Commentary & Deal Flow

• Today’s session was a busy one with both issuer confidence evidenced by the diversity of supply, & investor confidence translating into healthy order books.
• European € IG primary markets delivered €12.7bn from 14 issuers / 18 tranches (4 x Corp, 8 x FIG & 2 x SSA’s).
• Financials dominated issuance with no less than 3 covered issues, a green print & 3 senior non-preferreds. Notably the corporate prints of the session were all ESG related bar the single tranche from Supernova.
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €3.25bn
    • Avg. tranche size €650m
    • Avg. IPT to Pricing -33.9bps
    • Avg. cover 2.94 X
  • FIG
  • • Total IG: €8.45bn
    • Avg. tranche size €768m
    • Avg. IPT to Pricing -30.21bps (unsecured) - €4.7bn
    • Avg. IPT to Pricing -6.25bps (covered) - €3.75bn
    • Avg. cover 2.53 X (exc. Fiserv dual-tranche)
  • SSA
  • • Total IG: €1bn
    • Avg. tranche size €500m
    • Avg. IPT to Pricing -3bps
    • Avg. cover 2.1 X

• Just the one Swiss Franc IG print from Würth Finance International with a Chf300m, 7 year print.
• No Sterling IG issuance today.
• Most of the pipeline cleared, with at least 2 of the pending corporate deals still conducting investor work today. The Saxony-Anhalt trade has been out there since the end of May & is a slow-burn. We did have the first Reg S dollar mandate in a while from Zurich Finance Ireland.
• Pipeline:
• • 3 x € Corp
  • 2 x € SSA
  • 1 x US$ Reg S

Euro IG (today)

Corporate

• The first corporate of the day came from Anglian Water Services Financing plc (rated Baa1 / A- by Moody’s & Fitch), who announced yesterday. The inaugural Green 10 year benchmark, RegS, bearer, fixed rate, senior, secured transaction came with IPTs of MS+170 area. Books impressed over €3.1bn; final books >€2.65bn & the deal sized at €700m, pricing 32bps tighter than IPTs at MS+138.
• Iberdrola Finanzas, S.A.U. (exp. Issue ratings of Baa1 / BBB+ / A- by Moody’s, S&P & Fitch) & guaranteed by Iberdrola, S.A., announced a dual-tranche European Green Bond (EuGB). The 4 year had IPTS in the area of MS+70 to +75, while the 10 year had IPTs in the area of MS+110 to +115. Each tranche sized at €750m, with books over €2.2bn & €2.6bn respectively pre-rec. The 4 year priced at MS+40 & the 10 year at MS+80. Both came in 32.5bps from IPTs & offered investors a concession of 5bps & 4bps respectively. Final books were >€1.65bn for the 4 year & >€2bn for the 10 year. Yet to formally price
• Norwegian utility Statnett SF (exp. Issue rating of A+ by S&P), brought an 8.75 year Green offering with IPTs in the range of MS+95 to +100. Books were over €1.6bn; tightening to >€1.55bn (pre-rec). The trade sized at €750m & priced at MS+65; 32.5bps tighter than IPTs, offering investors a NIC of 5bps. Final books were >€1.25bn.
• Supernova Invest GmbH (exp. Issue rating of BBB- by Fitch) brought a €300m (wng) vanilla 5 year Reg S offering with IPTs of MS+215 area. Guidance came in 30bps tighter than IPTs at MS+185 area, when books were said to be over €2bn (pre-rec), rising to €2.6bn. The deal was already sized at €300m & it priced 40bps tighter than IPTs at MS+175. Final books were >€2bn.

FIG

• Amidst a flurry of financials, Banco Bilbao Vizcaya Argentaria, S.A. (exp. Issue ratings of Aaa / AAA by Moody’s & DBRS) brought a dual-tranche Cédulas Hipotecarias (European Premium Mortgage Covered) issue in the form of a 3 year with guidance of MS+20 area & a 7 year at MS+34 area. Initial report on books was an even split of over €2.5bn for each tranche. They evolved to >€2.6bn (inc. €150m JLMs) for the 3 year & €2.7bn (inc. €175m JLMs) for the 7 year. The 3 year sized at €1.25bn & priced at MS+14, while the 7 year sized at €1bn and priced at MS+27. NIC’s were +1.5 & +2 respectively. Final books were >€2.7bn (inc. €150m JLMs) for the 3 year & >€2.7bn (inc. €125m JLMs) for the 7 year.
• Crédit Agricole Italia SpA (exp. Issue rating of Aa2 by Moody’s) announced its anticipated benchmark 11 year OBG (Obbligazioni Bancarie Garantite Europee), European Covered Bond. IPTs on the trade were in the area of MS+65. First report on books was over €1.5bn (inc. €105m JLMs), rising to €1.75bn. The deal sized at €1bn & priced at MS+59, 6bps tighter than IPTs. Final books were above €1.6bn (inc. €80m JLMs).
• Mandated yesterday, Raiffeisenlandesbank Oberösterreich AG (exp. Issue rating of Aaa by Moody’s) brought its €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). Guidance on the trade was in the area of MS+30. Books were first called over €1bn (inc. €225m JLMs), rising to >€1.25bn; final books >€1.1bn good at re-offer (inc. €125m JLMs). Spread set & priced at MS+24, 6 tighter than IPTs & flat to secondaries.
• Ayvens (exp. Issue ratings of A1 / A- / A by Moody’s, S&P & Fitch) is the new entity created following the merger of two of the world's biggest auto leasing & fleet management giants: ALD Automotive & LeasePlan. The borrower announced a 6 year, senior preferred Green issue with IPTs of MS+100 area, and a size of €500m (wng). Early books over €2bn (exc. JLMs), rising to >€2.4bn (final). The deal sized as expected at €500m, pricing at MS+70. 30bps tighter than IPTs with a near double digit NIC to secondaries of 9.5bps.
• South Korean auto giant’s US financing arm Hyundai Capital America (exp. Issue ratings of A3 / A- / A- by Moody’s, S&P & Fitch) announced a dual-tranche senior unsecured benchmark Reg S euro offering. The 3 year came with IPTs of MS+85 area, while a 6 year had IPTs of MS+120 area. Books on the 3 year were >€2bn (pre-rec) with guidance of MS+55 (+/- 2 WPIR); in turn, the 6 year had books of >€1.8bn (pre-rec) with guidance of MS+90 (+/- WPIR). The maximum collective size was flagged at €1.2bn. The 3 year sized at €650m, pricing at MS+53 with a book of >€1.6bn at the tight end of guidance. The 6 year sized at €550m & priced at MS+88 (both 32bps tighter than IPTs) with books of >€1.4bn at the tight end of guidance. Final books were >€1.35bn for the 3 year & >€1.15bn for the 6 year.
• An early announcement came from BPCE SA (exp. Issue ratings of Baa1 / BBB+ / A by Moody’s, S&P & Fitch). The benchmark 7.5NC6.5 senior non-preferred offering came with IPTs of MS+130 to 135. Early books were called at over €2bn, rising to €2.75bn. Size range was given as €1bn to €1.25bn, & the deal finally sized at €1bn & priced at MS+107; 22bps tighter than IPTs & offering a NIC of 9bps. Final books were >€3.1bn good at re-offer.
• Banco Santander SA (exp. Issue ratings of Baa1 / A- / A+ by Moody’s, S&P & Fitch) came with a benchmark 7 year senior non-preferred trade. IPTs were in the area of MS+105. Books were over €1.8bn, rising to €2.1bn (pre-rec). The deal sized at €1bn & priced at MS+83, offering a double digit NIC to investors. Final books were >€2.1bn.
• Mandated last Thursday (11th June) Fiserv, Inc. (rated Baa2 / BBB by Moody’s & S&P), brought its SEC-registered, € benchmark senior unsecured transaction. The long 4 year €500m (wng) had IPTs of MS+135 area & MS+175 area for the €500m (wng) 8 year. Guidance came out at MS+105 area & MS+145 area respectively. Books were not forthcoming as tends to be the way for SEC Registered offerings. Both tranches tightened by 35bps from IPTs & the long 4 year priced at MS+100, with the 8 year pricing at MS+140. Yet to formally price

SSA

• ISB Investitions-und Strukturbank Rheinland-Pfalz (exp. Issue rating of AAA by Fitch) brought its anticipated €500m (wng) senior unsecured €500m (wng) issue. Guidance on the trade was in the area of MS+30. Initial books reached over €620m (inc. €95m JLMs), rising to €760m, when spread set 1bp tighter at MS+29. Final books settled at €700m (inc. €120m JLMs) & it priced early at MS+29.
• The Comunidad Autonoma de Canarias (rated A+ by S&P), brought its inaugural Sustainable € transaction that was mandated yesterday. The Reg S, dematerialised book-entry form, 10 year, €500m (wng) bond, with a maturity date of 30th April 2036, came with guidance of SPGB +20 area, revised 3bps tighter to SPGB +17 area. Orderbooks were initially said to be over €1.4bn (inc. €100m JLMs), & rose to €1.6bn (inc. €200m JLMs). The trade priced 2bps tighter still at SPGB+15. Final books were >€2bn (inc. €200m JLMs).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• No Supply

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

Corporate

• Würth Finance International BV (exp. Issue rating of A by S&P) & guaranteed by Adolf Würth GmbH & Co. KG, announced a 7 year senior unsecured offering with IPTs of SARON MS +60 to +65. Unusually the size was announced early as a Chf300m (wng). The trade priced early around noon at the wider end of the early range at SARON MS+65.

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: 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. Investor marketing concluded Tuesday 16th with over 70 investors engaged in investor calls.
• 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, 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.
• Tuesday 16th June: Investitionsbank des Landes Brandenburg (rated AAA by Fitch), the explicitly guaranteed development agency of the Federal State of Brandenburg, mandated DZ Bank, Helaba, LBBW, Nordea & NORD/LB as JLMs for its upcoming €250m (wng) senior unsecured transaction (0% risk weighted, LCR Level 1) with a 3 year maturity. The transaction will be launched & priced in the near future, subject to market conditions.

US$ (Reg S)

• Tuesday 16th June: Zurich Finance Ireland DAC (exp. Issue ratings of Aa3 / AA- by Moody’s & S&P), guaranteed by Zurich Insurance Company Ltd, mandated Citibank, HSBC & UBS Investment Bank as JLM’s to arrange a series of fixed income investor calls commencing on Tuesday, 16th June 2026. A new Reg S USD (Bearer) benchmark 7 year Fixed Rate Senior Unsecured transaction, is expected to be launched in the near future, subject to market conditions.

Transaction Details 

PRICED: Raiffeisenlandesbank Oberoesterreich €500m Long 5yr CB; MS+24bp

IGC European Market: Deal Flow - General

Reoffer: Long 5yr: MS+24bp / 99.874 / 3.028%
Benchmark: Long 5yr: DBR 0 31-Aug-31 @ 87.43 / B+39bp

Final Books above €1.1bn (incl. €125m JLM). Peak book above €1.25bn (incl. €225m JLM)

Launched: Long 5yr: €500m @ MS+24bp - Books above €1.25bn (incl. €225m JLM)
Book Update: Books above €1bn (incl. €225m JLM)
Guidance: Long 5yr: MS+30a

• Issuer: Raiffeisenlandesbank Oberösterreich AG
• Ticker: RFLBOB
• LEI: I6SS27Q1Q3385V753S50
• Format: Mortgage Covered Bond (Hypothekenpfandbrief), Reg S Bearer, EU Harmonisation Label European Covered Bond (Premium)
• Expected Rating: Aaa (Moody's)
• Size: €500m
• Maturity: 23-Oct-31 (Soft Bullet)
• Settlement: 23-Jun-26 (T+5)
• Coupon: 3.000%, annual, Act/Act ICMA short first
• Reoffer: MS+24 / 99.874 / 3.028%
• Benchmark: +39 bps vs. DBR 0 31-Aug-31 @ 87.43
• Denoms/Listing: €100k + 100k / Vienna
• Docs: Under the issuer's Debt Issuance Programme
• Law: Austrian law
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• Fees: The banks will be paid a fee by the Issuer in respect of the placement of the securities
• ISIN: AT0000A3VG25
• Joint Leads: Danske Bank, DekaBank, Erste Group, Helaba, LBBW and Raiffeisen Bank International (B&D)
• Advertising: The base Prospectus is available at: https://www.raiffeisen.at/ooe/rlb/de/meine-bank/investor-relations/eigene-emissionen/prospekte-und-bedingungen.html
• Timing: Priced, TOE: 14:35 CET, FTT: 14:50 CET

Covered

Long 5yr (Oct 2031) @ MS+30 area

Implied Spread for fresh Long 5yr @ MS+24

Priced at MS+24
NIC of 0

PRICED: BPCE €1bn 7.5NC6.5 SNP; MS+107bp

IGC European Market: Deal Flow - General

Reoffer: 7.5NC6.5: MS+107bp / 99.893 / 3.897%
Benchmark: 7.5NC6.5: DBR 2.5 15-Nov-32 @ 98.65 / B+116.7 / HR 98%

Final Books €3.1bn.

Launched: 7.5NC6.5: €1bn @ MS+107bp - Book pre-rec over €2.7bn
Spread set at: 7.5NC6.5: MS+107bp - Books above €2.75bn
Book Update: Books above €2bn
IPTs: 7.5NC6.5: MS+130/135a

• Issuer: BPCE SA
• LEI: 9695005MSX1OYEMGDF46
• ISIN: FR0014019BB0
• Status of the Notes: Senior Non-Preferred Unsecured, Unsubordinated
• Documentation: Under the Issuer’s €70,000,000,000 Euro Medium Term Note Programme dated 14-Nov-25, as supplemented from time to time (the “Base Prospectus”)
• Form of the Notes: Dematerialised Bearer Notes / Reg S
• Issuer’s Ratings: A1 (Stable) / A+ (Stable) / A+ (Stable) (Moody's/S&P/Fitch)
• Expected Notes’ Ratings: Baa1 / BBB+ / A (Moody's/S&P/Fitch)
• Status of the notes: Senior Non-Preferred Notes issued pursuant to the provisions of Article L.613-30-3–I-4° and R.613-28 of the French Code monétaire et financier. Principal and interest on Senior Non-Preferred Notes and, where applicable, any related receipts and coupons, are Senior Non-Preferred Obligations and constitute direct, unconditional, senior (chirographaires) and unsecured obligations of the Issuer and rank and will rank at all times : (i) pari passu among themselves and with other Senior Non-Preferred Obligations of the Issuer, (ii) senior to Ordinarily Subordinated Obligations of the Issuer and (iii) junior to Senior Preferred Obligations of the Issuer and all present and future claims benefiting from statutory preferences. Subject to applicable law, if any judgment is rendered by any competent court declaring the judicial liquidation (liquidation judiciaire) of the Issuer, the Noteholders will have a right to payment under the Senior Non-Preferred Notes : (i) only after, and subject to, payment in full of holders of Senior Preferred Obligations and other present and future claims benefiting from statutory preferences or otherwise ranking in priority to Senior Non-Preferred Obligations and (ii) subject to such payment in full, in priority to holders of Ordinarily Subordinated Obligations of the Issuer and other present and future claims otherwise ranking junior to Senior Non-Preferred Obligations. Bail-in: The Notes are subject to bail-in in accordance with the EU Bank Recovery and Resolution Directive as transposed into French Law.
• Size: €1bn
• Maturity Date: 03-Jan-34
• Settlement Date: 25-Jun-26 (T+7)
• Reoffer: 99.893% / 3.897% / MS+107 bps
• Coupon: Fixed-to-Floating Rate Notes. Fixed 3.875% p.a. for the period from and including the Issue Date to but excluding the Optional Redemption Date. First short coupon. If the Notes are not redeemed or purchased and cancelled on the Optional Redemption Date the interest payable on the Notes from and including the Optional Redemption Date to and including the Maturity Date shall be reset to 3-months Euribor + initial credit spread.
• Optional Redemption: On 03-Jan-33 (the “Optional Redemption Date”). One time call, in whole but not in part, at the Issuer’s discretion, subject to regulatory approval if required, at par.
• Interest Period after Issuer Optional Redemption Date: Quarterly
• Early Redemptions Events: The Issuer shall have the option to redeem all (but not some only) of the Notes at par, together with any accrued and unpaid interest (if any) upon the occurrence of an MREL/TLAC Disqualification Event or Tax Event (either a Withholding Tax Event or a Gross-Up Event), subject to such redemption being permitted by the applicable MREL/TLAC Regulations and subject to the prior permission of the Relevant Regulator and/or Relevant Resolution Authority, if required. “MREL/TLAC Disqualification event” means at any time that all or part of the outstanding nominal amount of the Notes does not fully qualify as MREL/TLAC-Eligible Instruments, except where such non-qualification was reasonably foreseeable at the Issue Date or is due to the remaining maturity of such Notes being less than any period prescribed by the Applicable MREL/TLAC Regulations. “MREL/TLAC Eligible Instrument” means an instrument (including, for the avoidance of doubt, own funds) of the Issuer that is eligible to be counted towards the MREL of the Issuer and that constitutes a TLAC-eligible instrument of the Issuer (within the meaning of the FSB TLAC Term Sheet), in each case, in accordance with Applicable MREL/TLAC Regulations.
• MREL/TLAC Disqualification Event Call Option: Applicable
• Negative Pledge: There is no negative pledge in respect of the Notes.
• Absence of Event of Default: There are no events of default under the Notes which would lead to an acceleration of such Notes if certain events occur. However, if any judgment were issued for the judicial liquidation (liquidation judiciaire) of the Issuer or if the Issuer were liquidated for any other reason, then the Notes would become immediately due and payable.
• Waiver of Set-Off: No holder of Notes may at any time exercise or claim any Waived Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such holder of Notes, directly or indirectly, howsoever arising (and, for the avoidance of doubt, including all such rights, claims and liabilities arising under or in relation to any and all agreements or other instruments of any sort, whether or not relating to such Note) and each holder of Notes shall be deemed to have waived all Waived Set-Off Rights to the fullest extent permitted by applicable law in relation to all such actual and potential rights, claims and liabilities. “Waived Set-Off Rights” means any and all rights of or claims of any holder of Notes for deduction, set off, netting, compensation, retention or counterclaim arising directly or indirectly under or in connection with any Note.
• Risk Factors and Selling Restrictions: As set out in the Base Prospectus.
• Target Market: MiFID II / UK MiFIR – professionals / ECPs-only / No PRIIPs KID and no disclosure document required by the FCA Product Disclosure Sourcebook (DISC) – Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) and no disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in the EEA or in the UK.
• Deferral of interest: None
• Day Count Basis until Issuer Optional Redemption Date: Actual / Actual, ICMA
• Day Count Basis after Issuer Optional Redemption Date: Actual / 360
• Business Day Convention until Issuer Optional Redemption Date: Following, Unadjusted basis
• Business Day Convention after Issuer Optional Redemption Date: Modified Following, Adjusted basis
• Business Days: T2
• Governing Law: French Law
• Redemption price: 100%
• Denomination: €100k + €100k
• Listing: Euronext Paris
• Sole Bookrunner: Natixis (B&D and DM)
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Use of Proceeds: General Corporate Purposes
• Timing: PRICED / ToE : 14.48 CET / FTT : 15.00 CET
• Advertisement: This communication is an advertisement and is not a prospectus. The Final Terms relating to the Notes, when published, will be available on the Issuer’s website (www.groupebpce.com) and on the website of the Autorité des marchés financiers (www.amf-france.org).

Senior Non-Preferred

7.5NC6.5 (Jan 2034) @ MS+130 to +135

Implied Spread for fresh 7.5NC6.5 @ MS+98

Priced at MS+107
NIC of +9

PRICED: Banco Santander €1bn 7yr SNP; MS+83bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+83bp / 99.66 / 3.681%
Benchmark: 7yr: DBR 2.3 Feb-33 @ 97.290 / B+93.1 / HR 102%

Final Books: > €2.1bn. Peak book > €2.1bn (pre-rec)

Launched: 7yr: €1bn @ MS+83bp - Books > €2.1bn (pre-rec)
Spread set at: 7yr: MS+83bp - Books >€1.8bn
Book Update: Books >€1.75bn
IPTs: 7yr: MS+105a

• Issuer: Banco Santander, S.A. (ticker: "SANTAN")
• LEI: 5493006QMFDDMYWIAM13
• Status and Format: Senior Non Preferred Notes, Reg S, Bearer Form
• Issuer Ratings: A1/A+/A+ (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa1/A-/A (Moody's/S&P/Fitch)
• Currency / Size: €1bn
• Denominations: €100k + €100k
• Settlement Date: 23-Jun-26 (T+5)
• Note Type: Fixed Rate Notes
• Tenor: 7-years
• Benchmark Reference: DBR 2.3 Feb-33 (DE000BU2Z007)
• Spread: MS +83bps & DBR 2.3 Feb-33 + 93.1bps (97.290%) HR: 102%
• Reoffer: 99.66 (3.681%)
• Maturity Date: 23-Jun-33 (7-year)
• Coupon: 3.625% for the interest period from and including the Issue Date to (and excluding) the Maturity Date, payable annually in arrear on every Interest Payment Date.
• Listing: AIAF Fixed Income Market (AIAF Mercado de Renta Fija)
• Governing Law: Spanish law.
• Docs: Off Base Prospectus of Issuer’s EMTN Programme for the Issuance of Debt Instruments dated 12-Mar-26
• Waiver of Set-off: No Holder may at any time exercise or claim any Waived Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such Holder, directly or indirectly, howsoever arising (and, for the avoidance of doubt, including all such rights, claims and liabilities arising under or in relation to any and all agreements or other instruments of any sort, whether or not relating to such Instrument) and each Holder shall be deemed to have waived all Waived Set-Off Rights to the fullest extent permitted by applicable law in relation to all such actual and potential rights, claims and liabilities. Notwithstanding the preceding sentence, if any of the amounts owing to any Holder by the Issuer in respect of, or arising under or in connection with the Instruments is discharged by set-off, such Holder shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Issuer and, until such time as payment is made, shall hold an amount equal to such amount in trust for the Issuer and accordingly any such discharge shall be deemed not to have taken place. (Condition 7 of the Terms and Conditions of the Instruments applies).
• Events of Default: None, save that, in the insolvency, winding up or liquidation of the Issuer, and such order is continuing, Instruments may be accelerated (subject to customary requirements) and, for non-payment, holders may institute proceedings for the insolvency, winding up, liquidation or dissolution of the Issuer. Condition 6.03 of the Terms and Condition of the Instruments applies. Conditions 6.01 and 6.02 are not applicable.
• Contractual Recognition of Bail-in: Contractual acknowledgment of Bail-in Power (Condition 21 of the Terms and Conditions of the Instruments applies).
• Early Redemption: Applicable. Upon the occurrence of TLAC/MREL Disqualification Event, a Tax Event or in the event the Clean-up Percentage has been previously redeemed or repurchased, the Issuer has the right to redeem all, but not some only, of the Instruments at their principal amount, together with any accrued and unpaid interest (subject to regulatory approval, if then required).
• Clean-up Call Option: Condition 5.05 of the Terms and Conditions of the Instruments applies (Clean-up Percentage: 75%)
• Tax Event: Condition 5.02 of the Terms and Conditions of the Instruments applies. A Tax Event is deemed to have occurred if, as a result of a change in, or amendment to, the laws or regulations of a Relevant Jurisdiction, including any treaty to which such Relevant Jurisdiction is a party, or any change in the application or interpretation of any such laws or regulations, including a decision of any court or tribunal, which change or amendment becomes effective on or after the Issue Date of the Instruments, (a) in making any payments on the Instruments, the Issuer has paid or will or would be required to pay additional amounts as provided in Condition 9, (b) the Issuer is no longer entitled to claim a deduction in respect of any payments in relation to the Instruments in computing its taxation liabilities or the value of such deduction to the Issuer would be materially reduced, or (c) the applicable tax treatment of the Instruments changes.
• Substitution & Variation: Applicable. In the event that a TLAC/MREL Disqualification Event, or a Tax Event occurs and is continuing, the Issuer may substitute all (but not some only) of the Instruments (as the case may be) or modify the terms of all (but not some only) of the Instruments (as the case may be), without any requirement for the consent or approval of the Holders, so that they are substituted for, or varied to, become, or remain, Qualifying Instruments, subject to obtaining the prior consent of the Regulator and/or the Relevant Resolution Authority if and as required therefor under Applicable Banking Regulations and in accordance with Applicable Banking Regulations in force at the relevant time (Condition 8 of the Terms and Conditions of the Instruments applies).
• TLAC/MREL Disqualification Event: Condition 5.04 of the Terms and Conditions of the Instruments applies. “TLAC/MREL Disqualification Event” means at any time that all or part of the outstanding nominal amount of the Instruments does not fully qualify as TLAC/MREL-Eligible Instruments of the Issuer and/or the Group, except where such non-qualification (i) is due solely to the remaining maturity of the Instruments being less than any period prescribed for TLAC/MREL-Eligible Instruments by the Applicable TLAC/MREL Regulations as at the Issue Date or (ii) is as a result of the Instruments (as applicable) being bought back by or on behalf of the Issuer or a buy-back of the Instruments which is funded by or on behalf of the Issuer.
• Global Coordinator: Santander (B&D)
• Joint Lead Managers: Barclays, BofA Securities, Helaba, HSBC, Santander, Societe Generale and UniCredit
• ISIN: XS3417309021
• Timing: TOE: 15:13CET/14:13UKT FTT: 15:30CET/14:30UKT
• Fees: The Joint Lead Managers will be paid a fee in connection to the transaction.
• Target Market: Manufacturers target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK.
• Advertisement: The Base Prospectus, Supplements and the Final Terms, when published, will be available on the website of the CNMV

Senior Non-Preferred

7yr (Jun 2033) @ MS+105 area

Implied Spread for fresh 7yr @ MS+70

Priced at MS+83
NIC of +13

PRICED: Investitions- und Strukturbank Rheinland-Pfalz €500m 10yr Sr Unsec; MS+29bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+29bp / 99.874 / 3.265%
Benchmark: 10yr: DBR 2.9% 15-Feb-36 @ 99.79 / B+33.9bp (HR: 101%)

Final Books: €700m (incl. €120m JLM interest). Peak book above €760m.

Launched: 10yr: €500m @ MS+29bp - Books above €760m (incl. €120m JLM interest)
Book Update: Books above €620m (incl. €95m JLM interest)
Guidance: 10yr: MS+30a

• Issuer: Investitions- und Strukturbank Rheinland-Pfalz
• Ticker: ISBRLP
• LEI: 529900WNKTQZFYP0SH73
• Guarantor: Federal State of Rhineland-Palatinate (rated AAA by Fitch)
• Format: Reg S Bearer (0% rw, senior unsecured, LCR Level 1)
• Issuer Rating: AAA by Fitch
• Size: €500m
• Coupon: 3.250%, Fixed rate, annual, act/act ICMA
• Maturity: 23-Jun-36 (10yrs)
• Settlement: 23-Jun-26 (T+5)
• Reoffer: MS+29bp, 99.874%, yld 3.265%
• Benchmark: +33.9 bps vs. DBR 2.9% 15-Feb-36 @ 99.79 (HR: 101%)
• Law/List/Denoms: German / Hamburg / 100k+100k
• ISIN / WKN: DE000A460KN8 / A460KN
• Joint Leads: BayernLB, Commerzbank, Deutsche Bank, DZ BANK (B&D) and LBBW
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Target market: The target market for the bonds is professional and eligible counterparties, each as defined in MiFID II (Distribution channel: Non-advised services, execution-only).
• Timing: PRICED, TOE: 12:38 UKT, 13:38 CET / FTT: 12:50 UKT, 13:50 CET

PRICED: Würth Finance International BV CHF 300m 7yr Sr Unsec; SARON MS+65bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: SARON MS+65bp / 100.047 / 1.0935%
Benchmark: 7yr: Govt + 87.7bp

Launched: CHF 300m @ SARON MS+65bp
IPTs: 7yr: SARON MS+60/65bp

• Issuer: Würth Finance International BV (Ticker: WURTH)
• Guarantor: Adolf Würth GmbH & Co. KG
• Issuer Domicile: The Netherlands
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior unsecured
• Guarantor Rating: S&P: A (stable)
• Instrument Rating (exp): S&P: A
• Issue Size: CHF 300mm
• Coupon: 1.1000% p.a. (30/360, following unadj.) (Short first coupon)
• Maturity: 7 years 121 days (07-Jul-26 to 08-Nov-33, incl. 3-month par call)
• Spread/Yield: SARON MS +65.0 // YTM 1.0935% // Govt + 87.7
• Issue Price: 100.047%
• ISIN / Valor: CH1562934690 / 156.293.469
• Lead Manager(s): Deutsche Bank, UBS, ZKB
• Co-Manager(s): Raiffeisen Schweiz
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under the Issuer’s €4bn EMTN Programme Base Prospectus dated 08-May-26
• Early Redemption: 3-month Par Call, Clean-up Call (80% threshold)
• Use of Proceeds: General corporate purposes
• FinSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Governing Law: German law
• Covenants: PP, NP, XD, CoC
• SIX Listing: 06-Jul-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: USA, US Persons, EEA, UK
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.

PRICED: Banco Bilbao Vizcaya Argentaria €2.25bn 3yr & 7yr CB; MS+14bp & MS+27bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+14bp / 99.952 / 2.892% 7yr: MS+27bp / 99.975 / 3.129%
Benchmark: 3yr: OBL 2.1 29-Apr-29 @ 98.72 / B+31.7bp / HR 106% 7yr: DBR 2.3 15-Feb-33 @ 97.24 / B+37.1bp / HR 105%

3yr: Final Books in excess of €2.7bn (incl €150m JLM)
7yr: Final Books in excess of €2.7bn (incl €125m JLM)

Launched:
3yr: €1.25bn @ MS+14bp - Books €2.6bn (incl €150m JLM)
7yr: €1bn @ MS+27bp - Books €2.7bn (incl €175m JLM)
Book Update: Combined books in excess of €5bn (evenly split, incl. €225m JLM)
Guidance: 3yr: MS+20a 7yr: MS+34a

• Issuer: Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”)
• LEI: K8MS7FD7N5Z2WQ51AZ71
• Issuer Ratings: A2/A/A+/A(H) (Moody's/Fitch/S&P/DBRS) (Moody's, Fitch and S&P Stable and DBRS Positive)
• Expected Issue Rating: Aaa/AAA (Moody's/DBRS)
• Status of the Notes: Direct, unconditional and unsubordinated obligations of the Issuer. The Notes will benefit from the preferential right on the assets that conform the applicable cover pool. In case of insolvency of the Issuer, and subject to mandatory provisions of law, claims under the Notes will be considered especially privileged claims (créditos con privilegio especial) in accordance with article 270.7º of the Spanish Insolvency Law up to the value of the assets conforming the cover pool. To the extent that claims in relation to the covered bonds are not fully satisfied from the assets conforming the cover pool, the residual claims of the holders will rank pari passu with the claims of unsecured and unsubordinated creditors of the Issuer and in priority to senior non-preferred claims and subordinated claims.
• Notes: Cédulas Hipotecarias (European Premium Mortgage Covered Bonds)
• Form: Reg S Dematerialised book-entry form (anotaciones en cuenta)
• Settlement Date: 23-Jun-26 (T+5)
• Final Maturity Date:
• • 3yr: 23-Jun-29 (3-year Hard Bullet)
  • 7yr: 23-Jun-33 (7-year Hard Bullet)
• Size:
• • 3yr: €1.25bn
  • 7yr: €1.0bn
• Reoffer:
• • 3yr: MS+14bp - 99.952%, 2.892%
  • 7yr: MS+27bp, 99.975%, 3.129%
• Benchmark:
• • 3yr: +31.7bp vs OBL# 189 2.1 29-Apr-29 (HR 106% - px 98.72)
  • 7yr: +37.1bp vs DBR 2.3 15-Feb-33 (HR 105% - px 97.24)
• Business Day: T2
• Coupon:
• • 3yr: 2.875% Fixed, Annual, ACT/ACT ICMA
  • 7yr: 3.125% Fixed, Annual, ACT/ACT ICMA
• Denominations: €100k + €100k
• Listing: AIAF (Madrid)
• Governing Law: Spanish law
• Doc: Spanish language documentation (the Issuer's EUR 20bn Base Prospectus of Fixed Income Securities 2025, approved by the CNMV on 24-Jul-25, and the Issuer's Universal Registration Document, approved by the CNMV on 12-Mar-26).
• Joint Lead Managers: BBVA (B&D), Commerzbank, ING Bank N.V., Mediobanca and Natixis (DM)
• ISIN:
• • 3yr: ES0413211B41
  • 7yr: ES0413211B58
• Timing: Priced 3y 15.57 CET / 7y 16.00 CET - FTT 16.15 both tranches
• Fees: The Joint Lead Managers will be paid a fee in connection to the transaction.
• Target Market: Manufacturers target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPS key information document (KID) has been prepared as not available to retail in EEA or UK.
• Advertisement: The Base Prospectus, the Universal Registration Document, any applicable Supplements, and the Final Terms, when published, will be available on the CNMV (https://www.CNMV.es).

Covered

3yr (June 2029) @ MS+20 area

Implied Spread for fresh 3yr @ MS+12.5

Priced at MS+14
NIC of +1.5

Covered

7yr (June 2033) @ MS+34 area

Implied Spread for fresh 7yr @ MS+29

Priced at MS+27
NIC of +2

PRICED: Crédit Agricole Italia €1bn 11yr CB; MS+59bp

IGC European Market: Deal Flow - General

Reoffer: 11yr: MS+59bp / 98.954 / 3.617%
Benchmark: 11yr: DBR 2.9 15-Feb-36 + 67.9bps (px 99.67) / HR:107%

Final Books: Final Books above €1.6bn (incl. €80m JLM). Peak book above €1.75bn (pre-rec, incl. €105m JLM)

Launched: 11yr: €1bn @ MS+59bp - Books above €1.75bn (pre-rec, incl. €105m JLM)
Book Update: > €1.5bn (incl. €105m JLM)
IPTs: 11yr: MS+65bp area

• Issuer: Crédit Agricole Italia SpA
• Ticker: CARPP
• LEI: 8156007D348794DB1690
• Guarantor: Crédit Agricole Italia OBG S.r.l.
• Issue Type: Mortgage Covered Bond (Obbligazioni Bancarie Garantite Europee), European Covered Bond label (Premium)
• Format: Reg S, Bearer and dematerialised
• Eligibility: ECB Eligible, LCR Level 1, beneficial treatment under CRR Art.129 & Solvency II & ECBC Covered Bond Label Compliant
• Exp. Issue Rating: Aa2 (Moody’s)
• Size: €1bn
• Coupon: 3.500%, Annual, Fixed, Act/Act (ICMA)
• Settlement: 24-Jun-26 (T+6)
• Maturity: 24-Jun-37 (soft bullet with 12 months extension)
• Reoffer: MS+59bp / 98.954 / 3.617%
• Benchmark: DBR 2.9 15-Feb-36 + 67.9bps (px 99.67) / HR:107%
• ISIN: IT0005715724
• Listing: Luxembourg Stock Exchange
• Denominations: €100,000 + €100,000
• Governing Law: Italian
• Documentation: Off the Issuer’s €16bn Obbligazioni Bancarie Garantite (OBG) programme dated 28-May-26
• Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK
• Global Coordinator: Crédit Agricole CIB
• Joint Bookrunners: BBVA, Crédit Agricole CIB (B&D), Erste Group, Mediobanca, Raiffeisen Bank International and Santander
• Timing: Priced. TOE 15.50 CET / FTT 16.20 CET
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus dated 28-May-26 is available at Luxembourg Stock Exchange - CREDIT AGRICOLE ITALIA S.P.A. | LuxSE and the Final Terms, when available, at Luxembourg Stock Exchange - CREDIT AGRICOLE ITALIA S.P.A. | LuxSE

PRICED: Ayvens €500m 6yr SP Green; MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+70bp / 99.888 / 3.521%
Benchmark: 6yr: DBR 0 15-Feb-32 @ 86.035 / B+82.9bp / HR 112%

Final Books: €2.4bn+

Launched: 6yr: €500m @ MS+70bp - Books above €2.4bn+
Book Update: Books above €2.0bn (excl JLM)
IPTs: MS+100bp area

• Issuer: Ayvens (Ticker: AYVFP)
• LEI: 969500E7V019H9NP7427
• Issuer Ratings: A1 (Negative) by Moody’s / A- (Stable) by S&P / A (Stable) by Fitch
• Exp. Issue Ratings: A1 by Moody’s / A- by S&P / A by Fitch
• Format: Senior Preferred / Reg S, Dematerialised in bearer form
• Size: €500m
• Coupon: 3.500%, Fixed annual, ACT/ACT
• Reoffer: MS+70bps / 99.888 / 3.521%
• Benchmark: 82.9bps vs DBR 0 15-Feb-32 (DE0001102580) / 86.035 / HR 112%
• Settlement: 23-Jun-26 (T+5)
• Maturity: 23-Jun-32
• Clean-up Redemption Option: Applicable (75%)
• Make-Whole Call Option: Applicable, +15bps (Reference: DBR 0 15-Feb-32 (DE0001102580)
• Acknowledgement of Bail-In and Write-Down or Conversion Powers: Each Noteholder acknowledges, accepts, consents and agrees to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority or the Regulator
• Denominations: €100,000 + €100,000
• Listing: Euronext Paris
• Governing Law: French law
• ISIN: FR0014019BT2
• Global & Sole ESG Structuring Coordinator: Societe Generale
• Joint Lead Managers: BofA Securities, Citigroup, Danske Bank, HSBC and Societe Generale (B&D)
• Fees: The Joint Lead Managers will be paid a fee in connection with the transaction. Details of the fee may be available to investors upon request
• Use of Proceeds: An amount equal to the net proceeds will be applied exclusively for the financing or refinancing of eligible vehicles (“Eligible Assets”), that contribute to the development of clean transportation and the transition to a low carbon future in accordance with the eligibility criteria set out in the Green Financing Framework (the "Framework")
• Advertisement: The Base Prospectus, dated 7-Jul-25 as supplemented from time to time, as well as the Final Terms (when published) are available at https://www.ayvens.com/investors/publications-and-documents/debt-documents/The Issuer is currently updating its EMTN Base Prospectus via a supplement to reflect the recent upgrade of its long-term senior debt rating by Fitch. This supplement is expected to be approved by the AMF on or about 17th June and will be available on Issuer's website (link above)
• Target Market: Manufacturer target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs key information document (KID) or CCI product summary has been prepared as not available to retail in the EEA and in the UK
• Timing: Priced. TOE: 15.15 UKT / 16.15 CET | FTT: 15.35 UKT / 16.35 CET

Green, Senior Preferred
6yr (Jun 2032) @ MS+100 area

Implied Spread for fresh 6yr @ MS+60.5

Priced at MS+70
NIC of +9.5

PRICED: Hyundai Capital America €1.2bn 3yr & 6yr Sr Unsec; MS+53bp & MS+88bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+53bp / 100 / 3.283% 6yr: MS+88bp / 100 / 3.7%
Benchmark: 3yr: OBL 2.1 29 #189 @ 98.715 / B+70.6bp / HR 106% 6yr: DBR 0 15-Feb-32 @ 86.060 / B+101.4bp / HR 111%

3yr: Final Books > €1.35bn. Peak book > €2bn (pre-rec).
6yr: Final Books > €1.15bn. Peak book > €1.8bn (pre-rec).

Launched:
3yr: €650m @ MS+53bp - Book > €1.6bn
6yr: €550m @ MS+88bp - Book > €1.4bn
Guidance: 3yr: MS+55 +/-2bp (wpir) - Books >€2bn (pre-rec) 6yr: MS+90 +/-2bp (wpir) - Books >€1.8bn (pre-rec)
IPTs: 3yr: MS+85a 6yr: MS+120a

• Issuer: Hyundai Capital America
• Ticker: HYNMTR
• Country: US
• Support Agreement Provider: Hyundai Motor Company
• Expected Ratings: A3/A-/A- (Moody's/S&P/Fitch)
• Settlement: 25-Jun-26 (T+6)
• Format: Senior Unsecured, Reg S registered
• Tenor:
• • 3yr
  • 6yr
• Size:
• • 3yr: €650m
  • 6yr: €550m
• Maturity:
• • 3yr: 25-Jun-29
  • 6yr: 25-Jun-32
• Reoffer:
• • 3yr: MS+53bp / 3.283% / 100
  • 6yr: MS+88bp / 3.7% / 100
• Government Benchmark:
• • 3yr: OBL 2.1 29 #189 +70.6bps / 98.715 / 2.577%, HR = 106%
  • 6yr: DBR 0 15-Feb-32+101.4 / 86.060 / 2.686%, HR = 111%
• Coupon:
• • 3yr: 3.283%, FXD, Annual, Act/Act ICMA
  • 6yr: 3.7%, FXD, Annual, Act/Act ICMA
• ISIN / Common Code:
• • 3yr: XS3319132430 / 331913243
  • 6yr: XS3319132513 / 331913251
• Documents: Preliminary Pricing Supplement dated 16-Jun-26, to Offering Memorandum dated 12-Mar-26 and Offering Memorandum Supplement, dated 11-Jun-26 (together the “Preliminary Offering Memorandum”)
• Payments of Additional Amounts: Yes (as described in the Preliminary Offering Memorandum)
• Listing of the Notes: Euro MTF Market of the Luxembourg Stock Exchange
• Governing Law: New York Law
• MWC:
• • 3yr: Yes: OBL+15bps
  • 6yr: Yes: DBR+15bps
• Redemption for Tax Reasons: Yes (as described in the Preliminary Offering Memorandum)
• Denominations: €100k x €1k
• Selling Restrictions: As set out in the Offering Memorandum
• Sales into Canada: Yes – via exemption
• UoP: General corporate purposes
• Target Market/PRIIPs: Manufacturer target market (MiFID II and U.K. MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA and the United Kingdom
• Issuer LEI: 549300RIPPWJB5Z0FK07
• Clearing: Euroclear / Clearstream
• Joint Bookrunners: Barclays (B&D), Crédit Agricole CIB, J.P. Morgan, Lloyds Bank Corporate Markets
• Stabilization: Relevant stabilization regulations including ICMA/FCA apply
• Marketing: Direct Link: https://dealroadshow.com/e/HCAEUR26, Link: https://dealroadshow.com, Entry Code: HCAEUR26
• Timing: 3yr TOE: 15:17 (UKT). 6yr TOE: 15:18 (UKT). FTT: 15:50 (UKT)

PRICED: Supernova Invest €300m 5yr Sr Unsec; MS+175bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+175bp / 99.281 / 4.539%
Benchmark: 5yr: OBL #193 2.5% Apr-31 @ 99.25 / B+187.5bp

Final Books north of €2bn. Peak book north of €2.6bn (pre rec).

Launched: 5yr: €300m @ MS+175bp - Books north of €2.6bn (pre rec)
Guidance: 5yr: MS+185a
IPTs: 5yr: MS+215a

• Issuer: Supernova Invest GmbH (Ticker: SUPERN, Country: AT)
• Issuer LEI: 5299008Z5M2L56PLUX74
• Ranking: Senior Unsecured
• Issuer Ratings: Fitch: BBB- (stable)
• Exp Issue Ratings: Fitch: BBB-
• Format: Reg S, registered
• Status of the Notes: Direct, general and unconditional obligations of the Issuer which will at all times rank pari passu among themselves and at least pari passu with all other present and future unsecured obligations of the Issuer, save for such obligations as may be preferred by mandatory provisions of law (and subject to Condition 4(a) (Negative pledge)).
• Trade Date: 16-Jun-26
• Settlement Date: 23-Jun-26 (T+5)
• Tenor: 5-year
• Size: €300m
• Maturity: 23-Jun-31
• Coupon: 4.375% Annual, Act/Act with 125bps step-up (in case of loss of IG rating), payable annually in arrear
• Yield: 4.539%
• Price: 99.281
• Spread: MS+175bp
• Benchmark: OBL #193 2.5% Apr-31 +187.5bps (Price: 99.25% / Yield: 2.664%) / HR: 98%
• MWC: B+30bps
• ISIN / Common Code: XS3415292989 / 341529298
• Redemption at Maturity: 100
• Docs / Call Features: Preliminary Information Memorandum, dated 15-Jun-26 / CoC / 3m Par Call / MWC / Tax Call / Clean-up Call (80%)
• Denomination: €100,000 and higher integral multiples of €1,000
• Listing: Luxembourg Stock Exchange's Euro MTF
• Clearing: Euroclear / Clearstream, Luxembourg
• Governing Law / Jurisdiction: English law; Courts of England
• Selling Restrictions: As set out in the Preliminary Information Memorandum dated 15-Jun-26
• UoP: General corporate purposes, including acquisitions in Group’s Core Markets and refinancing of secured and unsecured bank debt
• Joint Global Coordinators: Citigroup, Goldman Sachs Bank Europe SE, J.P. Morgan
• Joint Bookrunners: Citigroup (GC/B&D), Erste Group, Goldman Sachs Bank Europe SE (GC), J.P. Morgan (GC), UniCredit
• Selected Covenants: Negative Pledge; Consolidated Leverage Ratio not exceeding 0.60 on any Measurement Date; Consolidated Coverage Ratio shall be at least 2.0:1 on any Measurement Date; Consolidated Secured Leverage Ratio not exceeding 0.40 on any Measurement Date; and on any Measurement Date, the Group will own Unencumbered Consolidated Total Assets equal to 125 per cent. or more of the aggregate outstanding principal amount of Consolidated Total Unsecured Indebtedness
• Target Market: EEA MiFID II professionals/ECPs-only/No EEA PRIIPS KID or CCI product summary
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and underlying legislation. The Final Information Memorandum will be available at: https://www.luxse.com
• Timing: Priced. TOE: 15:33 UKT / 16:33 CET | FTT: 16:00 UKT / 17:00 CET

PRICED: Anglian Water Services Financing €700m 10yr Green Snr Sec; MS+138bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: MS+138bp / 99.108 / 4.362%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 99.67 / B+142.4bp / HR 95%

Final book at reoffer > €2.65bn. Peak book in excess of €3.1bn.

Launched: 10yr: €700m @ MS+138bp - Book in excess of €3.1bn
IPTs: 10yr: MS+170bp area

• Issuer: Anglian Water Services Financing Plc (Ticker: AWLN / Country: GB)
• Issuer LEI: 213800DL377MH46PDY63
• Obligors: Anglian Water Services Limited, Anglian Water Services UK Parent Co Limited and Anglian Water Services Holdings Limited
• Issuer Ratings (Moody’s / Fitch): Baa1 / A- (stable / stable)
• Exp. Issue Rating (Moody’s / Fitch): Baa1 / A-
• Status: Senior, Secured
• Format: Reg S, Bearer, Green, New Global Note (NGN)
• Currency: Euros (“EUR”)
• Tenor: 10Y
• Size: €700m
• Reoffer: 99.108 / 4.362 % / MS+138bp
• Benchmark: DBR 2.9 15-Feb-36 (@99.67) + 142.4bp, HR 95%
• Settlement date: 23-Jun-26 (T+5)
• Maturity date: 23-Jun-36
• Coupon: 4.25% Fixed, Annual, ACT/ACT (ICMA)
• Early redemption: MWC (B+25bp), 3-month Par Call
• Documentation: As per the Issuer’s Global Secured Medium Term Note Programme (Prospectus dated 09-Oct-25 (the “Prospectus”), as supplemented on 02-Mar-26, 06-Mar-26 and 10-Jun-26)
• Denominations: €100k + €1k
• Listing: London Stock Exchange, Regulated Market
• Clearing: Euroclear / Clearstream, Luxembourg
• Use of Proceeds: An amount equal to the net proceeds will be used to finance and/or refinance eligible green projects as defined by Anglian Water's Sustainable Finance Framework.
• Framework/SPO: The Sustainable Finance Framework can be found at: https://www.anglianwatergroup.co.uk/sustainability/sustainable-finance. The SPO can be found at: https://cdn.prod.website-files.com/66755bfa6f4f739e5b6828fb/68398cc6ce0ed363f6e5b026_292.%2520sustainable-finance-framework-assessment-2024.pdf. The Framework and SPO does not form part of the offering materials and any offer is made solely on the basis of the Prospectus documentation and the Final Terms.
• Target Market: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only. No EU PRIIPs key information document( (KID) or CCI product summary has been prepared as not available to retail in the EEA or in the UK.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129, the Public Offers and Admissions to Trading Regulations 2024 and Prospectus Rules: Admission to Trading on a Regulated Market sourcebook. The GMTN prospectus and any supplements are available at https://www.anglianwatergroup.co.uk/debt-investors/reports-prospectuses-and-certificates. The final terms (when published) will be available at www.londonstockexchange.com.
• Selling Restrictions: As set out in “Subscription and Sale” in the Prospectus US Regulation S, Category 2, TEFRA D
• Active Bookrunners: Barclays, ING, J.P. Morgan (B&D), NatWest
• ESG Structuring Coordinator: ING
• ISIN / CUSIP: XS3413969059 / 341396905
• T.O.E.: 14.54 UKT
• Timing: PRICED. FTT 15.30 UKT / 16.30 CET

PRICED: Statnett SF €750m 8.75yr Green Sr Unsec; MS+65bp

IGC European Market: Deal Flow - General

Reoffer: 8.75yr: MS+65bp / 99.383 / 3.585%
Benchmark: 8.75yr: DBR 2.5 15-Feb-35 (TWIN) @ 97.1 / B+70.3 / HR 99%

Final Books > €1.25bn. Peak book > €1.6bn.

Launched: 8.75yr: €750m @ MS+65bp - Books > €1.55bn (at MS+65 pre-rec)
Spread set at: 8.75yr: MS+65bp - Books > €1.6bn
IPTs: 8.75yr: MS+95/100bp

• Issuer: Statnett SF
• Ticker: STATNE
• Country: NO
• LEI Code: 5967007LIEEXZXHAI017
• Ratings: A2 (Stable) by Moody’s, A+ (Stable) by S&P
• Expected Issue Rating: A+ by S&P
• Format / Status: Reg S, Bearer, NGN, Senior, Unsecured
• Size: €750m
• Settlement Date: 23-Jun-26 (T+5)
• Maturity Date: 20-Mar-35 (8.75-year)
• Coupon: 3.500% Fixed, Annual, Act/Act (ICMA), Short First Coupon
• Business Days: T2, Oslo
• ISIN: XS3417524421
• Use of Proceeds: To finance/refinance Eligible Projects meeting the Eligibility Criteria set out in Statnett’s Green Bond Framework 2024
• Documentation: EMTN / Euronext Dublin (Regulated Market) / English Law / €100k + €1k / CoC Put at par/ Clean-up call (80%) at par / 3m Par Call / MWC (Partial or in Whole) B+10 / Tax Call (at par)
• Joint Bookrunners: Barclays (B&D), BNP Paribas, Danske Bank, DNB Carnegie, NatWest
• Selling Restrictions: As stipulated in the EMTN Programme dated 21-May-26 (Reg S Category 2, TEFRA D)
• Target Market: Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or FCA Product Disclosure Sourcebook (DISC) disclosure document has been prepared as the bonds are not available to retail in EEA or the UK.
• Marketing: Investor Presentation available on the Issuer’s website at: https://www.statnett.no/en/about-statnett/investor-relations/investor-presentation/
• Advertisement: The Base Prospectus is available and the Final Terms, when published, will be available at: https://www.euronext.com/en/markets/dublin
• Green Bond Framework: The GBF 2024, the SPO from S&P Global Ratings, and the Allocation and Impact report are available on the Issuer's website (https://www.statnett.no/en/about-statnett/investor-relations/green-financing/)
• Timing: TOE 15.54 UKT / 16.54 CET / FTT 16.15 UKT / 17.15 CET

Green
8.75yr (20 March 2035) @ MS+95 to +100

Implied Spread for fresh 8.75yr @ MS+60

Priced at MS+65
NIC of +5

PRICED: Comunidad Autonoma de Canarias €500m 10yr Sust; SPGB+15bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: SPGB+15bp / 99.959 / 3.506%
Benchmark: 10yr: SPGB 3.300% 30-Apr-36 @ 99.530 (HR 99%)

Final books in excess of €2bn (incl. €200m JLM interest).

Launched: 10yr: €500m @ SPGB+15bp - Orderbooks in excess of €1.6bn (including €200m JLM interest)
Rev Guidance: 10yr: SPGB+17a - Orderbooks in excess of €1.4bn (incl. €100m JLM)
Guidance: 10yr: SPGB+20a

• Issuer: Comunidad Autonoma de Canarias (Ticker: CANARY)
• Issuer LEI: 959800RQJLU7MG8QHW51
• Issuer Rating: A+ (stab) by S&P
• Format: Sustainable, Reg S Cat 1, Dematerialised Book-entry form (No sales into Canada)
• Ranking: Senior, Unsecured
• Risk Weighting: 0% in the Eurozone, LCR Level 1
• Size: €500m
• Settlement: 26-Jun-26 (T+8)
• Maturity: 30-Apr-36
• Coupon: 3.50% Fixed, Annual, Act/Act, short first coupon
• Spread: SPGB 3.3 30-Apr-36 (MID) + 15bps
• Benchmark Ref: SPGB 3.3 30-Apr-36 @ 99.530 / 3.356% yield
• Reoffer: 3.506% yield / 99.959 cash price
• Listing: AIAF
• Gov Law: Spanish
• Min Denoms: €1k+ €1k
• Use of Proceeds: As defined in the Comunidad Autonoma de Canaria’s Sustainable Finance Framework
• Docs: Exempt from prospectus requirements in Spain. Spanish public debt tax regime. No events of default. No tax gross up
• Target Market: The target market for the Bonds is professionals and eligible counterparties (all channels for distribution), each as defined in MIFID II
• Bookrunners: BBVA, CaixaBank, Crédit Agricole CIB, Deutsche Bank (B&D), HSBC and Santander
• ISIN: ES0000093502
• Timing: Priced. TOE: 16.07 CET. FTT: Immediately

ALLOCATIONS OUT: Iberdrola Finanzas €1.5bn 4yr & 10yr EuGB Sr Unsec; MS+40 & MS+80

IGC European Market: Deal Flow - General

4yr: Final Books >€1.65bn. Peak book >€2.2bn (pre-rec)
10yr: Final Books >€2.0bn. Peak book >€2.6bn (pre-rec)

Launched:
4yr: €750m @ MS+40bp - Books >€2.2bn (pre-rec)
10yr: €750m @ MS+80bp - Books >€2.6bn (pre-rec)
IPTs: 4yr: MS+70/75a 10yr: MS+110/115a

• Issuer: Iberdrola Finanzas SAU
• Guarantor: Iberdrola SA
• Issuer/Guarantor LEI: 5493004PZNZWWBOUV388 / 5QK37QC7NWOJ8D7WVQ45
• Ranking: Senior Unsecured Notes
• Format: Bearer, Reg S, NGN, European Green Bond
• Ratings of the Guarantor: Baa1/BBB+/BBB+ (all stable) (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa1/BBB+/A- (Moody's/S&P/Fitch)
• Size: €750m (4yr tranche) and €750m (10yr tranche)
• ISINs:
• • 4yr: XS3418565829
  • 10yr: XS3418566124
• Trade Date: 16-Jun-26
• Settlement Date: 25-Jun-26 (T+7)
• Maturity Date:
• • 4yr: 25-Jun-30
  • 10yr: 25-Jun-36
• Interest Payment Date: Interest on the Notes will be paid annually, in arrear, on 25-Jun each year, commencing on 25-Jun-27
• Day Count: Actual/Actual (ICMA)
• Listing and Trading: Luxembourg Stock Exchange
• Documentation: Eurobond issue under the €40bn EMTN Programme dated 28-May-26
• Denominations: €100k x €100k
• Governing Law: English law, save for the status of the Notes and the status of the corresponding Guarantee which will be governed by, and shall be construed in accordance with, Spanish law
• Put/Call Options: Change of Control Put Option, 3-month par call, MWC, Clean-up Call (75%)
• Use of Proceeds: The net proceeds will be fully allocated to activities that are 100% environmentally sustainable under Article 3 of Regulation (EU) 2020/852, as detailed in the Issuer’s European Green Bond Factsheet
• Target Market: The manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or in the UK
• Selling Restrictions: As per the EMTN programme
• Global Coordinators: HSBC and Santander
• Active Bookrunners: CaixaBank, Crédit Agricole CIB, HSBC, IMI - Intesa Sanpaolo, Natixis, NatWest, Santander (B&D) and Scotiabank
• Passive Bookrunners: Bankinter, ICBC, Helaba and Banco Sabadell
• Advertisement: The Base Prospectus of the EMTN Programme is available at www.iberdrola.com, and the Final Terms, when published, will be available at www.bourse.lu The Framework for Green Financing and SPO are available on the website of the issuer (www.iberdrola.com)
• Timing: Books subject at 12.40 UKT / 1.40 CET.

Green / EuGB
4yr (June 2030) @ MS+70 to +75 area

Implied Spread for fresh 4yr @ MS+35

Priced at MS+40
NIC of +5

Green / EuGB
10yr (June 2036) @ MS+110 to +115 area

Implied Spread for fresh 10yr @ MS+84

Priced at MS+80
NIC of +4

• Details correct at time of posting