Commentary & Deal Flow

• A comparatively light session today ahead of the Fed announcement State side. The market took a breather compared to recent high volume sessions. That said, European € IG primary markets still delivered €4.405bn from 8 issuers / 8 tranches (4 x Corp, 3 x FIG & 1 x SSA).
• No particular bias in terms of borrower type, although average deal sizes were notably smaller, with the largest print of the session €750m from Nykredit.
• Unsecured financials favoured ‘senior non-preferreds’, while half of the corporate prints were ‘Green’ issues.
• There is a case that ‘Ferrovie dello Stato Italiane‘ - who brought a 5 year green bond today - is an SSA. We have it as a corporate (detail & rationale below).
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €2.205bn
    • Avg. tranche size €551m
    • Avg. IPT to Pricing -26.75bps
    • Avg. cover 2.93 X
  • FIG
  • • Total IG: €1.95bn
    • Avg. tranche size €650m
    • Avg. IPT to Pricing -26bps (unsecured) - €1.45bn
    • Avg. IPT to Pricing -6.bps (covered) - €500m
    • Avg. cover 2.49 X
  • SSA
  • • Total IG: €250m
    • Avg. tranche size €250m
    • Avg. IPT to Pricing 0 bps
    • Avg. cover NA
• Barclays Plc brought a dual-tranche Swiss Franc IG print today totalling Chf405m.
• No Sterling IG issuance for the second day in a row today.
• The pipeline is cleared, with the exception of the long-standing Saxony-Anhalt trade which has been touted since the end of May.
• Pipeline:
• • 1 x € SSA

Euro IG (today)

Corporate

• Having mandated on Monday, Lanxess AG (exp. Issue ratings of Ba1 / BBB by Moody’s & Scope), brought its anticipated €500m (wng) Reg S, senior unsecured 5 year. The deal had IPTs in the area of a 5.0% yield (equivalent to MS+223 at the time of the announcement. As the issuer is rated IG from Scope, we have included it in our IG data. Books first quoted over €1.5bn (pre-rec), with guidance sharpened to 4.75% area (annual yield). Pre-rec books were over €1.45bn at guidance & the deal priced a further eight tighter at an annual yield of 4.625%. Final books were €900m (coupon of 4.375%).
• Also, having mandated on Monday, EEW Energy from Waste GmbH (exp. Issue ratings of BBB- / BBB- by S&P & Fitch) & guaranteed by EEW Holding GmbH, brought its €500m (exp), 3 year bearer, senior unsecured Green bond offering. IPTs on the trade were in the range of MS+135 to 140. Books were over €1.4bn, shrinking to >€1.1bn & spread set at MS+120. The size was set at €555m & the trade priced at that MS+120 level.
• Italy's State owned railway network & transport operator Ferrovie dello Stato Italiane S.p.A. (exp. Issue ratings of BBB+ / BBB+ by S&P & Fitch) brought an expected €500m green, senior unsecured issue with IPTs of BTP’s +40 area / equivalent to MS+69 area at the time of the announcement. As an aside - the entity is 100% state owned. There is an argument that the borrower is in fact an SSA (given the ownership - & its systemic importance to Italy - rail network & transport infrastructure). That said, it operates commercial businesses that are in competition with other businesses & it is structured as a Corporate. Its credit ratings are in line with the Italian Sovereign (BBB+) reflecting that implied support. In brief, its risk profile is that of an SSA, but it is viewed by many as a Corporate. With relatively light supply today & a book over €2bn (exc. JLMs), the borrower elected to take a little more than expected, pricing €650m at BTP+25; some 15bps tighter than IPTs. Final books were above €1.85bn (exc. JLMs).
• Clearing the week's Corporate pipeline of deals, Athens International Airport S.A. (exp. Issue ratings of Baa1 / BBB+ by Moody’s & S&P), brought its debut € benchmark, senior unsecured, fixed rate, Reg S Bearer, 7 year. IPTs were in the area of MS+135. Initial books were over €2bn (exc. JLMs), rising to €3.25bn. Size had set at €500m & the deal priced 37bps tighter than IPTs at MS+98. Final books were in excess of €2.6bn at re-offer. Not formally priced at time of going to press.

FIG

• The first FIG trade to announce this morning came from Mediobanca – Banca di Credito Finanziario S.p.A. (exp. Issue rating of AA by Fitch) with a €500m (wng), long 6 year covered issue. The Obbligazione Bancaria Garantita Europea (Premium), European Covered Bond label (Premium), carried guidance of MS+44 area. Books were first cited as being over €1bn (inc. €245m JLMs). Final books at re-offer were over €1.3bn (inc. €235m JLMs) & the deal priced at MS+38; 6bps tighter than IPTs (in line with recent covered issuance) & flat to comps.
• Denmark's Nykredit Realkredit (exp. Issue ratings of BBB+ / A+ by S&P & Fitch), announced a benchmark senior non-preferred 7.25 year with IPTs in the area of MS+125. Books were in excess of €2.1bn. The trade sized at €750m & priced at MS+100. Final books were in excess of €2bn.
• Unicaja Banco, S.A. (exp. Issue rating of BBB by Fitch), announced a benchmark senior non-preferred 7NC6 green bond with IPTs in the area of MS+130. Initial books were over €1.5bn (inc. €50m JLMs), rising to over €2bn (inc. €85m JLMs). Spread set 27bps tighter at MS+103. The deal sized at €700m & priced at that MS+103 level, offering investors a NIC of 3bps. Final books were €1.55bn.

SSA

• Having announced yesterday Investitionsbank des Landes Brandenburg (rated AAA by Fitch), the explicitly guaranteed development agency of the Federal State of Brandenburg, brought its €250m (wng) senior unsecured 3 year transaction (0% risk weighted, LCR Level 1). Books opened at MS+5 area. Spread set early at the same level, with books going subject mid-morning. Book size was not disclosed 

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)

FIG

• Barclays Plc ‘Hold Co’ (exp. Issue ratings of Baa1 / BBB+ / A by Moody’s, S&P & Fitch) announced a dual-tranche senior offering, with a 5NC4 with IPTs of SARON MS +85 to +90 & an 8NC7 with IPTs of +105 to +110. No size aspirations were made, & the tranches will be sized based on demand. First sizes reported as Chf125m & Chf175m respectively. The next size updates bumped to Chf150m & Chf190m, with the spread setting for the 5NC4 at MS+87 (0.5bp tighter than the mid point of IPTs) & MS+108 for the 8NC7 (0.5bp wider than the mid-point of IPTs). Books were set to close before midday. The total final deal size was Chf405m (split Chf180m & Chf225m). 

Week-to-date volumes:

US$ Reg S (today)

FIG

• Having announced yesterday Zurich Finance Ireland DAC (exp. Issue ratings of Aa3 / AA- by Moody’s & S&P), guaranteed by Zurich Insurance Company Ltd, brought a $500m (wng) 7 year senior unsecured offering with IPTs of T+100 area. Books were first called at over $1bn, rising to >$1.75bn (pre-rec). The $500m deal priced at T+25, 25bps tighter than IPTs.

Pending Deals & Mandates 

Euro (€)

• 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.

Transaction Details 

PRICED: Unicaja Banco €700m 7NC6 Green SNP; MS+103bp

IGC European Market: Deal Flow - General

Reoffer: 7NC6: MS+103bp / 99.52 / 3.841%
Benchmark: 7NC6: DBR 0% Feb-32 @ 86.128 / B+116.8 / HR 110%

Final Books > €1.55bn. Peak book over €2.0bn (incl. €85m JLMs, pre-rec)

Launched: 7NC6: €700m @ MS+103bp - Books over €2.0bn (incl. €85m JLMs, pre-rec)
Book Update: Books over €1.50bn (incl. €50m JLM interest)
IPTs: 7NC6: MS+130a

• Issuer: Unicaja Banco, S.A. (Ticker: UCAJLN)
• LEI number: 5493007SJLLCTM6J6M37
• Issuer Rating: A3 Stable (Moody's), BBB+ Stable (Fitch)
• Instrument: MREL eligible Green Senior Non-Preferred Notes
• Expected Issue Rating: BBB (Fitch)
• Status: Direct, unconditional, unsecured and unsubordinated obligations (créditos ordinarios) that rank: (i) senior to any subordinated obligations (créditos subordinados) of the Bank in accordance with Article 281.1 of the Insolvency Law; (ii) pari passu among themselves and with any Senior Non-Preferred Liabilities and (iii) junior to Senior Preferred Liabilities
• Form of Securities: Reg S, Book-entry notes (dematerialised)
• Use of Proceeds: Green Notes. As described in the “Use of Proceeds” section (b) of the Issuer’s EMTN Programme. The Notes will be used by the Issuer to the financing and/or refinancing, in full or in part, of new and/or existing loans, investments or projects that meet the eligibility criteria outlined in the Green Bond Framework (the “Green Eligible Projects”). Source: (https://www.unicajabanco.com/en/inversores-y-accionistas/emisiones/marco-de-bonos-verdes).
• Size: €700m
• Format: 7y Non-Call 6y
• Pricing Date: 17-Jun-26
• Settlement Date: 26-Jun-26, T+7
• Call Date: 26-Jun-32 (6 years)
• Maturity Date: 26-Jun-33 (7 years)
• Reoffer: MS+103bps, 99.52%, 3.841%
• vs Reference: +116.8bps vs DBR 0% Feb-32 (px 86.128% - HR 110%)
• Optional Redemption Date / Reset Date: 26-Jun-32 (one-time call option, at par together with any accrued and unpaid interest, in whole and not in part, at the Issuer’s discretion and subject to such redemption being permitted by the Applicable Banking Regulations and taking place in accordance with Applicable Banking Regulations in force at the relevant time and subject to the prior permission of the Relevant Resolution Authority, if and as applicable)
• Coupon: 3.75% per cent per annum. Fixed, annual, until the Reset Date (excluded). If not redeemed on the Reset Date, then resets to 1-year Mid-Swap Rate + Reset Margin [•] bps (subject to Benchmark Discontinuation).
• Coupon Payment Date: 26 June every year, commencing on 26-Jun-27
• Coupon Calculation: Fixed Rate, Act/Act (ICMA), Following Business Day, Unadjusted
• Business Days: T2
• Denominations: €100,000 + 100,000
• Event of Default: There are no events of default under the Notes which could lead to an acceleration of the Notes save if an order is made by any competent court commencing insolvency proceedings against the Bank or if any order is made by any competent court or resolution passed for the winding up or liquidation of the Bank (save as provided in the Terms and Conditions)
• Optional Redemption: The Notes are redeemable at the option of the Bank in whole, but not in part, at any time if a MREL Disqualification Event (disqualification of all or part of the Notes as MREL-Eligible Instruments of the Group) or a Tax Event (additional amounts, loss of deductibility or lower deductibility, or tax treatment of the Notes materially affected) has occurred and is continuing, at their principal amount together with any accrued and unpaid interest up to (but excluding) the date fixed for redemption, subject, in each case, to such redemption being permitted by the Applicable Banking Regulations and taking place in accordance with Applicable Banking Regulations in force at the relevant time and subject to the prior permission of the Relevant Resolution Authority, if and as applicable
• Residual Call: If, at any time, the Outstanding Principal Amount of the Notes is equal or less of the Residual Percentage of the aggregate nominal amount of the Notes originally issued (and, for these purposes, any further Notes issued and consolidated with the Notes as part of the same Series shall be deemed to have been originally issued), the Issuer may redeem all (but not some only) of the remaining outstanding Notes on any date, at the Optional Redemption Amount (Residual Call) together with any accrued and unpaid interest up to (but excluding) the date of redemption, subject to such redemption being permitted by the Applicable Banking Regulations and taking place in accordance with Applicable Banking Regulations in force at the relevant time and subject to the prior permission of the Relevant Resolution Authority, if and as applicable
• Residual Percentage: 25%
• Optional Redemption Amount (Residual Call): Outstanding Principal Amount of the Notes
• Substitution and Variation: Subject to Supervisory Permission, when applicable, and in accordance with Applicable Banking Regulations, if a MREL Disqualification Event or Tax Event has occurred and is continuing, the Bank may at any time substitute all (but not some only) of the Notes or vary the terms of all (but not some only) of the Notes, without the consent or approval of the Holders, so that they become or remain Qualifying Notes.
• Waiver of set-off rights: No Holder may at any time exercise or claim any Waived Set-Off Rights against any right, claim or liability the Bank has or may have or acquire against such Holder, directly or indirectly, howsoever arising 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
• Loss Absorption: The obligations of the Bank under the Notes are subject to, and may be limited, by the exercise of any Loss Absorbing Power by the Relevant Resolution Authority
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in connection with the transaction
• Joint Bookrunners: BNP Paribas (B&D), Crédit Agricole CIB, Deutsche Bank, ING, Natixis, Nomura
• Clearing System: Iberclear
• Listing: Spanish AIAF Fixed Income Securities Market
• Governing Law: Spanish Law
• Documentation: Issuer’s €3,500,000,000 EMTN Base Prospectus dated 16-Apr-26 and registered in the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores) as supplemented on 04-Jun-26 (the "Base Prospectus")
• Selling Restrictions: There are restrictions on the distribution of the Base Prospectus and the offer or sale of Notes in the United States, the EEA, the UK, Spain and Italy, see “Subscription and Sale”.
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is Eligible Counterparties and Professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as the Notes will not be available to retail investors in the EEA or the UK
• ISIN / Common Code: ES0280907066 / 342001858
• Timing: Priced TOE 14.38 CET - 13.38 UKT / FTT 14.50 CET - 13.50 UKT
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus is, and the Final Terms will be, available at https://www.cnmv.es/portal/Consultas/Folletos/FolletosEmisionOPV?nif=A93139053

Green Senior Non-Preferred

7NC6 (June 2033) @ MS+130 area

Implied Spread for fresh 7NC6 @ MS+100

Priced at MS+103
NIC of +3

PRICED: Investitionsbank des Landes Brandenburg €250m 3yr Sr Unsec; MS+5bp

IGC European Market: Deal Flow - SSA

Reoffer: 3yr: MS+5bp / 99.858 / 2.8%
Benchmark: 3yr: OBL 2.10% 04-Dec-29 @ 98.749 / B+23.5 / HR 106%

Launched: 3yr: €250m @ MS+5bp - Books subject 10.10 UKT / 11.10 CET
Guidance: 3yr: MS+5a

• Issuer: Investitionsbank des Landes Brandenburg
• Ticker: ILBB
• LEI: 5299009T1JIGA56W7T95
• Guarantor: Federal State of Brandenburg (rated Aaa by Moody's)
• Format: Reg S Bearer (0% rw, senior unsecured, LCR Level 1)
• Selling restrictions: Selling restrictions apply to the US and Japan
• Issuer Rating: AAA by Fitch
• Exp. Issue Rating: AAA by Fitch
• Size: €250m
• Coupon: 2.75%, fixed rate, annual, act/act ICMA, short first
• Settlement: 24-Jun-26 (T+5)
• Maturity: 22-Jun-29 (3Y)
• Reoffer: MS+5 bps, 99.858%, yld 2.800%
• Benchmark: OBL 2.10% 04-Dec-29 (DE000BU25026) + 23.5 @ 98.749/ HR: 106%
• Law/List/Denoms: German / Frankfurt / 100k+100k
• ISIN: DE000A460NF8
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Joint Leads: DZ BANK, Helaba, LBBW (B&D), Nordea and NORD/LB
• 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: 11.55 CET, FTT: 12.10 CET

PRICED: Barclays PLC CHF 405m 5NC4 & 8NC7 Sr Unsec; SARON MS+87 & SARON MS+108

IGC European Market: Deal Flow - General

Reoffer: 5NC4: SARON MS+87 / 100 / 1.10% 8NC7: SARON MS+108 / 100 / 1.493%

Spread set at: 5NC4: SARON MS+87bp 8NC7: SARON MS+108bp
IPTs: 5NC4: SARON MS+85/90bp 8NC7: SARON MS+105/110bp

• Issuer: Barclays PLC (Ticker: BACR)
• Issuer Domicile: United Kingdom
• Format: Fixed Rate Resetting Senior Callable Notes
• Status: Senior, Unsecured, Unsubordinated
• Issuer Rating: Baa1 (Stable) / BBB+ (Stable) / A (Stable) (Moody's/S&P/Fitch)
• Instrument Rating (exp): Baa1 / BBB+ / A (Moody's/S&P/Fitch)
• Issue Size:
• • 5NC4: CHF 180m
  • 8NC7: CHF 225m
• Coupon:
• • 5NC4: 1.10% p.a. until the Call Date. Thereafter the sum of 1y CHF SARON MS and the initial spread margin of 87 basis points
  • 8NC7: 1.493% p.a. until the Call Date. Thereafter the sum of 1y CHF SARON MS and the initial spread margin of 108 basis points
• Settlement Date: 24-Jun-26
• Optional Redemption Date (Call):
• • 5NC4: 24-Jun-30
  • 8NC7: 24-Jun-33
• Maturity Date:
• • 5NC4: 24-Jun-31
  • 8NC7: 24-Jun-34
• Issue Price:
• • 5NC4: 100%
  • 8NC7: 100%
• Spread/Yield:
• • 5NC4: SARON MS +87 / YTC 1.10% / Govt.+99
  • 8NC7: SARON MS +108 / YTC 1.493% / Govt.+127
• ISIN / Security Number:
• • 5NC4: CH1571219299 / 157121929
  • 8NC7: CH1571219307 / 157121930
• Lead Managers: Commerzbank, DB, UBS, Barclays (JLNB)
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Issued off the Debt Issuance Programme Base Prospectus dated 24 February 2026, as supplemented on 29 April 2026 (the “Prospectus”).
• FinSA Prospectus: Delayed prospectus approval in accordance with art. 51(2) FinSA
• Governing Law: English
• Covenants: PP
• SIX Listing: 22-Jun-26
• Denomination: CHF 200,000 and multiples thereof
• Sales Restrictions: United States (Reg S, Cat 2), UK, EEA, France, Canada, Japan, PRC, Hong Kong, Norway, Singapore, Australia and the Republic of Italy as more fully described in the Subscription and Sale section as set out in the Prospectus
• Target Market: Manufacturer target market (MiFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all channels for distribution). Public Offering in Switzerland only.

PRICED: EEW Energy from Waste €555m 3yr Green Sr Unsec; MS+120bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+120bp / 99.775 / 3.956%
Benchmark: 3yr: OBL 2.1 29-Apr-29 @ 98.725 / B+138.2bp (HR: 104%)

Final Books > €1.1bn. Peak book > €1.4bn

Launched: 3yr: €555m @ MS+120bp - Books > €1.4bn
IPTs: 3yr: MS+135/140bp

• Issuer: EEW Energy from Waste GmbH (Ticker: EONWGR, Country: DE)
• Issuer LEI: 529900YYYN57F8GSXH16
• Guarantor: EEW Holding GmbH
• Guarantor LEI: 529900UN0161JNEFVQ23
• Issuer Rating: BBB- (negative) by S&P and BBB- (stable) by Fitch
• Exp. Issue Rating: BBB- by S&P and BBB- by Fitch
• Format: Senior, unsecured, Reg S Bearer, NGN, Green
• Trade Date: 17-Jun-26
• Settlement Date: 24-Jun-26 (T+5)
• Maturity: 24-Jun-29
• Tenor: 3-year
• Size: €555m
• Re-offer: MS+120bps / 99.775 / 3.956%
• Benchmark: 138.2bp vs OBL 2.1 29-Apr-29 #189 @98.725 / 2.574% (HR: 104%)
• MWC: B+25
• Coupon: 3.875% Fixed, Annual, ACT/ACT (ICMA)
• Payment Days: Following, unadjusted
• ISIN: XS3385465482
• Early Redemption: Tax Call, Clean-up Call (80%), CoC, 1m Par Call, MWC
• Docs: Standalone, including a preliminary prospectus and a final listing prospectus (together the “Prospectus”)
• Denomination: €100k+100k
• Listing: EuroMTF of the Luxembourg Stock Exchange
• Clearing System: Euroclear / Clearstream Banking Luxembourg
• Governing Law: German Law
• Selling Restrictions: US: Regulation S (Cat 1), TEFRA D, EEA, UK, Singapore, Japan and Switzerland
• Use of Proceeds: An amount equivalent to the net proceeds of the Notes is intended to be applied to finance orre-finance, in part or in whole, new and/or existing Eligible Green Projects in accordance withthe Green Financing Framework, dated March 2026
• Marketing: URL: https://dealroadshow.comEntry Code: EEW2026Direct Link: https://dealroadshow.com/e/EEW2026
• Target Market: Manufacturer target market (MiFID II (Directive 2014/65/EU (as amended) product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK.
• Green Structuring Advisor: Crédit Agricole CIB
• Joint Lead Managers and Joint Bookrunners: BNP Paribas, Crédit Agricole CIB, Deutsche Bank (B&D)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 (as amended) and underlying legislation. It is not a prospectus. The Prospectus, when published, will be available at: https://www.luxse.com
• Green Financing Framework: The Green Finance Framework and the Second-Party Opinion are available on: https://www.eew-energyfromwaste.com/en/about-us/investor-relations/
• Timing: TOE: 13:40 UKT | FTT: 14:15 UKT

PRICED: Zurich Insurance Company US$500m 7yr Sr Unsec; T+75bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: T+75bp / 99.726 / 5.047%
Benchmark: 7yr: T 4.25 31-May-33 @ 99-23 / B+75 / HR 98%

Books: Peak book >US$1.75bn (pre-rec)

Launched: 7yr: US$500m @ T+75bp - Books >US$1.75bn (pre-rec)
Book Update: Books US$1bn+
IPTs: 7yr: T+100a

• Issuer: Zurich Finance (Ireland) DAC (ticker: ZURNVX)
• Guarantor: Zurich Insurance Company Ltd (“ZIC”)
• Description: US$ Fixed Rate Senior Notes due 24 June 2033
• Status of Notes: Senior Unsecured, Reg S
• Guarantor Senior unsecured Ratings (ZIC IFSR): Aa3 (Moody's) / AA- (S&P)
• Expected Issue Ratings: Aa3 (Moody's) / AA- (S&P)
• Size: US$500m
• Benchmark: T 4.25 31-May-33
• Settlement Date: 24-Jun-26 (T+5)
• Maturity: 24-Jun-33
• Coupon: 5.000% per annum, payable semi-annually in arrear on 24 June & 24 December each year, commencing on 24-Dec-26 to and including the Maturity Date
• Reoffer: 5.047% SA / 99.726
• Benchmark: T 4.25 31-May-33 +75bps (Spot: 99-23 / HR: 98%)
• Early Redemption: Clean Up Call (75%), 3 Month Par Call (at any time in the 3 (three) months prior to the Maturity Date)
• Governing Law: The Notes, and any non-contractual obligations arising out of or in connection with them, will be governed by English law. The guarantee will be governed by Swiss law
• Business Day: New York + London
• Business Convention / Day Count: Following (unadjusted), 30/360
• Denominations/Listing: US$200k + 1k increments / Luxembourg MTF
• Documentation: Zurich EMTN Base Prospectus dated 19-May-26
• Form: Reg S / Bearer
• Joint Lead Managers: Citi (B&D), HSBC, UBS
• Sales Restrictions: Reg. S Category 2, TEFRA D. Any sales of the Notes must be made in compliance with all applicable selling restrictions and as per the prospectus, in particular in Switzerland (no public offer), U.S., EEA, UK, Ireland, Japan, Singapore, Australia, Belgium and Canada
• Target Market: Manufacturer target market (MIFID II product governance and UK MIFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels).
• PRIIPs/ UK CCI: 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 the UK
• Issuer LEI: 549300E0FVHYR37EGX65
• Settlement: Euroclear
• ISIN: XS3418658756
• Use of Proceeds: The net proceeds will be used for general corporate purposes including potential refinancing of existing debt of the Zurich Insurance Group
• Timing: Priced. TOE 1404UKT / FTT 1430UKT

PRICED: Ferrovie dello Stato Italiane €650m 5yr Green Sr Unsec; BTP+25bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: BTP+25bp / 99.628 / 3.332%
Benchmark: 5yr: BTPS 3.15% 06-Jan-31 @ 100.410 / 3.082%

Final Books above €1.85bn (excl. JLMs). Peak book in excess of €2bn (excl JLM).

Launched: 5yr: €650m @ BTP+25bp - Books in excess of €2bn (excl JLM)
IPTs: 5yr: BTP 3.15 01-Jun-31 + 40a (equiv. MS+69a)

• Issuer: Ferrovie dello Stato Italiane S.p.A. (Ticker: FERROV, Country: IT)
• Issuer’s LEI Code: 549300J4SXC5ALCJM731
• Issuer Rating: BBB+ (S&P) stable / BBB+ (Fitch) stable
• Expected Issue Rating: BBB+ (S&P) / BBB+ (Fitch)
• Status of the Notes: Senior Unsecured Notes
• Issue Size: €650m
• Tenor: 5 years
• Settlement Date: 24-Jun-26 (T+5)
• Maturity Date: 24-Jun-31 (5-year)
• Re-offer: BTP 3.15 06-Jan-31 + 25 bps // 3.332% // 99.628 (equiv. MS+54.7bps)
• Benchmark: BTPS 3.15% 06-Jan-31 (HR: 100%) @100.410 // 3.082%
• Coupon: 3.250% Fixed annual Actual / Actual (ICMA), unadjusted
• Denominations: €100,000 + integral multiples of €1,000 in excess thereof up to, and including, €199,000
• Listing Venues: Euronext Dublin - Regulated Market / Borsa Italiana S.p.A. (M.O.T.) (Regulated Market)
• Clearing: Euroclear / Clearstream
• Governing Law: English law
• Documentation: Issuer’s EMTN Programme dated 15-Oct-25 as supplemented on 10-Feb-26 and on 04-Jun-26 (the “Base Prospectus”) Terms and Conditions of the Notes in Physical Form
• Put / Call Options: Change of Control Put Option as per Condition 9(g) of the Terms and Conditions of the Notes in Physical Form
• Active Bookrunners: Barclays, BNP Paribas, Crédit Agricole CIB (B&D), IMI-Intesa Sanpaolo, Morgan Stanley and UniCredit
• Passive Bookrunners: Banca Akros, CaixaBank, ING
• Use of Proceeds: An amount equal to the net proceeds will be allocated to finance 100% EU Taxonomy aligned projects (as per SPO), specifically investments in Italy in both passengers’ transport and rail infrastructure as further described in the issuer Green Bond Framework
• Green Bond Framework/Second Party Opinion: The Green Bond Framework and the Second Party Opinion are available at: https://www.fsitaliane.it/content/fsitaliane/en/investor-relations/debt-and-credit-rating/green-bond-framework.html
• Second Party Opinion: Sustainalytics
• Selling Restrictions: U.S. Reg. S, Category 2, TEFRA D; EEA and UK
• Form of the Notes: Bearer, New Global Notes (NGN)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus is available and the Final Terms, when published, will be available at: https://live.euronext.com/en/product/bonds-detail/p642%7C22330/documents
• Target Market: MiFID II/UK MiFIR Eligible Counterparties and Professional Clients only (all distribution channels). No EU PRIIPs/UK PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA or in the UK
• ISIN / Common Code: XS3420368998 // 342036899
• Stabilisation: FCA/ICMA
• Timing: Priced // TOE: 15:22 CET // FTT: 15:45 CET

PRICED: Nykredit Realkredit €750m 7.25yr SNP; MS+100bp

IGC European Market: Deal Flow - General

Reoffer: 7.25yr: MS+100bp / 99.323 / 3.861%
Benchmark: 7.25yr: DBR 2.6 15-Aug-33 @ 98.81 / B+107.6 / HR 97%

Final Orderbooks in excess of €2bn. Peak book in excess of €2.1bn.

Launched: 7.25yr: €750m @ MS+100bp - Orderbooks in excess of €2.1bn
IPTs: 7.25yr: MS+125a

• Issuer: Nykredit Realkredit A/S
• Ticker: NYKRE
• LEI: LIU16F6VZJSD6UKHD557
• Issuer Ratings: A+ (stable) by S&P / AA (stable) by Fitch
• Expected Issue Ratings: BBB+ by S&P / A+ by Fitch
• Status: Direct and unsecured debt obligations of the Issuer and shall at all times rank: (i) pari passu without any preference among themselves; (ii) pari passu with any other obligations or instruments of the Issuer that rank or are expressed to rank pari passu with the Notes; (iii) senior to holders of the Issuer’s ordinary shares and any subordinated obligations or capital instruments of the Issuer; (iv) junior to present or future claims of unsubordinated creditors of the Issuer, as provided for in Condition 4(b) (Status of the Notes)
• Issue Amount: €750m
• Final Spread: MS+100bps
• Reoffer: 99.323 / 3.861%
• Benchmark: DBR 2.6 15-Aug-33 + 107.6bps (Spot 98.81) HR 97%
• Pricing Date: 17-Jun-26
• Issue Date: 26-Jun-26 (T+7)
• Maturity Date: 26-Sep-33
• Coupon: 3.750% Fixed, Annually, Act/Act ICMA, short first
• Regulatory Call: Applicable
• Tax Call: Applicable
• Substitution and Variation: Applicable
• Statutory Loss Absorption: Upon the occurrence of a Resolution Event, the Outstanding Principal Amounts of such Notes may be written-down permanently (in whole or in part) or such Notes may be converted (in whole or in part) into a subordinated instrument of the Issuer, all as determined by the Relevant Regulator and/or the DanishResolution Authority as described, and subject as provided for in Condition 6 (Loss absorption following a Resolution Event).
• Listing: Nasdaq Copenhagen A/S (Regulated market)
• Clearing: Euroclear / Clearstream Luxembourg & VP Securities A/S
• Denomination: €100,000 + 1,000 increments
• Governing Law: Danish Law
• Security Format: Reg S, Bearer
• ISIN: DK0030566781
• Documentation: €15bn Euro Medium Term Note Programme (base prospectus dated 8 May 2026, the “Base Prospectus”)
• Joint Lead Managers: BBVA, BNP Paribas (B&D / DM), Helaba, Morgan Stanley, Nykredit Bank
• Selling Restrictions: US (Reg S = Cat 2 / TEFRA = N/A), UK, Denmark, Japan. No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK.
• Target Market: Manufacturer target market (MiFID II/ UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus, and the supplements thereto, and the Final Terms (when published) are available at https://www.nykredit.com/en-gb/investor-relations/
• Timing: Priced
• FTT: 14.19 CET / 15.19 UKT
• ToE: 14.30 CET / 15.30 UKT

PRICED: Mediobanca – Banca di Credito Finanziario €500m Long 6yr CB; MS+38bp

IGC European Market: Deal Flow - General

Reoffer: Long 6yr: MS+38bp / 99.555 / 3.204%
Benchmark: Long 6yr: DBR 1.7 Aug-32 @ 94.400 / B+50.5bp / HR 102%

Final Books: >€1.3bn (incl. €235m JLM). Peak book >€1.3bn.

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: 3.125% 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 +38bps
• Reoffer Spread: MS+38bp
• Reoffer Price: 99.555
• Reoffer Yield: 3.204%
• Benchmark: DBR Aug-32 + 50.5bps (94.400%) HR:102%
• 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: Priced. TOE: 15:47 CET, FTT: 16:00 CET
• Advertisement: The Base Prospectus, any applicable Supplements and the Final Terms, when published, will be available at: : MEDIOBANCA - BANCA DI CREDITO FINANZIARIO | LuxSE

Covered

Long 6yr (August 2032) @ MS+44 area

Implied Spread for fresh Long 6yr @ MS+38

Priced at MS+38
NIC of 0

PRICED: LANXESS AG €500m 5yr Sr Unsec; 4.625%

IGC European Market: Deal Flow - General

Reoffer: 5yr: 4.625% / 98.906 / MS+183.3
Benchmark: 5yr: OBL 2.5 31-Dec-31 #193 @ 99.269 / B+196.6

Final books over €900m. Peak book over €1.45bn (pre-rec).

Launched: 5yr: €500m @ 4.625%
Guidance: 5yr: 4.75%a - Books over €1.45bn (pre-rec)
IPTs: 5yr: 5.00%a

• Issuer: LANXESS AG
• Ticker: LXSGR
• Country: Germany
• LEI: 529900PTLRE72EMYIJ77
• Issuer Rating: Ba1 (negative) by Moody’s, BBB (negative) by Scope Ratings
• Expected Issue Rating: Ba1 by Moody’s, BBB by Scope Ratings
• Format: Senior, Unsecured, Reg S Bearer
• Size: €500m
• Settlement: 24-Jun-26 (T+5)
• Maturity: 24-Jun-31
• Coupon: 4.375% Fixed, Annually, ACT/ACT (ICMA)
• Reoffer Price: 98.906
• Reoffer Yield: 4.625%
• Reoffer Spread: MS+183.3
• ISIN: XS3402928637
• Documentation: Debt Issuance Programme
• Listing: Luxembourg Stock Exchange (regulated market)
• Governing Law: German Law
• Denominations: €100,000 x €100,000
• Change of Control: Yes
• Make-Whole Call: B+30bps
• Issuer Call Options: 3m Par Call
• Clean-up Call: Yes (80%)
• Tax Call: Yes
• Selling Restrictions: As per LANXESS’ Debt Issuance Programme Prospectus dated 27-Mar-26 (“Base Prospectus”) and supplemented on 08-May-26 (“Supplement”) (see section “Subscription and Sale – Selling Restrictions”), TEFRA D
• Use of Proceeds: General corporate purposes and refinancing of existing indebtedness
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all distribution channels).
• PRIIPs/KID: No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared.
• Sole Global Coordinator: J.P. Morgan
• Joint Bookrunners: Barclays, BofA Securities, Citigroup, DZ BANK, J.P. Morgan (B&D), Société Générale
• Marketing: URL: https://dealroadshow.com, Entry Code: LANXESS2026, Direct Link: https://dealroadshow.com/e/LANXESS2026
• Advertisement: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and Supplement are available at https://www.luxse.com. The final terms, when published, will be available at https://www.luxse.com.
• Timing: TOE: 16.22CET / FTT: 16.45CET

ALLOCATIONS OUT: Athens International Airport €500m 7yr Sr Unsec; MS+98bp

IGC European Market: Deal Flow - General

Final Books: In excess of €2.6bn at re-offer. Peak book in excess of €3.25bn.

Launched: 7yr: €500m @ MS+98bp - Books in excess of €3.25bn (excl. JLM)
Book Update: Books above €2bn (excl. JLMs)
IPTs: 7yr: MS+135a

• Issuer: Athens International Airport S.A.
• Issuer LEI: 213800BC45UCMQYR4995
• Issuer ratings: Baa1 (stable outlook) by Moody’s / BBB+ (stable outlook) by S&P
• Issue ratings: Baa2 by Moody’s / BBB by S&P
• Ranking: Senior Unsecured
• Format: Reg S Bearer, New Global Note
• Size: €500m
• Maturity: 24-Jun-33
• Settlement date: 24-Jun-26 (T+5)
• Coupon: Fixed, Annual, ACT/ACT (ICMA)
• Optional Redemption: 3-month Par Call, Make Whole Call, Clean-up Call (75%) at Par, Tax Call at Par, Change of Control Put at Par, Concession Event Put at Par
• Reference Benchmark: DBR 2.3% Feb-23 (HR 102%)
• Hedge Deadline: 16.40LDN / 17.40 CET
• UoP: Refinancing of existing indebtedness and general corporate purposes
• Documentation: Preliminary Offering Circular dated 15-Jun-26
• Denoms: €100k + €1k
• Listing: Euronext Dublin (Global Exchange Market)
• Governing Law: English law
• Selling Restrictions: As set out in the Offering Circular
• ISIN: XS3325244963
• Joint Global Coordinators: Goldman Sachs Bank Europe SE (B&D), Morgan Stanley
• Joint Bookrunners: AXIA, BofA Securities, Deutsche Bank, HSBC, J.P. Morgan, National Bank of Greece
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties, professional clients (all distribution channels) and high net worth retail investors that are in a financial situation to be able to bear a loss of their entire investment in the Notes (via investment advice, portfolio management, non-advised sales and pure execution only). No EU PRIIPs key information document has been prepared as the Notes do not fall within the scope of EU PRIIPs. Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No DISC disclosure document has been prepared as the Notes will not be made available to retail in the UK.
• DealRoadshow Link: https://dealroadshow.com/e/HORIZON2026
• Timing: Today's business

Yet to formally price.

Details correct at time of posting