Commentary & Deal Flow

Reoffer: 15yr: OLO+19bp / 99.589 / 4.039%
Benchmark: 15yr: OLO 4.25% 28-Mar-41 @ 104.425 / 3.849%

Final Books over €4.6bn (incl. €100mn JLM). Peak book over €4.6bn (incl. €100mn JLM).

Launched: 15yr: €1bn @ OLO+19bp - Books above €3.5bn (excl. JLM)
Guidance: 15yr: OLO+21a (~MS+96a)

• Issuer: The Flemish Community (ticker: FLEMSH)
• LEI: 9676003JDGYZ0V9FF348
• Issuer Rating: AA- (stab outlook, Fitch)
• Issue Rating: AA- (Fitch)
• Format: Reg S, Senior Unsecured
• Tenor: short 15-year
• Maturity: 28-Mar-41
• Settlement: 08-Jul-26
• Issue size: €1bn
• Coupon: 4% Fixed, Annual ACT/ACT (short first on 28-Mar-27)
• Spread: OLO +19bps
• Reoffer: 99.589 / 4.039%
• Ref: OLO 4.25% 28-Mar-41 (104.425 / 3.849%)
• ISIN: BE0390366384
• Docs: EMTN Programme
• Denoms: €100k + €100k
• UOP: Finance the budget deficit in general and the expenditures for capital participations (ESA-8) and for loans (ESA-9)
• Listing: Euronext Brussels (regulated market)
• Governing Law: Belgian
• Target market: Manufacturer target market (EU MIFID II and UK MiFIR 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 in the EEA or the UK.
• Advertisement: https://www.vlaanderen.be/en/finance-flanders/finance/financial-instruments/euro-medium-term-note
• Bookrunners: Deutsche Bank, HSBC (B&D), ING, UniCredit
• Timing: Priced / TOE 14.33 CET / FTT immediately