Commentary & Deal Flow

• European € IG primary supply today totaled at least €6.2bn (+CDB trade. Not yet priced & size not confirmed) from 7 issuers (2 x Corp, 3 x FIG & 2 x SSA) via 11 tranches.
• There was notably zero investment grade international issuance across £, Chf & Reg S $’s.
• The market backdrop today was broadly receptive for primary, that is to say - no clear reasons not to issue. The Vix tightening ever so slightly over the session, low oil prices stayed mostly static, & European equities hardly moving through the morning. The prevailing mood was one of cautious optimism, borderline hesitation, & arguably a lack of direction. Under the surface, however, nervousness is clearly there with the potential for a sharp & sudden deterioration of events in the Middle East hanging over the market like the sword of Damocles. All eyes will be on the talks in Qatar tomorrow.
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €3.5bn
    • Avg. tranche size €700m
    • Avg. IPT to Pricing -30.1bp
    • Avg. cover 2.97 X
  • FIG
  • • Total IG: €2.6bn
    • Avg. tranche size €650m
    • Avg. IPT to Pricing -6.5bp (covered)
    • Avg. IPT to Pricing -27.75bp (unsecured)
    • Avg. cover 2.69 X
  • SSA
  • • Total IG: €100m +CDB trade yet to price
    • Avg. tranche size NA
    • Avg. IPT to Pricing NA
    • Avg. cover NA (no books on Saxony-Anhalt)
• Pipeline: Starting the week almost completely blank, the pipeline has now been populated with several issuers carrying out investor work today & tomorrow with a view to coming to market Tuesday or Wednesday subject to a receptive market.
• • 2 x € Corp (4 tranches)
  • 3 x € FIG (4 tranches)
  • 1 x £ FIG
    

Talking Point

• European € IG supply on Tuesday’s for the last 10 weeks.

Euro IG (today)

Corp

• European real estate company Vonovia SE (exp. Issue ratings of Baa1 / BBB+ / BBB+ / A- by Moody’s, S&P, Fitch & Scope) announced a triple tranche benchmark offering. A 5 year social bond came with IPTs in the area of MS+120; an 8.5 year (Jan 2035) issue carried IPTs of MS+155 area; with a 12 year senior unsecured carrying IPTs of MS+175 to +180. Combined books were announced as over €6.2bn split >€2.7bn, >€2bn & >€1.5bn respectively), with the maximum combined deal size set at €2bn. Guidance in turn was announced (in the same order) as MS+90 area (+/-2 WPIR); MS+125 area (+/- 2 WPIR); & MS+150 area (+/- 2 WPIR). Books combined were over €5.9bn (good at the tight end of guidance - & were split >€2.8bn, >€1.5bn & >€1.6bn respectively). In the same order the tranches sized at €900m, €600m & €500m, for a combined €2bn & NIC’s were +15, +1 & +13.
• German energy giant RWE Finance Europe B.V., (exp. Issue ratings Baa2 / BBB+ by Moody’s & S&P), guaranteed by RWE Aktiengesellschaft, announced a dual-tranche green issue. IPTs for the 3 years were in the area of MS+105, with an 11 year having IPTs of MS+140 area.Combined books were telegraphed in excess of €4.6bn (split >€2.5bn & >€2.1bn respectively). Guidance came in at MS+75 (+/- 2bps WPIR) for the 6 year & MS+115 area for the 11 year. Total combined deal size was set at a maximum of €1.5bn. Books closed in excess of €4.9bn (split >€2.6bn & >€2.3bn, good at guidance). Both tranches were sized at €750m, with the 6 year pricing at MS+73; 32bps tighter than IPTs with a NIC of 13; & the 11 year pricing at MS+110; 30bps tighter than IPTs with a NIC of 15. Final books were in excess of €4.5bn (split €2.4bn & €2.1bn - both good at re-offer).

FIG

• Compagnie de Financement Foncier (CFF Corp) (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, S&P & Scope) announced a dual tranche covered issue. Obligations Foncieres - ECB Eligible - Reg S Bearer - ECBC Covered Bond Label / CRDIV Compliant. Guidance on the 3 year benchmark was in the area of MS+24, while the 8 year, €500m (wng) had guidance of MS+51 area. Combined books were first heard at over €3bn (inc. €365m JLMs), skewed towards the 3 year. The 3 year book was later honed to over €2.1bn (inc. €170m JLMs pre-rec). It was sized at €750m & priced at MS+17; 7 bps tighter than IPTs & flat to secondaries. Books on the 8 year were over €1.2bn (inc. €195m JLMs pre-rec). It in turn was sized at €500m & priced at MS+45; 6bps tighter than IPTs & a basis point through secondaries. Final books for the 3 year were €1.8bn (inc. €170m JLMs) & final books for the 8 year were over €1bn (inc. €195m JLMs). 
• The second financial to step forward was Banque Fédérative du Crédit Mutuel (“BFCM”) (exp. Issue ratings of A1 / A+ / AA- by Moody’s, S&P & Fitch) who announced a 7 year, senior preferred, green issue with IPTs of MS+110 area. Books first heard over €2bn, & rose to a final book of over €3bn. The deal was sized at €750 pricing at MS+82.
• REIT, Realty Income Corporation (exp. Issue ratings of A3 / A- by Moody’s & S&P) announced an SEC Registered €500m (exp) 6 year, senior unsecured offering, with IPTs of MS+120 to 125. It upped its final size to €600m when books were declared over €1.45bn. Books closed at over €1.2bn. The trade priced at MS+95; 27.5bps tighter than IPTs & offering a NIC of 5bp. 

SSA

• First to hit the screens this morning was China Development Bank (exp. Issue rating of A1 by Moody’s) with a dual-currency offering including a Euro tranche. The 3 year senior unsecured € benchmark offering came with IPTs of MS+40 to +45. The trade was launched in tandem with a Sterling 1 year tranche (we only report trades of 18mths & longer). Books for the € tranche were first called at over €1.8bn (inc. €1.075bn JLMs & €95m prop interest per SFC). This rose to over €2.1bn as final guidance was set at MS+12. The deal was not priced by the time of this report so final size was not known. The MS+12 level, however, is some 8bps through implied secondaries.
• The long awaited (mandated since 27th of May) digital bond from the Federal State of Saxony-Anhalt (rated Aa1 / AAA / AAA by Moody’s, S&P & Scope), launched €100m, 2-year blockchain-based bond issuance (crypto security under German eWpG). Final terms were announced at MS+2, following extensive investor work. The deal priced well before noon at the €100m size & at the telegraphed MS+2 level. Books were 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)

• No Supply

Week-to-date volumes:

US$ Reg S (today)

• No Supply

Pending Deals & Mandates

Euro (€)

• Monday 29th June: Honda Motor Co. Ltd (rated A3 / BBB+ / A- by Moody’s, S&P & Fitch) mandated J.P. Morgan, Morgan Stanley, Nomura, Barclays, & BNP Paribas to arrange a series of fixed income investor conference calls in Europe commencing on June 29th, 2026. J.P. Morgan will be coordinating logistics. An inaugural transaction of Reg. S Registered, fixed rate, senior unsecured € benchmark notes with maturity of 3 year, 6 year, & 10 year will follow, subject to market conditions.
• Monday 29th June: Hines Real Estate Master FCP (exp. Issue rating of A- by Fitch) mandated BNP Paribas, Crédit Agricole CIB & ING as Global Coordinators & Joint Bookrunners, to arrange a series of fixed income investors calls on Monday 29th June & Tuesday 30th June. An inaugural Green, Senior Unsecured, RegS (Cat2) €500m (wng) 5 year offering is expected to follow, subject to market conditions. ING is acting as Sole ESG Structuring Coordinator & Crédit Agricole CIB is coordinating logistics.

• Monday 29th June: IDS Financing Plc (exp. Issue rating of BBB by S&P) mandated Goldman Sachs International, ING, MUFG, NatWest Markets & SMBC as Joint Bookrunners to arrange a series of fixed income investor meetings commencing on Monday 29th June. A Reg S only, € benchmark offering with tenors of 4 & 7 years are expected to follow, subject to market conditions. The notes will be guaranteed by IDS & General Logistics Systems B.V.* (*during the GLS Guarantee Period). Goldman Sachs International is coordinating Logistics. IDS is a global parcel logistics group, leading in Europe & the UK & with direct presence in US & Canada. It has strong market coverage & brand recognition, operating under GLS, one of the largest ground-based parcel delivery networks in Europe, & Royal Mail, the UK’s sole designated Universal Service Provider delivering letters & parcels throughout the UK. IDS is controlled by Czech-based EP Group.
• Monday 29th June: Banque Cantonale de Genève (exp. Issue rating of AA- by S&P) mandated BNP Paribas as Lead Manager & Sole Bookrunner, & Banque Cantonale de Genève as Co-Manager to arrange a series of fixed income investor meetings commencing today June 29th. A €500m (wng) 5 year Senior Unsecured Bond will follow in the near future, subject to market conditions.
• Monday 29th June: Great-West Lifeco Inc. (exp. Issue ratings of A+ / A by S&P & Fitch) mandated Barclays, BofA Securities, Crédit Agricole CIB & J.P. Morgan as Joint Lead Managers to arrange a series of fixed income investor calls, commencing Monday, June 29th 2026. A Reg S, Registered 7 year €500m (wng) senior notes offering may follow, subject to market conditions. Barclays is coordinating logistics.

Sterling (£)

• Monday 29th June: PRICOA Global Funding 1 (exp. Issue ratings of Aa3 / AA- / AA- by Moody’s, S&P & Fitch) mandated BNP Paribas, BofA Securities, Deutsche Bank, & HSBC as Active Joint Bookrunners to arrange a series of investor calls on Monday, June 29th. A Reg S, Registered 5 year £ benchmark Funding Agreement Backed Notes offering from PRICOA Global Funding I, with a funding agreement issued by The Prudential Insurance Company of America, may follow, subject to market conditions. Deutsche Bank is coordinating logistics.              

Transaction Details 
PRICED: State of Saxony-Anhalt €100m 2yr Sr Unsec; MS+2bp

IGC European Market: Deal Flow - SSA

Reoffer: 2yr: MS+2bp / 99.775 / 2.742%
Benchmark: 2yr: BKO 2.5% Jun-28 @ 99.94% / B+21.5bp / HR 101%

Launched: 2yr: €100m @ MS+2bp

• Issuer: Federal State of Saxony-Anhalt (Sachsen-Anhalt)
• Issuer Rating: Aa1/AAA/AAA (Moody’s/Fitch/Scope)
• Issue Type: Senior, Unsecured, Unsubordinated, Landesschatzanweisung (crypto security under German eWpG)
• Format: Standalone documentation, Bearer Bond
• Risk Weighting: 0%
• DLT/Network: The decentralised blockchain network SWIAT operated by SWIAT GmbH
• Size: €100m
• Maturity: 29-Jun-28 (2yr)
• Settlement: 29-Jun-26 (T+0)
• Coupon: 2.625% Fixed, annual, act/act ICMA
• Reoffer: MS+2bp / 2.742% / 99.775
• Benchmark: BKO 2.5% Jun-28 (99.940%) +21.5bps, HR 101%
• Law/Denoms: German Law, €100,000 + €100,000
• Sole Lead Manager: DekaBank
• Fees: The Bookrunner will be paid a fee in connection to the transaction (MIFID II)
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels).
• ISIN/WKN/Series: DE000A460KG2 / A460KG / 40
• Timing: Priced, TOE: 11:14 CET, FTT: 11:30 CET

PRICED: Realty Income €600m 6yr Sr Unsec; MS+95bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+95bp / 99.518 / 3.716%
Benchmark: 6yr: DBR 0% 15-Feb-32 @ 86.413 / B+108.7bp / HR 112%

Final Books: Above €1.2bn. Peak book > €1.45bn.

Launched: 6yr: €600m @ MS+95bp - Books > €1.45bn
IPTs: 6yr: MS+120/125bp

• Issuer: Realty Income Corporation
• Ticker: O
• Country: US
• Issuer LEI: 549300CUWDAUZSH43859
• Issuer Ratings: A3 (Stable) / A- (Stable) by Moody’s / S&P
• Expected Notes Ratings: A3 / A- by Moody’s / S&P
• Format: SEC Registered
• Ranking: Senior Unsecured
• Size: €600m
• Settlement: 07-Jul-26
• Maturity: 30-Jul-32
• Coupon: 3.625% Fixed, annual, Act/Act (ICMA), (short first)
• Re-offer: MS+95bps / 3.716% / 99.518
• Benchmark: DBR 0% 15-Feb-32 (86.413 bid) + 108.7bps / HR 112%
• MWC: Yes (B+20)
• Optional Redemption: 2-mo par call, MWC, Tax call
• ISIN: XS3422184401
• CUSIP: 756109 DC5
• Covenants:
• • Total Debt / Adjusted Total Assets ≤60%
  • Secured Debt / Adjusted Total Assets ≤40%
  • Debt Service Coverage ≥1.5x
  • Unencumbered Assets / Unsecured Debt ≥150%
• Use of Proceeds: General corporate purposes, which may include, among other things, the repayment or repurchase of Realty Income’s indebtedness (including borrowings under the Company’s revolving credit facilities and commercial paper programs), foreign currency swaps or other hedging instruments, the development, redevelopment and acquisition of additional properties, acquisition or business combination transactions, and the expansion and improvement of certain properties in the Company’s portfolio
• Documentation: SEC Registered / New York Stock Exchange Listing / New York Law
• Clearing: Euroclear and Clearstream, Luxembourg
• Denominations: €100,000 x €1,000
• Selling Restrictions: As per the Company’s Preliminary Prospectus Supplement dated 29-Jun-26 (the “Preliminary Prospectus Supplement”)
• Sales into Canada: Yes, via exemption (as per the Preliminary Prospectus Supplement)
• Bookrunners: Barclays (B&D), BNP Paribas, RBC Capital Markets, Santander, Wells Fargo Securities
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• Target Market / PRIIPs: MiFID II and UK MiFIR professionals/ECPs-only / No PRIIPs KID or UK PRIIPs KID – Manufacturer target market (MiFID II and U.K. MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) has been prepared as not available to retail in the EEA
• Timing: TOE 14:02 UKT / FTT TBD

6yr (July 2032) @ MS+120 to +125

Implied Spread for fresh 6yr @ MS+90

Priced at MS+95
NIC of +5

PRICED: Banque Fédérative du Crédit Mutuel €750m 7yr Green SP; MS+82bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+82bp / 99.288 / 3.617%
Benchmark: 7yr: DBR 2.3% Feb-33 @ 97.61% / B+92.0bp / HR 102%

Final Books: €3bn+

Launched: 7yr: €750m @ MS+82bp - Book in excess of €3bn
Book Update: Book in excess of €2bn
IPTs: 7yr: MS+110a

• Issuer: Banque Fédérative du Crédit Mutuel (“BFCM”)
• LEI: VBHFXSYT7OG62HNT8T76
• Status of Notes: The Notes are Senior Preferred Notes (save for statutorily preferred exceptions)
• Format: Reg S, Dematerialised Notes in Bearer form (au porteur)
• Issuer Ratings: A1/A+/AA- (Moody's/S&P/Fitch)
• Expected Notes Ratings: A1/A+/AA- (Moody's/S&P/Fitch)
• Settlement Date: 07-Jul-26 (T+6)
• Maturity Date: 07-Jul-33
• Size: €750m
• Reoffer: MS+82bp, Yld 3.617%, Px 99.288%
• Underlying Bund: DBR 2.3% Feb-33 + 92.00 bps (@97.61%), HR 102%
• Coupon: 3.50% Fixed, Annual
• Coupon Payment Date: Annually in arrear on 07-Jul in each year commencing on 07-Jul-27 up to and including the Maturity Date
• Day Count Fraction: Act/Act (ICMA), Unadjusted
• Business Day Convention: Following Business Day Convention
• Business Days for Payment: T2
• Specified Denominations: €100k + €100k
• Governing Law: French Law
• Listing: Euronext-Paris
• Clearing System: Euroclear France
• Joint Lead Managers: CIC (B&D), Danske Bank, Deutsche Bank, Société Générale
• ISIN: FR0014019O29
• Use of Proceeds: To finance or refinance loans in the Green Eligible Categories, as further described in the Issuer’s 2022 Green, Social and Sustainability Bond Framework
• Documentation: Issued under the BFCM EMTN Programme’s Base Prospectus dated 18-Jul-25 (as supplemented from time to time) and the Final Terms of the Notes
• Advertisement: The Base Prospectus, dated 18-Jul-25 (as supplemented on 17-Feb-26, 15-Apr-26 and 15-Jun-26), as well as the Final Terms (when published) are available at https://investors.bfcm.creditmutuel.fr/bfcm-programs/standard-programs
• Target Market: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs key information document (KID) or CCI product summary has been prepared as not available to retail in the EEA and in the UK
• MiFID II Co-Manufacturers: Joint Lead Managers and Issuer
• UK MIFIR Manufacturer: Société Générale
• Selling Restrictions: Reg S (no communications with or into the U.S., no sales into Canada) Category 2, UK, France, Japan, Hong Kong, PRC, Belgium. No sales of Notes to EEA and UK Retail Investors; TEFRA Not Applicable
• Acknowledgement of Bail-In and Write-Down or Conversion Powers: Applicable
• Waiver of Set-Off: Applicable
• MREL or TLAC Disqualification Event in respect of Senior Preferred Notes: Applicable
• Negative Pledge: None
• Cross Default: None
• Events of Default in respect of Senior Preferred Notes: No Events of Default in respect of Senior Preferred Notes
• Timing: PRICED, T.O.E. 14.02 ukt, FTT 14.25 ukt
• BFCM’s Green, Social and Sustainability Bond Framework: https://investors.bfcm.creditmutuel.fr/static-files/6af15e91-359f-44cf-aa8f-ee075dc1838f
• Second Party Opinion: https://investors.bfcm.creditmutuel.fr/static-files/9c6a74de-cd53-4458-babf-7b163b03f69b

Green
7yr (July 2033) @ MS+110 area

Implied Spread for fresh 7yr @ MS+78

Priced at MS+82
NIC of +4

PRICED: Compagnie de Financement Foncier €1.25bn 3yr & 8yr CB; MS+17bp & MS+45bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+17bp / 99.977 / 2.883% 8yr: MS+45bp / 99.778 / 3.282%
Benchmark: 3yr: OBL#189 2.1% 29-Apr-29 @ 98.855% / B+35.3bp / HR 108% 8yr: DBR 4.75% 04-Jul-34 @ 114.332% / B+54.9bp / HR 90%

3yr: Final Books €1.8bn (incl. €170m JLM). Peak book > €2.1bn
8yr: Final Books €1.0bn+ (incl. €195m JLM). Peak book > €1.2bn

Launched:
3yr: €750m @ MS+17bp - Books > €2.1bn (incl. €170m JLM and pre-rec)
8yr: €500m @ MS+45bp - Books > €1.2bn (incl. €195m JLM and pre-rec)
Book Update: Orderbooks in excess of €3.0bn (incl. €365m JLM interest), slightly skewed towards the 3yr
Guidance: 3yr: MS+24a 8yr: MS+51a

• Issuer: Compagnie de Financement Foncier
• LEI: DKGVVH5FKILG8R13CO13
• Issue Type: Obligations Foncieres - ECB Eligible - Reg S Bearer - ECBC Covered Bond Label / CRDIV Compliant
• Ratings: Aaa/AAA/AAA (Moody's/S&P/Scope)
• Maturity Date:
• • 3yr: 06-Jul-29 (Soft Bullet)
  • 8yr: 06-Jul-34 (Soft Bullet)
• Settlement Date: 06-Jul-26 (T+5)
• Size:
• • 3yr: €750m
  • 8yr: €500m
• Reoffer:
• • 3yr: MS+17bp, 99.977%, 2.883%
  • 8yr: MS+45bp, 99.778%, 3.282%
• Benchmark:
• • 3yr: +35.3bp vs OBL#189 2.1% 29-Apr-29 (px 98.855% - HR 108%)
  • 8yr: +54.9bp vs DBR 4.75% 04-Jul-34 (px 114.332% - HR 90%)
• Coupon:
• • 3yr: 2.875% Fixed, Annual Act/Act ICMA
  • 8yr: 3.25% Fixed, Annual Act/Act ICMA
• Business Day Convention: Following, Unadjusted basis
• Redemption Price: 100%
• Governing Law: French Law
• Documentation: Under the €125bn EMTN Programme
• Denomination: €100k + €100k
• Listing: Euronext Paris and Luxembourg
• Use of Proceeds: The net proceeds of the issue of the Notes will be used for the Issuer's general corporate purposes
• Selling Restrictions: As set out in the Base Prospectus
• MiFID II/UK MiFIR product governance: MiFID II / UK MiFIR – professionals / ECPs-only / No PRIIPs KID and no disclosure document required by the FCA Product Disclosure Sourcebook (DISC) – Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) and no disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in the EEA or in the UK.
• Joint Bookrunners: BayernLB, Erste Group, LBBW, Natixis (B&D), Rabobank, Santander, SEB, UniCredit
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• ISIN:
• • 3yr: FR0014019MS1
  • 8yr: FR0014019MR3
• Timing: Priced TOE 3y 15.50CET / 8y 15.53CET - FTT 3y and 8y 16.05CET
• Advertisement: The Base Prospectus, any supplements thereto, and the Final Terms (when published) are available at https://foncier.fr/prospectus-emtn/
  
  Covered

3yr (July 2029) @ MS+24 area

Implied Spread for fresh 3yr @ MS+17

Priced at MS+17
NIC of 0

Covered

8yr (July 2034) @ MS+51 area

Implied Spread for fresh 8yr @ MS+46

Priced at MS+45
NIC of -1

PRICED: RWE Finance Europe €1.5bn 6yr & 11yr Green Sr Unsec; MS+73 & MS+110

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+73 / 99.35 / 3.497% 11yr: MS+110 / 99.546 / 4.052%
Benchmark: 6yr: DBR 0% Feb-32 @ 86.40% / B+86.5bps 11yr: DBR 4% Jan-37 @ 109.655% / B+113.3bps

6yr: Final Books €2.4bn. Peak book > €2.6bn
11yr: Final Books €2.1bn. Peak book > €2.3bn

Launched:
6yr: €750m @ MS+73bp - Books > €2.6bn
11yr: €750m @ MS+110bp - Books > €2.3bn
Guidance: 6yr: MS+75bp (+/-2bps WPIR) 11yr: MS+115bp area - Combined books in excess of €4.6bn (split €2.5bn+ / €2.1bn+)
IPTs: 6yr: MS+105bp area 11yr: MS+140bp area

• Issuer: RWE Finance Europe B.V.
• Guarantor: RWE Aktiengesellschaft
• Issuer LEI: 5299009OE63JPUILOJ73
• Guarantor LEI: 529900GB7KCA94ACC940
• Guarantor Ratings: Baa2 (Stable Outlook) by Moody’s, BBB+ (Stable Outlook) by Fitch
• Expected Issue Ratings: Baa2 by Moody’s, BBB+ by Fitch
• Format: Senior Unsecured, Reg S Bearer, Green Bond
• Size:
• • Green 6yr: €750m
  • Green 11yr: €750m
• Settlement: 06-Jul-26 (T+7)
• Maturity:
• • Green 6yr: 06-Jul-32
  • Green 11yr: 06-Jul-37
• Coupon:
• • Green 6yr: 3.375% Fixed, Annually, ACT/ACT
  • Green 11yr: 4.000% Fixed, Annually, ACT/ACT
• Reoffer:
• • Green 6yr: 99.350% / 3.497% / MS+73 / B+86.5bps
  • Green 11yr: 99.546% / 4.052% / MS+110bps / B+113.3bps
• Benchmark:
• • Green 6yr: DBR 0% Feb-32 @ 86.40% / HR 112%
  • Green 11yr: DBR 4% Jan-37 @ 109.655% / HR 92%
• Par Call: 3m Par Call
• TOE:
• • Green 6yr: 1539 LDN / 1639 CET
  • Green 11yr: 1540 LDN / 1640 CET
• ISIN:
• • Green 6yr: XS3430748759
  • Green 11yr: XS3430748676
• Denominations: €1,000 - minimum purchase amount of €100,000 in the primary market
• Docs: DIP / Lux. Listing / German Law / Tax Call / CoC Put (at 100%) / 3m Par Call / Clean-up Call (80%)
• Selling Restrictions: As set out in the Debt Issuance Programme Prospectus, Reg S, Cat 2, TEFRA D
• Use of Proceeds: Finance and refinance new and existing Green Projects that satisfy the Eligible Asset criteria defined in the Green Financing Framework
• Target Market: The target market for the bond is eligible counterparties, professional clients and retail investors, each as defined in MIFID II/ UK MiFIR (all channels for distribution, with appropriateness check). No EEA PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as these issuances are not considered to be packaged retail investment products
• Global Coordinator: Goldman Sachs Bank Europe SE (B&D)
• Active Bookrunners: BayernLB, BNP Paribas, Commerzbank, Goldman Sachs Bank Europe SE, UniCredit
• Passive Bookrunners: DZ Bank, Helaba, LBBW
• Timing: Priced - FTT - 1600 LDN / 1700 CET

Green

6yr (July 2032) @ MS+105 area

Implied Spread for fresh 6yr @ MS+60

Priced at MS+73
NIC of +13

Green
11yr (July 2037) @ MS+140 area

Implied Spread for fresh 11yr @ MS+95

Priced at MS+110
NIC of +15

PRICED: Vonovia SE €2bn 5yr Social, 8.5yr Green & 12yr Sr Unsec; MS+88, MS+123 & MS+148

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+88 / 99.473 / 3.617% 8.5yr: MS+123 / 99.398 / 4.088% 12yr: MS+148 / 99.15 / 4.468%
Benchmark: 5yr: OBL 2 ½ 16-Apr-31 @ 99.52 / B+101.3 / HR 101% 8.5yr: DBR 2.6 15-Aug-34 @ 98.66 / B+130.2 / HR 99% 12yr: DBR 1 15-May-38 @ 79.73 / B+140.6 / HR 105%

5yr Social: Final Books >€2.7bn. Peak book >€2.8bn.
8.5yr Green: Final Books >€1.1bn. Peak book >€2bn.
12yr: Final Books >€1.5bn. Peak book >€1.6bn.

Launched: (Combined books in excess of €5.9bn)

• 5yr Social: €900m @ MS+88bp - Books >€2.8bn
• 8.5yr Green: €600m @ MS+123bp - Books >€1.5bn
• 12yr: €500m @ MS+148bp - Books >€1.6bn
  Guidance: 5yr: MS+90a +/-2 wpir (Books >€2.7bn) | 8.5yr: MS+125a +/-2 wpir (Books >€2bn) | 12yr: MS+150a +/-2 wpir (Books >€1.5bn) - Combined books in excess of €6.2bn
  IPTs: 5yr: MS+120a | 8.5yr: MS+155a | 12yr: MS+175/180bp
• Issuer: Vonovia SE (Ticker: ANNGR; Country: DE)
• Issuer LEI: 5299005A2ZEP6AP7KM81
• Issuer Ratings: Baa1 by Moody’s / BBB+ by S&P / BBB+ by Fitch / A- by Scope (all stable)
• Expected Issue Ratings: Baa1 by Moody’s / BBB+ by S&P / BBB+ by Fitch / A- by Scope
• Status / Form: Senior, Unsecured, Reg S Bearer Notes TEFRA D
• Settlement: 06-Jul-26 (T+5)
• Size:
• • 5yr Social: €900m
  • 8.5yr Green: €600m
  • 12yr: €500m
• Maturity:
• • 5yr: 06-Jul-31
  • 8.5yr: 06-Jan-35
  • 12yr: 06-Jul-38
• Reoffer:
• • 5yr: MS+88 / 3.617% / 99.473
  • 8.5yr: MS+123 / 4.088% / 99.398
  • 12yr: MS+148 / 4.468% / 99.150
• Coupon:
• • 5yr: 3.500% Fixed (Annual, Act/Act ICMA)
  • 8.5yr: 4.000% Fixed (Short 1st, Annual, Act/Act ICMA)
  • 12yr: 4.375% Fixed (Annual, Act/Act ICMA)
• Reference:
• • 5yr: OBL 2 ½ 16-Apr-31 +101.3 (99.52) / HR 101%
  • 8.5yr: DBR 2.6 15-Aug-34 +130.2 (98.66) / HR 99%
  • 12yr: DBR 1 15-May-38 +140.6 (79.73) / HR 105%
• Par Call:
• • 5yr: 3m Par Call
  • 8.5yr: 3m Par Call
  • 12yr: 3m Par Call
• ISIN:
• • 5yr: XS3423368334
  • 8.5yr: XS3423369571
  • 12yr: XS3423368417
• MWC:
• • 5yr: B+20
  • 8.5yr: B+20
  • 12yr: B+25
• Use of Proceeds:
• • 5yr (Social): The Issuer will use an amount equal to the net proceeds from this issuance of the Notes to finance and/or re-finance, in whole or in part, new or existing Eligible Social Assets in line with the Sustainable Finance Framework established by the Group. The net proceeds from this issuance of Notes will be used for general corporate and (re-)financing purposes of the Group, including for the concurrently announced tender offers
  • 8.5yr (Green): The Issuer will use an amount equal to the net proceeds from this issuance of the Notes to finance and/or re-finance, in whole or in part, new or existing Eligible Green Assets in line with the Sustainable Finance Framework established by the Group. The net proceeds from this issuance of Notes will be used for general corporate and (re-)financing purposes of the Group, including for the concurrently announced tender offers
  • 12yr: The net proceeds from this issuance of Notes will be used for general corporate and (re-)financing purposes of the Group, including for the concurrently announced tender offers
• Documentation: DIP / Lux. Listing (regulated market) / German Law / Tax Call / CoC / MWC / Clean-up Call (80%)
• Denomination: €100,000 x €100,000
• Covenants: Limitations on Incurrence of Debt: 1) Total Debt / Total Assets ≤ 60% 2) Secured Debt / Total Assets ≤ 45% Maintenance of Consolidated Coverage Ratio and Total Unencumbered Assets: 3) Interest Coverage Ratio (LTM Adjusted EBITDA to LTM Net Cash Interest) ≥ 1.8x 4) Total Unencumbered Assets / Unsecured Debt ≥ 125%
• Selling Restrictions: As set out in the issuer’s €40bn Debt Issuance Programme dated 23-Mar-26 and supplemented on 08-May-26 and 25-Jun-26 (the “Base Prospectus”)
• EU MiFID II / UK MiFIR Target Market: Eligible counterparties and professional clients only (EU MiFID and UK MiFIR Product Governance) - all distribution channels. No EEA PRIIPs KID or UK CCI disclosure document required by the FCA Product Disclosure Sourcebook (DISC) as not available to retail investors in the UK or the EEA or elsewhere
• Joint Active Bookrunners: BNP Paribas, ING, J.P. Morgan (B&D), UBS Investment Bank
• Clearing: Euroclear / Clearstream, Luxembourg
• Advertisement: The Base Prospectus is available at https://www.luxse.com/issuer/Vonovia/70372 and the final terms relating to the Notes, when published, will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com/). This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus.
• Timing:
• • 5y TOE 16:05 UKT / 17:05 CET
  • 8.5y TOE 16:04 UKT / 17:04 CET
  • 12y TOE 16:03 UKT / 17:03 CET
  • FTT 16:35 UKT / 17:35 CET

Social
5yr (July 2031) @ MS+120 area

Implied Spread for fresh 5yr @ MS+73

Priced at MS+88
NIC of +15

Green
8.5yr (Jan 2035) @ MS+155 area

Implied Spread for fresh 8.5yr @ MS+122

Priced at MS+123
NIC of +1

12yr (July 2038) @ MS+175 to +180

Implied Spread for fresh 12yr @ MS+135

Priced at MS+148
NIC of +13

Details correct at time of posting