Commentary & Deal Flow

• European € IG primary supply today totaled at least €5.7bn from 6 issuers (3 x Corp & 3 x FIG) via 9 tranches.
• Today marks the end of the first half of the year, & cumulative € IG volumes YTD now stand at €1.054 trillion, leaving us running 11.88% ahead of the same point in 2025 - a notable milestone as the market heads into the summer lull.
• A highlight of today's session was Honda's debut in the Euro market, pricing a €2.5bn offering that attracted a considerable show of investor support, with total order books reaching a peak of €10.4bn - a strong reception for a first-time borrower.
• Notably absent from today's slate was any SSA activity. The last occasion on which a Tuesday passed without a single € SSA print was June 4th.
• Both the Sterling & the Swiss Franc markets were also busy today. Chf IG saw 2 issuers (1x FIG & 1 x SSA) for a total of Chf380m, while Sterling IG had 3 issuers (1 x Corp & 2 x FIG) for a total of £1.2bn.
• Reg S $’s was limited to CEEMEA trades only today.
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €4.05bn
    • Avg. tranche size €675m
    • Avg. IPT to Pricing -20.33bp
    • Avg. cover 2.92 X
  • FIG
  • • Total IG: €1.5bn
    • Avg. tranche size €500m
    • Avg. IPT to Pricing NA (covered)
    • Avg. IPT to Pricing -24.83bp (unsecured)
    • Avg. cover 2.3 X
  • SSA
  • • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing NA
    • Avg. cover NA
• Pipeline: Going into Wednesday the € IG pipeline has several deals across the sectors, with 2 trades slated in the SSA space. Elsewhere we have a corporate green trade & a covered issue. All seem likely for tomorrow.
• • 1 x € Corp
  • 1 x € FIG
  • 2 x € SSA

Euro IG (today)

Corp

• Cadent Finance Plc (exp. Issue ratings of Baa1 / BBB / A- by Moody’s, S&P & Fitch) - the financing subsidiary of Cadent Gas Limited, the UK’s largest regulated gas distribution network - announced an expected £500m green 10 year issue with IPTs in the area of MS+150. Final books were over €1.95bn.
• The only triple-tranche offering of the session came from Honda Motor Co. Ltd (rated A3 / BBB+ / A- by Moody’s, S&P & Fitch). The benchmark Reg. S Registered, fixed rate, senior unsecured trade had been announced yesterday. IPTs were in the ‘area’ as follows; 3 year at MS+110, 6 year MS+155, & the 10 year MS+185. Combined initial books were in excess of €9bn (pre-rec), with the total deal size given a maximum of €2.5bn. Guidance, expected tranche sizing & books were as follows. 3 year, €1bn at MS+85 area (books >€3.7bn); 6 year, €750m at MS+130 area (books >€3bn); & 10 year, €500m at MS+160 area (books >€2.3bn). The deal launched as follows: 3 year, €1.25bn at MS+80 (books >€4.2bn); 6 year, €750m at MS+125 (books >€3.6bn); & 10 year, €500m at MS+153 (books >€2.6bn). This was a combined book in excess of €10.4bn (pre-rec, good at guidance). Final books were >€4.2bn, >€3.5bn & >€2.6bn respectively.
• Mandated yesterday, IDS Financing Plc (exp. Issue rating of BBB by S&P) brought its benchmark dual-tranche offering. A 4 year carried IPTs of MS+150 area, with a 7 year at MS+200 area. The notes are guaranteed by IDS & General Logistics Systems B.V.* (*during the GLS Guarantee Period). Combined books were over €3.4bn (split €1.8bn & €1.6bn). The 4 year launched & priced for €550m at MS+120 & the 7 year for €500m at MS+175. Final books, at re-offer, were €1.7bn for the 4 year & €1.4bn for the 7 year. The issuer offered investors a NIC of 10bps on both tranches.

FIG

• Mandated yesterday, Great West Lifeco (exp. Issue ratings of A+ / A by S&P & Fitch), brought their anticipated €500m (wng) 7 year early. IPTs on the offering came in at MS+115 to +120. Books were first called over €1bn. The deal launched at MS+90 when books were over €1.4bn (pre-rec). Books closed above €1.55bn & the €500m trade priced at MS+90.
• Banque Cantonale de Genève (exp. Issue rating of AA- by S&P) brought its anticipated, €500m (wng), 5 year senior unsecured bond, with IPTs in the area of MS+90. Books were over €775m (inc. €50m JLMs). The €500m trade launched & priced at MS+70. Final books over €700m (inc. €50m JLMs).
• Banco BPM S.p.A. (exp. Issue ratings of Baa3 / BB / BB+ / BBB by Moody’s, S&P, Fitch & DBRS) announced a €500m (wng) 11.5NC6.5 Green, Tier 2 offering with IPTs of MS+170 area. Initial books were cited as over €1.4bn, rising to >€1.6bn (exc. JLMs). The deal launched at MS+143, some 27bps tighter than IPTs.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

Corp

• Scottish Hydro Electric Transmission plc (exp. Issue ratings of Baa1 / BBB+ / A by Moody’s, S&P & Fitch) announced a benchmark long dated 15 year (7th October 2041), Green bond. IPTs were in the area of Gilts +100. Initial books were over £900m when guidance was mid gilts +85 area (+/- 2 WPIR). Pre-rec books were in excess of £710m at +85. The deal sized at £350m & priced at that mid Gilts +85 number. Final books were £515m.

FIG

• Another trade from yesterday came via PRICOA Global Funding 1 (exp. Issue ratings of Aa3 / AA- / AA- by Moody’s, S&P & Fitch) who brought their anticipated 5 year benchmark, Funding Agreement Backed Notes (funding agreement provider being The Prudential Insurance Company of America). IPTs on the notes were in the area of UKT+90. The orderbook first announced at £595m. The deal sized at £350m & priced at UKT+75.
• UK insurer, Legal & General Group Plc (exp. Issue ratings of Baa2 / BBB+ by Moody’s & Fitch) announced a Sterling benchmark, Perpetual NC7, restricted Tier 1 contingent convertible note offering with IPTs in the area of 7.625%. The order book was first called at over £2bn, growing to >£2.9bn (pre-rec) when the deal launched. The deal sized at £500m & priced with a semi annual coupon of 7.125%. Final books at re-offer were >£2.2bn.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

FIG

• Landesbank Hessen-Thüringen Girozentrale (Helaba) (exp. Issue ratings Aa2 / AA- by Moody’s & Fitch) announced a bookbuild for a 10 year senior preferred issue. The initial Chf100m came with an initial spread of SARON MS+64 area. The trade priced Chf130m at the MS+64 level.

SSA

• Africa Finance Corp (exp. Issue ratings A3 / A by Moody’s & S&P) announced a bookbuild for a 5 year, fixed rate, ‘Digital Bond’. The initial Chf100m offering carried an initial spread of SARON MS+120 to +130. Guidance was revised to SARON MS+125 area & size increased to Chf150m. Spread set at the mid of guidance at SARON MS+25 & the size was announced again at Chf200m. The trade priced Chf230m at the +25 level, comfortably before noon. Latterly the deal size was increased to Chf250m.

Week-to-date volumes:

US$ Reg S (today)

• No Supply

Pending Deals & Mandates

Euro (€)

• 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. ING is acting as Sole ESG Structuring Coordinator & Crédit Agricole CIB is coordinating logistics. Timing expected as early as Wednesday 1st July, subject to market conditions

• Tuesday 30th June: Deutsche Kreditbank AG (exp. Issue rating of Aaa by Moody’s) mandated BayernLB, Commerzbank, DZ Bank, Erste Group, Société Générale & UniCredit as Joint Bookrunners to lead manage a benchmark Mortgage Covered Bond (Hypothekenpfandbrief). The notes will have a 12 year maturity. The deal will be launched and priced in the near future, subject to market conditions.

• Tuesday 30th June: The Flemish Community (rated AA- by Fitch), mandated Deutsche Bank, HSBC, ING & UniCredit to lead manage its upcoming short 15 year (maturing in March 2041) benchmark fixed rate transaction. The transaction is expected to be launched in the near future, subject to market conditions.
• Tuesday 30th June: Joint Länder #68 (rated AAA by Fitch) - ownership split among Mecklenburg Western-Pomerania, Rhineland-Palatinate & Schleswig-Holstein - mandated Commerzbank, DekaBank, HSBC, LBBW & TD Securities to lead manage its upcoming 5 year, €1bn (wng) fixed rate Landesschatzanweisung. Launch & pricing is expected in the near future, subject to market conditions. A certain amount of the issue will be retained by the issuer.

Transaction Details 

PRICED: Africa Finance Corporation CHF 250m 5yr Sr Unsec; SARON MS+125

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: SARON MS+125 / 100 / 1.4925%
Benchmark: 5yr: Govt + 141bp

Spread set at: 5yr: SARON MS+125bp
Guidance: 5yr: SARON MS+125a
IPTs: 5yr: SARON MS+120/130bp

• Issuer: Africa Finance Corporation (Ticker: AFRFIN)
• Issuer Domicile: Supranational
• Format: Public Fixed-Rate Digital Notes
• Ranking: Senior unsecured
• Issuer Rating: A3/A (Moody's/S&P)
• Instrument Rating (exp): A3/A (Moody's/S&P)
• Issue Size: CHF 250m
• Settlement Date: 28-Jul-26
• Maturity Date: 28-Jul-31
• Coupon: 1.4925% p.a. (30/360, following unadj.)
• Reoffer Spread/Yield: SARON MS +125.0 // YTM 1.4925% // Govt + 141
• Reoffer Price: 100.000%
• ISIN / Valor: CH1484612093 / 148'461'209
• Lead Manager(s): Deutsche Bank, Commerzbank
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Off US$5bn GMTN Program Base Prospectus dated 19-Dec-25
• FinSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Governing Law: English law
• Covenants: PP, NP, XD
• SIX Listing: 24-Jul-26
• Clearing/Settlement: SIX Digital Exchange AG, with further clearing through SIX SIS AG
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: As per the Preliminary Swiss Prospectus
• Target Market: Manufacturer target market (MiFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.

PRICED: Landesbank Hessen-Thüringen Girozentrale CHF 130m 10yr SP; SARON MS+64

IGC European Market: Deal Flow - General

Reoffer: 10yr: SARON MS+64 / 100 / 1.1525%
Benchmark: 10yr: Govt.+88

Launched: 10yr: CHF 130m @ SARON MS+64bp
IPTs: 10yr: SARON MS+64a

• Issuer: Landesbank Hessen-Thüringen Girozentrale (Ticker: HESLAN)
• Issuer Domicile: Germany
• Status: Unsecured and Unsubordinated Notes (Preferred Senior, not MREL eligible)
• Type: Public Fixed Rate Notes
• Issuer Rating: Aa2/AA- (Moody's/Fitch)
• Instrument Rating (exp): Aa2/AA- (Moody's/Fitch)
• Issue Size: CHF 130m
• Settlement Date: 04-Aug-26
• Maturity: 04-Aug-36 (10 years)
• Coupon: 1.1525% p.a.
• Issue Price: 100
• Reoffer Spread/Yield: SARON MS+64 / 1.1525% / Govt.+88
• ISIN / Security Number: CH1571219414 / 157121941
• Lead Manager(s): UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Off Landesbank Hessen-Thüringen Girozentrale's Debt Issuance Programme dated 29-Apr-26 deposited with the SIX Prospectus Office in accordance with art. 45 par. 3 FinSA
• Governing Law: German
• Covenants: PP
• Listing: 31-Jul-26 on the SIX Swiss Exchange
• Denomination: CHF 100,000
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all distribution channels). Offering to the public in Switzerland only.
• Sales Restrictions: As per the issuer’s Debt Issuance Programme dated 29-Apr-26

PRICED: Banque Cantonale de Genève €500m 5yr Sr Unsec; MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+70bp / 100 / 3.432%
Benchmark: 5yr: OB193 @ 99.563 / B+83.8bp / HR 102%

Final Books €700m+ (incl €50m JLM). Peak book over €775m (incl €50m JLM)

Launched: 5yr: €500m @ MS+70bp - Books over €775m (incl €50m JLM)
IPTs: 5yr: MS+90bp area

• Issuer: Banque Cantonale de Genève (Ticker: BCG)
• LEI: 549300ZEFUWWFTP7BA50
• Issuer Ratings: AA- (stable) by S&P
• Expected Issue Ratings: AA- by S&P
• Format: The Bonds will be issued as uncertificated securities (Wertrechte) in accordance with article 973c of the Swiss Code of Obligations, as amended, which will be registered in the main register (Hauptregister) of SIX SIS Ltd. ("SIX SIS"). Neither the Issuer, nor any Bondholder will at any time have the right to effect or demand the conversion of the uncertificated securities into, or the delivery of, a permanent global certificate (Globalurkunde auf Dauer) or individually certificated securities (Wertpapiere).
• Status: The Bonds will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer, as provided in the Terms of the Bonds.
• Size: €500m
• Settlement Date: 07-Jul-26 (T+5)
• Maturity Date: 07-Jul-31
• Tenor: 5-years
• Coupon: 3.432%
• Interest Payment Dates: Payable annually in arrear on 07 July of each year, commencing on 07-Jul-27
• Day Count Convention: ACT/ACT ICMA
• Business Day Convention: Following unadjusted
• Business Days: T2, SIX SIS
• Documentation: Standalone EUR documentation. The Prospectus will only be submitted for review to a competent Swiss Review Body pursuant to Art. 52 FinSA after the offering has been completed.
• Early Redemption: The Bonds may be redeemed early in whole, but not in part, at par, plus accrued interest, if any, if Bonds representing eighty-five (85) per cent or more of the aggregate principal amount of the Bonds have been redeemed or purchased and cancelled, as further described in the Terms of the Bonds.
• Swiss Withholding Tax: Applicable
• Use of Proceeds: General business purposes
• Product Governance: Manufacturer Target Market (EU MiFID II): professional clients and eligible counterparties only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as not available to retail in EEA or UK.
• Sales Restrictions: The Bonds are subject to restrictions on their offering, sale, delivery and transfer both generally and specifically in the United States and to U.S. persons, the European Economic Area, and the United Kingdom
• Lead Manager: BNP Paribas
• Co-Lead Manager: Banque Cantonale de Genève
• Listing: SIX Swiss Exchange
• Denominations: €100,000 + €100,000
• Clearing: SIX SIS Ltd
• ISIN / Swiss Security Number: CH1578978947 / 157'897'894
• Governing Law: Swiss law
• Timing: TOE: 13:49 Ldn / 14:49 CET. FTT: 14:00 Ldn / 15:00 CET

PRICED: Great-West Lifeco €500m 7yr Sr Unsec; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+90bp / 99.575 / 3.695%
Benchmark: 7yr: DBR 2.3% 15-Feb-33 @ 97.610 / B+99.7bp / HR 102%

Final Books: Above €1.55bn.

Launched: 7yr: €500m @ MS+90bp - Books above €1.4bn (pre-rec)
Book Update: Books above €1bn
IPTs: 7yr: MS+115/120bp

• Issuer: Great-West Lifeco Inc.
• LEI Code: 549300X81X4VZEESFU46
• Expected Ratings: A+ (Stable) / A (Stable) (S&P/Fitch)
• Format: Regulation S, Registered Global Certificate, New Safekeeping Structure
• Ranking: Senior Unsecured
• Tenor: 7-year
• Size: €500m
• Re-offer: MS+90bp / 3.695% / 99.575
• Benchmark: DBR 2.3% 15-Feb-33 (97.610 bid) + 99.7bp | HR 102%
• 1st coupon date: 07-Jul-27
• Maturity Date: 07-Jul-33
• Coupon: 3.625% Fixed, Annual, Act/Act (ICMA)
• Use of Proceeds: General Corporate Purposes including, without limitation, repayment of the Issuer's outstanding €500,000,000 1.750% Bonds due 2026 (ISIN: XS1528141788)
• Pricing Date: 30-Jun-26
• Settlement: 07-Jul-26 (T+5)
• Denominations: €100,000 with €1,000 increments thereafter
• Listing: Irish Stock Exchange plc, trading as Euronext Dublin: Global Exchange Market
• Governing Law: English Law
• Target Market: Manufacturer target market (UK MiFIR and MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail investors in the European Economic Area (EEA) or the United Kingdom (UK)
• Stabilization: Relevant stabilization regulations including FCA / ICMA apply
• ISIN: XS3307269038
• Clearing: Euroclear and/or Clearstream Luxembourg
• Sales Into Canada: Yes (via Canadian Offering Memorandum)
• Joint Lead Managers: Barclays (B&D), BofA Securities, Crédit Agricole CIB and J.P. Morgan
• Timing: ToE 14:04 UKT | FTT 14:30 UKT

7yr (July 2033) @ MS+115 to +120

Implied Spread for fresh 7yr @ MS+75

Priced at MS+90
NIC of +15

PRICED: PRICOA Global Funding I £350m 5yr FA-Backed; UKT+75bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: UKT+75bp / 99.632 / 4.959%
Benchmark: 5yr: UKT 0.250% 31-Jul-31 / HR 108%

Final Books £465m. Peak book £595m.

Launched: 5yr: £350m @ UKT+75bp - Orderbook at £595m
IPTs: 5yr: UKT+90a

• Issuer: PRICOA Global Funding I (Ticker: PRU)
• LEI Number: 635400IBXEBMD9ADYA79
• Funding Agreement Provider: The Prudential Insurance Company of America
• Expected Ratings: Aa3 (Stable) (Moody’s) / AA- (Stable) (S&P) / AA- (Rating Watch Negative) (Fitch)
• Format: Reg S Global Registered Note (CGN)
• Size: £350m
• Settlement: 08-Jul-26 (T+5)
• Maturity: 08-Jul-31
• Reoffer: UKT+75bps / 99.632 / 4.959%
• Coupon: 4.875% Fixed-Rate, Semi-annual (Act/Act)
• Benchmark Security: UKT 0.250% due 31-Jul-31 (mid 82.051 / bid 82.031). HR 108%
• Docs: Issued under the Issuer’s $15,000,000,000 Global Debt Issuance Program, pursuant to the Offering Circular, dated 28-Apr-26, as supplemented by the Offering Circular Supplement, dated 29-Jun-26 (as so supplemented, the “Offering Circular”), and the corresponding Pricing Supplement dated 30-Jun-26, when available
• Marketing: URL: https://dealroadshow.finsight.com Entry Code: PRUDENTIALGBP26
• Target Market: MiFID II/UK MiFIR Eligible counterparties and professional clients only (all distribution channels). No sales to EEA or UK retail. No EU PRIIPs or UK CCI product summary will be prepared.
• Expected Listing: Global Exchange Market of Euronext Dublin
• Advertisement: The Offering Circular, as well as the Pricing Supplement, when published, will be available at https://live.euronext.com/en/product/bonds-detail/17323/OVERVIEW
• Governing Law: New York Law
• Denominations: £100k x £1k
• Use of Proceeds: To purchase a funding agreement from The Prudential Insurance Company of America
• Active Bookrunners: BNPP, BofA, DB (B&D), HSBC
• ISIN: XS3430670979
• Timing: PRICED. TOE 13h47 UKT. FTT 14h25 UKT

PRICED: Legal & General Group £500m PerpNC7 RT1; 7.125%

IGC European Market: Deal Flow - General

Reoffer: PerpNC7: 7.125% / 100
Benchmark: PerpNC7: UKT 0.875 07-Jul-33 @ 78.160 / 4.512%

Final Books >£2.2bn. Peak book >£2.9bn (pre-rec)

Launched: PerpNC7: £500m @ 7.125% - Orderbook >£2.9bn (pre-rec)
Book Update: Orderbook >£2bn
IPTs: PerpNC7: 7.625%a

• Issuer: Legal & General Group Plc (Ticker: LGEN)
• LEI: 213800JH9QQWHLO99821
• Description: Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes (“Notes”)
• Issuer Rating: A2/A/A+ (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa2/BBB+ (Moody's/Fitch)
• Status / Subordination: Direct, unsecured and subordinated obligations of the Issuer, ranking pari passu and without preference among themselves. Prior to a Conversion Trigger Event, subordinated to claims of all Senior Creditors (including (a) unsubordinated creditors and (b) subordinated creditors other than those whose claims constitute or would, but for any applicable limitation on the amount of such capital, constitute (i) Tier 1 Capital of the Issuer or (ii) claims otherwise ranking, or expressed to rank, pari passu with, or junior to, the claims of the Noteholders) and senior to Ordinary Shares of the Issuer
• Format: Reg S only
• Size: £500m
• Settlement: 07-Jul-26 (T+5)
• Maturity: Perpetual
• Issuer Call Option: On (i) any day falling in the period commencing on (and including) 07-Jan-33 and ending on (and including) the First Reset Date (6 month par call) or (ii) on any Reset Date thereafter, at par and subject to certain conditions
• Reset Dates: 07-Jul-33 (“First Reset Date”) and on each fifth anniversary of the First Reset Date thereafter
• Coupon: 7.125% per annum until the First Reset Date, payable semi-annually in arrear on 7 January and 7 July commencing 07-Jan-27. Resets on each Reset Date to the relevant 5-year Gilt yield plus the initial credit spread, 261.3bp (no step-up)
• Interest Cancellation: Optional cancellation (in whole or in part) at any time at the discretion of the Issuer and mandatory cancellation upon (i) non-compliance with applicable Solvency Capital Requirement (SCR), Minimum Capital Requirement (MCR) or Solvency Condition; (ii) insufficient Distributable Items; (iii) as otherwise required by the Relevant Regulator or under the Relevant Rules. All cancelled interest payments are non-cumulative
• Early Redemption Events: Subject to certain conditions, at par (in whole only) upon the occurrence of a (i) Tax Event, (ii) Capital Disqualification Event, (iii) Ratings Methodology Event. Clean-up call option at par applies if 75% or more of the Notes originally issued have been purchased by the Issuer
• Substitution or Variation: Applicable upon a Tax Event, a Capital Disqualification Event, a Ratings Methodology Event; subject to certain conditions as set out in the Documentation, including new terms not being materially less favourable to Noteholders
• Issuer Substitution: Substitution in place of the Issuer of: (i) Newco, in respect of a Newco Scheme; (ii) the Issuer’s successor in business; and/or (iii) the Group Holding Company, if the Issuer ceases, has ceased, or will cease, to be the Group Holding Company, in each case subject to the Regulatory Clearance Condition having been satisfied in respect of such proposed substitution
• Conditions to Redemption: To the extent required under the Relevant Rules, any redemption or purchase of the Notes is subject to: (i) if within the first 5 years, funded from the proceeds of a new issuance of, or the Notes being exchanged into Tier 1 Own Funds of the same or higher quality or (in the case of a Tax Event or a Capital Disqualification Event) the Relevant Regulator is satisfied that the SCR will be exceeded by an appropriate margin immediately after such redemption; (ii) if between year 5 to 10, the Relevant Regulator being satisfied that the SCR will be exceeded by an appropriate margin or the Notes being replaced with or exchanged into Tier 1 Own Funds of the same or higher quality; (iii) the Solvency Condition being met; (iv) the SCR being met; (v) the MCR being met; (vi) no Insolvent Insurer Winding-up has occurred and is continuing; (vii) the applicable Regulatory Clearance Condition being satisfied; (viii) any other additional or alternative requirements or pre-conditions to which the Issuer is otherwise subject and which may be imposed by the Relevant Regulator or the Relevant Rules have been complied with
• Conversion Trigger Event: If the Issuer determines at any time that: (i) eligible and available Own Fund Items ≤75% of SCR; (ii) eligible and available Own Fund Items ≤ 100% of the MCR; or (iii) breach of the SCR has occurred and has not been remedied within 3 months from the date on which the breach was first observed
• Conversion: Upon the occurrence of Conversion Trigger Event, the Notes will be converted into Ordinary Shares of the Issuer in whole and not in part at the Conversion Price
• Conversion Price: The Conversion Price per Ordinary Share in respect of the Notes is GBP 1.6310, subject to certain anti-dilution adjustments
• Conversion Shares Offer: The Issuer may at its sole and absolute discretion, elect that some or all of the Eligible Conversion Shares (being the Conversion Shares in relation to which no Opt-Out Notice has been received from Noteholders prior to the fifth Business Day preceding the commencement of the Conversion Shares Offer) to be delivered on Conversion first be offered for sale to all or some of the Issuer's Shareholders at such time, subject to certain conditions and deliver the cash proceeds thereof to Noteholders
• Listing: London Stock Exchange’s International Securities Market
• Denomination: £200,000 + £1,000
• Documentation: Preliminary Offering Memorandum dated 30-Jun-26
• Acknowledgment of Statutory Loss Absorption Powers: Applicable
• Form of Notes: Registered
• Use of Proceeds: The net proceeds of the Notes will be used for the general corporate purposes of the Group, including the refinancing of the Group’s existing securities which may include the purchase via a tender offer of (i) the outstanding US$850m 5.25% Fixed Rate Reset Subordinated Notes due 2047 and callable in 2027 (ISIN: XS1580239207); (ii) the outstanding £350m 5.875% Fixed Rate Senior Notes due 2031 issued by Legal & General Finance PLC and guaranteed by Legal & General Group Plc (ISIN: XS0121464779); (iii) the outstanding £200m 5.875% Fixed Rate Senior Notes due 2033 issued by Legal & General Finance PLC and guaranteed by Legal & General Group Plc (ISIN: XS0145680426); (iv) the outstanding £40m 5.750% Fixed Rate Senior Notes due 2033 issued by Legal & General Finance PLC and guaranteed by Legal & General Group Plc (ISIN: XS0126453843); and / or (v) the outstanding £10m 5.800% Fixed Rate Senior Notes due 2041 issued by Legal & General Finance PLC and guaranteed by Legal & General Group Plc (ISIN: XS0127393972)
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EEA PRIIPs key information document (KID) or CCI product summary has been prepared as not available to retail in the EEA or UK. FCA CoCo Restriction applies – No sales to retail clients (as defined in COBS 3.4) in the UK
• Joint Lead Managers: Barclays, BNP Paribas, BofA Securities, Citi, HSBC (B&D), J.P. Morgan and Santander
• Governing Law: English law
• ISIN: XS3404445663
• Selling restriction: Reg S only. The notes are not intended to be sold and should not be sold to retail clients in the UK or EEA. Any sales of the Notes must be made in compliance with all applicable selling restrictions and as per the offering memorandum, in particular in Canada, Japan, European Economic Area, Singapore, United Kingdom and United States
• Timing: Priced. T.O.E 15.17UK, F.T.T 15.35UK
• Fees: The Joint Lead Managers will be paid a fee in connection with the transaction. Details of the fee may be available to investors upon request
• Advertisement: The Final Offering Memorandum will be available on the websites of the Issuer at https://www.legalandgeneralgroup.com/investors/debt-investors/ and of the London Stock Exchange at http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html

PRICED: Scottish Hydro Electric Transmission £350m 15yr Green Sr Unsec; G+85bp

IGC European Market: Deal Flow - General

Reoffer: 15yr: G+85bp / 99.035 / 6.102%
Benchmark: 15yr: UKT 1.250% Oct-41 @ 58.944 (HR 129%)

Final Books £515m. Peak book in excess of £900m.

Launched: 15yr: £350m @ G+85bp - Books in excess of £710m
Guidance: 15yr: G+85a (+/-2 WPIR) - Books in excess of £900m
IPTs: 15yr: G+100a

• Issuer: Scottish Hydro Electric Transmission plc
• LEI: 549300ECJZDA7203MK64
• Issuer Rating: Baa1 (st) / BBB+ (st) / A- (st) (Moody's/S&P/Fitch)
• Expected Issue Rating: Baa1 / BBB+ / A (Moody's/S&P/Fitch)
• Format / Type: Reg S, Bearer, Senior Unsecured, Green Bond, NGN
• Settlement Date: 07-Jul-26 (T+5)
• Maturity Date: 07-Oct-41
• Size: £350m
• Benchmark: UKT 1.250% due October 2041 @ 58.944 mid, 58.914 bid (HR 129%)
• Reoffer: Mid Gilts +85bps, 99.035, 6.012% s.a./6.102% a.
• Coupon: 6.000%, Fixed, Annual, Act/Act (ICMA), Short First
• Docs / Listing / Governing Law: Under the €20bn EMTN Programme Base Prospectus dated 01-Jun-26, London Stock Exchange (Main Market)
• Denominations: £100k + £1k
• Early Redemption Features: 3m Par Call, G+15 Make-Whole Call, Restructuring Event Noteholder Put
• Use of Proceeds: To finance or refinance, in whole or in part, Eligible Green Projects (see “Use of Proceeds” wording in the Base Prospectus dated 1 June 2026) as set out in SSE Plc’s Sustainability Financing Framework published December 2025 which can be found at https://www.sse.com/SustainabilityFinancingFramework. The Framework does not form part of the offering materials and any offer is made solely on the basis of the Base Prospectus and the Final Terms (once available).
• ISIN: XS3432870205
• Joint Bookrunners: Barclays, NatWest (B&D), Lloyds, RBC Capital Markets
• Target Market: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or UK.
• Advertisement: The EMTN programme is available at https://www.sse.com/investors/debt-investors/emtn-programme/, and the final terms relating to the Notes, when published, will be available at www.londonstockexchange.com
• Stabilisation: Relevant stabilisation regulations, including FCA/ICMA apply
• Timing: ToE 15.06 UKT / FTT 15.30 UKT

PRICED: Cadent Finance €650m 10y Sr Unsec; MS+120bp

IGC European Market: Deal Flow - General

Reoffer: 10y: MS+120bp / 99.153 / 4.105%
Benchmark: 10y: DBR 2.900% 15-Feb-36 @ 100.381 / B+125.3bp / HR 96%

Final Books: Above €2.1bn

Launched: 10y: €650m @ MS+120bp - Books above €2.1bn
Guidance: 10y: MS+125a - Books above €1.8bn
IPTs: 10y: MS+150a

• Issuer: Cadent Finance plc (Ticker: CDTFIN / Country: GB)
• Issuer LEI: 5493005M8TJ0J6IMUF67
• Guarantor: Cadent Gas Limited
• Guarantor LEI: 549300KCZ04E6ZUCZ288
• Expected Issue Ratings: Baa1/BBB/A- (Moody's/S&P/Fitch)
• Format: Reg S, bearer, senior unsecured, NGN, green bond
• Settlement Date: 07-Jul-26 (T+5)
• Maturity Date: 07-Jul-36 (10-year)
• Size: €650m
• Coupon: 4.0% Fixed (Annual, Act/Act, ICMA)
• Reoffer: 99.153 / Ann Yield 4.105% / MS + 120bps
• Benchmark Bund: DBR 2.900% 15-Feb-36 (DE000BU2Z064) Bid (100.381) + 125.3bps / HR 96%
• Docs: EMTN / English Law / MWC B+20 bps/ Restructuring Event / Early Redemption (Taxation, Event of Default) / €100k + €1k
• Listing: London Stock Exchange's Main Market
• Active Bookrunners: Lloyds, MUFG, RBC Capital Markets (B&D), SMBC
• UoP: The bonds will be designated as Green Finance Instruments as defined in the Prospectus. An amount equal to the net proceeds from the issue of the Green Finance Instruments will be allocated to financing and/or refinancing, in whole and in part, new and/or existing projects contributing substantially to climate change mitigation within an Eligible Category (as detailed in the Prospectus and the Issuer’s Green Finance Framework). The Green Finance Framework does not form part of the offering materials and any offer is made solely on the basis of the Prospectus (as supplemented) and the Final Terms (once available).
• Timing: Priced ToE 15:37 UKT / FTT 15:55 UKT
• ISIN: XS3425723163
• Target Market: Eligible counterparties and professional investors only (all distribution channels)
• Advertisement: This communication is an advertisement. The Prospectus dated 27 November 2025 and the supplements thereto dated 9 February 2026 and 26 June 2026 are available at, and the final terms relating to the Notes, when published, will be available at www.londonstockexchange.com/exchange/news/market news/market-news-home.html

PRICED: Banco BPM €500m 11.5NC6.5 Green T2; MS+143bp

IGC European Market: Deal Flow - General

Reoffer: 11.5NC6.5: MS+143bp / 99.59 / 4.202%
Benchmark: 11.5NC6.5: DBR 2.3% 02-Feb-33 @ 97.63 / B+150.8 / HR 94%

Final Books > €1.2bn (excl. JLM). Peak book over €1.6bn.

Launched: 11.5NC6.5: €500m @ MS+143bp - Books over €1.6bn (excl. JLM and pre-rec)
Book Update: Books over €1.4bn
IPTs: 11.5NC6.5: MS+170a

• Issuer: Banco BPM S.p.A. (Ticker: BAMIIM)
• LEI: 815600E4E6DCD2D25E30
• Issuer Ratings: Baa1 (stable) / BBB (positive) / BBB+ (stable) / BBBH (Stable) (Moody's/S&P/Fitch/DBRS)
• Expected Issue Ratings: Baa3 / BB / BB+ / BBBL (Moody's/S&P/Fitch/DBRS)
• Format: Reg S Dematerialised Cat2
• Status: Subordinated Tier 2
• Size: €500m
• Pricing Date: 30-Jun-26
• Settlement Date: 07-Jul-26 (T+5)
• Maturity Date: 07-Jan-38
• Coupon / Interest: 4.125%, Fixed, Act/Act, ICMA, payable annually in arrear. Single reset on 07-Jan-33 to the prevailing 5-y Euro Mid Swap Rate plus the First Margin, as set out at Condition 4.2 of the Terms and Conditions of the Dematerialised Notes
• Reset Date: 07-Jan-33
• Interest Payment Dates: 07-Jan in each year, commencing on 07-Jan-27 (short first) up to and including the Maturity Date
• Clean Up Redemption Option: Applicable (75%)
• Redemption Amount Payable on the Maturity Date: Par
• Business Day Count Convention: Following Business Day Convention, unadjusted
• Use of Proceeds: An amount equivalent to the net proceeds of the Notes will be allocated to finance or re-finance, in whole or in part, Eligible Green Loans, as defined within the Issuer's Green, Social and Sustainability Bonds Framework available on the Issuer's website at https://gruppo.bancobpm.it/en/sustainability/green-social-sustainability-bonds-framework/
• SPO & Investor Presentation: SPO from ISS-Corporate available at https://gruppo.bancobpm.it/media/dlm_uploads/BancoBPM_Second-Party-Opinion_ISS-ESG_2023.pdf Investor Presentation: https://gruppo.bancobpm.it/media/dlm_uploads/Investor-Presentation-Green-Tier-2-Bond.pdf
• Redemption at the Option of the Issuer (Issuer Call): The Issuer may redeem the Notes at par, in whole, but not in part, on 07-Jan-33 at the Issuer’s discretion, pursuant to Condition 6.5 of the Terms and Conditions of the Dematerialised Notes, subject to the Relevant Authority granting permission, as required by the Applicable Banking Regulations and subject to Condition 6.12 (Regulatory conditions for call, redemption, repayment and repurchase of Subordinated Notes) of the Terms and Conditions of the Dematerialised Notes in the EMTN Programme
• Loss Absorption / Contractual recognition of statutory bail-in power: Subordinated Notes may be subject to loss absorption on any application of the general bail-in tool or at the point of non-viability of the Issuer discussed in Risk Factors of the EMTN Programme. Each Noteholder acknowledges and agrees to be bound by the exercise of any Bail-in Power by the Relevant Resolution Authority
• Redemption of Subordinated Notes for regulatory reasons (Regulatory Call): Redeemable at any time at the option of the Issuer upon a Regulatory Event, in whole but not in part, subject to certain conditions set out in the Terms and Conditions of the Dematerialised Notes (including prior permission of the Relevant Authority) as set out at Condition 6.3 of the Terms and Conditions of the Dematerialised Notes
• Redemption for tax reasons: The Notes may be redeemed at the option of the Issuer in whole, but not in part, at any time for taxation reasons (obligation to pay additional amounts as a result of amendment to tax legislation) as set out at Condition 6.2 of the Terms and Conditions of the Dematerialised Notes
• Waiver of Set-Off: Each holder of a Subordinated Note unconditionally and irrevocably waives any right of set-off, netting, counterclaim, abatement or other similar remedy which it might otherwise have under the laws of any jurisdiction in respect of such Subordinated Note as set out at Condition 3.3 of the Terms and Conditions of the Dematerialised Notes
• Modification: Upon a Regulatory Event, a Tax Law Change and/or to ensure the effectiveness and enforceability of the Bail-in Power, the Issuer may vary the terms of the Notes, subject to certain conditions set out in the Terms and Conditions of the Dematerialised Notes (including not materially less favourable terms other than in respect of the effectiveness and enforceability of the Bail-in Power)
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Clearing: Euronext Securities Milan (Monte Titoli)
• Denominations: €200k + €1k
• Governing Law: Italian Law
• ESG Advisor: Crédit Agricole CIB
• Joint Lead Managers: Banca Akros, Citi (B&D/DM), Crédit Agricole CIB, Goldman Sachs International, HSBC, Natixis, Santander, Société Générale
• ISIN: IT0005719494
• Selling Restrictions: The Notes may only be offered and sold outside the United States to non U.S. persons in reliance on Regulation S under the Securities Act. Further selling restrictions are incorporated in the section “Subscription And Sale” of the Base Prospectus. TEFRA not applicable
• Documentation: The Issuer’s €25bn EMTN Programme dated 20-May-26 and supplemented on 19-Jun-26
• MiFID Target Market: MiFID II and UK MiFIR product governance - 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 and no disclosure document required by the FCA Product Disclosure Sourcebook ("DISC") has been prepared in the UK
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus is available and the Final Terms, when published, will be available at https://www.luxse.com/issuer/BcBPM/41769
• Timing: Priced TOE 16.51 CET / 15.51 UKT / FTT 17.00 CET / 16.00 UKT

PRICED: IDS Financing €1.05bn 4yr & 7yr Sr Unsec; MS+120bp & MS+175bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+120bp / 99.873 / 3.910% 7yr: MS+175bp / 99.776 / 4.538%
Benchmark: 4yr: OBL 2.4% 30-Apr-30 @ 99.435 / B+135.3 / HR 102% 7yr: DBR 2.3% Feb-33 @ 97.650 / B+184.7 / HR 99%

Tranche 1 (4yr): Final Books €1.7bn. Peak book > €1.8bn
Tranche 2 (7yr): Final Books €1.4bn. Peak book > €1.6bn

Launched:
4yr: €550m @ MS+120bp - Books > €1.8bn
7yr: €500m @ MS+175bp - Books > €1.6bn
IPTs: 4yr: MS+150a 7yr: MS+200a

• Issuer: IDS Financing plc (Ticker: IDSLN, Country: GB)
• Issuer LEI: 2549003WF29F1G7TM942
• Guarantors: International Distribution Services Limited and, during the GLS Guarantee Period, General Logistics Systems B.V.
• Guarantors LEI: 213800TCZZU84G8Z2M70 & 254900PK4043U0Q50W93
• Issuer Rating (S&P): BBB (stable)
• Issue Rating (S&P): BBB
• Format: Reg S only, Category 2
• Status: Senior, Unsecured, Guaranteed, Registered Form, NSS
• Settlement Date: 07-Jul-26 (T+5)
• Tenor:
• • 4yr: 4-year
  • 7yr: 7-year
• Maturity Date:
• • 4yr: 07-Jul-30
  • 7yr: 07-Jul-33
• Issue Size:
• • 4yr: €550m
  • 7yr: €500m
• Reoffer:
• • 4yr: 99.873 / MS+120bps / 3.910%
  • 7yr: 99.776 / MS+175bps / 4.538%
• Benchmark:
• • 4yr: 135.3bps vs OBL 2.4% Apr-2030 @ 99.435 / HR 102%
  • 7yr: 184.7bps vs DBR 2.3% Feb-33 (Conventional) @ 97.650 / HR 99%
• Coupon:
• • 4yr: 3.875%, Fixed, Annual, A/A
  • 7yr: 4.500%, Fixed, Annual, A/A
• Par Call:
• • 4yr: 1 Month
  • 7yr: 3 Month
• MWC:
• • 4yr: B+25bps
  • 7yr: B+30bps
• TOE:
• • 4yr: 15:54 LDN / 16:54 CET
  • 7yr: 15:55 LDN / 16:55 CET
• Optional Redemption: Clean-Up Call at par (80%), Change of Control Put, Make-Whole Call, Tax Call
• Coupon Step: +125bps sub-investment grade rating Coupon step up, and step-down to original Coupon following re-instatement of investment grade rating, as detailed in the Base Prospectus
• Denominations: €100,000 x €1,000
• Listing: London Stock Exchange (Main Market)
• Documentation: EMTN Programme documentation, including the base prospectus dated 05-Sep-25 (the “Base Prospectus”) and supplement dated 26-Jun-26
• Governing Law: English Law
• Clearing: Euroclear / Clearstream, Luxembourg
• Use of Proceeds: The repayment of existing indebtedness and general corporate purposes
• Target Market: Manufacturer target market (UK MiFIR and EU MiFID II Product Governance) is eligible counterparties and professional clients only (all distribution channels) No EEA PRIIPs key information document (KID) or UK disclosure document has been prepared as not available to retail in EEA or the United Kingdom
• Advertisement: The Base Prospectus is available at https://www.rns-pdf.londonstockexchange.com/rns/2741Y_1-2025-9-5.pdf and the final terms, when published, will be available on the website of the London Stock Exchange as well as on the IDS website (https://www.internationaldistributionservices.com/en/about-us/finances/investors/debt-investors/)
• ISIN:
• • 4yr: XS3431850497
  • 7yr: XS3431959157
• Common Code:
• • 4yr: 343185049
  • 7yr: 343195915
• Joint Bookrunners: Goldman Sachs International (B&D), ING, MUFG, NatWest Markets, SMBC
• Timing: PRICED – FTT 16:20 LDN / 17:20 CET

4yr (July 2030) @ MS+150 area

Implied Spread for fresh 4yr @ MS+110

Priced at MS+120
NIC of +10

7yr (July 2033) @ MS+200 area

Implied Spread for fresh 7yr @ MS+165

Priced at MS+175
NIC of +10

ALLOCATIONS OUT: Honda Motor Co. €2.5bn 3yr, 6yr & 10yr Sr Unsec; MS+80, MS+125 & MS+153

IGC European Market: Deal Flow - General

Tranche 1 (3yr): Final Books >€4.2bn. Peak book >€4.2bn
Tranche 2 (6yr): Final Books >€3.5bn. Peak book >€3.6bn
Tranche 3 (10yr): Final Books >€2.6bn. Peak book >€2.6bn

Launched:
3yr: €1.25bn @ MS+80bp - Books >€4.2bn
6yr: €750m @ MS+125bp - Books >€3.6bn
10yr: €500m @ MS+153bp - Books >€2.6bn
Guidance:
3yr: MS+85a - Books >€3.7bn
6yr: MS+130a - Books >€3bn
10yr: 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)
• Ranking: Senior Unsecured Notes
• Format: Reg S Registered
• Size:
• • 3yr: €1.25bn
  • 6yr: €750m
  • 10yr: €500m
• Optional Redemption:
• • 3yr: Make Whole Call, 1m Par Call
  • 6yr: Make Whole Call, 2m Par Call
  • 10yr: Make Whole Call, 3m Par Call
• Reference Benchmark:
• • 3yr: OBL 2.1 12-Apr-29 / HR 106%
  • 6yr: DBR 0 15-Feb-32 / HR 101%
  • 10yr: DBR 2.9 15-Feb-36 / HR 95%
• 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
• Hedge Deadline: 16:20 UKT / 17:20 CET
• Timing: Pricing to follow shortly
• 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/

Details correct at time of posting