Commentary & Deal Flow

• The session started early with NTT announcing a multi-currency ($, € & £) multi-tranche offering, likely scheduled for Wednesday. With that backdrop, the pipeline began to filter through. In a ‘risk-on’ mood, European € IG primary supply totalled €11.25bn for the day - 10 issuers / 10 tranches (2 x Corp, 4 x FIG & 4 x SSA).
• For comparison, last Tuesday (the busiest day of the week last week) yielded €12.7bn from 14 borrowers via 18 tranches.
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €1.15bn
    • Avg. tranche size €575m
    • Avg. IPT to Pricing -32.5bp
    • Avg. cover 2.30 X
  • FIG
  • • Total IG: €2.6bn
    • Avg. tranche size €650m
    • Avg. IPT to Pricing -28.5bps (unsecured) - €1.75bn
    • Avg. IPT to Pricing -3.5bps (covered) - €850m
    • Avg. cover 2.28 X
  • SSA
  • • Total IG: €7.5bn
    • Avg. tranche size €1.875bn
    • Avg. IPT to Pricing -1bps
    • Avg. cover 2.33 X

• We had the first Sterling IG print since last Monday, with a £500m covered print from Standard Chartered.
• While domestic supply remained buoyant, international Swiss Franc markets were quiet today with zero new issues.
• In the Reg S $ market NRW Bank concluded its $1bn, 3 year floater.
• The pipeline mostly cleared today, with the Suez trade always scheduled for Wednesday at the earliest & the long awaited Saxony-Anhalt tabled for next week. The multi-currency announcement from NTT makes up the bulk of the current pipeline - the dollar portions are covered by our US colleagues.
• Pipeline:
• • 2 x € Corp (1 x Green & 5 tranche from NTT)
  • 1 x € SSA (next weeks business)
  • 1 x £ Corp (part of NTT’s multi currency offerings)

Euro IG (today)

Corp

• N.V. Nederlandse Gasunie (exp. Issue rating of AA- by S&P) is a major European energy infrastructure company. It operates as a public network company, 100% owned by the Dutch State. It is not guaranteed by the State, so trades as a Corporate. It announced a € bmk, 11 year with IPTs in the area of MS+115. Books were over €1.4bn (pre-rec). Size expectations were for €500m & spread was set at MS+85. Books (pre-rec) were over €1.25bn & the borrower printed €650m in the end, pricing at MS+85; 30bs tighter than IPTs. Final books were over €1.1bn.
• Italy’s Acea S.p.A. (exp. Issue ratings of Baa1 / BBB+ by Moody’s & Fitch) announced a €500m (wng) 6 year, senior unsecured offering with IPTs in the area of MS+100. Books were above €2.6bn (pre-rec) & guidance was telegraphed as MS+70 area (+/- 5). Books settled at €1.85bn (good at the tight end of guidance, pre-rec). The size was already set & the trade priced at MS+65; 35bps tighter than IPTs. Final books were above €1.55bn.

FIG

• Another from yesterday, Banco di Desio e della Brianza S.p.A (exp. Issue rating of AA+ by Fitch),  announced its long 5 year (Jan 32) soft-bullet €350m (wng) Obbligazioni Bancarie Garantite Europee (‘OBG’ or Mortgage Covered Bonds). The Covered Bond is backed by 100% Italian residential mortgages. Guidance was announced in the area of MS+45. Books first said to be over €530m (inc. €45m JLMs), rising to a final book of €570m. Spread set at MS+41 & that’s where the €350m trade priced.
• Dutch retail bank Achmea Bank N.V. (exp. Issue ratings of A- / A by S&P & Fitch) announced a €500m (wng) soft bullet, 7 year,  covered bond with guidance in the area of MS+31. Orderbooks were in excess of €650m (inc. €140m JLMs). Spread set at MS+28. The trade sized & priced accordingly, 3bps tighter than IPTs.
• Athora Holding Ltd (rated Baa2 by Moody’s); a global leading player in water & waste management, mandated yesterday the borrower announced their Green 10 year fixed-rate, Reg S Bearer senior unsecured, €500m (wng) offering. IPTs were in the area of MS+270. Books were first reported as over €2bn & rose to over €3bn (pre-rec). The deal launched at MS+238. Final books were  over €2.9bn & the trade priced €500m at MS+238; 32bps tighter than IPTs.
• NatWest Markets Plc [OpCo] (exp. Issue ratings of A1 / A / AA by Moody’s, S&P & Fitch) announced a senior, 3 year Fixed rate offering with IPTs in the area of MS+70. Books were called over €2bn (inc. €60m JLMs), rising to €2.25bn. Spread set at MS+45. Books closed at >€2.1bn at re-offer (inc. €10m JLMs). The trade sized at €1.25bn & priced at MS+45. Final books were over €1.8bn.

SSA

• CADES (Caisse d'Amortissement de la Dette Sociale) (rated AA / A+ / A+ / AA- by DBRS, S&P, Fitch & Scope) announced a long 4 year (25th Sept 2030), Social bond with guidance of the interpolated OAT +11 area. Books closed over €4.6bn (inc. €100m JLMs). The deal sized at €2.5bn & priced 1bp tighter than IPTs at the interpolated OATs +10 - {FRTR 2.5% May 2030 (mid) & FRTR 0% November 2030 (mid)}
• Mandated yesterday KfW (rated Aaa / AAA / AAA by Moody's, S&P & Fitch), announced a benchmark tap of its 2.5% 15th October 2031 (ISIN DE000A383P48, immediate fungibility). Issue no VI/2026. Guidance came in at MS+6 area. Books first telegraphed as over €7.6bn (inc. €1bn JLMs). Spread set at MS+5. Books closed over €8.5bn (inc. €1bn JLMs) - final books were the same. The tap sized at €3bn & priced at MS+5. The new outstanding amount of the notes is now €6bn.
• Following yesterday’s mandate, The Free & Hanseatic City of Hamburg (rated AAA by Fitch), announced its 10 year, €500m (wng) fixed rate, Landesschatzanweisung. Guidance on the trade was in the area of MS+24. Early books were called over €800m (inc. €225m JLMs), rising slightly to €840m. Spread set at MS+24. Updated books quoted above €970m (inc. €300m JLMs).
• Mandated on Monday The Kingdom of Denmark (rated Aaa / AAA / AAA by Moody's, S&P & Fitch), announced its 2 year (due 30th June 2028), fixed rate, € benchmark. Guidance came in at BKO 2.5% 14th June 2028 +13 area (currently equivalent to MS -6.9). Books closed in excess of €3.4bn (inc. €150m JLMs). Spread set 2 bps tight. The trade sized at €1.5bn & priced at BKO 2.5% 14th June 2028 +11.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

FIG

• Mandated yesterday, Standard Chartered Bank (Singapore) Limited (exp. Issue ratings of Aaa / AAA by Moody's & S&P), announced its £500m (wng), 3 year SONIA-Linked floating rate, RegS, soft-bullet Covered offering. Guidance on the trade was SONIA+55 area. Books were over £1bn (inc. £145m JLMs) at re-offer. Spread set at SONIA+50. Final books remained the same & the £1bn trade priced at SONIA +50.

Week-to-date volumes:

Year-to-date volumes

Swiss Franc IG (today)

• No Supply

Week-to-date volumes:

US$ Reg S (today)

• Early afternoon yesterday, NRW Bank (rated Aa1 / AA / AAA / AAA by Moody's, S&P, Fitch & Scope), guaranteed by the German Federal State of North Rhine-Westphalia, announced a Reg S only benchmark. The 3 year (29th June 2029) offering had IPTs in the area of SOFR MS +27. Having taken IOI’s overnight the book was announced Tuesday morning at over $1.2bn (exc. JLMs). Guidance was confirmed at the same level of SOFR MS+27. Books rose in excess of $1.7bn (exc. JLMs), & closed in excess of $1.8bn (exc. JLMs). The trade sized at a billion & priced 1bp tighter than IPTs & guidance at SOFR MS+26. 

Pending Deals & Mandates

Euro (€)

• Monday 22nd June: Suez SA (exp. Issue rating of BBB by Fitch); a prominent European savings & retirement services group, mandated BofA Securities & HSBC as Joint Global Coordinators & Structuring Agents, & Barclays, BNP Paribas, BofA Securities, Citi, HSBC & NatWest as JLM’s for its upcoming RegS Registered Form €500m (wng) 11.5 year, Fixed Rate Tier 2 transaction. Investor calls concluded on Tuesday morning & timing is expected as early as Wednesday the 24th of June, subject to market conditions
• Tuesday 23rd June: NTT Finance Corporation (rated A3 / BBB+ by Moody’s & S&P), a subsidiary of NTT, Inc., mandated JP Morgan, Citigroup, BofA Securities, Morgan Stanley, BNP Paribas, Goldman Sachs, Barclays, Mizuho, SMBC Nikko, Nomura, & Daiwa Capital Markets to arrange a series of fixed income investor conference calls in Asia, Europe, Canada and the US commencing on June 23, 2026. J.P. Morgan will be coordinating logistics. USD, EUR & GBP tranches will launch in the near future, subject to market conditions. For the € portion, expect potential benchmark-sized 144A & 3(c)(7) / Reg.S, senior unsecured € notes across 2 year FRN (Jun-28), Long 3 year FXD (Nov-29), Long 5 year FXD (Nov-31), 8 year (Jul-34) FXD & Long 12 year FXD (Nov-38) tenors.

• 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.

Sterling (£)

• Tuesday 23rd June: NTT Finance Corporation (rated A3 / BBB+ by Moody’s & S&P), a subsidiary of NTT, Inc., mandated JP Morgan, Citigroup, BofA Securities, Morgan Stanley, BNP Paribas, Goldman Sachs, Barclays, Mizuho, SMBC Nikko, Nomura, & Daiwa Capital Markets to arrange a series of fixed income investor conference calls in Asia, Europe, Canada and the US commencing on June 23, 2026. J.P. Morgan will be coordinating logistics. USD, EUR & GBP tranches will launch in the near future, subject to market conditions. For the Sterling portion, a potential benchmark-sized 144A & 3(c)(7) / Reg.S, senior unsecured Short 3 year (Mar-29).

Transaction Details 

PRICED: Achmea Bank €500m 7yr Soft Bullet CB; MS+28bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+28bp / 99.231 / 3.124%
Benchmark: 7yr: DBR 2.3% 15-Feb-33 @ 97.35 / B+38.3bp / HR 105%

Final Books: In excess of €650mn (incl €130m JLM interest)

Launched: 7yr: €500m @ MS+28bp - Orderbooks in excess of €650mn (incl €140m JLM interest)
Spread set at: 7yr: MS+28bp - Orderbooks in excess of €650mn (incl €140m JLM interest)
Guidance: 7yr: MS+31a

• Issuer: Achmea Bank N.V.
• LEI Code: 724500AH42V5X8BCPE49
• Guarantor: Achmea SB Covered Bond Company B.V.
• Issuer Ratings: A- (stable) / A (stable) (S&P/Fitch)
• Instrument: Fixed Rate Soft Bullet Covered Bond
• Expected Instrument Ratings: AAA (S&P)
• Form of the Covered Bonds: New Global Note, Reg S, Bearer
• Tenor: 7-year
• Size: €500m
• Reoffer: 99.231% (3.124% ann)
• Benchmark: DBR 2.3% 15-Feb-33 +38.3bps (Spot 97.35) HR 105%
• Use of Proceeds: General corporate purposes
• Type: Dutch Legislative Covered Bond, European Covered Bond (Premium)
• Pricing Date: 23-Jun-26
• Settlement Date: 30-Jun-26 (T+5)
• Maturity Date: 30-Jun-33
• Extended Due for Payment Date: 30-Jun-34
• Final Spread: MS+28 bps
• Coupon: 3.000%, Fixed rate, Actual/Actual ICMA, Following, Unadjusted
• Coupon for extended period: 1 month EURIBOR plus 3.000% per annum, Monthly, ACT/360, Adjusted, Modified following
• Interest Payment Dates: 30 June in each year, commencing 30-Jun-27, up to and including the Maturity Date, if applicable subject to the Business Day Convention
• Denominations: €100k+100k
• Business Day: Following Business Day Convention
• Redemption Price: 100% of Notional Amount
• Governing Law: Dutch Law
• ISIN: XS3427413128
• Documentation: EUR 10,000,000,000 Euro Covered Bond Programme described in the Base Prospectus dated 23-Jan-26, as supplemented on 03-Apr-26
• Leads: BBVA, DZ BANK, HSBC, ING (B&D), LBBW and Rabobank
• Listing: Euronext Amsterdam
• Selling Restrictions: As set out in the Base Prospectus and supplements
• Clearing System: Euroclear/Clearstream
• Target Market: UK MiFIR / MiFID II professionals / ECPs-only / No EEA PRIIPs or UK CCI product summary
• Advertisement: The announcement is an advertisement for the purposes of Regulation (EU) 2017/1129.
• The investor presentation, base prospectus and any supplements, and final terms when published, will be available on the Issuer’s website at: https://www.achmeabank.nl/en/investors/funding/soft-bullet-covered-bond
• Timing: Priced
• ToE: 13.23 UKT / 14.23 CET
• FTT: 13.45 UKT / 14.45 CET

PRICED: The Free and Hanseatic City of Hamburg €500m 10yr Sr Unsec; MS+24bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+24bp / 99.333 / 3.204%
Benchmark: 10yr: DBR 2.9% 15-Feb-36 @ 99.891% / B+29.3bp

Final Books: Above €970m (incl. €300m JLM)

Launched: 10yr: €500m @ MS+24bp - Books above €840m (incl. €225m JLM)
Book Update: Books above €800m (incl. €225m JLM)
Guidance: 10yr: MS+24a

• Issuer: The Free and Hanseatic City of Hamburg
• Ticker: HAMBRG Govt
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Issuer Rating: AAA (Fitch, stable)
• Size: €500m
• Coupon: 3.125% fixed, annual, act/act ICMA, unadjusted following
• Settlement: 30-Jun-26 (T+5)
• Maturity: 30-Jun-36 (10 years)
• Re-offer: 99.333% / 3.204% yld / MS +24 bps
• Benchmark: DBR 2.9% 15-Feb-36 (99.891%) +29.3 bps
• Joint Leads: Barclays, DZ BANK, LBBW, Raiffeisen Bank International (B&D) and TD Securities
• Co-Lead: Hamburger Sparkasse
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II and UK MiFIR (all channels for distribution of the bonds are appropriate)
• Denoms/Listing: €1k/Hamburg
• ISIN/WKN: DE000A3MQTT3 / A3MQTT
• Timing: TOE: 13:20 CET / 12:20 UKT | FTT immediately

PRICED: CADES €2.5bn 4yr Social Sr Unsec; FRTR+10bp

IGC European Market: Deal Flow - SSA

Reoffer: 4yr: FRTR+10bp / 99.981 / 3.007%
Benchmark: 4yr: INTERP FRTR 05/30 @ 98.66 / 2.866 / HR 108% & 11/30 @ 88.03 / 2.927

Final Books: €4.6bn (incl. €100m JLM). Peak book €4.6bn (incl. €100m JLM).

Launched: 4yr: €2.5bn @ OAT+10bp - Books closed at €4.6bn (incl. €100m JLM)
Guidance: 4yr: Interpolated OAT+11a

• Issuer: CADES (Caisse d'Amortissement de la Dette Sociale)
• LEI: 969500P04DQJS4BPM574
• Issuer Rating: AA(stab.)/A+(stab.)/A+(stab.)/AA-(neg.) (DBRS/S&P/Fitch/Scope)
• Format: RegS Cat2, dematerialised, bearer - TEFRA not applicable
• Status: Risk Weighting 0% (EU), LCR Level 1
• Size: €2.5bn
• Settlement: 30-Jun-26 (T+5)
• Maturity: 25-Sep-30
• Coupon: 3.0% Fixed, Annual, ACT/ACT, short first to 25-Sep-26
• Re-offer: 99.981% / 3.007%
• Spread: INTERP FRTR + 10bps (FRTR Ref: 05/30 @ 98.66 / 2.866 / HR 108% & 11/30 88.03 / 2.927)
• Listing/Law: Paris/French Law
• Denominations: €100k + €100k
• Docs: Debt Issuance Programme
• Bookrunners: BofA, MS, Natixis and SG (B&D/DM)
• ISIN: FR0014019HY9
• Common Code: 342645143
• Timing: Priced. TOE: 13.44 UKT / 14.44 CET. FTT Immediately
• Target Market: Eligible counterparties and professional investors, each as defined in MiFID II/UK MIFIR (all channels for distribution)
• UoP: An amount equal to the proceeds from the issue of the notes will be exclusively used by CADES to finance and/or refinance eligible social expenditures as set out in CADES Social Bond framework

PRICED: Standard Chartered Bank (Singapore) £500m 3yr FRN CB; SONIA+50bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: SONIA+50bp / 100

Final Books: £1bn (incl. £145mn JLM Interest). Peak book over £1bn.

Launched: 3yr: £500m @ SONIA+50bp - Books at reoffer above £1.0bn (incl £145mn JLM Interest)
Book Update: Books over £1bn (incl. £145mn JLM interest)
Guidance: 3yr: SONIA+55a

• Issuer: Standard Chartered Bank (Singapore) Limited
• Issuer LEI: 549300MDYVVHJ8D1DW28
• Ticker: STNCSG
• Covered Bond Guarantor: Banzu Covered Bonds Pte. Ltd.
• Issuer Ratings: A1/A+/AA- (Moody's/S&P/Fitch)
• Expected Issue Ratings: Aaa/AAA (Moody's/S&P)
• Format: Reg S, Registered, Global Covered Bonds
• Type: Singapore MAS Regulated Covered Bond, backed by 100% Singaporean residential mortgage loans, ECBC Covered Bond Label Compliant
• Size: £500m
• Pricing Date: 23-Jun-26
• Settlement Date: 30-Jun-26 (T+5)
• Final Maturity Date: Interest Payment Date falling on or nearest to 30-Jun-29 (3yr, soft bullet)
• Extended Due for Payment Date: Interest Payment Date falling on or nearest to 30-Jun-30
• Coupon: Floating, Compounded Daily SONIA +50bps, 5 day Observation Lag, Actual/365 (Fixed), Modified Following, Adjusted. Payable quarterly in arrear on 30 March, 30 June, 30 September and 30 December from, and including, the Issue Date to, but excluding, the Final Maturity Date.
• Coupon after Final Maturity Date: Floating, Compounded Daily SONIA +50bps, 5 day Observation Lag, Actual/365 (Fixed), Modified Following, Adjusted. Payable monthly in arrear on the 30th calendar day in each month, and accruing from, and including, the Final Maturity Date to, but excluding, the Extended Due for Payment Date.
• Re-offer price: 100
• Business Days: London, Singapore, New York
• Denominations: £100k + £1k
• Listing: SGX-ST
• Clearing: Euroclear, Clearstream
• ISIN: XS3412572631
• Common Code: 341257263
• Documentation: Offering Memorandum dated 7-Apr-26 as supplemented by the pricing supplement dated 23-Jun-26
• Governing Law: English law (bond & swap documents) and Singapore law (asset documents)
• Joint Lead Managers: Crédit Agricole CIB, Lloyds, NatWest, RBC Capital Markets, Santander and Standard Chartered Bank
• Billing and Delivery: Standard Chartered Bank
• Advertisement: The Offering Memorandum as well as the Pricing Supplement when available will be available at https://www.sc.com/sg/investors/covered-bonds
• Target Market: Manufacturer target market (MiFID II product governance and/or UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA or UK PRIIPS Key Information Document (KID) has been prepared as not available to retail in the EEA or in the UK.
• Timing: TOE: 1.50 pm UKT / FTT 2.15pm UKT

PRICED: KfW €3bn Oct-31 Sr Unsec Tap; MS+5bp

IGC European Market: Deal Flow - SSA

Reoffer: Oct-31: MS+5bp / 98.415 / 2.825%
Benchmark: Oct-31: OBL 2.5% 16-Apr-31 @ 99.346% / B+18.2bp / HR 108%

Final Books: Above €8.5bn (incl. €1bn JLM)

Launched: Oct-31: €3bn @ MS+5bp - Books closed > €8.5bn (incl. €1bn JLM)
Spread set at: Oct-31: MS+5bp - Books > €7.6bn (incl. €1bn JLM)
Guidance: Oct-31: MS+6a

• Issuer: Kreditanstalt fuer Wiederaufbau (KfW)
• Issuer LEI: 549300GDPG70E3MBBU98
• Guarantor: Federal Republic of Germany
• Ratings: Aaa/AAA/AAA (Moody’s/Scope/S&P, all stable)
• Status: Senior, Unsecured, Unsubordinated
• Format: Reg S, Bearer, TEFRA C applicable, Cat 1
• Tap size: €3bn
• New O/S: €6bn
• Maturity: 15-Oct-31
• Coupon: 2.5% Fixed, Annual, Act/Act (258 days accrued)
• Reoffer: 98.415 / 2.825% / MS+5bp
• Reference Benchmark: OBL 2.5% 16-Apr-31 @ 99.346% / B+18.2bp / HR 108%
• Fee: 0.125%
• ISIN/WKN: DE000A383P48 / A383P4
• Listing: Frankfurt Stock Exchange (regulated market)
• Governing Law: German Law
• Target Market: The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are eligible counterparties, retail and professional (all distribution channels)
• Denominations: €1k x €1k
• Docs: Issuer's EMTN Programme
• Bookrunners: Credit Agricole CIB, DekaBank, J.P. Morgan, Morgan Stanley (DM/B&D)
• Timing: Priced, TOE 15.03 UKT – FTT immediately
• Settlement: 30-Jun-26 (T+5)

PRICED: Banco di Desio e della Brianza €350m long 5yr CB; MS+41bp

IGC European Market: Deal Flow - General

Reoffer: long 5yr: MS+41bp / 99.573 / 3.212%
Benchmark: long 5yr: DBR 0 15-Aug-31 TWIN @ 87.45% / B+56.9bp / HR 115%

Final Books >€570mn (incl. €45mn JLM). Peak book >€570mn.

Launched: long 5yr: €350m @ MS+41bp - Books above €570mn (incl. 45mn JLM)
Book Update: Books in excess of €530m (incl. €45m JLM)
Guidance: MS+45a

• Issuer: Banco di Desio e della Brianza S.p.A.
• Issuer’s LEI Code: 81560026D234790EB288
• Guarantor: Desio OBG S.r.l.
• Issue Type: European Covered Bond (Premium)/Obbligazioni Bancarie Garantite Europee (Premium)
• Format: Reg S, Bearer and dematerialised
• Eligibility: ECB Eligible, LCR Level 2a, beneficial treatment under CRR Art.129 & Solvency II
• Issuer Rating: BBB- (Stable) S&P, BBB- (Stable) Fitch
• Expected Issue Rating: AA+ (Fitch)
• Tenor: Long 5y, soft bullet
• Size: €350m
• Pricing Date: 23-Jun-26
• Settlement Date: 30-Jun-26 (T+5)
• Maturity Date: 30-Jan-32
• Extended Maturity Date: 30-Jan-33
• Coupon: 3.125%, per annum, payable in arrears on each Coupon Payment Date, short first
• Coupon Payment Date(s): 30 January of each year, starting from 30-Jan-27
• Extended Period FRN Coupon: 1 month Euribor + 41bps, per annum, Act/360
• Reoffer: MS+41bps 99.573% (3.212%)
• Benchmark: DBR 0 15-Aug-31 TWIN + 56.9bps (87.45%), HR:115%
• Specified Denomination: €100k+1k
• Redemption Price: 100% of the Nominal Amount
• Day Count Fraction: Actual/Actual (ICMA) unadjusted
• Business Day: TARGET2
• Business Day Convention: Following Business Day Convention
• Selling Restrictions: As per Base Prospectus
• ISIN: IT0005719288
• Listing: Dublin Stock Exchange
• Documentation: Issued off Banco di Desio e della Brianza S.p.A EUR 3bn Covered Bond Programme dated 25-Sep-25, unconditionally and irrevocably guaranteed as to payments of interest and principal by DESIO OBG S.r.l.
• Governing Law: Italian Law
• 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.
• Advertisement: The Base Prospectus is available on https://www.bancodesio.it/it/content/emissione-obbligazioni-final-terms
• Joint Lead Managers: BNP Paribas, IMI-Intesa Sanpaolo (B&D), NORD/LB, Santander and UniCredit
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in connection with the transaction
• Timing: Priced. TOE: 15.19CET FTT:15.30CET

PRICED: Athora Holding €500m 11.5NC11 T2; MS+238bp

IGC European Market: Deal Flow - General

Reoffer: 11.5NC11: MS+238bp / 99.825 / 5.4%
Benchmark: 11.5NC11: DBR 2.9% 15-Feb-36 @ 99.87 / B+248.6bp / HR 101%

Final Books €2.9bn+. Peak book >€3bn (pre-rec)

Launched: 11.5NC11: €500m @ MS+238bp - Orderbook >€3bn (pre-rec)
Book Update: Books in excess of €2bn
IPTs: 11.5NC11: MS+270a

• Issuer: Athora Holding Ltd.
• LEI Number: 98450059DQ10TFC4B020
• Issuer Default Rating (Fitch): A (stable)
• Expected Issue Rating (Fitch): BBB
• Status: The Notes constitute direct, unsecured and subordinated obligations of the Issuer and rank (a) junior to claims of all Senior Creditors, (b) pari passu with all claims in respect of any Parity Obligations and (c) in priority to claims in respect of all Junior Obligations, as further described in the Preliminary Offering Memorandum
• Currency: €
• Issue Amount: €500m
• Reoffer: 99.825, equiv to MS+238ps, DBR2.9% 15-Feb-36 +248.6 (Spot 99.87, HR 101%), 5.4%
• Pricing Date: 23-Jun-26
• Settlement / Issue Date: 26-Jun-26 (T+3)
• Maturity Date: 16-Dec-37, subject as further set out below in “Conditions to Redemption and / or Purchase”
• Interest: 5.375% per annum from (and including) the Issue Date until (but excluding) the Maturity Date, subject as further set out below in “Mandatory Interest Deferral”, with a short first coupon
• Interest Payment Dates: Payable annually in arrear on 16 December in each year, commencing on 16-Dec-26 (short first coupon)
• Optional Early Redemption as from First Call Date: At par at any time from (and including) the First Call Date to (but excluding) the Maturity Date (6 month par call)
• First Call Date: 16-Jun-37, subject as further set out below in “Conditions to Redemption and/or Purchase”
• Optional Make-whole Redemption: At any time on or after the fifth anniversary of the Issue Date at the Make-whole Redemption Amount, subject as further set out below in “Conditions to Redemption and / or Purchase”
• Make-whole Redemption Margin: 40bp Spread vs Reference Benchmark
• Mandatory Interest Deferral: Mandatory deferral of interest on a cumulative (but not compounding) basis where (a) a Capital Adequacy Event has occurred and is continuing (or would occur following payment of the relevant interest and/or Arrears of Interest); and/or (b) the Solvency Condition is not, or would not be, satisfied at the time of, and immediately after, the payment of such interest and/or Arrears of Interest, as further described in the Preliminary Offering Memorandum
• Early Redemption Rights and Conditions: At any time if a Tax Event, Regulatory Event, Rating Methodology Event has occurred and is continuing or if 75 per cent. or more of the Notes originally issued have been purchased and cancelled, in each case subject as further set out below in “Conditions to Redemption and / or Purchase”, and as further described in the Preliminary Offering Memorandum
• Exchange or Variation: If a Tax Event, Regulatory Event or Rating Methodology Event has occurred and is continuing, as further described in the Preliminary Offering Memorandum
• Conditions to Redemption and/or Purchase: The Notes may only be redeemed or purchased if (i) the Regulatory Clearance Condition is satisfied with respect to such redemption or purchase, (ii) a Capital Adequacy Event has not occurred and is not continuing or would not occur following the relevant redemption or purchase, (iii) the Solvency Condition is, and would be, satisfied at the time of, and immediately after, such redemption or purchase, or (iv) the redemption or purchase would not otherwise breach the Applicable Regulations, each as further described in the Preliminary Offering Memorandum. The occurrence of any such events in respect of the Issuer shall constitute a “Mandatory Redemption Deferral Event” shall occur (except that the occurrence of condition (ii) will not constitute a Mandatory Redemption Deferral Event if certain conditions, including but not limited to that the Relevant Supervisory Authority has exceptionally waived the deferral of such principal payment, are satisfied), and the redemption of the Notes shall be deferred as a result of such Mandatory Redemption Deferral Event, as further described in the Preliminary Offering Memorandum. Any redemption or purchase prior to the fifth anniversary of the Reference Date shall be subject to satisfaction of the Regulatory Clearance Condition and shall be either in exchange for, or funded out of proceeds of, a new issuance of capital of at least the same quality as the Notes or made following confirmation from the Relevant Supervisory Authority that it is satisfied that the Capital Requirements will, following such redemption or purchase, be exceeded by an appropriate margin, each as further described in the Preliminary Offering Memorandum
• Substitution: The Issuer may, without the consent of the Noteholders, substitute in place of the Issuer as principal debtor under the Notes (a) the UK Holdco upon the occurrence of a UK Holdco Transaction; or (b) (i) any subsidiary of the Issuer, (ii) a successor in business of the Issuer, (iii) a parent company of the Issuer or (iv) any subsidiary of a parent company of the Issuer, subject to certain conditions and as further described in the Preliminary Offering Memorandum
• UK Holdco Transaction: A transaction (or series of transactions) whereby the UK Holdco is interposed between the Issuer and all or a majority of its shareholders, provided that the UK Holdco becomes the Insurance Group Parent Entity following such transaction
• Amendments: Where there is either (i) a substitution of the Issuer; or (ii) a change in the Relevant Regulatory Jurisdiction, the Issuer and Fiscal Agent may agree, without the consent of Noteholders, to any such amendments to the terms and conditions of the Notes as the Issuer deems necessary in order to ensure that the Notes continue to qualify as Tier 2 Capital of the Issuer and/or, on a consolidated basis, the Athora Group under the Applicable Regulations, each as further described in the Preliminary Offering Memorandum
• Day Count Fraction: Actual / Actual (ICMA)
• Business Day Convention: Following, unadjusted
• Business Days: T2
• Governing Law: English law, except that where the Relevant Regulatory Jurisdiction is not the United Kingdom, Condition 2 (Status of the Notes) will be governed by and construed in accordance with the law of the Relevant Regulatory Jurisdiction
• Relevant Regulatory Jurisdiction: Means (a) Bermuda; (b) following the UK Holdco substitution, or otherwise where the Relevant Supervisory Authority is the PRA, the United Kingdom; or (c) such other jurisdiction as a result of a change of the Applicable Regulations
• Acknowledgment of Statutory Loss Absorption Powers: Applicable
• Listing: Global Exchange Market of The Irish Stock Exchange plc trading as Euronext Dublin
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof
• Form of the Notes: Registered Form
• Clearing Systems: Euroclear and Clearstream, Luxembourg
• ISIN / Common Code: XS3338302139 / 333830213
• Use of Proceeds: General corporate purposes (including, without limitation, towards: (a) the cash tender offer for all or a portion of the EUR500 million fixed to fixed rate subordinated notes due 2032 issued by Athora Netherlands N.V., as announced by Athora Netherlands N.V. on 22-Jun-26; and (b) bank loan refinancings)
• Joint Global Co-ordinators and Structuring Agents: BofA Securities and HSBC
• Joint Lead Managers: Barclays, BNP Paribas, BofA Securities, Citi, HSBC and NatWest
• Settlement Bank / Billing & Delivery Bank: BofA Securities
• Fiscal Agent, Paying Agent, Transfer Agent and Registrar: Citibank, N.A., London Branch
• Documentation: Standalone Preliminary Offering Memorandum dated 22-Jun-26
• Target Market: Manufacturer target market (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 has been prepared as not available to retail in the EEA or the UK
• Selling Restrictions: US (Regulation S, Category 2, not 144A eligible), TEFRA not applicable, EEA, United Kingdom, Hong Kong, Singapore, Italy and Canada, as more fully described in the Preliminary Offering Memorandum
• Timing: Priced. T.O.E 14:31 UK/ F.T.T 15:00 UK

PRICED: N.V. Nederlandse Gasunie €650m 11yr Sr Unsec; MS+85bp

IGC European Market: Deal Flow - General

Reoffer: 11yr: MS+85bp / 99.117 / 3.85%
Benchmark: 11yr: DBR 4 01-Apr-37 +88.8bps (@109.26) / HR 93%

Final Books: Over €1.1bn. Peak book over €1.4bn (pre-rec)

Launched: 11yr: €650m @ MS+85bp - Books over €1.25bn (pre rec)
Spread set at: 11yr: MS+85bp - Books over €1.4bn (pre-rec)
IPTs: 11yr: MS+115a

• Issuer: N.V. Nederlandse Gasunie (Ticker: NEGANV, Country: NL)
• Issuer LEI: 724500MQFZSYSBC5H178
• Issuer Ratings: A2 (negative) / AA- (stable) (Moody's/S&P)
• Exp. Issue Rating: AA- by S&P
• Ranking: Senior, Unsecured
• Format: Reg S, Bearer, New Global Note
• Pricing Date: 23-Jun-26
• Settlement date: 30-Jun-26 (T+5)
• Currency & Size: €650m
• Tenor: 11-year
• Maturity: 30-Jun-37
• Reoffer: MS+85bps / 99.117 / 3.850%
• Benchmark: DBR 4 01-Apr-37 +88.8bps (@109.26) / HR 93%
• Coupon: 3.750% Fixed, Annual, Actual/Actual (ICMA)
• ISIN: XS3386682952
• Early Redemption: 3m par call, MWC (B+15), Clean-Up Call (75%)
• Documentation: Issuer’s EUR 7.5bn EMTN Programme dated 01-Oct-25 and Supplemented 22-Jun-26
• Denoms: EUR 100k + EUR 1k
• Listing: Euronext Amsterdam regulated market
• Governing Law: Dutch law
• Selling Restrictions: As per Base Prospectus dated 01-Oct-25 and the Supplement dated 22-Jun-26
• UoP: General corporate purposes
• Stabilisation: Relevant stabilisation regulations will apply
• Target Market: Manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional investors 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.
• Joint Active Bookrunners: Crédit Agricole CIB, Deutsche Bank (B&D), NatWest, Rabobank
• 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 dated 01-Oct-25 and the Supplement dated 22-Jun-26 are available on the website of the AFM (https://www.afm.nl). The Final Terms, when available, will be published on the Issuer’s website at https://www.gasunie.nl/en/organisation/investor-relations/long-term-loans-outstanding
• TOE/FTT: 14.39 UKT / 15.00 UKT

PRICED: NatWest Markets Plc €1.25bn 3yr Sr Unsec; MS+45bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+45bp / 99.791 / 3.199%
Benchmark: 3yr: OBL 2.1 29-Apr-29 @ 98.76 / B+63.6 / HR 106%

Final book €1.8bn+. Peak book €2.25bn+ (incl. €60m JLM)

Launched: 3yr: €1.25bn @ MS+45bp - Books closed €2.1bn+ (incl. €10m JLM, pre-rec)
Spread set at: 3yr: MS+45bp - Books €2.25bn+ (incl. €60m JLM)
Book Update: Books €2bn+ (incl. €60m JLM)
IPTs: 3yr: MS+70a

• Issuer: NatWest Markets Plc
• Issuer LEI: RR3QWICWWIPCS8A4S074
• Expected Ratings: A1/A/AA (Moody's/S&P/Fitch)
• Ranking: Senior, unsecured, unsubordinated
• Settlement: 30-Jun-26 (T+5)
• Maturity: 30-Jun-29
• Size: €1.25bn
• Reoffer: MS+45bps / 3.199% / 99.791%
• Benchmark: OBL 2.1 29-Apr-29 + 63.6bps (spot 98.76, HR 106%)
• Coupon: 3.125% Fixed, Annual, ACT/ACT ICMA
• Business Days: TARGET2, London
• Documentation: Issued under the Issuer’s £25bn EMTN programme dated 05-Dec-25 and supplemented on 13-Feb-26, 01-May-26 and 14-May-26
• List/Denoms/Law: London / €100k+€1k / English law
• Format: Bearer, New Global Note (NGN)
• Restrictions: Reg S, Cat 2, TEFRA D and per the Base Prospectus. Sales into Italy permitted.
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available to investors on request from your usual sales contact.
• Target Market: Manufacturer target market (MIFID II product governance and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document / CCI disclosure document has been prepared as not available to retail in the EEA or in the UK.
• Advertisement: The Base Prospectus and (when published) Final Terms are available on the website of the London Stock Exchange: www.londonstockexchange.com.
• Joint Lead Managers: BBVA, ING, NatWest (B&D), SMBC, Societe Generale, UniCredit
• ISIN: XS3423992232
• Timing: Priced. TOE 15:09 UKT. FTT 15:30 UKT.

PRICED: NRW.BANK US$1bn 3yr Sr Unsec; SOFR MS+26bp

IGC European Market: Deal Flow - SSA

Reoffer: 3yr: SOFR MS+26bp / 99.791 / 4.326%
Benchmark: 3yr: T 4 1/8 15-Jun-29 @ 99-25 1/4 / +7.9bp / HR 102%

Final Books: In excess of US$1.8bn (excl. JLM)

Launched: 3yr: US$1bn @ SOFR MS+26bp - Books in excess of US$1.7bn (excluding JLM interest)
Guidance: 3yr: SOFR MS+27a - IOIs in excess of US$1.2bn (excl. JLM interest)
IPTs: 3yr: SOFR MS+27a

• Issuer: NRW BANK
• LEI: 52990002O5KK6XOGJ020
• Guarantor: German Federal State of North Rhine-Westphalia
• Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Size: US$1bn
• Format: Reg S only, Bearer, TEFRA D, No communication/sales with or into the US
• Settlement: 30-Jun-26 (T+5)
• Maturity: 29-Jun-29 (3 years)
• Coupon: 4.250% Fixed, Annual, 30/360, short first to 29-Jun-27
• Reoffer: 99.791 / 4.326% (ann.) / SOFR MS+26bp
• Benchmark: +7.9bps vs T 4 1/8 15-Jun-29 (CT3) @ 99-25 1/4 (4.201%) HR 102%
• ISIN: XS3426448992
• Listing/Law: Luxembourg/German
• Denominations: US$2k
• Docs: Issuer's Debt Issuance Programme
• Target Mkt: Retail, Eligible counterparties and professionals (all distribution channels, EU MiFID II)
• Fees: Joint Bookrunners will be paid a fee in connection to the transaction
• Bookrunners: Citi, Daiwa, RBC CM, Scotiabank
• Timing: Priced - 15:11 LDN / 16:11 CET. FTT immediately.

PRICED: Acea €500m 6yr Blue Sr Unsec; MS+65bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+65bp / 99.541 / 3.461%
Benchmark: 6yr: DBR 0% 02-Feb-32 @86.188% / 2.669% (HR 112%)

6yr: Final Books above €1.55bn. Peak book above €2.6bn (pre-rec)

Launched: 6yr: €500m @ MS+65bp - Books above €1.85bn (pre-rec)
Guidance: 6yr: MS+70 (+/-5) - Books above €2.6bn (pre-rec)
IPTs: 6yr: MS+100bp area

• Issuer: Acea S.p.A.
• Ticker: ACEIM
• Country: IT
• Issuer Rating: Baa1 (Stable) / BBB+ (Stable) (Moody's/Fitch)
• Expected Issue Rating: Baa1 / BBB+ (Moody’s/Fitch)
• Issuer LEI: 549300Q3448N041CTH56
• Format: Senior Unsecured Notes, RegS, Cat2, Bearer, New Global Notes
• Size: €500m
• Settlement: 02-Jul-26 (T+7)
• Maturity: 02-Jul-32 (6 yr)
• Reoffer: MS + 65 bps / 3.461% / 99.541% / B+79.2
• Coupon: 3.375% Annual, Fixed, Actual/Actual – ICMA
• Reference Benchmark: DBR 0% 02-Feb-32 @86.188% / 2.669% (HR 112%)
• Documentation: EMTN Programme with Base Prospectus dated 16-Jul-25, as supplemented on 22-Jun-26
• Governing Law: English Law
• Denomination: €100k and integral multiples of €1k
• Marketing Material: DealRoadshow Investor Login Details URL: https://dealroadshow.com Entry Code: BLUE2026 Direct Link: https://dealroadshow.com/e/BLUE2026
• ISIN / Common Code: XS3422039811 / 342203981
• Optional Redemption: 3m Par Call, Clean-Up Call (80%), Make-Whole Call (B+15bps)
• Change of Control: Yes, at Par
• Use of Proceeds: Finance and/or refinance, in whole or in part, Eligible Blue Projects as defined in Acea’s Green & Blue Financing Framework
• Listing: Electronic bond market (MOT) of Borsa Italiana S.p.A. (Regulated Market)
• Global Coordinators: BofA Securities, Goldman Sachs International, IMI-Intesa Sanpaolo, UniCredit (B&D)
• Joint Bookrunners: Banca Akros, BBVA, BofA Securities, BPER, Goldman Sachs International, IMI-Intesa Sanpaolo, Mediobanca, Monte dei Paschi di Siena, Santander, Société Générale, UniCredit (B&D)
• Target Market: Manufacturer target market (EEA MiFID II/UK MiFIR product governance) is Professional Clients and Eligible Counterparties only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA/UK. Relevant stabilisation regulations will apply.
• Selling Restriction: Regulation S (Cat 2), TEFRA D rules apply, no communications with or into the U.S., no sales into Canada
• Advertisement: The Base Prospectus and any Supplements are available and the Final Terms, when published, will be available on the website of Borsa Italiana S.p.A. at https://www.borsaitaliana.it
• Green & Blue Financing Framework: Published in February 2025 and available at https://www.gruppo.acea.it/en/investors/financial-structure/green-bond
• SPO Provider: DNV (opinion dated January 2025 and available at https://www.gruppo.acea.it/en/investors/financial-structure/green-bond)
• Timing: TOE 16:04 UK - 17:04CET / FTT 16:20 UKT - 17:20 CET

• Details correct at time of posting