Commentary & Deal Flow

• Today’s session was very much ‘risk-on’, in the wake of the pending Middle East peace accord on the table, however, supply was arguably lower than some participants were expecting, with European € IG primary markets delivering only €6.95bn from 9 issuers / 10 tranches (3 x Corp, 6 x FIG & zero SSA’s).
• Financials dominated the day's supply with a covered issue, 3 Green offerings & a Tier 2 in the mix.
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €2.85bn
    • Avg. tranche size €713m
    • Avg. IPT to Pricing -41.63bps
    • Avg. cover 3.33 X
  • FIG
  • • Total IG: €3.6bn
    • Avg. tranche size €600m
    • Avg. IPT to Pricing -25.25bps (unsecured) - €3.6bn
    • Avg. IPT to Pricing -6bps (covered) - €500m
    • Avg. cover 2.68 X
  • SSA
  • • Total IG: €0bn
    • Avg. tranche size €0bn
    • Avg. IPT to Pricing NA
    • Avg. cover NA

• Sterling IG saw only one offering, with a £500m, 6NC5 senior Hold Co trade for KBC.
• Swiss Franc IG also had a sole trade, in the shape of a 20 year social bond from NWB Bank. 
• Several new mandates & investor work were added this morning, with SSA’s notable by their absence. As it stands we have the following lined up.
• • 4 x € Corp
  • 3 x € FIG
  • 3 x € SSA

Euro IG (today)

Corporate

• The first corporate trade of the week came via Orange SA (exp. Issue ratings of Baa3 / BBB- / BBB- by Moody’s, S&P & Fitch). The perpetual NC7 benchmark offering came with IPTs in the area of 5.0% (annual yield). Guidance came in at 4.5% area (+/- 0.125 - WPIR). Size set at €850m when pre-rec books were over €6.75bn. Books were €6.1bn at the tight end of guidance & the yield was set at 4.375%, 62.5bps tighter than IPTs. Final books were over €4.5bn & the trade priced at a final yield of 4.375%.
• Dutch software company Wolters Kluwer N.V. (exp. Issue rating of A- by S&P) announced an expected issue size of €500m for their new 7 year offering. IPTs on the trade were in the area of MS+125. Books were in excess of €3.25bn, when guidance was set at MS+90 (+/- 3 - WPIR). That sharpened to €2.8bn at the tight end of guidance & final books at re-offer over €2.6bn. Spread set at MS+87 & the deal was sized at €500m, pricing in at the expected MS+87.
• Italian energy firm SNAM S.p.A. (exp, issue rating of Baa1 / A- / BBB-) brought a dual-tranche € benchmark offering in 4 & 10 years. The European Green Bonds (EuG) carried respective IPTs in the area of MS+80 & MS +125. In the same order guidance came in the areas of MS+50 & MS+95, with respective books over €2.2bn & €2.3bn (both pre-rec). Size expectations were managed in the context of €1.25bn to €1.5bn (max). As it was both tranches sized at €750m with the 4 year pricing at MS+47 & the 10 year pricing at MS+92; both 33bps tighter than IPTs. Final books were >€1bn for the 4 year & >€1.4bn for the 10 year.

FIG

• BayernLB (exp. Issue ratings of Aaa by Moody’s) also stepped forward with a €500m (wng) covered issue. The 3 year (Oeffentlicher Pfandbrief) came with guidance of MS+13 area. Books were over €1.15bn (inc. €225m JLMs). Final terms came early & the deal priced at MS+7, 6bps tighter than IPTs. Final books were €1.27bn good at re-offer (inc. €270m JLMs).
• First to hit the screens this morning was Italian bank Intesa SanPaolo S.p.A. (exp. Issue ratings Baa2 / BBB / BBB+ by Moody’s, S&P & Fitch). The € benchmark offering was an 8NC7, Green senior non-preferred Reg S trade, with IPTs in the area of MS+120. Books were over €3bn (exc. JLMs), rising to €4.2bn. The trade sized at €1.25bn & priced at MS+88; 3bps tighter than IPTs, with a NIC of c.3bps. Final books were >€2.6bn.
• BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG (exp. Issue rating of A1 by Moody’s) announced a 3NC2, green, senior preferred offering with IPTs in the area of MS+70. Books were first called above €1bn (exc. JLMs), swiftly doubling to over €2bn. Final terms came out prior to noon (CET) & the trade priced at MS+38; some 32bps tighter than IPTs & offering investors a NIC of 3bps. Final books at re-offer were over €1.85bn (exc. JLMs).
• Portugal's Caixa Económica Montepio Geral, Caixa Económica Bancária, S.A. (exp. Issue rating of Baa2 by Moody’s) brought a €350m (wng) 5NC4 senior preferred offering with IPTs in the range of MS+120 to +125. First books were in excess of €1bn (inc. €45m JLMs), rising to over €1.5bn; final books were good at re-offer for >€1.4bn. The deal was previously sized at €350m & priced at MS+92, some 30.5bps tighter than the mid range of IPTs.
• BNP Paribas SA (exp. Issue ratings of Baa1 / A- / A+ by Moody’s, S&P & Fitch) brought a benchmark senior non-preferred 10 year with IPTs of MS+130 area. Books grew to over €3.4bn, sharpening to €3bn at final terms. The trade sized at €1bn & priced at MS+100; 30bps tighter than IPTs.
• Banco Comercial Português (exp. Issue ratings of Baa3 / BBB- / BBB- by Moody’s, S&P & Fitch) announced a €500m (wng) 12NC7 Tier 2 offering with IPTs in the area of MS+160. Initial books were over €1.5bn, rising to over €1.65bn (re-rec); final books over €860m. The deal priced at MS+133; 27bps tighter than IPTs.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

FIG

• KBC Group NV (exp. Issue ratings of A- / A3 / A by S&P, Moody’s & Fitch) brought a benchmark senior unsecured Reg S, 6NC5 for its Hold Co. IPTs on the deal were in the range of UKT +100 to +105. Books were first called over £1.1bn, rising to over £1.15bn. Spread set at mid Gilts +90. The deal sized at £500m & priced at that level.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

SSA

• Nederlandse Waterschapsbank N.V. (exp. Issue rating of Aaa / AAA by Moody’s & S&P) announced a minimum Chf100m trade early afternoon. The 20 year ‘social’ bond carried IPTs in the area of SARON MS+33. The deal priced at that size & level.

Week-to-date volumes:

US$ Reg S (today)

No Supply

Pending Deals & Mandates 

Euro (€)

• Monday 15th June: Athens International Airport S.A. (exp. Issue ratings of Baa1 / BBB+ by Moody’s & S&P), the Athens airport operator, mandated Goldman Sachs Bank Europe SE & Morgan Stanley as Joint Global Coordinators, along with AXIA, BofA Securities, Deutsche Bank, HSBC, J.P. Morgan & National Bank of Greece as Joint Bookrunners, to arrange on its behalf a series of fixed income investor calls starting on 15th June 2026. Goldman Sachs Bank Europe SE is coordinating roadshow logistics. A debut € benchmark, senior unsecured, fixed rate, Reg S Bearer, 7 year bond is expected to follow subject to market conditions.
• Monday 15th June: Anglian Water Services Financing plc (rated Baa1 / A- by Moody’s & Fitch), mandated Barclays, ING, J.P. Morgan & NatWest as Active Bookrunners to arrange a series of fixed income investor calls on Monday 15th June 2026. Barclays is coordinating logistics. An inaugural Green 10 year Benchmark, RegS, Bearer, Fixed Rate, senior, secured transaction may follow, subject to market conditions.
• Monday 15th June: Lanxess AG (exp. Issue ratings of Ba1 / BBB by Moody’s & Scope), a Germany-based chemicals company, specialised in development, manufacturing & marketing of consumer protection products, additives & chemical intermediates, mandated J.P. Morgan as Sole Global Coordinator & Barclays, BofA Securities, Citigroup, DZ Bank, J.P. Morgan, Société Générale as Joint Bookrunners to arrange a series of fixed-income investor calls on Monday 15th & Tuesday 16th of June 2026. J.P. Morgan is coordinating logistics. A €500m (wng) Reg S, senior unsecured 5 year bond may follow, subject to market conditions.
• Monday 15th June: EEW Energy from Waste GmbH (exp. Issue ratings of BBB- / BBB- by S&P & Fitch) & guaranteed by EEW Holding GmbH, mandated BNP Paribas, Crédit Agricole CIB, & Deutsche Bank as Joint Bookrunners to arrange a series of fixed income investor calls on Monday, 15th & 16th of June. BNP Paribas is coordinating logistics. A €500m (exp), 3 year bearer, senior unsecured Green bond offering will follow, subject to market conditions. Crédit Agricole CIB is acting as Green Bond Structuring Advisor.

• Thursday, 11th June: Fiserv, Inc. (rated Baa2 / BBB by Moody’s & S&P), mandated Citigroup, JP Morgan, TD Securities & Wells Fargo Securities to arrange a series of fixed income investor calls to take place on Thursday, June 11th & Friday, June 12th. An electronic presentation with voiceover has been made available. An SEC-registered, € benchmark senior unsecured transaction across Long 4yr & 8yr fixed-rate notes may follow, subject to market conditions. JP Morgan is coordinating logistics.
• Monday 15th June: Crédit Agricole Italia SpA (exp. Issue rating of Aa2 by Moody’s) mandated Crédit Agricole CIB as Global Coordinator & BBVA, Crédit Agricole CIB, Erste Group, Mediobanca, Raiffeisen Bank International & Santander as Joint Bookrunners to lead manage its forthcoming € Benchmark, June 2037 (11 year), RegS Bearer, soft-bullet Obbligazioni Bancarie Garantite - European Covered Bond (Premium). The covered bonds are backed by 100% Italian residential mortgages. The transaction will be launched & priced in the near future subject to market conditions. The Issuer is available for 1-on-1 calls upon request.
• Monday 15th June: Raiffeisenlandesbank Oberösterreich AG (exp. Issue rating of Aaa by Moody’s) mandated Danske Bank, DekaBank, Erste Group, Helaba, LBBW & Raiffeisen Bank International to lead manage its forthcoming €500mn (wng) fixed-rate Austrian Mortgage Covered Bond (Hypothekenpfandbrief) transaction with a long 5 year (Oct-31) maturity. The issue will be labelled as European Covered Bond (Premium). The issue is expected to be launched in the near future, 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). On Friday the 12th of June, an update was provided, with the issuer targeting an expected €100m. The lead manager made itself available for meetings/calls on request. The issuer is targeting the week of 29th June, subject to market conditions.
• Monday 15th June: The Comunidad Autonoma de Canarias (rated A+ by S&P), mandated BBVA, CaixaBank, Crédit Agricole CIB, Deutsche Bank, HSBC & Santander as Joint Bookrunners & Crédit Agricole CIB as sole ESG structurer for its inaugural Sustainable € transaction. The Reg S, dematerialised book-entry form, 10 year, €500m (wng) bond transaction will carry a maturity date on the 30th April 2036. The transaction will be launched & priced in the near future subject to market conditions.
• Monday 15th June: Investitions-und Strukturbank Rheinland-Pfalz (rated AAA by Fitch) the explicitly guaranteed development bank of the state of Rhineland-Palatinate, mandated BayernLB, Commerzbank, Deutsche Bank, DZ Bank & LBBW as joint lead managers for its upcoming €500m (wng) transaction with a 10 year maturity in RegS bearer format. The transaction will be launched in the near future, subject to market conditions.

Transaction Details 

PRICED: BAWAG PSK €500m 3NC2 Green SP; MS+38bp

IGC European Market: Deal Flow - General

Reoffer: 3NC2: MS+38bp / 99.962 / 3.145%
Benchmark: OBL 2.2 13-Apr-28 @ 99.36 / B+58.3 / HR 109%

Final Books: In excess of €1.85bn (excl. JLMs). Peak book >€2bn (excl. JLMs).

Launched: 3NC2: €500m @ MS+38bp - Books >€2bn (excl. JLMs)
Book Update: Books above €1bn (excl. JLMs)
IPTs: 3NC2: MS+70a

• Issuer: BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG (Ticker: BAWAG)
• Issuer LEI: 529900ICA8XQYGIKR372
• Issuer Ratings: A1(Positive) by Moody's
• Expected Issue Ratings: A1 by Moody's
• Status: Unsecured, unsubordinated (Green senior preferred) in eligible liabilities instruments format
• Format: Reg S Bearer Notes, NGN, Senior Preferred, Green bond
• Issue Size: €500m
• Tenor: 3NC2
• Trade Date: 15-Jun-26
• Maturity Date: 22-Jun-29
• Optional Redemption Date: 22-Jun-28
• Settlement Date: 22-Jun-26 (T+5)
• Reoffer: MS+38 bps / Price: 99.962 / Yield: 3.145%
• Benchmark: +58.3bps vs OBL 2.2 13-Apr-28 (@99.36), HR 109%
• Coupon: 3.125% per annum fixed rate, payable annually in arrear from, and including, the Issue Date to, but excluding, the Call Date; Act/Act (ICMA) following unadjusted
• Reset Coupon: +38bps above the 3-months-EURIBOR-Rate, payable quarterly in arrear on 22 September, 22 December, 22 March and the Maturity Date, commencing on 22-Sep-28, in respect of the period from (and including) the Call Date to (but excluding) the Maturity Date (the “Floating Rate Period”) A Rate Replacement provision and customary fallback provisions will apply to the 3-months-EURIBOR-Rate; Act/360 modified following adjusted
• Coupon Payment Dates: 22-Jun in each year up to and including the Call Date, commencing on 22-Jun-27
• Business Days: T2
• Docs: Issuer's Debt Issuance Programme dated 27-Mar-26, as duly supplemented
• Denoms: €100k + 100k
• Use of Proceeds: An amount equal to the net proceeds of the bond will be used to finance or refinance, in whole or in part, eligible green projects meeting the eligibility green criteria of the Issuer, in accordance with the issuer’s Sustainable Finance Framework, dated August 2025.
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Governing Law: German law
• Selling Restrictions: RegS, TEFRA D as set forth in the Base Prospectus
• Target Market: Manufacturer target market (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 in EEA or the UK.
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the Notes
• ESG Coordinator: ING
• Joint Book Runners: Citi, DekaBank, Erste Group (B&D), ING, and UniCredit
• ISIN: XS3413306617
• Clearing: Euroclear/Clearstream, Luxembourg
• 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 when published will be, available at: https://www.bawaggroup.com/en/investor-relations/funding-rating
• Timing: Priced, TOE: 14:53 CET / 13:53 UKT, FTT: 15:13 CET / 14:13 UKT

Green, Senior Preferred
3NC2 (June 2029) @ MS+70 area

Implied Spread for fresh 3NC2 @ MS+35

Priced at MS+38
NIC of +3

PRICED: NWB Bank CHF 100m 20yr Social; SARON MS+33

IGC European Market: Deal Flow - SSA

Reoffer: 20yr: SARON MS+33 / 100 / 1.2175%

Launched: 20yr: CHF 100m @ SARON MS+33bp
IPTs: 20yr: SARON MS+33a

• Issuer: Nederlandse Waterschapsbank N.V. (Ticker: NEDWBK)
• Issuer Domicile: The Netherlands
• Format: Public Fixed Rate Social Notes
• Status: All Notes will constitute unsecured and unsubordinated obligations of the Company and will rank pari passu without any preference among themselves and with all other present and future unsecured and unsubordinated obligations of the Company, save for those preferred by mandatory provisions of the law.
• Issuer Rating: Aaa/AAA (Moody's/S&P), both stable
• Instrument Rating (exp): Aaa/AAA (Moody's/S&P)
• Issue Size: CHF 100m
• Coupon: 1.2175% p.a.
• Maturity: 13-Jul-46 (20 years)
• Issue Price: 100
• Spread/Yield: SARON MS +33.0 // YTM 1.2175% // Govt.+60
• ISIN / Security Number: CH1571219281 / 157121928
• Lead Manager(s): Commerzbank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA: Level 2a)
• Documentation: Off the Issuer's EUR 75,000,000,000 Debt Issuance Program dated 24-Apr-26 as supplemented from time to time
• FinSA Prospectus: Delayed prospectus approval in accordance with art. 51(2) FinSA
• Governing Law: Laws of the Netherlands
• Covenants: PP, NP
• SIX Listing: 09-Jul-26
• Settle: 13-Jul-26
• Denomination: CHF 5000 and multiples thereof
• Use of Proceeds: The proceeds of the Notes will be utilized for lending to Social Housing Organizations in the Netherlands according to the Issuer’s Social Bond Framework (Social Bond Framework: https://nwbbank.com/application/files/9517/5328/1899/NWB_Bank_Social_Bond_Framework_2025.pdf)
• Target Market: MIFID II product governance / Professional investors, ECPs and retail investors (Switzerland only) type of clients
• Sales Restrictions: As per EMTN programme. Prohibitions of sales to EEA and/or UK retail investors apply

PRICED: BNP Paribas €1bn 10yr SNP; MS+100bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: MS+100bp / 100 / 4.002%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 99.51 / B+104.5 / HR 98%

Final Books > €3bn. Peak book > €3.4bn.

Launched: 10yr: €1bn @ MS+100bp - Books > €3.4bn
IPTs: 10yr: MS+130a

• Issuer: BNP Paribas SA
• LEI: R0MUWSFPU8MPRO8K5P83
• Issue: EUR Fixed Rate Senior Non-Preferred Notes (falling within the category of obligations described in Article L.613-30-3-I-4° of the French Monetary and Financial Code)
• Issuer Ratings: A1/A+/AA- (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa1/A-/A+ (Moody's/S&P/Fitch)
• Maturity: 23-Jun-36 (10Y)
• Settlement: 23-Jun-26 (T+6)
• Size: €1bn
• Coupon: 4.002%, Annual / ACT/ACT ICMA
• Status: The Notes are Senior Non Preferred Obligations and are direct, unconditional, unsecured and senior obligations of the Issuer, and rank and will at all times rank (i) pari passu among themselves and with other Senior Non Preferred Obligations (ii) senior to Eligible Creditors of the Issuer, Ordinarily Subordinated Obligations and any other present or future claims otherwise ranking junior to Senior Non Preferred Obligations and (iii) junior to present and future claims benefiting from preferred exceptions, including Senior Preferred Obligations
• Interest: 4.002%, annual. Non deferrable, Non cancellable.
• Early redemption for Taxation Reasons: In case of Withholding Tax Event or Gross-up Event, the Issuer may (but is not obliged to) early redeem the Notes at par plus accrued interest up to but excluding the applicable redemption date, all subject to prior permission of the Relevant Regulator.
• Early redemption upon the occurrence of a MREL/TLAC Disqualification Event: Upon the occurrence of a MREL/TLAC Disqualification Event the Issuer may, at its option, redeem all but not some only of the Notes then outstanding, at par on the date specified in the notice of redemption, together, if applicable, with interest accrued to (but excluding) the date fixed for redemption, subject to prior permission of the Relevant Regulator. "MREL/TLAC Disqualification Event" means the determination by the Issuer, that as a result of a change in French and/or EU laws or regulations becoming effective on or after the Issue Date of the Notes, which change was not reasonably foreseeable by the Issuer as at the Issue, it is likely that all or part of the aggregate outstanding nominal amount of such Series of Notes will be excluded from the eligible liabilities available to meet the MREL/TLAC Requirements.
• Events of Default: None. However, Noteholder may cause the Notes to become due and payable, together with accrued interest, in the event that an order is made or an effective resolution is passed for the liquidation (liquidation judiciaire ou liquidation amiable) of the Issuer.
• Loss Absorption in Resolution: By its acquisition of the Notes, each holder acknowledges, accepts, consents and agrees to be bound by the effect of the exercise of the Bail-in or Loss Absorption Power by the Relevant Resolution Authority. In case of resolution of the Issuer, the claims under Notes could be reduced (including to zero) or converted to equity.
• Waiver of set-off: No Noteholder may at any time exercise or claim (and shall be deemed to have waived) any Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such Noteholder, directly or indirectly, howsoever arising “Set-Off Rights” means any and all rights of or claims of any Noteholder for deduction, set-off, netting, compensation, retention or counterclaim arising directly or indirectly under or in connection with any such Note.
• Contractual representation of Noteholders: No Masse - Condition 12(a) applicable.
• Sole Bookrunner: BNP Paribas (B&D)
• JLM no books: BBVA, Caixabank, Commerzbank, DNB, Nykredit
• Governing Law: French law
• Target Market: MiFID II professionals/ECP-s only
• Denominations: €100k x 100k
• Documentation/Listing: Issuer EMTN Programme, as supplemented from time to time / Euronext Paris
• Sales Restriction: USA (Reg S), UK, France and EEA
• ISIN: FR00140199V7
• Timing: TOE 13:49 UKT / 14:49 CET. FTT 14:05 UKT / 15:05 CET

PRICED: Wolters Kluwer €500m 7yr Sr Unsec; MS+87bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+87bp / 99.255 / 3.748%
Benchmark: 7yr: DBR 2.3% Feb-33 @ 97.150 / B+97.5bp (HR 102%)

Final Books in excess of €2.8bn. Peak book in excess of €3.25bn.

Launched: 7yr: €500m @ MS+87bp - Book in excess of €2.8bn
Spread set at: 7yr: MS+90bp - Book in excess of €3.25bn
IPTs: 7yr: MS+125a

• Issuer: Wolters Kluwer N.V.
• LEI: 724500TEM53I0U077B74
• Issuer Ratings: A3 (Stable) by Moody’s / A- (Stable) S&P
• Issuer ESG Rating: Morningstar Sustainalytics (Industry Group: Software & Services) (11.0) Low Risk
• Exp. Issue Ratings: A- by S&P
• Format: Fixed rate, Senior, Unsecured, Reg S (Cat. 2) Bearer, NGN
• Size: €500m
• Pricing Date: 15-Jun-26
• Settlement Date: 22-Jun-26 (T+5)
• Maturity Date: 22-Jun-33 (7-Year)
• Reoffer: 99.255 / MS+87bp / 3.748%
• Benchmark: DBR 2.3% Feb-33 @ 97.150 / B+97.5bp (HR 102%)
• MWC: B+15bps
• Coupon: 3.625% Fixed, Annual, Act/Act (ICMA), Following Unadjusted
• Early Redemption: MWC / 3m Par Call / Clean-up Call (75%) / Tax Call
• Documentation: Preliminary Prospectus dated 15-Jun-26 / Luxembourg Stock Exchange (Regulated Market) / Dutch Law
• Clearing: Euroclear / Clearstream, Luxembourg
• Denominations: €100,000 + €1,000
• Use of proceeds: General corporate purposes
• ISIN / Common Code: XS3395917761 / 339591776
• Target Market: The manufacturer target market (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 has been prepared as the notes will not be made available to retail investors in the EEA or the UK.
• Selling Restrictions: Yes, as per Issuer’s Documentation, RegS. No communication with or into the US. No sales to EEA or UK Retail Investors; other restrictions apply. Other restrictions apply into Italy, Japan and Singapore.
• Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Global Coordinator: ING
• Joint Lead Managers: ABN AMRO, BofA Securities, Citi, ING (B&D), Rabobank
• TOE: Priced TOE 15:22 CET / 14:22 UKT / FTT 15:50 CET / 14:50 UKT
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus will be available, on: https://www.luxse.com

PRICED: Banco Comercial Portugues €500m 12NC7 T2; MS+133bp

IGC European Market: Deal Flow - General

Reoffer: 12NC7: MS+133bp / 99.529 / 4.204%
Benchmark: 12NC7: DBR 2.3 15-Feb-33 TWIN @ 97.16 / B+143.3bp / HR 100%

Final Books over €860m. Peak book over €1.65bn (pre-rec)

Launched: 12NC7: €500m @ MS+133bp - Books over €1.65bn (pre-rec)
Book Update: Books Over €1.5bn
IPTs: 12NC7: MS+160a

• Issuer: Banco Comercial Português, S.A.
• LEI Code: JU1U6S0DG9YLT7N8ZV32
• Issuer Ratings: Baa1/BBB+/BBB+/AL (Moody's/S&P/Fitch/DBRS)
• Expected Issue Ratings: Baa3/BBB-/BBB-/BBB (Moody's/S&P/Fitch/DBRS)
• Instrument: Fixed Rate Reset Subordinated Notes
• Ranking: Direct, unconditional and unsecured obligations of the Issuer that, in the event of the winding-up of the Issuer (to the extent permitted by Portuguese law), are wholly subordinated to the claims of all Senior Creditors of the Issuer and shall rank: (i) at least pari passu with other Tier 2 instruments, (ii) in priority to (1) the Issuer’s Tier 1 instruments (2) the Issuer’s undated or perpetual subordinated instruments, unless such instruments rank or are expressed to rank pari passu with, or in priority to, the Notes, (3) all classes of share capital and (4) all other obligations of the Issuer which rank, or are express to rank junior to the Subordinated Notes as defined in the Terms and Conditions of the Notes
• Size: €500m
• Re-Offer: MS+133bp / 99.529 / 4.204%
• Reference Bund: DBR 2.3 15-Feb-33 TWIN (97.16 / B+143.3bps / HR: 100%)
• Format: 12NC7
• Issue Date: 22-Jun-26 (T+5)
• Maturity Date: 22-Jun-38 (12 years)
• Reset Date: 22-Jun-33 (7 years)
• Interest Payment Dates: Annually in arrear on 22 June each year, commencing on 22-Jun-27
• Coupon: From (and including) the Issue Date to, but excluding, the Reset Date, 4.125 per cent per annum. From (and including) the Reset Date to (but excluding) the Maturity Date, at a rate per annum equal to the sum of: (i) the applicable EUR 5 Year Mid-Swap Rate plus (ii) the Reset Margin (133bps)
• Day Count Fraction: Act/Act (ICMA), following unadjusted
• Optional Redemption: The Issuer may, on 22-Jun-33 (the “Optional Redemption Date”), having given not less than 10 and not more than 30 days of notice to the Noteholders, redeem all, and not some only, of the Notes then outstanding at par, together with accrued interest to, but excluding, the Optional Redemption Date, subject to prior approval of the Relevant Authority and other pre-conditions per Condition 6 (m)
• Clean-up Call Option: If the Clean-up Call Minimum Percentage (or more) of the nominal amount of outstanding of the Notes originally issued has been redeemed or purchased and subsequently cancelled as per Condition 6(i), the Issuer may, from (and including) the Settlement Date, having given not more than 30 nor less than 10 days of notice to the Noteholders in accordance with Condition 12, at any time redeem all (but not some only) of the Notes then outstanding at par together, if appropriate, with unpaid interest accrued to (but excluding) the date of redemption, subject to prior approval of the Relevant Authority and other pre-conditions per Condition 6 (m)
• Clean-up Call Minimum Percentage: 75%
• Redemption for Tax Reasons: The Issuer may, subject to prior approval of the Relevant Authority, redeem the Notes in whole, but not in part, at par together with any accrued and unpaid interest thereon to (but excluding) the date fixed for redemption, having given not more than 30 nor less than 10 days of notice to Noteholders in accordance with Condition 12, at any time for tax reasons (reduction/loss of deductibility or the Issuer obliged to pay additional amounts) as per Condition 6 (b), subject to prior approval of the Relevant Authority and other pre-conditions per Condition 6 (m)
• Redemption due to the occurrence of a Capital Event: The Issuer may, subject to the prior approval of the Relevant Authority, redeem the Notes in whole but not in part, at par together with any accrued and unpaid interest having given not more than 30 nor less than 10 days of notice to the Noteholders in accordance with Condition 12, if at any time there is a Capital Event (all or any part of the Notes are not eligible for inclusion in the Tier 2 capital of the Group or the Issuer) as per Condition 6 (c), subject to prior approval of the Relevant Authority and other pre-conditions per Condition 6 (m)
• Substitution and Variation: The Issuer may, upon occurrence of a Capital Event as per Condition 6 (c) or for tax reasons as per Condition 6(b) or to ensure the effectiveness and enforceability of Condition 16(d), without noteholders’ consent, substitute or vary the terms of Notes, including changing the governing law of Condition 16(d) from English law to Portuguese law or any other European law, so that the Notes remain or become Tier 2 Compliant Notes
• Contractual Recognition of Bail-in: Contractual acknowledgment of Bail-in Power by the Relevant Resolution Authority
• Waiver of set-off: Applicable
• Governing Law: English Law, except for Condition 2 (b) (Status of the Notes), form and transfer of Notes, the creation of security over Notes and the Interbolsa procedures for the exercise of rights under the Notes which are governed by Portuguese law
• Documentation: Under the €25bn Euro Note Programme with an offering circular dated 29-May-26
• Expected Listing: Regulated Market of Euronext Dublin
• Denomination: €100,000 x €100,000
• Form of Notes: Book Entry Notes, held through Interbolsa
• Target Market: MiFID / UK MiFIR Target Market: Eligible Counterparties and Professional investors 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 not available to retail in EEA or in the UK
• Selling Restrictions: United States (Reg S only), EEA (including Portugal, France, Italy and Belgium), the United Kingdom, Japan and Singapore
• Joint Lead Managers: Crédit Agricole CIB, Goldman Sachs Bank Europe SE (B&D), IMI - Intesa Sanpaolo, J.P. Morgan, Mediobanca, Millennium bcp
• ISIN: PTBCPOOM0034
• Timing: TOE 14:27 UKT / FTT 14:45 UKT
• Use of Proceeds: The net proceeds of the Notes will be used for general corporate purposes of the Issuer
• 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
• Advertisement: The Base Prospectus and the Final Terms, when published, will be available on the websites of the Issuer (https://www.millenniumbcp.pt) and Euronext Dublin (https://www.ise.ie)

PRICED: KBC Group NV £500m 6NC5 Sr Unsec; UKT+90

IGC European Market: Deal Flow - General

Reoffer: 6NC5: UKT+90bp / 100 / 5.147%
Benchmark: UKT 0.25% 31-Jul-31 @ 81.767 mid, 81.747 bid (HR 109%)

Final Books: >£1.1bn. Peak book in excess of £1.15bn.

Spread set at: 6NC5: UKT+90bp - Books in excess of £1.15bn
Book Update: Books >£1.1bn
IPTs: UKT+100/105bp

• Issuer: KBC Group NV
• Ticker: KBCBB Corp
• LEI code of the Issuer: 213800X3Q9LSAKRUWY91
• Issuer Ratings: A-/A3/A (S&P/Moody's/Fitch)
• Expected Issue Rating: A-/A3/A (S&P/Moody's/Fitch)
• Format of the Notes: Senior Unsecured, Reg S, bearer
• Size: £500m
• Reoffer: UKT+90bps / 100.000 / 5.147% s.a.
• Reference Gilt: UKT 0.25% 31-Jul-31 @ 81.767 mid, 81.747 bid (HR 109%)
• Launch Date: 15-Jun-26
• Settlement Date: 22-Jun-26 (T+5)
• Maturity Date: 31-Jul-32
• Optional Redemption Date: 31-Jul-31
• Optional Redemption Amount: 100 per cent. of the Nominal Amount, plus accrued interest.
• Final Redemption Amount: 100 per cent. of the Nominal Amount
• Coupon: 5.1458%, Fixed, Semi-annual, Act/Act (ICMA), Following (Unadjusted), Short First coupon
• Interest Payment Dates: 31 January and 31 July and in each year from 31-Jul-26 up to (and including) the Maturity Date. First short Interest Period from 22-Jun-26 to 31-Jul-26 (39 days)
• First Interest Payment Date: 31-Jul-26
• Business Days: T2
• Waiver of Set-off, compensation and netting: Applicable. See condition 2(a)(ii). No holder of any such Senior Notes (“Senior Noteholders”) may exercise or claim any right of set-off, compensation, retention or netting in respect of any amount owed to it by the Issuer arising under or in connection with Senior Notes, and each Senior Noteholder shall, by virtue of its subscription, purchase or holding of any such Senior Note (or any beneficial interest therein), be deemed to have waived all such rights of set-off, compensation, retention and netting.
• Acknowledgement of and Consent to the Bail-in Power: Applicable. See condition 18(c). Notwithstanding and to the exclusion of any other term of the Senior Notes or any other agreements, arrangements or understanding between the Issuer and any Senior Noteholder, by its subscription to or acquisition of the Senior Notes, each Senior Noteholder shall acknowledge and accept (i) that any liability arising under the Senior Notes may be subject to the exercise of the Bail-in Power by the Resolution Authority and (ii) to be bound by (a) the effect of the exercise of any Bail-in Power by the Resolution Authority and (b) the variation of the conditions of the Senior Notes, as deemed necessary by the Resolution Authority, to give effect to the exercise of any Bail-in Power by the Resolution Authority.
• Distribution: Reg S Compliance Category 2
• Form of Notes: Dematerialised form
• Listing: Euronext Brussels
• Governing Law: The Senior Notes and any non-contractual obligations arising out of or in connection with them are governed by, and shall be construed in accordance with, Belgian law
• Use of proceeds: General Corporate Purposes
• Joint Lead Managers: Barclays, KBC Bank, Natixis (B&D/DM) and NatWest
• Advertisement: The Base Prospectus, any supplements thereto, and the Final Terms (when published) are available at https://www.kbc.com/en/investor-relations/debt-issuance/kbc-groep2.html
• Documentation: Issuer’s EMTN programme described in the Base Prospectus dated 3-Jun-26
• ISIN code: BE0390361336
• Minimum Denomination / Increment: £100,000 and integral multiples of £100,000 in excess thereof
• MiFID Target Market Assessment: Manufacturer target market (MiFID II and MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK DISC disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the EEA and in the UK
• Timing: ToE 13.45 UKT // FTT 14.10 UKT

PRICED: Intesa Sanpaolo €1.25bn 8NC7 Green SNP; MS+88bp

IGC European Market: Deal Flow - General

Reoffer: 8NC7: MS+88bp / 99.982 / 3.753%
Benchmark: 8NC7: DBR 2.3 15-Feb-33 TWIN @ 97.140 / B+97.8 / HR 102%

Final Books > €2.6bn. Peak book over €4.2bn (excl. JLMs, pre-rec)

Launched: 8NC7: €1.25bn @ MS+88bp - Books over €4.2bn (excl. JLMs, pre-rec)
Book Update: Books over €3bn (excl JLMs)
IPTs: 8NC7: MS+120bp area

• Issuer: Intesa Sanpaolo S.p.A.
• LEI Code: 2W8N8UU78PMDQKZENC08
• Issuer Rating: A3 (Stable) / BBB+ (Positive) / A- (Stable) / AL (Stable) (Moody's/S&P/Fitch/DBRS)
• Expected Issue Rating: Baa2/BBB/BBB+/BBBH (Moody's/S&P/Fitch/DBRS)
• Status of the Notes: Direct, unconditional, unsubordinated, unsecured and non-preferred obligations ranking (i) junior to Senior Preferred Notes and any other unsecured and unsubordinated obligations of Intesa Sanpaolo which rank, or are expressed to rank by their terms and/or by provision of law, senior to the Senior Non-Preferred Notes, including claims arising from the excluded liabilities within the meaning of Article 72a(2) of the CRR; (ii) pari passu without any preferences among themselves, and with all other present or future obligations of Intesa Sanpaolo which do not rank or are not expressed by their terms to rank junior or senior to the relevant Senior Non-Preferred Notes; and (iii) in priority to any subordinated instruments and to the claims of shareholders of Intesa Sanpaolo, pursuant to Article 91, section 1-bis, letter c-bis of the Consolidated Banking Act, as amended from time to time, and any relevant implementing regulation which may be enacted for such purposes by any Relevant Authority, as described in Condition 4(b) (Status - Senior Non-Preferred Notes issued by Intesa Sanpaolo) of the Terms and Conditions of the Dematerialised Notes
• Format: 8-year (callable in year 7), Regulation S, Dematerialised
• Size: €1.25bn
• Pricing Date: 15-Jun-26
• Settlement Date: 22-Jun-26 (T+5)
• Maturity Date: 22-Jun-34
• Optional Redemption Date: 22-Jun-33
• Call Option: The Notes may be redeemed at the option of the Issuer in whole or in part on the Optional Redemption Date at par, subject to certain conditions, including prior permission of the Relevant Authority
• Redemption: 100% of the nominal value
• Reoffer spread/price: M/S +88bps / 99.982 / DBR 2.3 15-Feb-33 TWIN + 97.8bps (Spot: 97.140, 102% HR)
• Issue Yield: 3.753%
• Reset Margin: 88bps
• Coupon: 3.75% p.a. payable annually in arrear up to and including the Optional Redemption Date. If not redeemed on the Optional Redemption Date, Reset Coupon payable quarterly until the Maturity Date
• Reset Coupon: If not redeemed on the Optional Redemption Date, coupon resets to prevailing 3 months Euribor + Re-offer Spread (no step-up)
• Interest Payment Dates: Every 22 June in each year starting from 22-Jun-27, and if not redeemed on the Optional Redemption Date will switch to quarterly in respect of the Interest Periods from the Optional Redemption Date to the Maturity Date
• Business Day Convention and Day Count Fraction: Fixed rate: Following (unadjusted); Actual/Actual (ICMA); FRN: Following; Actual/360
• Business Days: T2
• Stabilisation: Relevant stabilisation regulations will apply
• Stabilisation Manager: IMI-Intesa Sanpaolo
• Issuer Call due to MREL Disqualification Event: Redeemable at any time at the option of the Issuer at par upon a MREL Disqualification Event, in whole but not in part, subject to certain conditions set out in the Terms and Conditions of the Dematerialised Notes (including prior permission of the Relevant Authority). Condition 9(g) of the Terms and Conditions of the Dematerialised Notes
• Redemption for tax reasons: The Notes may be redeemed at the option of the Issuer in whole, but not in part, (up to and including the Optional Redemption Date at any time, or if not redeemed on the Optional Redemption Date, in respect of the Interest Periods from the Optional Redemption Date to the Maturity Date, on any Interest Payment Date) for tax reasons (obligation to pay additional amounts as a result of change or amendment to tax legislation) as defined in Condition 9(b) of the Terms and Conditions of the Dematerialised Notes, subject to certain conditions, including prior permission of the Relevant Authority
• Variation: Upon a MREL Disqualification Event, an Alignment Event and/or to ensure the effectiveness and enforceability of Condition 20 (Acknowledgment of the Italian Bail-in Power) of the Terms and Conditions of the Dematerialised Notes, the Issuer may at any time vary the terms of the Notes so that they remain or, as appropriate, become Qualifying Senior Non-Preferred Notes, subject to certain conditions (including receipt of the consent from the Relevant Authority), as outlined in Condition 15(e) of the Terms and Conditions of the Dematerialised Notes
• Events of Default: No Event of Default for the Notes shall occur other than in the context of an insolvency or liquidation in respect of the Issuer
• Clean-up Call Option: Applicable. If 75 per cent. of the initial aggregate principal amount of the Notes have been redeemed or purchased by, or on behalf of, the Issuer and cancelled, the Issuer may, at its option redeem the outstanding Notes, in whole but not in part, at the Clean-Up Redemption Amount, subject to certain conditions, including prior permission of the Relevant Authority. Condition 9(h) of the Terms and Conditions of the Dematerialised Notes
• Clean-Up Redemption Amount: 100%
• Waiver of Set-Off: Each holder of a Note unconditionally and irrevocably waives any right of set-off, netting, counterclaim, abatement or other similar remedy which it might otherwise have under the laws of any jurisdiction in respect of such Note (Condition 4(b) of the Terms and Conditions of the Dematerialised Notes)
• Bail-in Acknowledgment: Acknowledgement of the Italian Bail-in Power (Condition 20 of the Terms and Conditions of the Dematerialised Notes)
• Documentation: Intesa Sanpaolo €70,000,000,000 Euro Medium Term Note Programme dated 04-Dec-25, as supplemented on 04-Feb-26 and 09-Jun-26
• Governing Law: Italian Law
• Selling Restrictions: As per Base Prospectus (RegS, TEFRA not applicable. No communications with or into the U.S.; no sales into Canada)
• Denominations: €150,000 and integral multiples of €1,000 in excess thereof
• Settlement: Euronext Milan (Monte Titoli)
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU or UK PRIIPs Key Information Document (KID) or UK CCI product summary has been prepared as not available to retail in the EEA or in the UK
• Listing: Luxembourg Stock Exchange Regulated Market
• Use of Proceeds: An amount equal to the net proceeds of the notes will be allocated to finance and/or refinance Eligible Green Assets in line with the eligibility criteria defined within Intesa Sanpaolo’s Green, Social & Sustainability Bond Framework dated June 2022
• ISIN: IT0005717589
• Joint Bookrunners: BBVA, IMI-Intesa Sanpaolo (B&D), JP Morgan, Natixis, Raiffeisen Bank International, Santander, UniCredit
• Documentation: The Base Prospectus and any supplements are available, together with the Final Terms, when published, on https://www.luxse.com/programme/Programme-IntesaSPBLux/12575http
• Timing: TOE 15.58 CET / 14.58 UKT. FTT 16.30CET / 15.30 UKT

Green Senior Non-Preferred
8NC7 (June 2034) @ MS+120 area

Implied Spread for fresh 8NC7 @ MS+85

Priced at MS+88
NIC of +3

PRICED: Bayerische Landesbank €500m 3yr CB; MS+7bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+7bp / 99.773 / 2.830%
Benchmark: 3yr: OBL 2.10% 12-Apr-29 @ 98.72% / B+25.5 / HR 106%

Final Books: €1.27bn (incl. €270m JLM)

Launched: 3yr: €500m @ MS+7bp - Books over €1.15bn (incl. 225m JLM)
Guidance: 3yr: MS+13a

• Issuer: Bayerische Landesbank (Ticker: BYLAN)
• LEI: VDYMYTQGZZ6DU0912C88
• Issue Type: Public Sector Covered Bond (Oeffentlicher Pfandbrief), European Covered Bond label (Premium)
• Exp. Issue Rating: Aaa (Moody's)
• Format: RegS, Bearer
• Issue Size: €500m
• Coupon: 2.75%, annual, act/act ICMA, unadjusted following
• Settlement: 22-Jun-26 (T+5)
• Maturity: 22-Jun-29
• Reoffer: MS +7bps / 99.773% / yield 2.830%
• Hedge Ref: OBL 2.10% 12-Apr-29 (DE000BU25026) @ 98.72%, B+25.5bps, HR 106%
• Denominations: €1k+1k
• Listing/Law: Munich / German
• Documentation: Under Issuer’s EUR 60bn Debt Issuance Programme – Base Prospectus dated 05-Dec-26, last supplemented 19-May-26 (the “DIP Prospectus”) and related documentation
• Joint Bookrunners: BayernLB(B&D), Crédit Agricole CIB, Helaba, ING, Raiffeisen Bank International
• MIFID II: The manufacturer target market is eligible counterparties, professional clients and retail clients (all distribution channels)
• Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities
• ISIN/WKN: DE000BYL0J59 / BYL0J5
• Timing: Priced, TOE 13:48 CET, FTT 14:00 CET
• Advertisement: The prospectus is available at https://www.bayernlb.de/internet/de/blb/resp/meta_7/ueber_uns_1/investor_relations_5/refinanzierung_1/2026_prospekte/dip_2026_05/dip_2026_05.jsp

PRICED: Banco Montepio €350m 5NC4 Green SP; MS+92bp

IGC European Market: Deal Flow - General

Reoffer: 5NC4: MS+92bp / 99.762 / 3.69%
Benchmark: 5NC4: OBL 2.4 18-Apr-30 @ 99.22% / B+107.5 / HR 102%

Final Books €1.4bn+. Peak book in excess of €1.5bn+ (incl €45m JLM pre-rec)

Launched: 5NC4: €350m @ MS+92bp - Book in excess of €1.5bn+ (incl €45m JLM pre-rec)
Book Update: Book in excess of €1bn (incl €45m JLM interest)
IPTs: 5NC4: MS+120/125bp

• Issuer: Caixa Económica Montepio Geral, Caixa Económica Bancária, S.A. (Ticker: MONTPI)
• Legal Entity Identifier: 2138004FIUXU3B2MR537
• Issuer Ratings: Baa2 (Stable) / BBB- (Stable) / BBB (Positive) by Moody’s / Fitch / DBRS
• Expected Issue Ratings: Baa2 / BBB by Moody’s / DBRS
• Offer: Senior Preferred Notes. The Notes are intended to be MREL-Eligible
• Size: €350,000,000
• Form: 5-Year Non-Call 4-Year, Reg S, Book-entry (escriturais) and registered form (nominativas)
• Tenor: 5NC4
• Status: Direct, unconditional, unsecured and unsubordinated obligations of the Issuer and will rank at least pari passu among themselves and with any other Senior Higher Priority Liabilities, and senior to all Senior Non-Preferred Liabilities and all present and future subordinated obligations of the Issuer (subject to the provisions of Condition 3 of the Terms and Conditions)
• Use of Proceeds: The Notes are intended to constitute Green Notes (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 Categories under the Issuer's Green, Social and Sustainability Bond Framework https://www.bancomontepio.pt/en/institutional/investor-relations/funding-programmes?tab=green-social-and-sustainability-bond-framework-and-spo
• Reoffer: MS+92bps, Yld 3.69 %, Px 99.762%
• Bund Ref: OBL 2.4 18-Apr-30 #191 + 107.5 bps (@99.22%), HR 102%
• Pricing Date: 15-Jun-26
• Settlement Date: 22-Jun-26 (T+5)
• Maturity Date: 22-Jun-31
• Optional Redemption Date: 22-Jun-30
• Coupon: From and including the Issue Date to but excluding the Optional Redemption Date the Notes bear interest at a fixed rate of 3.625% per annum payable annually in arrear; and from and including the Optional Redemption Date to but excluding the Maturity Date the Notes bear interest at a rate per annum equal to 3mEuribor plus the initial credit spread of 92 bps payable quarterly in arrear
• Interest Payment Dates: Annually in arrear on 22 June in each year, commencing on 22-Jun-27 and ending on and including 22-Jun-30 and then quarterly in arrears on 22-Sep-30, 22-Dec-30, 22-Mar-31 and 22-Jun-31, in each case subject to adjustment in accordance with the Business Day Convention
• Issuer Call Option: Applicable, on the Optional Redemption Date, subject to the relevant Competent Authority’s prior permission if and to the extent required under
• Optional Redemption Date: 22-Jun-30; one-time call option in whole but not in part, at the Optional Redemption Amount together with accrued (but unpaid) interest, at the Issuer’s discretion and subject to the prior consent of the Competent Authority to the extent required, in accordance with Applicable Banking Regulations in force at the relevant time (in compliance with Conditions 5 (d) and 5 (k) of the Terms and Conditions)
• Clean-up Call Option: Applicable (with notice of no more than 30 and no less than 15 days)
• Clean-up Call Amount Minimum Percentage: 75%
• Special Event Redemptions: The Issuer may redeem the notes at any time (or in the case of any redemption occurring post the Optional Redemption Date, on any Interest Payment Date), in whole but not in part, at par together with interest accrued to the date fixed for redemption in the case of:
• • MREL Event, Clean-Up Call Option (≥75%), Tax Event - Each at par
• Substitution and Variation: Upon (i) a MREL Event as defined in Condition 5(f), and / or (ii) in order to ensure the effectiveness and enforceability of Condition 15 (Statutory Loss Absorption Powers) of the Terms and Conditions, the Issuer subject to Condition 5(k) may, having given not less than 15 and not more than 60 days notice to the Noteholders, either substitute all (but not some only) of the Notes or vary the terms of the Notes so that the Notes remain or, as appropriate, become Compliant Securities (as defined in Condition 5(j)), provided that such variation does not itself give rise to any option of the Issuer to redeem the varied securities
• Loss Absorption: Contractual acknowledgment of Bail-in and Statutory Loss Absorption Powers by the Relevant Resolution Authority
• Events of Default: Applicable as per Condition 9(b) of the Terms and Conditions
• Negative Pledge: Not Applicable
• Waiver of Set-Off: Applicable as per Condition 2(d) of the Terms and Conditions
• Listing: Luxembourg Stock Exchange (Regulated Market)
• Clearing System: Interbolsa
• Denomination: €100,000 x €100,000
• Governing Law: English law, save that Conditions 2 and 15 of the Terms and Conditions and the provisions relating to the form (representação formal) and transfer of the Notes, the creation of security over the Notes and the Interbolsa procedures for the exercise of rights under the Notes, and Clauses 5, 6, 7 and 12 of the Instrument, and any non-contractual obligations arising out of or in connection therewith are governed by, and shall be construed in accordance with, Portuguese law
• Documentation: The Base Prospectus dated 15-May-26 relating to the Issuer’s EUR 6,000,000,000 Euro Medium Term Note Programme and the supplement to it dated 12-Jun-26
• ISIN: PTCMGBOM0045
• Target Market/ PRIIPs: EU MiFID/UK MiFIR Target Market: 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 the UK
• Selling Restrictions: As per the Issuer's EUR 6,000,000,000 EMTN Programme dated 15-May-26 (with U.S. Selling Restrictions as Reg. S Compliance Category 2; TEFRA C Applicable)
• Joint Lead Managers: ABN AMRO, BofA Securities, Deutsche Bank, NatWest (B&D), UniCredit
• GSS Structuring Coordinator: NatWest
• Timing: PRICED, T.O.E. 15.21 ukt, F.T.T. 15.45 ukt

PRICED: Orange SA €850m PNC7 Sub; 4.375%

IGC European Market: Deal Flow - General

Reoffer: PNC7: 4.375% / 99.26 / MS+150.3bp
Benchmark: DBR 2.3 33 TWIN + 160.8bp (@ 97.186) / FRTR 3 25-May-33 + 108.9bp (@ 98.251)

Final Books > €4.5bn. Peak book > €6.75bn (pre-rec)

Launched: PNC7: €850m @ 4.375% - Books > €6.1bn (pre-rec at the tight end of guidance)
Guidance: PNC7: 4.5% area (+/-0.125 WPIR) - Books > €6.75bn (pre-rec)
IPTs: PNC7: 5.00%a

• Issuer: Orange SA (Ticker: ORAFP, Country: FR)
• LEI: 969500MCOONR8990S771
• Status: Direct, unconditional, unsecured and deeply subordinated obligations, senior to Junior Securities, pari passu among themselves and with present and future Parity Securities, subordinated to present and future prêts participatifs, Ordinary Subordinated Obligations and Unsubordinated Obligations of the Issuer
• Issuer Ratings: Baa1/BBB+/BBB+ (Moody's/S&P/Fitch) (all stable)
• Exp. Issue Ratings: Baa3/BBB-/BBB- (Moody's/S&P/Fitch)
• Expected Equity Content: Basket M (50%) Moody’s / Intermediate (50%) from S&P until the First Reset Date / 50% from Fitch
• Format: Reg S, bearer, dematerialized, subordinated note, hybrid
• Settlement Date: 25-Jun-26 (T+8)
• Maturity: Undated 7 Year Non-Call
• Size: €850m
• Reoffer: 4.375% / 99.260 / MS+150.3bps
• Benchmark: DBR 2.3 33 TWIN + 160.8bps (@ 97.186) / FRTR 3 25-May-33 + 108.9bps (@ 98.251)
• MWC: OAT+20
• Interest Payment Date: 25-Jun in each year, commencing on 25-Jun-27 (Act/Act ICMA)
• Interest Rate: The Notes will bear interest: from, and including, the Issue Date to, but excluding, the First Reset Date, at a fixed rate of 4.25 per cent. per annum, payable annually in arrear; thereafter at a fixed rate per annum which shall be equal to the sum of the 5-year EUR MS Rate and Initial Margin and applicable step-up
• First call date: 25-Mar-33
• First Reset Date: 25-Jun-33
• First Step-Up: 25bps on 25-Jun-38 (5 years after the First Reset Date)
• Second Step-Up: Further 75bps on 25-Jun-53 (20 years after the First Reset Date) (100bps cumulative)
• Optional Interest Deferral: The Issuer may, at and at is sole direction, elect to defer in whole or in part the payment of interest accrued on the Notes in respect of any Interest Period, except in relation to a payment of interest to be made on an Interest Payment Date falling on the date of redemption of the Notes; cumulative and compounding (cash settled), subject to applicable laws and regulations.
• Mandatory Payment Event:
• 1. Dividend or any other distribution or payment was validly resolved on, declared, paid or made in respect of any Junior Securities or Parity Securities, subject to carve-outs set out in the Base Prospectus
  2. the Issuer or any Subsidiary of the Issuer has repurchased, purchased, redeemed or otherwise acquired any Junior Securities, subject to carve-outs set out in the Base Prospectus
  3. the Issuer or any Subsidiary of the Issuer has repurchased, purchased, redeemed or otherwise acquired any Parity Securities or any Notes, subject to carve-outs set out in the Base Prospectus.
• Optional Redemption schedule: On any day in the period commencing 25-Mar-33 (being the date falling 3 months prior to the First Reset Date), and ending on (and including) the First Reset Date and on every annual Interest Payment Date thereafter, at par (together with accrued interest)
• Early 101% Redemptions: At any time upon the occurrence of an Accounting Event, an Equity Credit Rating Event or a Tax Deduction Event, at 101% until the date falling 3 months prior to the First Reset Date, at par thereafter (in whole but not in part)
• Early Par Redemptions: At any time at par, upon a Clean-up Call (≥75%), a Gross-Up Event or a Withholding Tax Event
• Early Make-Whole Redemption: At any time (other than during the period from and including 3 months prior to the First Reset Date to and including the First Reset Date or upon any subsequent Interest Payment Date) in whole (but not in part) at the Make-Whole Redemption Amount (vs. OAT)
• Use of Proceeds: General corporate purposes including the refinancing of the outstanding €499,998,000 Undated 12 Year Non-Call Deeply Subordinated Fixed to Reset Rate Notes with first call date on 01-Oct-26 (ISIN XS1115498260) and of the outstanding €350,000,000 Undated 7.5 Year Non-Call Deeply Subordinated Fixed to Reset Rate Notes with first call date on 19-Dec-26 (ISIN FR0013447877)
• Denomination: €100,000 x €100,000
• Listing: Euronext Paris (regulated market)
• Governing Law: French law
• Documentation: EMTN Programme dated 06-May-26 and 1st supplement dated 09-Jun-26
• Global Coordinators and Active Bookrunners: Barclays, Citi (B&D)
• Active Bookrunners: CaixaBank, CIC CIB, Commerzbank, Goldman Sachs Bank Europe SE, ING, NatWest Markets, RBC Capital Markets, UniCredit
• ISIN: FR00140194B0
• Target Market: The manufacturer target market (MIFID II and UK MIFIR product governance) is eligible counterparties and professional investors 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 per the Base Prospectus dated 06-May-26
• Advertisement: The Base Prospectus dated 06-May-26 and 1st supplement dated 09-Jun-26 are, and the Final Terms will be, when published, available on the website of the AMF (www.amf-france.org) and on the website of the Issuer (www.orange.com)
• Timing: PRICED TOE 15.36 UKT / 16.36 CET, FTT 16.15 UKT / 17.15 CET

PRICED: Snam €1.5bn 4yr EuGB & 10yr SLB; MS+47 & MS+92

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+47 / 99.553 / 3.246% 10yr: MS+92 / 99.585 / 3.926%
Benchmark: 4yr: OBL 2.4 30-Apr-30 #191 @ 99.21 / B+62.8bp (HR: 103%) 10yr: DBR 2.9 15-Feb-36 @ 99.52 / B+97.0bp (HR: 98%)

4yr EuGB: Final Books >€1.0bn. Peak book >€2.2bn (pre-rec)
10yr SLB: Final Books >€1.4bn. Peak book >€2.3bn (pre-rec)

Launched:
4yr: €750m @ MS+47bp
10yr: €750m @ MS+92bp

Guidance: 4yr: MS+50a - Books >€2.2bn (pre-rec) 10yr: MS+95a - Books >€2.3bn (pre-rec)
IPTs: 4yr: MS+80a 10yr: MS+125a

• Issuer: Snam S.p.A. (Ticker: SRGIM, Country: IT)
• LEI: 8156002278562044AF79
• Issuer Ratings (M/S/F): Baa1 (stable) / A- (stable) / BBB+ (stable)
• Expected Issue Ratings (M/S/F): Baa1 / A- / BBB+
• Format:
• • 4yr: Senior, Unsecured, RegS Bearer, NGN, (TEFRA D rules apply, no communications with or into the U.S.), European Green Bond
  • 10yr: Senior, Unsecured, RegS Bearer, NGN, (TEFRA D rules apply, no communications with or into the U.S.), Sustainability-Linked Bond
• Settlement Date: 22-Jun-26 (T+5)
• Maturity:
• • 4yr: 22-Jun-30 (4-year)
  • 10yr: 22-Jun-36 (10-year)
• Currency and Size:
• • 4yr: €750m
  • 10yr: €750m
• Re-offer:
• • 4yr: MS+47 / 99.553 / 3.246%
  • 10yr: MS+92 / 99.585 / 3.926%
• Benchmark:
• • 4yr: +62.8bps vs OBL 2030 2.4 30-Apr-30 #191 @99.21 / 2.618% (HR: 103%)
  • 10yr: +97.0bps vs DBR 2036 2.9 15-Feb-36 @99.52 / 2.956% (HR: 98%)
• MWC:
• • 4yr: B+10
  • 10yr: B+15
• Coupon:
• • 4yr: 3.125% Fixed, Annual, ACT/ACT (ICMA)
  • 10yr: 3.875% Fixed, Annual, ACT/ACT (ICMA)
• Step-Up Event:
• • 4yr: n/a
  • 10yr: A Step Up Event occurs if the Issuer fails to achieve the target reduction of Scope 1 and Scope 2 GHG Emissions of 50% by 2032 (vs. 2022) and/or Scope 3 GHG Emissions of 35% by 2032 (vs. 2022)
• Interest Rate Step Up:
• • 4yr: n/a
  • 10yr: 25bps per annum
• Maximum Cumulative Interest Rate Step-Up:
• • 4yr: n/a
  • 10yr: 75bps
• Par call:
• • 4yr: 1m Par Call
  • 10yr: 3m Par Call
• Other Call Options: MWC / Clean Up Call (@ 80%)
• ISIN/Common Code:
• • 4yr: XS3406813124 / 340681312
  • 10yr: XS3406814445 / 340681444
• Denominations: €100k+1k
• Docs: EMTN / English law / Electronic bond market (MOT) of Borsa Italiana S.p.A. (Regulated Market) and Luxembourg Stock Exchange (regulated market)
• Use of Proceeds:
• • 4yr: The Notes are designated as “European Green Bond” or “EuGB” in accordance with Regulation (EU) 2023/2631 of the European Parliament and of the Council. The Issuer intends to allocate an amount equivalent to the European Green Bond proceeds to assets, capital and/or operating expenditures in accordance with the gradual approach, referred in Article 4(1) of Regulation (EU) 2023/2631. An amount equivalent to the bond proceeds will be used on activities that are environmentally sustainable under Article 3 of Regulation (EU) 2020/852, according to the methodology in the allocation report that will be drawn-up annually by the Issuer until the full allocation of the European Green Bonds proceeds, in accordance with Article 11 of Regulation (EU) 2023/2631
  • 10yr: General Corporate Purposes
• Sustainable Finance Framework: Published on 16-Apr-25 and available at https://www.snam.it/en/investor-relations/investing-in-snam/debt-and-credit-rating/sustainable-finance.html
• SPO: Published by ISS ESG on 16-Apr-25 and available at https://www.snam.it/en/investor-relations/investing-in-snam/debt-and-credit-rating/sustainable-finance.html
• EuGB Factsheet: The EuGB Factsheet dated June 2026 is available at https://www.snam.it/it/investor-relations/investire-in-snam/debito-e-credit-rating/sustainable-finance.html
• EuGB Factsheet External Review: Published by ISS ESG in June 2026 and available at https://www.snam.it/en/investor-relations/investing-in-snam/debt-and-credit-rating/sustainable-finance.html
• Joint Bookrunners: Banca Akros, BBVA, BNP Paribas, CaixaBank, Deutsche Bank (B&D), HSBC, ICBC, ING, Mediobanca, Mizuho, Natixis, UniCredit
• MiFID II/UK MiFIR Target Market: Eligible Counterparties and Professional Clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not available to retail investors in the EEA or the UK
• Advertisement: The Base Prospectus dated 18-Nov-25, any Supplements and the Final Terms, when published, will be available on the website of the Issuer (https://www.snam.it/en/Investor_Relations/debt_credit_rating/limitedliability/prospectus.html ) and/or the website of Borsa Italiana (www.borsaitaliana.it )
• Fees: A fee will be paid by the Issuer to the Joint Bookrunners in association with this transaction
• Timing: TOE: 16:18 UKT 4y - 16:18 UKT 10y | both tranches FTT 16:45 UKT
• Disclaimer: Any information contained in the Sustainable Finance Framework, Second Party Opinion, European Green Bond Factsheet and/or European Green Bond Factsheet Review referred to above, and any other information accessible through any website referred to above, does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities and does not form a part of the Base Prospectus dated 18-Nov-25 or the Final Terms, save in each case to the extent that any such information is expressly included or incorporated by reference in the Base Prospectus dated 18-Nov-25

• Details correct at time of posting