Commentary & Deal Flow

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