Commentary & Deal Flow

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