Commentary & Deal Flow

Launched: Long 6yr: €500m @ MS+38bp - Books above €1.2bn (incl. 245mn JLM)
Book Update: Books above €1bn (incl. 245m JLMs)
Guidance: Long 6yr: MS+44a

• Issuer: Mediobanca – Banca di Credito Finanziario S.p.A.
• Ticker: BACRED
• Issuer LEI: PSNL19R2RXX5U3QWHI44
• Guarantor: Mediobanca Covered Bond S.r.l.
• Issue Type: Obbligazione Bancaria Garantita Europea (Premium), 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
• Expected Issue Rating: AA (Fitch)
• Tenor: Long 6-year, Soft Bullet with 12 months extension period if applicable
• Issue Size: €500m
• Settlement Date: 24-Jun-26 (T+5)
• Maturity Date: 24-Aug-32
• Extended Maturity: 24-Aug-33
• Coupon: [●]% per annum payable annually in arrear, Act/Act (ICMA)
• First Interest Payment Date: 24-Aug-27 (long first coupon)
• Floating Rate Provision: Applicable in respect of the Extended Maturity Date if payment on the Final Redemption Amount is deferred pursuant to Condition 8(b) (Extension of maturity). Floating margin of 3 month Euribor +[●]bps
• Re-offer Spread: MS+38bp
• Use of Proceeds: General Corporate purposes
• ISIN: IT0005717944
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Settlement: Euronext Securities Milan (Monte Titoli)
• Denominations: €100,000 + integral multiples of €1,000
• Governing Law: Italian Law
• Documentation: Issued off the Issuer’s Euro 10 billion Covered Bond Programme dated 16-Mar-26 (and supplemented on 13-May-26 and 16-Jun-26) unconditionally and irrevocably guaranteed as to payments of interest and principal by Mediobanca Covered Bond S.r.l.
• MIFID II Target Market: Manufacturer target market (EU 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 CCI product summary has been prepared as not available to retail in the EEA or the UK
• Global Coordinator: Mediobanca
• Joint Bookrunners: CaixaBank, Commerzbank, Mediobanca, Natixis, Nomura, Raiffeisen Bank International, Santander (B&D) and Société Générale
• Timing: Books open, Today’s Business. Books to close 12:10 UK / 13:10 CET - pricing later today.
• Advertisement: The Base Prospectus, any applicable Supplements and the Final Terms, when published, will be available at: : MEDIOBANCA - BANCA DI CREDITO FINANZIARIO | LuxSE