Commentary & Deal Flow

Reoffer: 3yr: MS+12bp / 99.745 / 2.84%
Benchmark: 3yr: OBL 2.1 12-Apr-29 @ 98.843 / B+30.6 / HR 108%

Final Books: Books > €2.1bn (incl. €1.185bn JLM + €95m prop interest per SFC)

Launched: 3yr: €500m @ MS+12bp - Books > €2.1bn (incl. €1.185bn JLM + €95m prop interest per SFC)
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)
IPTs: 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: €500m
• Settlement Date: 06-Jul-26
• Maturity Date: 06-Jul-29
• Coupon: 2.750% payable annually, Actual/Actual
• Re-Offer: 99.745 / 2.840% / MS+ 12 bps
• Benchmark: OBL 2.1 12-Apr-29 #189 (DE000BU25026) @ 98.843 / 2.534% / +30.6bps / HR 108%
• 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 (B&D), DBS Bank Ltd. and Deutsche Bank
• ISIN: XS3416412503 / 341641250
• Timing: PRICED, TOE 17.56 UKT. FTT immediately