Commentary & Deal Flow

Reoffer: 3yr: MS+80bp / 100 / 3.501% 6yr: MS+125bp / 100 / 4.008% 10yr: MS+153bp / 100 / 4.443%
Benchmark: 3yr: OBL 2.1 29-Apr-29 @ 98.84 / B+96.5bp 6yr: DBR 0 28-Feb-32 @ 86.40 / B+137.5bp 10yr: DBR 2.9 28-Feb-36 @ 100.27 / B+157.7bp

3yr: Final Books >€4.2bn. Peak book >€4.2bn
6yr: Final Books >€3.5bn. Peak book >€3.6bn
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)
• Security Description: Senior Unsecured Notes
• Registration: Regulation S Registered
• 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
• Size:
• • 3yr: €1.25bn
  • 6yr: €750m
  • 10yr: €500m
• Reoffer:
• • 3yr: MS+80bp / 100 / 3.501%
  • 6yr: MS+125bp / 100 / 4.008%
  • 10yr: MS+153bp / 100 / 4.443%
• Reference Benchmark:
• • 3yr: 96.5bps vs OBL 2.1% 29-Apr-29 (@98.84)
  • 6yr: 137.5bps vs DBR 0% 28-Feb-32 (@86.40)
  • 10yr: 157.7bps vs DBR 2.9% 28-Feb-36 (@100.27)
• Coupon:
• • 3yr: 3.501%
  • 6yr: 4.008%
  • 10yr: 4.443%
• HR:
• • 3yr: 106%
  • 6yr: 101%
  • 10yr: 95%
• MWC:
• • 3yr: B+15bps
  • 6yr: B+25bps
  • 10yr: B+25bps
• TOE:
• • 3yr: 17.37CET
  • 6yr: 17.36CET
  • 10yr: 17.35CET
• ISIN:
• • 3yr: XS3416873738
  • 6yr: XS3416873902
  • 10yr: XS3416874892
• Bookrunners: J.P. Morgan, Morgan Stanley, Nomura, Barclays, and 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
• Advertisement: The Offering Circular, when published, will be available on the website of the Singapore Stock Exchange https://www.sgx.com/
• Timing: FTT: 18.15CET / 17.15UKT