Commentary & Deal Flow

• European € IG primary supply today was dominated by the € & £ tranches from NTT who announced a multi-currency ($, € & £) multi-tranche offering yesterday. The day's supply totalled €7.6bn from 5 issuers via 10 tranches (4x Corp, 1 x FIG).
• For comparison, last Wednesday delivered €4.405bn from 8 borrowers via 8 tranches (4 x Corp, 3 x FIG, 1 x SSA).
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €7.6bn
    • Avg. tranche size €706m
    • Avg. IPT to Pricing -29.72bp
    • Avg. cover 2.32 X
  • FIG
  • • Total IG: €1.25bn
    • Avg. tranche size €1.25bn
    • Avg. IPT to Pricing -25bps (unsecured) - €1.25bn
    • Avg. IPT to Pricing NA (covered)
    • Avg. cover 2.88 X
  • SSA
  • • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing NA
    • Avg. cover NA

• Sterling IG was active with 3 issuers (one each from Corp, FIG & SSA) delivering a total of £1.5bn from 3 tranches; one of which was a covered issue.
• The international Swiss Franc IG market also saw activity, with the first trade since the Barclays dual-tranche this time last week. Today 1 issuer, priced Chf165m via 1 tranche.
• No issuance today in the Reg S $ market.
• The relatively light pipeline cleared today, with the small Saxony-Anhalt trade still tabled for next week.
• Pipeline:
• • 2 x € SSA

Euro IG (today)

Corp

• CA Immobilien Anlagen Aktiengesellschaft (exp. Issue rating of Baa3 by Moody’s) announced a 3 year senior unsecured Green issue with IPTs of MS+135 to+140. Expected size was telegraphed as being an expected €300m. It did indeed size at €300m, with a book of over €1.6bn (at guidance & exc. JLMs). Final terms were at MS+102 & final books were over €1.15bn.
• Announced yesterday, Suez SA (exp. Issue rating of BBB by Fitch), brought their anticipated €500m, initially touted as a ‘wng’, the announcement changed to ‘exp’, for the 11.5 year, fixed Rate Tier 2 transaction. IPTs were in the area of MS+160. Trade size grew slightly to €600m, with pre-rec books over €3.2bn. The trade priced at MS+122; 38bps tighter than IPTs & offering a sole basis point in concession. Final books were over €2.2bn.
• French utility Engie SA (exp. Issue ratings of Baa1 / BBB+ / A- by Moody’s, S&P & Fitch) announced a dual tranche, senior unsecured, green issue. The 6 year had IPTs of MS+10-0 area, while the 12 year had IPTs of MS+135 area. Spread set at MS+65 & MS+103 respectively, with pre-rec books in the same order at over €3.2bn & €2.6bn. The tranches sized at €850m & €750m respectively & priced as last mentioned. The 6 year offered a concession of 3bps, while the longer 12 year offered up a solitary basis point. Books at re-offer were over €2.2bn & €2bn. Final books were €1.8bn & €1.6bn.
• IPTs were announced for the anticipated NTT Finance Corporation (exp. Issue ratings A3 / BBB+ by Moody’s & S&P) USD, EUR & GBP multi-tranche. For the € senior unsecured, benchmark portion, IPTs were as follows: 2 year FRN (Jun-28) = 3m €+70 area; Long 3 year FXD (Nov-29) = MS+85 to +90; Long 5 year FXD (Nov-31) = MS+105 area; 8 year (Jul-34) FXD = MS+125 area & Long 12 year FXD (Nov-38) = MS+150 area. All the € tranches sized at €750m, with the exception of the long 12 year which was €850m. Maintaining the same order, spreads were set & books announced as follows: 3mth €+45 @ €1.5bn, MS+60 @ €1.655bn, MS+80 @ €1.9bn, MS+100 @ €1.75bn & MS+123 @ €2.55bn. Final book sizes in the same order were, €1.4bn, €1.4bn, €1.5bn, €1.3bn & €2.4bn.

FIG

• First to announce on Wednesday was Banco Bilbao Vizcaya Argentaria, S.A. (exp. Issue ratings of Baa1 / A- / A- by Moody’s, S&P & Fitch) who announced a 5 year Green, senior non-preferred offering with IPTs of MS+95 to +100. Books were first telegraphed at over €1.5bn (inc. €20m JLMs), rising rapidly to over €3.2bn. The trade launched & priced €1.25bn at MS+70; 27.5bps tighter than the midpoint of IPTs. Final books at re-offer were over €3.6bn (inc. €20m JLMs).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

Corp

• IPTs were announced for the anticipated NTT Finance Corporation (exp. Issue ratings A3 / BBB+ by Moody’s & S&P) USD, EUR & GBP multi-tranche. For the Sterling senior unsecured, benchmark portion, IPTs were Gilts +100 area for the short 3 year (Mar-29). Spread set at Gilts +80 with a book of £1.2bn.

FIG

• Bank of Montreal (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, Fitch & DBRS), guaranteed by BMO Covered Bond Guarantor Limited Partnership, issued a 4.4 year (4th November 2030), benchmark, covered bond with guidance of SONIA MS+60 area. Books were first called at over £1.25bn (inc. £100m JLMs), with final books at over £1.5bn.

SSA

• Saltaire Finance plc (issue rating of Aa3 by Moody’s), the funding vehicle for the UK government’s Affordable Homes Guarantee Scheme (AHGS), announced a tap of their outstanding 6th December 2036 issue. The tap is scheduled for £100m, which would bring the outstanding amount to £525m). IPTs were in the area of mid Gilts +40. Guidance tightened by 5bps as books were called at over £300m (exc. JLMs), shifting to the same sized book (inc.£10m JLMs) at guidance. Spread set at UKT 4.875% July 2036 +34. The deal sized at £100m & priced at that level.

Week-to-date volumes:

Year-to-date volumes

Swiss Franc IG (today)

Corp

• Luxembourg real estate company Aroundtown SA announced a senior unsecured long 7 year trade with IPTs of SARON MS+150 to +155. The initial size announced was Chf100m & raised to Chf150 when guidance remained unchanged at SARON MS+150 to +155. Spread set half a basis point from the mid of IPTs at SARON MS153. The size increased to Chf165m. The trade finally sized & priced Chf180m at that SARON MS+153 level.

Week-to-date volumes:

US$ Reg S (today)

• No Supply

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.
• Wednesday 24th June: The German State of Hesse (rated AA+ / AAA by S&P & Scope), mandated Barclays, Commerzbank, Credit Agricole CIB, Danske Bank, DZ Bank & LBBW to lead manage its upcoming €1bn (wng) fixed rate Landesschatzanweisung with a maturity of 7 years (6th July 2033). The transaction will be launched in the near future subject to market conditions.

Transaction Details 

PRICED: Aroundtown SA CHF 180m 7.5yr Sr Unsec; SARON MS+153

IGC European Market: Deal Flow - General

Reoffer: 7.5yr: SARON MS+153 / 100 / 1.9413%
Benchmark: Govt.+174

Launched: 7.5yr: CHF 180m @ SARON MS+153bp
Spread set at: 7.5yr: SARON MS+153bp
IPTs: 7.5yr: SARON MS+150/155bp

• Issuer: Aroundtown SA (Ticker: ARNDTN)
• Issuer Domicile: Luxembourg
• Format: Public Fixed Rate Notes
• Ranking: Senior Unsecured
• Issuer Ratings: BBB (S&P)
• Expected Issue Ratings: BBB (S&P)
• Size: CHF 180m
• Settle: 09-Jul-26
• Maturity: 09-Jan-34
• Coupon: 1.9406% p.a., short 1st. coupon
• Reoffer Price: 100
• Reoffer Yield: 1.9413%
• Reoffer Spread: SARON MS+153
• ISIN: CH1571219398
• Security Number: 157121939
• Bookrunners: Deutsche Bank, Goldman Sachs International, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: EMTN Programme Prospectus dated 09-Jun-26 of the Issuer’s Euro Medium Term Note Programme
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: English Law
• Covenants: PP, NP, XD, COC
• Early Redemption: 3-month par call
• SIX Listing: 07-Jul-26
• Denomination: CHF 5,000 and multiples thereof
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution). Public Offering in Switzerland only. Subject to applicable selling restrictions
• Sales Restrictions: United States and US persons, United Kingdom, European Economic Area (including Belgium), Japan, Israel, Singapore and Canada, as per the Issuer’s EMTN Programme

PRICED: Bank of Montreal £1bn 4.4yr CB; SONIA MS+55bp

IGC European Market: Deal Flow - General

Reoffer: SONIA MS+55bp / 99.752 / 4.570%
Benchmark: UKT 0.375% Oct-30 @ 85.196 / B+37.0bp / HR 110%

Final Books: £1.5bn+ (incl. £100m JLM)

Launched: £1bn @ SONIA MS+55bp - Books £1.5bn+ (incl. £100m JLM)
Book Update: Books £1.25bn+ (incl. £100m JLM)
Guidance: SONIA MS+60a

• Issuer: Bank of Montreal
• LEI: NQQ6HPCNCCU6TUTQYE16
• Guarantor: BMO Covered Bond Guarantor Limited Partnership
• Expected Ratings: Aaa/AAA/AAA (Moody's/Fitch/DBRS)
• Instrument: Sterling Fixed Rate Canadian Legislative Covered Bond, backed by Canadian residential mortgages
• Form: Reg S (Category 2), Registered, TEFRA not applicable
• Size: £1bn
• Maturity Date: 04-Nov-30 (soft bullet)
• Settlement: 02-Jul-26 (T+7)
• Reoffer: SONIA mid-swap (Annual, Act/365) + 55bps / 4.570% ann / 99.752
• UKT Reference: UKT 0.375% Oct-30 + 37.0bps (mid 85.196, bid 85.176); HR 110%
• Interest: 4.5% per annum accruing from and including the Issue Date up to, but excluding, the Maturity Date, payable annually in arrears on each Interest Payment Date
• Interest Payment Dates: 04-Nov in each year commencing on the Interest Payment Date falling on 04-Nov-26 (short first coupon) and ending on (and including) the Maturity Date, subject, in each case, to the Business Day Convention specified below
• Day Count Convention: Actual/Actual (ICMA) (not adjusted)
• Denominations: £100,000 x £1,000
• Business Day Convention: Following Business Day Convention
• Business Days: Toronto, London, New York City
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Listing: The Main Market of the London Stock Exchange
• Documentation: Issued under the Issuer’s U.S.$50,000,000,000 Global Registered Covered Bond Program dated 10-Sep-25 and supplemented 15-Dec-25, 03-Mar-26 and 27-May-26 (the “Prospectus”).
• Advertisement: The Prospectus is, and the applicable Final Terms (when published) will be, available on: https://www.bmo.com/home/about/banking/investor-relations/fixed-income-investors/covered-bonds/registered-covered-bond#
• Selling Restrictions: As set out in the Prospectus
• Target Market: MiFID II / UK MiFIR professional clients / ECPs-only / No EU PRIIPs or CCI disclosure document
• Joint Lead Managers: Barclays, BMO (B&D), Lloyds, Natixis, Nomura and TD Securities
• Fees: Joint Lead Managers will be paid a fee in connection to the transaction
• ISIN/ Common Code: XS3429213377 / 342921337
• Timing: Priced, ToE 14:10 Ldn, FTT 14:30 Ldn
• Stabilization: FCA/ICMA

Covered

4.4yr (Nov 2030) @ SONIA MS+60 area / Gilts +42.5

Implied Spread for fresh 4.4yr @ SONIA MS+50

Priced at SONIA MS+55
NIC of +5

PRICED: Banco Bilbao Vizcaya Argentaria €1.25bn 5yr Green SNP; MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+70bp / 99.67 / 3.448%
Benchmark: 5yr: OBL 193 @ 99.495 / B+83.9bp / HR 101%

Final Books: >€3.6bn (incl. €20mn JLM interest)

Launched: 5yr: €1.25bn @ MS+70bp - Books >€3.2bn (incl. €20mn JLM interest) (pre-rec)
Book Update: Books >€1.5bn (incl. €20mn JLM interest)
IPTs: 5yr: MS+95/100bp

• Issuer: Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”)
• LEI: K8MS7FD7N5Z2WQ51AZ71
• Use of Proceeds: In accordance with BBVA Sustainable Debt Financing Framework, dated December 2024 and available at: https://shareholdersandinvestors.bbva.com/debt-investors/issuances-programs/sustainability-bonds/
• Issuer Ratings: A2 / A+ / A (Moody's / S&P / Fitch) (stable/stable/stable)
• Exp. Issue Ratings: Baa1 / A- / A- (Moody's / S&P / Fitch) (stable/stable/stable)
• Instrument: MREL eligible Green Senior Non-Preferred Notes, Unsecured
• Offering Format: Reg S, Cat 2, Bearer form, NGN, TEFRA D Rules apply, no communications with or into the US
• Issue Amount: €1.25bn
• Settlement: 30-Jun-26 (T+4)
• Maturity: 30-Jun-31 (5-year)
• Reoffer Spread: MS +70bps
• Reoffer: 99.67 / 3.448%
• Benchmark: OBL 193+83.9bps (Bid 99.495 HR 101%)
• Coupon: 3.375 per cent. Fixed, Annual, payable in arrears, Act/Act (ICMA), Following Unadjusted
• Coupon Payment Date: 30 June every year, commencing on 30-Jun-27
• Issuer Residual Call: Applicable. If, at any time, the outstanding aggregate nominal amount of the Notes is 25 per cent. or less of the aggregate nominal amount of the Series issued, the Notes may be redeemed at the option of the Issuer in whole, but not in part, at the Residual Call Early Redemption Amount together, if appropriate, with interest accrued to (but excluding) the date fixed for redemption in the relevant notice to the Noteholders, subject to compliance with Applicable Banking Regulations then in force, and subject to the prior consent of the Regulator if required. Condition 6(f) applies
• Denominations: €100k+€100k
• Listing: Regulated Market of the Irish Stock Exchange plc, trading as Euronext Dublin
• Docs: BBVA’s €40bn Global Medium Term Note Programme dated 17-Jul-25 (the “Base Prospectus”) as supplemented on 14-Aug-25, 18-Nov-25, 20-Apr-26, and 19-May-26
• Business Day / Law: T2 / Spanish Law
• ISIN: XS3429140398
• Joint Bookrunners: BBVA (B&D), Crédit Agricole CIB, Deutsche Bank, HSBC, Lloyds
• Target market: Manufacturer target market (MIFID II/MIFIR UK product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK. The target market assessment indicates that the Notes are incompatible with the knowledge, experience, needs, characteristics, and objectives of clients which are retail clients (as defined in MiFID II) and accordingly the Notes shall not be offered or sold to any retail clients.
• Fees: The Joint Bookrunners will be paid a fee in connection with the transaction (MiFID II)
• Advertisement: This communication is an advertisement. The Base Prospectus dated 17-Jul-25 and its supplements dated 14-Aug-25, 18-Nov-25, 20-Apr-26 and 19-May-26 are available on: https://shareholdersandinvestors.bbva.com/debt-investors/programas/global-medium-term-note/#2025_International_Program and the Final Terms, when published will be available on http://www.ise.ie
• Timing: PRICED, T.O.E. 2.24pm ukt FXD, FTT 2.45pm ukt

Green Senior Non-Preferred

5yr (June 2031) @ MS+95 to +100

Implied Spread for fresh 5yr @ MS+55

Priced at MS+70
NIC of +15

PRICED: CA Immobilien Anlagen Aktiengesellschaft €300m 3yr Sr Unsec; MS+102bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+102bp / 99.303 / 3.750%
Benchmark: 3yr: OBL 2.1 29 #189 @ 98.810 / B+120.5bp / HR 105%

Final books: over €1.15bn. Peak book: over €1.6bn (ex JLMs).

Launched: 3yr: €300m @ MS+102bp - Books over €1.6bn (ex JLMs)
Guidance: 3yr: MS+110a - Books over €1.4bn (pre rec, ex JLMs)
IPTs: 3yr: MS+135/140bp

• Issuer: CA Immobilien Anlagen Aktiengesellschaft (Ticker: CAIAV)
• Issuer LEI: 5299003ICAPV07J0R180
• Issuer Rating: Baa3 (stable) by Moody’s
• Expected Issue Rating: Baa3 by Moody’s
• Ranking: Senior, Unsecured
• Format: Reg S Bearer, NGN, TEFRA D
• Settlement: 07-Jul-26 (T+9)
• Tenor: 3yr
• Currency / Size: €300m
• Maturity: 07-Jul-29
• Reoffer: MS+102bps / 99.303% / 3.750%
• Coupon: 3.500% Fixed, Annual, Act/Act (ICMA)
• Reference: OBL 2.1 29 #189 +120.5bps @ 98.810 / HR 105%
• ISIN: XS3398037146
• Docs: Standalone Prospectus dated 23-Jun-26 and Pricing Notice / Austrian Law
• Covenants: Limitations on Incurrence of Financial Indebtedness:
• • 1. Consolidated Net Financial Indebtedness / Total Assets ≤ 60% (LTV ratio)
  • 2. Consolidated Secured Net Financial Indebtedness / Total Assets ≤ 45%
  • 3. Interest Coverage Ratio (LTM Adjusted EBITDA to LTM Net Cash Interest determined on a proforma basis) ≥ 1.8x
• Early Redemption: Tax Call at Par / CoC Put at 101% (upon CoC followed by a Rating Event)
• Denomination: €1,000
• Listing: Official Market of the Vienna Stock Exchange
• Selling Restrictions: EEA, UK, United States of America (TEFRA D), Japan, Singapore, Switzerland, Canada – as further set out in the Prospectus (Selling and Offer Restrictions)
• UoP: Net proceeds of the Bonds will be allocated to finance or re-finance Eligible Projects as set out in the Green Financing Framework of the Issuer
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties, professional clients and retail clients (distribution channels: advisory business, execution only, non-advisory business and asset management, subject to the distributor's suitability and appropriateness obligations under MiFID II, as applicable). UK Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document by the FCA Product Disclosure Sourcebook (DISC) required
• Joint Lead Managers and Joint Bookrunners: Crédit Agricole CIB, Deutsche Bank (B&D), Erste Group and UniCredit
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Prospectus and the Pricing Notice relating to the securities, when published, will be available on the website of the issuer (www.caimmo.com).
• TOE/FTT: 15.20 UKT / 15.45 UKT

PRICED: Saltaire Finance £100m 12.25yr Snr Sec; G+34bp

IGC European Market: Deal Flow - SSA

Reoffer: G+34bp / 97.421 / 5.137%
Benchmark: UKT 4.875% Jul-36

Peak book in excess of £300m (incl. £10m JLM)

Launched: £100m @ G+34bp
Guidance: G+35a - Books in excess of £300m (incl. £10m JLM)
IPTs: G+40a

• Issuer: Saltaire Finance plc
• Ticker: SLTFIN
• LEI: 2138005HL9O4VFW2HY47
• Guarantor: The Secretary of State for Housing, Communities and Local Government (formerly The Secretary of State for Levelling Up, Housing and Communities)
• Format: Guaranteed, Senior, Secured, Reg S, Bearer, NGN
• Rating: Aa3 (Moody’s)
• Tap Size: £100,000,000 (increasing the total issuance to £525,000,000 of which £33,000,000 is retained by the Issuer)
• Settlement Date: 01-Jul-26 (T+5)
• Expected Maturity Date: 06-Dec-36
• Legal Maturity Date: 06-Dec-38
• Coupon: 4.815%
• Reoffer Price: 97.421
• Reoffer Yield: 5.137%
• Reoffer Spread: G+34bp
• Reference Gilt: UKT 4.875% due Jul-36
• Interest Payment: Payable Semi-Annually, Act/Act
• Permanent ISIN: XS2953652935
• Temporary ISIN: XS3425663161 (fungible after 40 days)
• Docs: Guaranteed Secured Programme / London listing / 100k+1k / English Law
• Joint Lead Managers: HSBC / NatWest (B&D) / RBC Capital Markets
• Programme Memorandum: https://www.rns-pdf.londonstockexchange.com/rns/7722G_1-2024-3-13.pdf

PRICED: SUEZ €600m 10yr Green Sr Unsec; MS+122bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+122bp / 98.896 / 4.137%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 100.31% / B+127.6bp / HR 96%

10yr: Final Books > €2.2bn. Peak book €3.2bn+

Launched: 10yr: €600m @ MS+122bp - Books €3.2bn+ [Pre Rec]
IPTs: 10yr: MS+160a

• Issuer: SUEZ (Ticker: SUEZFP, Country: FR)
• LEI: 5493007LKZ37MXEN5D79
• Issuer Rating: Baa2 (Negative Outlook) by Moody’s
• Expected Issue Rating: Baa2 by Moody’s
• Issue Type: Fixed Rates Notes
• Format: Senior Unsecured, Reg S (Category 2), Bearer Dematerialised
• Settlement Date: 30-Jun-26 (T+4)
• Maturity Date: 30-Jun-36 (10y)
• Issue Size: €600m
• ReOffer: MS+122bps / 98.896 / 4.137%
• Reference Benchmark: +127.6bps vs DBR 2.9 15-Feb-36 @100.31% / HR: 96%
• Coupon: 4.000%, Fixed, Annual, Act/Act (ICMA)
• MWC: OAT (FRTR 1 1/4 25-May-36 @80.885) + 10bps
• Use of Proceeds: The net proceeds of the issue of the Notes will be used to finance or refinance, in whole or in part, existing or future Eligible Green Projects, as defined in the relevant Final Terms and described in the Issuer’s Green Financing Framework (as amended and supplemented from time to time)
• SPO Provider: Moody's ratings, SPO dated 27-Aug-25
• ESG Information: The Green Financing Framework 2025 and SPO are available on the Issuer’s website (https://www.suez.com/en/group/finance/green-framework-2025) The Green Financing Framework does not form part of the Base Prospectus or the Final Terms.
• Documentation: EMTN Programme dated 22-May-26 / French Law / Euronext Paris / MWC (OAT) / Change of Control / Clean-Up Call 75% / 3m Par Call / €100k + €100k
• Investor Presentation: https://dealroadshow.com/e/SUEZ2026 (Recommended) or visit https://dealroadshow.com and enter the deal entry code: SUEZ2026 (not case-sensitive)
• ISIN Code: FR0014019HT9
• Clearing: Euroclear France
• Global Coordinators: Natixis, NatWest (B&D), Société Générale
• Other Bookrunners: ING, MUFG
• ESG structurer: Natixis
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), no disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK.
• Advertisement: The Base Prospectus dated 22-May-26 is available on the website of the AMF (http://www.amf-france.org) and on the Issuer’s website (https://www.suez.com/en/finance/debt-and-rating). The Final Terms, when published, will be available on the website of the AMF (www.amf-france.org)
• Selling Restrictions: As documented in the EMTN Programme dated 22-May-26
• ToE / FTT: 16:06UKT / 16:30UKT

Green, Senior Unsecured

10yr (Jun 36) @ MS+160 area

Implied Spread for fresh 10yr @ MS+123

Priced at MS+122
NIC of +1

PRICED: NTT Finance €3.85bn & £400m 6-part Sr Unsec; 3m€+45 / MS+60 / MS+80 / MS+100 / MS+123 & G+80

IGC European Market: Deal Flow - General

Reoffer: 2yr FRN: 3m€+45 / 100 L3yr: MS+60 / 100 / 3.329% L5yr: MS+80 / 100 / 3.562% 8yr: MS+100 / 100 / 3.847% L12yr: MS+123 / 100 / 4.235% S3yr: G+80 / 100 / 4.855%
Benchmark: L3yr: OBL 2.5% Oct-29 @ 99.79 / B+76.4 L5yr: DBR 0% Aug-31 @ 87.56 / B+94.2 8yr: DBR 2.2% Feb-34 @ 96.12 / B+107.8 L12yr: DBR 1% May-38 @ 79.7 / B+117.2 S3yr: UKT 0.5% Jan-29 @ 91.313%

2yr FRN: Final Books €1.4bn. Peak book €1.5bn.
L3yr: Final Books €1.4bn. Peak book €1.65bn.
L5yr: Final Books €1.5bn. Peak book €1.9bn.
8yr: Final Books €1.3bn. Peak book €1.75bn.
L12yr: Final Books €2.4bn. Peak book €2.55bn.
S3yr: Final Books £1.1bn. Peak book £1.2bn.

Launched:
2yr FRN: €750m @ 3m€+45bp - Books €1.5bn
L3yr: €750m @ MS+60bp - Books €1.65bn
L5yr: €750m @ MS+80bp - Books €1.9bn
8yr: €750m @ MS+100bp - Books €1.75bn
L12yr: €850m @ MS+123bp - Books €2.55bn
S3yr: £400m @ G+80bp - Books £1.2bn
IPTs: 2yr FRN: 3m€+70a L3yr: MS+85-90bp L5yr: MS+105a 8yr: MS+125a L12yr: MS+150a S3yr: G+100a

• Issuer: NTT Finance Corporation (Ticker: NTT, Country: Japan)
• Issuer’s LEI: 3538007PR116187GD960
• Expected Ratings: A3 by Moody’s and BBB+ by S&P
• Ranking/Format: Senior Unsecured, 144A and 3(c)(7) / Reg S
• Settlement Date: 01-Jul-26 (T+5)
• Size:
• • 2yr FRN: €750m
  • L3yr: €750m
  • L5yr: €750m
  • 8yr: €750m
  • L12yr: €850m
  • S3yr: £400m
• Maturity:
• • 2yr FRN: 20-Jun-28
  • L3yr: 01-Nov-29
  • L5yr: 01-Nov-31
  • 8yr: 01-Jul-34
  • L12yr: 01-Nov-38
  • S3yr: 29-Mar-29
• Reoffer:
• • 2yr FRN: 100 / 3m€+45
  • L3yr: 100 / MS+60 / 3.329% / B+76.4
  • L5yr: 100 / MS+80 / 3.562% / B+94.2
  • 8yr: 100 / MS+100 / 3.847% / B+107.8
  • L12yr: 100 / MS+123 / 4.235% / B+117.2
  • S3yr: 100 / Mid-Gilts+80 / 4.855% (S/A)
• Ref Bmk:
• • 2yr FRN: n/a
  • L3yr: OBL 2.5% Oct-29
  • L5yr: DBR 0% Aug-31
  • 8yr: DBR 2.2% Feb-34
  • L12yr: DBR 1% May-38
  • S3yr: UKT 0.5% Jan-29
• Bmk Spot:
• • 2yr FRN: n/a
  • L3yr: 99.79
  • L5yr: 87.56
  • 8yr: 96.12
  • L12yr: 79.7
  • S3yr: 91.313% (mid) / 91.293% (bid)
• HR:
• • 2yr FRN: n/a
  • L3yr: 100%
  • L5yr: 109%
  • 8yr: 102%
  • L12yr: 109%
  • S3yr: 110%
• Coupon:
• • 2yr FRN: 3m€+45, Qtly, Act/360
  • L3yr: 3.3252%, Ann, ACT/ACT (ICMA), Short 1st
  • L5yr: 3.5592%, Ann, ACT/ACT (ICMA), Short 1st
  • 8yr: 3.847%, Ann, ACT/ACT (ICMA)
  • L12yr: 4.233%, Ann, ACT/ACT (ICMA), Short 1st
  • S3yr: 4.8522%, S/A, ACT/ACT (ICMA), Short 1st Cpn
• MWC:
• • 2yr FRN: n/a
  • L3yr: Yes, B+15
  • L5yr: Yes, B+15
  • 8yr: Yes, B+20
  • L12yr: Yes, B+20
  • S3yr: Yes, G+15
• Par Call:
• • 2yr FRN: n/a
  • L3yr: n/a
  • L5yr: 1m
  • 8yr: 2m
  • L12yr: 3m
  • S3yr: n/a
• ISIN (144A):
• • 2yr FRN: XS3422221021
  • L3yr: XS3422221377
  • L5yr: XS3422221534
  • 8yr: XS3422221708
  • L12yr: XS3422221963
  • S3yr: XS3422222185
• ISIN (RegS):
• • 2yr FRN: XS3422220999
  • L3yr: XS3422221294
  • L5yr: XS3422221450
  • 8yr: XS3422221617
  • L12yr: XS3422221880
  • S3yr: XS3422222003
• ToE:
• • 2yr FRN: 16.25 UKT
  • L3yr: 16.21 UKT
  • L5yr: 16.18 UKT
  • 8yr: 16.14 UKT
  • L12yr: 16.10 UKT
  • S3yr: 16.05 UKT
• Documentation: 144A/RegS, Standalone Prospectus (attached) / SGX-ST Listing / 100k+1k denoms
• Sales into Canada: Yes
• Use of Proceeds: General corporate purposes, including repayment of debt
• Joint Bookrunners: JPM (B&D), Citi, BofA, MS, BNPP, GS, Barc, Mizuho, SMBC, Nomura, Daiwa
• Timing: FTT 07:30 UKT Thursday 25-Jun-26

Senior Unsecured

2yr FRN (Jun 28) @ 3m €+70 area

Implied Spread for fresh 2yr FRN @ 3m €+40

Priced at 3m €+45
NIC of +5

Senior Unsecured

Long 3yr FXD (Nov 29) @ MS+85 to +90

Implied Spread for fresh Long 3yr @ MS+50

Priced at MS+60
NIC of +10

Senior Unsecured

Long 5yr FXD (Nov 31) @ MS+105 area

Implied Spread for fresh Long 5yr @ MS+64

Priced at MS+80
NIC of +16

Senior Unsecured

8yr (Jul 34) FXD @ MS+125 area

Implied Spread for fresh 8yr @ MS+86

Priced at MS+100
NIC of +14

Senior Unsecured

Long 12yr FXD (Nov 38) @ MS+150 area

Implied Spread for fresh Long 12yr @ MS+110

Priced at MS+123
NIC of +13

Senior Unsecured (Sterling)

Short 3yr FXD (Mar 29) @ Gilts +100 area

Implied Spread for fresh Short 3yr @ Gilts +65

Priced at Gilts +80
NIC of+15

ALLOCATIONS OUT: Engie €1.6bn 6yr & 12yr Green Sr Unsec; MS+65bp & MS+103bp

IGC European Market: Deal Flow - General

6yr: Final Books >€1.8bn. Peak book >€3.2bn (pre-rec)
12yr: Final Books >€1.6bn. Peak book >€2.6bn (pre-rec)

Launched:
6yr: €850m @ MS+65bp - Books >€2.2bn
12yr: €750m @ MS+103bp - Books >€2.0bn

Spread set at: 6yr: MS+65bp - Books >€3.2bn (pre-rec) | 12yr: MS+103bp - Books >€2.6bn (pre-rec)
IPTs: 6yr: MS+100a 12yr: MS+135a

• Issuer: Engie SA
• Ticker: ENGIFP
• Country: FR
• Issuer LEI: LAXUQCHT4FH58LRZDY46
• Issuer Ratings: Baa1/BBB+/BBB+ (Moody's/S&P/Fitch)
• Expected Issue Rating: Baa1/BBB+/A- (Moody's/S&P/Fitch)
• Ranking: Senior Unsecured
• Format: Reg S Bearer Dematerialized, Green Notes
• ISIN:
• • 6yr: FR0014019L14
  • 12yr: FR0014019L22
• Maturity:
• • 6yr: 01-Jul-32
  • 12yr: 01-Jul-38
• Size:
• • 6yr: €850m
  • 12yr: €750m
• Reference Benchmark:
• • 6yr: DBR 0.00 Feb-32 / HR 112%
  • 12yr: DBR 1.00 May-38 / HR 108%
• Coupon: Fixed, Annual, Act/Act ICMA
• Documentation: EMTN Programme
• Make-Whole Call: MWC (vs. Bund)
• Issuer Call Options: 3m Par Call
• Clean-up Call: @75%
• Use of Proceeds: An amount equal to the net proceeds will be used by the Issuer to : finance or refinance part of the acquisition of 100% of UK Power Networks, a pure player in transmission and distribution of electricity , and/or to finance or refinance in whole or in part, other existing or future Eligible Green Projects, both in accordance with the Issuer’s Green Financing Framework, available on the Green bond section of the Issuer’s website (https://www.engie.com/en/finance/credit/green-finance)
• Global Coordinators: BBVA (B&D), Crédit Agricole CIB
• Active Bookrunners: Barclays, BBVA (B&D), CIC CIB, Crédit Agricole CIB, J.P. Morgan, La Banque Postale, Société Générale, Standard Chartered Bank AG
• Denominations: €100k + 100k
• Listing: Euronext Paris
• Governing Law: French Law
• Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK.
• Selling Restrictions: As set out in the Base Prospectus dated 22-May-26
• Advertisement: The Base Prospectus dated 22-May-26 is available at www.amf-france.org and the Final Terms when published will be available at www.amf-france.org
• Schedule: Allocations & Pricing this afternoons business
• Books Subject: 12:45 UKT / 13:45 CET
• Hedge Deadline: All hedges by 17.10 UKT / 18.10 CET
• Timing:
• • Pricing: 24-Jun-26
  • Settle: 01-Jul-26 (T+5)

Green
6yr (July 2032) @ MS+100 area

Implied Spread for fresh 6yr @ MS+62

Priced at MS+65
NIC of +3

Green
12yr (July 2038) @ MS+135 area

Implied Spread for fresh 12yr @ MS+102

Priced at MS+103
NIC of +1

• Details correct at time of posting