: Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Scope)
• Format: Senior Unsecured, Reg S, Registered
• Size: €2bn
• Spread: MS-5bps
• Trade Date: 10-Jun-26
• Settlement Date: 18-Jun-26 (T+6)
• Maturity Date: 18-Jun-29 (3-years)
• Coupon: 2.75%, Fixed (FXD), Annual, ACT/ACT
• Re-Offer: 99.753% / 2.837% (+12.2bps vs. OBL #189 2.1% 12-Apr-29 TWIN @ 98.34 / 2.715%)
• Documentation: USD 50,000,000,000 Programme for the Issuance of Debt Instruments dated 28 September 2023
• Selling Restrict.: As per USD 50,000,000,000 Programme for the Issuance of Debt Instruments
• Governing Law: English
• Listing: London Stock Exchange
• Denominations: EUR 100,000 + EUR 1,000
• JLMs: BNP Paribas (B&D), Danske Bank, SEB and Swedbank
• Target Market: Manufacturer target market (MIFID II / MIFIR product governance) 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 (DISC) has been prepared as not deemed within scope/not available to retail in EEA or in the UK
• ISIN: XS3408819749
• Timing: PRICED, T.O.E. 12:17 UKT / 13:17 CEST. FTT immediately
• Advertisement: https://www.riksgalden.se/contentassets/0ec2daef1268405986b39c6891f3c5c0/central-government-borrowing-2025-2.pdf

PRICED: Free Hanseatic City of Bremen €500mn 10yr Sr Unsec; MS+24bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+24bp / 99.212 / 3.344%
Benchmark: DBR 2.9 15-Feb-36 @ 98.660% / B+28.4 / HR 101.7%

Final Books: above €590mn (incl. €175mn JLM)
Launched: 10yr: €500mn @ MS+24bp - Books above €580mn (incl. €175mn JLM)
Guidance: 10yr: MS+24a

• Issuer: Free Hanseatic City of Bremen
• Ticker: BREMEN Govt
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Issuer Rating: AAA (Fitch)
• Size: €500mn
• Settlement: 17-Jun-26 (T+5)
• Maturity: 17-Jun-36
• Coupon: 3.25% fixed, annual, ACT/ACT ICMA, annually on June 17
• Re-Offer: 99.212% px / 3.344% yld / MS+24 bps
• Benchmark: DBR 2.9 15-Feb-36 (@98.660%) + 28.4 bps, HR 101.7%
• Law/List/Denoms: German Law / Hamburg / €1k+1k
• Target market: Eligible counterparties, professional clients and retail clients each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
• Fees: The banks will be paid a fee in relation to this transaction
• ISIN/WKN/Series: DE000A5ENMT7 / A5ENMT / 282
• Joint Leads: DekaBank, DZ BANK (B&D), Erste Group, Helaba, Rabobank
• Timing: TOE: 12:15 CET / FTT: 12:25 CET

PRICED: Hellenic Republic €3bn 10yr Sr Unsec; MS+68bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+68bp / 96.527 / 3.799%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 98.572 / B+72.8bp

Final Books: >€36bn (inc €1.65bn JLM)

Launched: 10yr: €3bn @ MS+68bp - Books >€36bn (inc €1.55bn JLM Interest)
Spread set at: 10yr: MS+68bp - Books in excess of €31bn (inc €1.55bn JLM interest)
Guidance: 10yr: MS+71a

• Issuer: The Hellenic Republic
• LEI: 2138003EKTMKZ5598902
• Ratings: Baa3/BBB/BBB/BBB (Moody's/S&P/Fitch/DBRS)
• Format: State Obligation (in dematerialised book entry form), RegS Cat 1, 144A eligible, CACs
• Type: Senior unsecured, ECB repo eligible
• Settlement: 17-Jun-26
• Maturity: 16-Jun-36
• Tap Size: €3bn
• New O/S Size: €7.55bn
• Coupon: 3.375%, Annual, ACT/ACT, 1 day of accrued
• Re-offer PX: 96.527% / Yield 3.799% / Spread MS+68 / Bunds +72.8bps
• Bund Ref: DBR 2.9 15-Feb-36 Spot 98.572% / Yield 3.071%
• Listing: Athens, regulated market
• Law: English Law
• Denoms: €1k + €1k
• Docs: Exempt from prospectus requirements in Greece. Greek public Debt tax regime. Events of default. Tax gross up
• US taxation: OID may be applicable
• ISIN: GR0124042764 (immediately fungible)
• Bookrunners: Alpha Bank, Barclays (B&D / DM), Citi, Commerzbank, Nomura and Societe Generale
• Fees: The bookrunners will be paid a fee in connection to the transaction
• Target Market: The manufacturer target market (MiFID II product governance) is eligible counterparties, professional and retail clients (all channels for distribution)
• Timing: Priced. TOE 13.09 LDN. FTT immediately

PRICED: Starling Group Holdings £150m 10.25NC5.25 T2; 6.625%

IGC European Market: Deal Flow - General

Reoffer: 10.25NC5.25: 6.6276% / 100 / UKT+223.7bp
Benchmark: UKT 0.25 31-Jul-31 @ 81.116 (Bid) / B+223.7 / HR 108%

Final Books: Above £215m (incl. £15m JLM). Peak book above £400m.

Launched: £150m @ 6.625% - Orderbooks above £380m (incl. £20m JLM)
Book Update: Orderbooks above £400m (incl. £20m JLM)
IPTs: 6.75%a

• Issuer (LEI): Starling Group Holdings Limited (213800QFN24QRFQ4D993)
• Issuer Rating: Baa3 (Moody’s) (Stable Outlook)
• Exp Issue Rating: Baa3 (Moody’s)
• Status: The Notes will constitute direct, unsecured, unguaranteed and subordinated obligations of the Issuer and rank pari passu, without any preference, among themselves. If a Winding-Up occurs, the rights and claims of the Holders (and of the Trustee on their behalf) against the Issuer in respect of, or arising under, each Note shall be for (in lieu of any other payment by the Issuer) an amount equal to the principal amount of the relevant Note, together with, to the extent not otherwise included within the foregoing, any other amounts attributable to such Note, including any accrued and unpaid interest thereon and any damages awarded for breach of any obligations in respect thereof, provided however that such rights and claims shall be subordinated as provided in Condition 4(a) and in the Trust Deed to the claims of all Senior Creditors but shall rank (i) at least pari passu with the claims of holders of all other subordinated obligations of the Issuer which constitute, or would but for any applicable limitation on the amount of such capital constitute, Tier 2 Capital and (ii) in priority to (x) the claims of holders of all undated or perpetual subordinated obligations of the Issuer and any other obligations of the Issuer which rank, or are expressed to rank, junior to the Notes (including all subordinated obligations of the Issuer which constitute, or would but for any applicable limitation on the amount of such capital constitute, Tier 1 Capital) and (y) the claims of holders of all classes of share capital of the Issuer.
• Format: Reg S, Registered form
• Currency: Pounds Sterling (GBP)
• Size: £150m
• Settlement / Issue Date: 17-Jun-26 (T+5)
• Maturity Date: 17-Sep-36
• Reset Date: 17-Sep-31
• Reoffer: 6.6276% (YTC) / 100.000 / UKT+223.7bps
• Reference Benchmark: UKT 0.25 31-Jul-31 @81.136 (Mid) @81.116 (Bid) HR 108%
• Call Option: The Issuer may, in its sole discretion but subject to certain conditions, elect to redeem all, but not some only, of the Notes at any time from and including 17-Jun-31 to and including the Reset Date (3 month par call) at their principal amount, together with any unpaid interest accrued to (but excluding) the date fixed for redemption.
• Initial Coupon: From (and including) the Issue Date to (but excluding) the Reset Date, the Notes bear interest at the rate of 6.625% per annum
• Reset Coupon: One time reset on the Reset Date to a rate per annum equal to the sum of the Reset Reference Rate (which will be determined, in accordance with the Conditions, on the basis of the bid and offered yields (on a semi-annual compounding basis) for the Benchmark Gilt in respect of the Reset Period) and 223.7bps (the “Margin”)
• Reset Period: The period from and including the Reset Date to but excluding the Maturity Date
• Interest Payment Dates: Interest shall be payable on the Notes semi-annually in arrear on 17 September and 17 March in each year, commencing on (and including) 17-Sep-26 (note short first coupon).
• Redemption Due to Capital Disqualification Event or a Tax Event: The Issuer may, in its sole discretion but subject to certain conditions, elect to redeem all (but not some only) of the Notes at any time following the occurrence of a Capital Disqualification Event or a Tax Event, in each case at their principal amount together with unpaid interest accrued to but excluding the relevant redemption date.
• Clean-up Call: If 75% or more of the aggregate principal amount of the Notes originally issued (including any tap issues) has been purchased by the Issuer or by others for the Issuer’s account and cancelled, then the Issuer may, subject to certain conditions, elect to redeem at any time all, but not some only, of the Notes at their principal amount, together with any accrued and unpaid interest thereon to but excluding the date fixed for redemption.
• Substitution & Variation: The Issuer may, subject to certain conditions, at any time elect to substitute all (and not some only) of the Notes for, or vary the terms of the Notes so that they remain or become (as applicable), Qualifying Tier 2 Securities if, prior to the giving of the relevant notice to Noteholders, a Tax Event or Capital Disqualification Event has occurred.
• Events of Default: If the Issuer shall not make payment in respect of the Notes (in the case of payment of principal, any interest payment or any other amount in respect of the Notes) for a period of 14 days or more, in each case, after the date on which such payment is due, the Issuer shall be deemed to be in default under the Trust Deed and the Notes and the Trustee in its discretion may institute proceedings for a winding-up of the Issuer, and may prove and/or claim in a Winding-Up (whether or not instituted by the Trustee), such claim being contemplated as set out in the Conditions
• No Set-off: Subject to applicable law, no Holder may exercise, claim or plead any right of set-off, compensation, netting, counterclaim or retention in respect of any amount owed to it by the Issuer in respect of, or arising under or in connection with the Notes or the Trust Deed and each Holder shall, by virtue of his holding of any Note (or any beneficial interest therein), be deemed, to the fullest extent permitted under applicable law, to have waived all such rights of set-off, compensation, netting, counterclaim or retention
• Risk Factors: As set out in the "Risk Factors" section in the Admission Particulars (as defined below)
• UK Statutory Loss Absorption Powers: Contractual acknowledgement of statutory UK bail-in powers
• Documentation: Preliminary admission particulars dated 08-Jun-26 (the "Admission Particulars")
• List/Law/Denoms: International Securities Market of the London Stock Exchange plc / English law / GBP 100k+1k
• Clearing: Euroclear and Clearstream
• Target Market & PRIIPs: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA or the United Kingdom.
• Selling Restrictions: United States (Regulation S, Cat 2). TEFRA not applicable; EEA, United Kingdom
• Use of Proceeds: The proceeds of the issue of the Notes will be on-lent to Starling Bank Limited (“SBL”) by way of the Issuer purchasing an equivalent principal amount of tier 2 securities to be issued by SBL. The net proceeds of the issue of the Notes will be used by the Group for general corporate purposes of the Group and to further strengthen the Group’s regulatory capital base.
• ISIN / Common Code: XS3317610445 / 331761044
• Joint Bookrunners: Morgan Stanley, NatWest (B&D)
• Sole Structuring Agent: NatWest
• Timing: TOE 13.55 UK, FTT 14.15 UK

PRICED: BNP Paribas Cardif €700m PerpNC7.5 RT1; 6.125%

IGC European Market: Deal Flow - General

Reoffer: PerpNC7.5: 6.125% / 100

Final Books > €2bn. Peak book > €2.4bn.

Launched: PerpNC7.5: €700m @ 6.125% - Books > €2.4bn
IPTs: PerpNC7.5: 6.500%a

• Issuer: BNP Paribas Cardif (LEI: 969500VRSFWX7S1P2M29)
• Issuer Rating: A by S&P
• Instrument: Perpetual Fixed Rate Resettable Callable Restricted Tier 1 Notes
• Expected Issue Rating: BBB- by S&P
• ISIN: FR00140196B5
• Settlement: 19-Jun-26 (T+7)
• First Call Date: 19-Dec-33
• Maturity: Perpetual NC7.5
• Reoffer: 100 / 6.125% yld (6.219% annual)
• Size: €700m
• Ranking: Direct, unconditional, unsecured and Deeply Subordinated Obligations of the Issuer, ranking:
• 1. pari passu without any preference among themselves and with any Deeply Subordinated Obligations of the Issuer outstanding from time to time so long as any such Deeply Subordinated Obligations continues to constitute tier 1 own funds regulatory capital of the Issuer and/or the Group,
  2. Junior to Unsubordinated Obligations, First Ranking Senior Subordinated Obligations, Senior Subordinated Obligations, Ordinary Subordinated Obligations, any prêts participatifs granted to the Issuer, any Deeply Subordinated Obligations that no longer constitute tier 1 own funds regulatory capital of the Issuer, and any other obligations expressed to rank senior to Deeply Subordinated Obligations, and
  3. in priority to any existing and future equity securities.
     If the Notes are no longer treated as Tier 1 own funds regulatory capital, their rank will, subject to certain conditions, change, and the Notes will become either Senior Notes, First Ranking Senior Subordinated Notes, Senior Subordinated Notes or Ordinary Subordinated Notes of the Issuer.
• Coupon: Fixed rate of 6.125% until the First Resettable Note Reset Date, payable semi-annually in arrear on 19 June and 19 December in each year, commencing on 19 December 2026. Resets at the First Resettable Note Reset Date and every 5 years thereafter to the previous Reset Date
• Reset Dates: 19-Dec-33, the “First Resettable Note Reset Date” and every fifth anniversary thereafter
• Reset Rate of Interest: A rate per annum equal to the greater of (i) the sum of the relevant 5-year Mid-Swap Rate plus the Margin (321.1bps), such sum semi-annualised, as determined by the Calculation Agent and (ii) zero
• Optional Issuer Redemption: The First Resettable Note Reset Date, or every Reset Date thereafter, subject to the Conditions to Redemption, Purchase and Replacement which includes the Prior Approval of the Relevant Supervisory Authority
• Interest Cancellation: Optional Interest Cancellation at the discretion of the issuer at any time (in whole or in part). Mandatory Interest Cancellation (in whole or in part) in case of (i) non-compliance by the Issuer and/or the Group with the Solvency Capital Requirements and/or Minimum Capital Requirement (ii) cancellation required by the Relevant Supervisory Authority in accordance with applicable regulations, or (iii) insufficient Issuer’s Distributable Items. All cancelled interest payments are non-cumulative
• Early Redemption: The Issuer may redeem the Notes (in whole only) at the Base Call Price for (i) Tax Events (Withholding tax, Gross up, Tax deductibility), (ii) a Rating Event, (iii) a Capital Disqualification Event (Replacement Solicitation and Redemption provision will apply), (iv) an Accounting Event or (v) if the conditions for a Clean-up Call are satisfied (i.e. 75% or more of the aggregate principal amount of the Notes issued on the Issue Date are purchased and cancelled). Any such redemption is subject to the Prior Approval of the Relevant Supervisory Authority and to the Conditions to Redemption, Purchase and Replacement
• Variation and Substitution: If a Capital Disqualification Event, a Rating Event, an Accounting Event, or a Tax Event occurs, the Issuer may, at any time, without any requirement for the consent or approval of the Noteholders, vary the Conditions or substitute all, and not some only, of the Notes for other Notes, so that the varied Notes or the substituted Notes, as the case may be, become Qualifying Equivalent Securities.
• Trigger Event:
• 1. The SCR ratio of the Issuer or the Group is equal to or less than 75% or
  2. The MCR ratio is equal to or less than 100% or
  3. The SCR ratio is less than 100% but higher than 75% for a continuous period of 3 months from the date when non-compliance with the SCR was first observed
     each on the Issuer or the Group basis
• Write-down: Upon the occurrence of Trigger Event (a) or (b), the Prevailing Principal Amount of the Notes will be written down to EUR 0.01. Upon the occurrence of Trigger Event (c):
• • If the SCR Ratio of the Issuer and/or the Group can be restored to 100%, the Prevailing Principal Amount of the Notes will be written down by the amount necessary to restore the SCR Ratio of the Issuer and/or the Group to 100%, or any amount that would be required by the Applicable Supervisory Regulations
  • If the SCR Ratio of the Issuer and/or the Group cannot be restored, by the amount necessary to ensure that, on a linear basis, the Prevailing Principal Amount is fully written down when 75% coverage of the SCR of the Issuer and/or the Group is reached
• Discretionary Reinstatement: The Notes may be written up at the Issuer's discretion to the extent permitted by the Applicable Supervisory Regulations at the relevant time, subject to certain conditions including sufficient Distributable Items, continued Solvency Capital Requirement compliance, no administrative procedure ongoing for the Issuer and/or the Group and such write up occurring no later than ten (10) years from the date of the last write-down
• Denomination: €100k + 100k
• Listing / Docs: Euro MTF / BNP PARIBAS Cardif EMTN Programme dated 15-May-26 and supplemented on 5-Jun-26
• Clearing System: Euroclear France, Euroclear and Clearstream
• Business Day: T2 Business Day
• Form of the Notes: Reg S only, Bearer
• Selling Restrictions: Australia, United States, the European Economic Area (PRIIPs Regulation), France, the United Kingdom, Singapore, Switzerland, Canada, Italy, Belgium, Japan, Hong Kong, PRC
• Governing Law: French law
• Sole bookrunner: BNP Paribas (B&D)
• JLMs (No Books): BBVA, Intesa, Santander, Unicredit
• Target Market: Manufacturer target market (EEA MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or key information document (KID) or UK disclosure document has been prepared as not available to retail in EEA, the UK or elsewhere. No sales to retail clients in the UK.
• Timing: Priced, TOE 14:53 UKT, FTT 15:30 UKT

PRICED: American Express €750m 8NC7 Sr Unsec FXD/FRN; MS+85bp

IGC European Market: Deal Flow - General

Reoffer: 8NC7: MS+85bp / 100 / 3.835%
Benchmark: 8NC7: DBR 2.300 15-Feb-33 (HR: 103%) @96.47 / B+94.8bps

Launched: 8NC7: €750m @ MS+85bp
IPTs: 8NC7: MS+110a

• Issuer: American Express Company (Ticker: AXP, Country: U.S.)
• Issuer LEI: R4PP93JZOLY261QX3811
• Expected Ratings: Moody’s: A2 / Stable S&P: A- / Stable Fitch: A / Stable
• Format: SEC-Registered
• Ranking: Senior Unsecured
• Size: €750m
• Tenor: 8NC7
• Benchmark: DBR 2.300 15-Feb-33 (HR: 103%) @96.47 / B+94.8bps
• Coupon: 3.835% Fixed-to-Float, Ann and Act/Act (Fixed) and Quarterly and Act/360 (Floating)
• Coupon Reset Benchmark: 90.59bps vs Three-Month EURIBOR
• Maturity Date: 16-Jun-34
• Settlement Date: 17-Jun-26 (T+5)
• Optional Par Redemption: (i) In whole but not in part on 16-Jun-33 or (ii) in whole or in part during the three-month period prior to the maturity date
• Optional Make Whole Redemption: 15bps MWC In whole or in part on or after 17-Dec-26, and prior to 16-Jun-33
• Redemption Upon a Tax Event: In whole but not in part upon the occurrence of a Tax Event
• Joint Bookrunner(s): Morgan Stanley (B&D), BofA Securities, Deutsche Bank
• Use of Proceeds: General corporate purposes
• Expected Listing: NYSE Listing
• Governing Law: New York Law
• The Denominations: €100,000 x €1,000
• MiFID II Target Market and PRIIPs Regulation: MiFID II professionals / ECPs-only / No PRIIPs KID – Manufacturer target market (MiFID II 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 the EEA
• UK MiFIR and IFCA Product Disclosure Sourcebook (DISC): UK MiFIR professionals / ECPs-only / No CCI product summary – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No product summary or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the UK.
• Sale into Canada: Yes – Exemption
• ISIN: XS3408968744
• Common Code: 340896874
• Timing: PRICED // TOE: 15:08 UKT // FTT: TBD

PRICED: Davide Campari-Milano N.V. €600m 7yr Sr Unsec; MS+140bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+140bp / 99.207 / 4.384%
Benchmark: 7yr: DBR 2.3% 2033 (TWIN) @ 96.47 / 2.887% (HR 100%)

Final Books: €3bn. Peak book north of €2.9bn.

Launched: 7yr: €600m @ MS+140bp - Books north of €2.9bn
IPTs: 7yr: MS+175bp area

• Issuer: Davide Campari-Milano N.V. (Ticker: CPRIM, Country: NL)
• Issuer LEI: 213800ED5AN2J56N6Z02
• Format: Senior Unsecured Notes, Reg S, Cat2, Bearer
• Issuer Ratings: Unrated
• Size: €600m
• Settlement: 17-Jun-26 (T+5)
• Maturity: 17-Jun-33 (7yr)
• Reoffer: 99.207 / MS+140 / 4.384% / B+149.7
• Coupon: 4.250%, Annual, Fixed, Actual/Actual (ICMA)
• Ref Bmk: DBR 2.3% 2033 (TWIN) @ 96.47 / 2.887% (HR 100%)
• Documentation: EMTN Programme Base Prospectus dated 31-Mar-26 as supplemented on 07-May-26
• Governing Law: English Law
• Denomination: €100k + €1k
• ISIN: XS3375000729
• Optional Redemption: 3m Par Call, Clean-Up Call (80%), Make-Whole Call (B+25)
• Change of Control: Yes, at Par
• Use of Proceeds: General corporate purposes and refinancing of existing indebtedness, including a Tender Offer for the outstanding 1.250% notes due October-27 (ISIN: XS2239553048)
• Listing: Regulated Market of Luxembourg Stock Exchange, Borsa Italiana
• Joint Bookrunners: BNP Paribas, BofA Securities, Deutsche Bank (B&D), IMI - Intesa Sanpaolo and UniCredit
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (“KID”) or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as the notes are not available to retail in EEA or the United Kingdom. Relevant stabilisation regulation (including FCA / ICMA) applies
• Sales to Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• 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 available and the Final Terms, when published, will be available on the website of Luxembourg Stock Exchange at: https://www.luxse.com/issuer/DavideCampMilan/63525
• Timing: PRICED / ToE: 15.07 UKT / FTT: 15.30 UKT

PRICED: The Autonomous Community of Galicia €500m 7yr Sust Sr Unsec; SPGB+10

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: SPGB+10 / 100 / 3.291%
Benchmark: 7yr: SPGB 3.150% 30-Apr-33 @ 99.73 / 3.191%

Final Books > €1.4bn (incl. €150m JLM interest). Peak book in excess of €1.5bn (incl. €175m JLM interest)

Launched: 7yr: €500m @ SPGB+10bp - Orderbooks in excess of €1.45bn (including €175m JLM interest)
Rev Guidance: 7yr: SPGB+11a - Orderbooks in excess of €1.5bn (including €175m JLM interest)
Guidance: 7yr: SPGB+15a

• Issuer: The Autonomous Community of Galicia (Ticker: JUNGAL)
• Issuer LEI: 9598006NADCDHBCA0B85
• Issuer Ratings: A+/A3 (S&P/Moody's)
• Format: Sustainable, Reg S Cat 1, Dematerialised Book-entry form (No sales into Canada)
• Ranking: Senior, Unsecured
• Risk Weighting: 0% in Eurozone
• Size: €500m
• Maturity: 30-Apr-33
• Settlement: 17-Jun-26 (T+5)
• Coupon: 3.29% Fixed, Annual, Act/Act, short first coupon
• Spread: SPGB+10bp
• Benchmark Ref: SPGB 3.150% 30-Apr-33 @ 99.730% / 3.191% yield
• Reoffer: 3.291% yield / 100% cash price
• Listing: AIAF
• Governing Law: Spanish Law
• Min Denoms: €1k+ €1k
• Use of Proceeds: According to the Autonomous Community of Galicia Sustainable Finance Framework
• Documentation: 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.
• Bookrunners: Abanca, Banco Sabadell, BBVA (B&D), Credit Agricole CIB, HSBC 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: ES0001352659
• Timing: Priced TOE: 16.16 CET FTT: Immediately

PRICED: Aéroports De Paris €600m 9yr Sr Unsec; MS+98bp

IGC European Market: Deal Flow - General

Reoffer: 9yr: MS+98bp / 98.746 / 4.044%
Benchmark: 9yr: DBR 0 May-35 @ 76.55 / B+100.4bp / HR 111%

Final Books: Above €1.3bn

Launched: 9yr: €600m @ MS+98bp - Books above €1.3bn
IPTs: 9yr: MS+120-125bp

• Issuer: Aéroports De Paris S.A. (Ticker: ADPFP, Country: FR)
• Issuer LEI: 969500PJMBSFHYC37989
• Issuer Rating: A- (stable outlook) by S&P
• Exp. Issue Rating: A- by S&P
• Format: Senior Unsecured, RegS Bearer (Cat2), Dematerialised Notes
• Pricing Date: 10-Jun-26
• Settlement: 17-Jun-26 (T+5)
• Coupon: 3.875% Fixed, Annual, ACT/ACT
• Maturity Date: 17-Jun-35 (9-year fixed)
• Size: €600m
• Reoffer: MS+98bps / 98.746 / 4.044%
• Spread vs DBR: DBR 0 May35 (76.55) + 100.4bps | HR 111%
• ISIN / Common Code: FR0014018OR1 / 338814593
• Documentation: EMTN / French Law / Euronext Paris / €100k+100k / Change of Control (Put) / MWC vs Bund (B+15bps) / Clean-up call (75%) / 3m Par-Call
• Use of Proceeds: General Corporate Purposes, including the refinancing of upcoming maturities
• Global Coordinators: HSBC (B&D), Natixis
• Active Bookrunners: BNP Paribas, CACIB, Goldman Sachs Bank Europe SE, HSBC (B&D), Natixis, Société Générale
• Passive Bookrunner: La Banque Postale
• Clearing: Euroclear / Clearstream
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK
• Advertisement: The Base Prospectus and its supplement are available on the website of the AMF (http://www.amf-france.org) and on the Issuer’s website (https://www.parisaeroport.fr/en/group/finance/bonds ). The Final Terms, when available, will also be published on the website of the AMF (http://www.amf-france.org) and on the Issuer’s website (https://www.parisaeroport.fr/en/group/finance/bonds )
• ToE: 15.31 UKT
• FTT: 15.55 UKT

PRICED: QBE Insurance Group €500m 11NC6 T2 Sub; MS+135bp

IGC European Market: Deal Flow - General

Reoffer: 11NC6: MS+135bp / 100 / 4.293%
Benchmark: 11NC6: DBR 0% 15-Feb-32 @ 85.43 / 2.811% / B+148.2 / HR 110%

Final Books > €1.8bn. Peak book > €2.4bn.

Launched: €500m @ MS+135bp - Orderbook in excess of €2.4bn
Book Update: Orderbook in excess of €2bn
IPTs: MS+160-165bp area

• Issuer: QBE Insurance Group Limited (ABN 28 008 485 014)
• LEI: 549300D2FBW76FPUSG65
• Type: Fixed Rate Resetting Subordinated Notes
• Issuer Rating: A (Stable) / A (Stable) (S&P / Fitch)
• Expected Issue Rating: BBB+ / BBB+ (S&P / Fitch)
• Format: Reg S Registered Form off Issuer's Note Issuance Programme
• Size: €500m
• Settlement Date: 17-Jun-26 (T+5)
• Maturity Date: 17-Jun-37 (11-years)
• Optional Redemption Date: 17-Jun-32, subject to APRA’s prior written approval. The approval of APRA may or may not be given. Investors should refer to the Offering Circular.
• Reset Date: 17-Jun-32
• Coupon: Fixed (resetting), Annual, ACT/ACT (ICMA), unadjusted
• Reoffer Price: 100
• Benchmark: DBR 0% 15-Feb-32 (@85.43/2.811%) + 148.2bps - HR 110%
• Interest Rate: 4.293% payable annually in arrear for the period from and including the Settlement Date up to but excluding the Reset Date. If the Subordinated Notes are not redeemed, purchased and cancelled, Converted or Written-Off by the Issuer by the Reset Date, the rate of interest payable annually in arrear for interest periods ending after the Reset Date shall reset to a fixed rate (expressed as a percentage per annum) equal to the sum of the Reset Rate on the Reset Determination Date plus the Reset Spread. Reset Rate: The prevailing 5-Year Euro Mid-Swap Rate. Reset Spread: +135bps / The difference between the Re-offer Yield and the 6-Year Euro Mid-Swap Rate at the time of pricing.
• Re-offer Spread v Mid-Swap: +135bps
• Conversion/Write-Off: Upon the occurrence of a Non-Viability Trigger Event, all or an amount of the Subordinated Notes must be converted into ordinary shares of the Issuer or (if conversion does not occur when required) written-off. See the Offering Circular for further details.
• Non-Viability Trigger Event: When APRA provides a written determination to the Issuer that (a) the conversion or write-off of Relevant Capital Instruments (which includes the Subordinated Notes) is necessary because, without the conversion or write-off, APRA considers that the Issuer would become non-viable; or (b) without a public sector injection of capital into, or equivalent support with respect to, the Issuer, APRA considers that the Issuer would become non-viable.
• No Set-Off: A Noteholder of the Subordinated Notes may not exercise any right of set-off and has no offsetting rights against the Issuer.
• Listing / Denoms: Singapore Exchange Securities Trading Limited (“SGX-ST”) / €100k + €1k
• Governing Law: English law, except the provisions of the Subordinated Notes relating to subordination, Conversion and Write-off which will be governed by and construed in accordance with the laws of New South Wales, Australia.
• Joint Lead Managers: Barclays, Crédit Agricole CIB, Deutsche Bank, J.P. Morgan and Natixis (B&D)
• ISIN / Common Code: XS3401901650 / 340190165
• Target Market: MiFID II and UK MiFIR product governance: Eligible counterparties and professional clients only (all distribution channels).
• Timing: Priced. TOE 15.50UKT / 16.50CET. FTT 16.15 UKT
• Advertisement: The Issuer’s Offering Circular for its Note Issuance Programme dated 31 March 2026, and any supplements to it thereafter are available on the Issuer’s website via: https://www.qbe.com/investor-relations/debt-investor-centre/debt-investor-centre/debt-programmes and on the website of the SGX-ST via: https://www.sgx.com The applicable Pricing Supplement for the Subordinated Notes will be available in the manner specified in the Offering Circular and on the website of the SGX-ST via: https://www.sgx.com

PRICED: RCI Banque €750m 5.2yr Green SP; MS+110bp

IGC European Market: Deal Flow - General

Reoffer: 5.2yr: MS+110bp / 99.915 / 4.021%
Benchmark: 5.2yr: DBR 0% 31-Aug-31 @ 86.76 / B+123.9bp / HR 105%

Final Books: €2.3bn+. Peak book €2.3bn+ (pre-rec).

Launched: 5.2yr: €750m @ MS+110bp - Books are in excess of €2.3bn (pre-rec)
IPTs: 5.2yr: MS+140a

• Issuer: RCI Banque S.A. (operating under the commercial brand Mobilize Financial Services)
• Issuer LEI: 96950001WI712W7PQG45
• Issuer Ratings: Baa1 stable /BBB- stable (Moody’s/S&P)
• Exp. Issue Ratings: Baa1/BBB- (Moody’s/S&P)
• Format of notes: Senior Preferred, Unsecured, Green Bond, Reg S Bearer Dematerialised Notes
• Settlement Date: 19-Jun-26 (T+7)
• Tenor: 5.2 year
• Maturity: 19-Aug-31
• Size: €750m
• Reoffer: MS+110 / 99.915 / 4.021%
• Benchmark: 123.9bps vs. DBR 0% Aug-31 TWIN (86.76) HR:105%
• Coupon: 4.00% Fixed, Ann, Act/Act ICMA, Short First
• ISIN Code: FR00140193X6
• Documentation: EMTN Programme dated 18-Dec-25, as supplemented by the first supplement dated 5-Mar-26 and the second supplement dated 9-Apr-26 / €100k+100k / Euronext Paris / French law / 3m par call
• UoP: An equivalent amount to the net proceeds from the issue of the bonds will be used to finance or refinance loans and lease contracts for Eligible Vehicles and Eligible Infrastructure (the Eligible Green Portfolio) fulfilling the Eligibility Criteria as defined in the issuer’s Green Bond Framework
• Joint Bookrunners: BofA Securities, CIC CIB, NatWest, UniCredit (B&D)
• Target Market: EU MiFID II AND UK MiFIR TARGET MARKET: Eligible counterparties and professional clients. All channels for distribution to eligible counterparties and professional clients are appropriate. No PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not a packaged product
• Advertisement: The Base Prospectus and its supplements are available and the Final Terms (when published) will be available at www.amf-france.org and on the Issuer’s website (https://www.mobilize-fs.com/en/finance/debt-prospectus-and-programmes).
• ESG Information: The Green Bond Framework 2024 and SPO are available on the Issuer’s website (https://www.mobilize-fs.com/en/finance/green-bonds). The Green Bond Framework does not form part of the Base Prospectus or the Final Terms.
• TOE / FTT: 15.52 UKT / 16.15 UKT

• Details correct at time of posting