Commentary & Deal Flow

Guidance:
3yr: €1bn Exp. @ MS+85a (Books >€3.7bn)
6yr: €750m Exp. @ MS+130a (Books >€3bn)
10yr: €500m Exp. @ MS+160a (Books >€2.3bn)

IPTs: 3yr: MS+110bp area 6yr: MS+155bp area 10yr: MS+185bp area

• Issuer: Honda Motor Co., Ltd. (Ticker: HNDA, Country: Japan)
• LEI: 549300P7ZYCQJ36CCS16
• Expected Ratings: A3/BBB+/A- (Moody's/S&P/Fitch)
• Security Description: Senior Unsecured Notes
• Registration: Reg S Registered
• Expected Size: Total Deal Size max €2.5bn. Tranches: 3yr €1bn Exp., 6yr €750m Exp., 10yr €500m Exp.
• Tenor:
• • 3-year FXD
  • 6-year FXD
  • 10-year FXD
• Maturity Date:
• • 3yr: 07-Jul-29
  • 6yr: 07-Jul-32
  • 10yr: 07-Jul-36
• Optional Redemption:
• • 3yr: Make Whole Call, 1m Par Call
  • 6yr: Make Whole Call, 2m Par Call
  • 10yr: Make Whole Call, 3m Par Call
• Benchmark German Government Bond:
• • 3yr: OBL 2.1 12-Apr-29
  • 6yr: DBR 0 15-Feb-32
  • 10yr: DBR 2.9 15-Feb-36
• ISIN:
• • 3yr: XS3416873738
  • 6yr: XS3416873902
  • 10yr: XS3416874892
• Bookrunners: J.P. Morgan (B&D), Morgan Stanley, Nomura, Barclays, BNP Paribas
• Billing & Delivery: J.P. Morgan
• Sale into Canada: Yes
• Use of Proceeds: Capital Expenditures and general corporate purposes
• Minimum Denoms: €100,000 and integral multiples of €1,000 in excess thereof
• Listing: Singapore Exchange Securities Trading Limited (SGX-ST)
• Governing Law: English Law
• Settlement: 07-Jul-26
• Timing: Pricing expected today LDN time
• Books Subject: 12:45 UKT / 13:45 CET
• Finsight (Deal Roadshow): https://dealroadshow.finsight.com | Entry code: HONDADEAL2026 (not case sensitive)
• Advertisement: The Offering Circular, when published, will be available on the website of the Singapore Stock Exchange https://www.sgx.com/