Commentary & Deal Flow

Final Guidance: 3yr: MS+12bp# - Books > €2.1bn (incl. €1.185bn JLM + €95m prop interest per SFC)

Book Update: Books > €1.8bn (incl. €1.075bn JLM + €95m prop interest per SFC)
IPGs: 3yr: MS+40/45a

• Issuer: China Development Bank
• Issuer Ratings: A+ (Stable) by S&P / A1 (Stable) by Moody’s
• Expected Issue Rating: A1 by Moody’s
• Issue Type: Senior Unsecured Fixed Rate Notes (the “Notes”), drawdown from US$30bn Debt Issuance Programme
• Format: Reg S (Category 2), Registered form
• Size: € Benchmark
• Tenor: 3-Year, Fixed
• Guidance: MS+12bp#
• Hedge Reference: OBL 2.1 12-Apr-29 #189
• Interest Payment Date: Payable annually, Actual/Actual
• Business Day Convention: Unadjusted, Following
• Use of Proceeds: Working Capital and General Corporate Purposes
• Listing: Hong Kong Stock Exchange
• Clearing: Euroclear / Clearstream
• Denomination: €100,000 / €1,000
• Governing Law: English law
• JLMs & JBRs: Bank of China (Hong Kong), Bank of Communications, China Construction Bank (Asia), ICBC (Europe) S.A., ABC International, China International Capital Corporation, CITIC Securities, BNP Paribas, DBS Bank Ltd., Deutsche Bank
• B&D: BNP Paribas
• Settlement Date: 06-Jul-26 (T+7)
• Timing: Global books subject. Today’s business