Commentary & Deal Flow

• European € IG primary supply today totaled a very respectable €7.5bn from 8 issuers (1 x Corp, 4 x FIG & 3 x SSA ) via 10 tranches.
• SSA’s were very much in favour today, with that evidenced in the € pipeline as well as the Sterling IG market where 2 long-standing SSA issuers priced a combined £800m (AfD & ADB).
• The Swiss Franc market was quiet, as was the Reg S $ space.
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €1bn
    • Avg. tranche size €500m
    • Avg. IPT to Pricing -31bp
    • Avg. cover 3.25 X
  • FIG
  • • Total IG: €4bn
    • Avg. tranche size €800m
    • Avg. IPT to Pricing -5bp (covered)
    • Avg. IPT to Pricing -28.63bp (unsecured)
    • Avg. cover 2.48 X
  • SSA
  • • Total IG: €2.5bn
    • Avg. tranche size €833m
    • Avg. IPT to Pricing -8.17bp
    • Avg. cover 3.9 X (books not disclosed for the Joint Länder #68 5 year)
• Pipeline: Going into Thursday the € IG pipeline has 2 x €500m (wng) trades slated in the SSA space. 
• • 2 x € SSA

Euro IG (today)

Corp

• Fresenius SE & Co. KGaA (exp. Issue ratings of Baa3 / BBB / BBB- by Moody’s, S&P & Fitch). Announced a dual-tranche senior unsecured issue, with both tranches sized as €500m (wng). The 5 year came with IPTs in the area of MS+105, while the 8 year carried IPTS of MS+130 area. The 5 year launched & priced for €500m, at MS+73, off a book greater than €2.2bn (pre-rec). The 8 year also sized & priced at €500m, at MS+100, from a book of over €1.75bn (pre-rec). 
• • Fresenius SE & Co. KGaA & Fresenius Medical Care AG & Co. KGaA hold the same ratings. Today’s borrower (the former) last came to market on the 8th of Sept, 2025 with a €1bn dual tranche. The latter came more recently on November the 17th, 2025 with a €500m 5 year. Having been absent from the € markets in 2024 (which is very rare) the borrower visited the markets on 3 occasions last year for a total of €2.6bn.  

FIG

• Deutsche Kreditbank AG (DKB) (exp. Issue ratings Aaa by Moody’s) announced a 12 year benchmark covered bond with guidance in the area of MS+42. Books were first cited as above €1.5bn (inc. €90m JLMs). Books were first quoted as above €1.5bn (inc. €90m JLMs), when the spread set at MS+37. The deal sized at €1bn & priced at that MS+37 level; 5bp tighter than IPTs & offering investors a NIC of +4bps. Final books, good at reoffer, were €1.455bn (inc. €110m JLMs).
• • Today’s deal is the 2nd time DKB has come to the € markets in 2026, having last issued a €1bn 15 year on the 27th of January. Both trades were covered bonds.
  • Banks took the lion's share of today’s deal with 57% & AM / Funds the second largest buyer base with 30%. Region wise the 2 largest were Germany (55%) & BeNeLux (14%).
• Hines Real Estate Master FCP  - FIS - Hines European Core Fund (exp. Issue rating of A- by Fitch), the segregated sub-fund of Hines Real Estate Master FCP-FIS, issued a senior unsecured €500m (wng) 5 year Green bond. IPTs on the trade were in the area of MS+145. Guidance was announced as MS+120 area (+/- 3 WPIR). Books were said to be over €1.75bn, good at the tight end of guidance. The deal priced €500m at MS+117, 28bps tighter than IPTs & offering investors a NIC of 7bps. Final books were in excess of €1.9bn.
• Societe Generale (exp. Issue ratings of A1 / A / A+ by Moody’s, S&P & Fitch) issued a dual-tranche senior preferred benchmark issue. Their 2 year FRN came with IPTs of 3 mth €+60 area, while their fixed rate 5 year had IPTs of MS+95 to +100. Combined books were in excess of €4.25bn, split equally. The 2 year sized at €1.25bn off a €3.5bn+ book & a spread of 3 mth €+38. The 5 year sized at €750m, off a €3.6bn+ book & a spread of MS+68. Final books were >€2.8bn & >€3.1bn respectively.
• • This was Soc Gen’s 1st Senior Pref issue in €’s. They have issued 2 other senior public benchmarks in 2026; a €1.25bn 8yr Snr Non-Pref on the 8th of April, & a €1bn 11 year Snr Non-Pref on the 13th of Jan. Their last visit to the € markets prior to today was a €750m AT1 perp on the 7th of May.
• Deutsche Pfandbriefbank AG (exp. Issue rating of BBB- by S&P) brought a 3 year senior preferred green issue with IPTs in the area of MS+170. Books were in excess of €775m (inc. €35m JLMs), growing to c.€900m (pre-rec). The spread set & priced at MS+155 & the deal size was already set at €500m. Final books at re-offer were over €680m (inc. €35m JLMs).
• • Today’s Snr Pref issue is the 1st unsecured public € issue since its last Snr Pref offering on the 27th of August, 2025. The borrower has brought 2 separate € covered bonds to the market in 2026; €500m, 4 year, on the 22nd of Jan, & another €500m, 4 year, on the 1st of June.

SSA

• Having announced yesterday Joint Länder #68 (rated AAA by Fitch) - ownership split among Mecklenburg Western-Pomerania, Rhineland-Palatinate & Schleswig-Holstein - brought its anticipated 5 year, €1bn (wng) fixed rate Landesschatzanweisung, with guidance in the area of MS+13. Final terms came early, with the spread set at MS+13. The issuer retained €200m of the billion issue. 
• Mandated & announced yesterday The Flemish Community (exp. issue rating of AA- by Fitch) brought a short 15 year (28th March 2041), senior unsecured offering. Guidance on the trade was OLO +21bps area (c.MS+96bps area). Benchmark used was the OLO 4.25% 28th March 2041 - mid. The deal launched at a billion with the spread set at OLO+19, when books were said to be above €3.5bn (exc. JLMs). Final books at re-offer were over €4.6bn (inc. €100m JLMs). The €1bn deal priced at OLO+19.
• • This is their 2nd visit to the public € markets in 2026, their last being a €2bn, 10.5 year, from the 18th  of Feb. They typically print 3 to 4 times a year.
• Istituto per il Credito Sportivo e Culturale S.p.A. (ICSC) (exp. Issue ratings of BBB / BBBH by S&P & DBRS) brought a €500m (wng) 5 year Social, Senior Preferred offering with IPTS of BTP +65 to +70 area (equiv. to MS+97 to +102 area). Books were first called at over €1.15bn (exc. JLMs), rising to >€1.4bn (inc. €25m JLMs & pre-rec). Final books were over €1.25bn. The €500m deal priced at BTP+45 (equiv. to MS+77).
• • This is ICSC’s 1st public € trade in 2026, its last being a €500m, 5 year, from the 22nd of Jan 2025.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

SSA

• Agence Francaise de Developpement (issuer ratings of A+ / A+ by S&P & Fitch) brought a long-dated 3 year (22nd October 2029), £ benchmark. Guidance was SONIA MS+57 area. Books were not disclosed & the deal sized at £300m & priced 1bp tighter at SONIA MS+56.
• Asian Development Bank (issuer ratings of Aaa / AAA / AAA by Moody's, S&P & Fitch) issued a £500m (min) floater with guidance of SONIA DM+34 area. The notes were in a Global format. Spread set at SONIA DM+33, when books were called at over £780m (exc. JLMs). The size was finalised at £500m & the spread set & priced at SONIA+ DM+33. Books closed in excess of £840m (exc. JLMs).

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• No Supply

Week-to-date volumes:

US$ Reg S (today)

• No Supply

Pending Deals & Mandates

Euro (€)

• Wirtschafts- und Infrastrukturbank Hessen (rated AA+ by S&P), explicitly, irrevocably & unconditionally guaranteed by the Federal State of Hessen, mandated BayernLB, Commerzbank, Helaba, NordLB & Raiffeisen Bank International to lead manage its upcoming fixed rate 5 year €500m (wng) transaction maturing in July 2031. The deal will be launched in the near future subject to market conditions.
• IDB Invest (Inter-American Investment Corporation) (rated AAA / AAA / Aa1 by S&P, Fitch & Moody's), mandated BNP Paribas, HSBC, Natixis, & TD Securities as joint lead managers for a new €500m (wng) Green 7 year fixed rate bond. The issue is expected to be launched & priced in the near future, subject to market conditions. The bond will be issued under IDB Invest’s Sustainable Debt Framework aligned with the Green Bond Principles & has received a second-party opinion by Vigeo Eiris.

Transaction Details

PRICED: Joint Länder #68 €1bn 5yr Sr Unsec; MS+13bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+13bp / 99.669 / 2.872%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 99.500% / B+26.4bp / HR 103%

• Issuer: Joint Länder #68 (Ticker: LANDER)
• Note: Evenly split among Mecklenburg Western-Pomerania, Rhineland-Palatinate and Schleswig-Holstein
• Ranking: Landesschatzanweisung (0% rw, senior unsecured)
• Format: Reg S, Bearer
• Expected Rating: AAA (Fitch)
• LEI: 5299003QUX4NBKKZRE63
• Size: €1bn
• Retention: €200m will be retained by the issuer
• Settlement: 09-Jul-26 (T+6)
• Maturity: 09-Jul-31 (5Y)
• Coupon: 2.800% fixed, annual, Act/Act ICMA
• Re-Offer: 99.669 px / 2.872% yld / MS+13 bps
• Benchmark: OBL 2.5 16-Apr-31 (@99.500%) + 26.4 bps, HR 103%
• Law/List/Denoms: German Law / Frankfurt and Hamburg / 1k
• ISIN/WKN: DE000A460KL2 / A460KL2
• Bookrunners: Commerzbank, DekaBank, HSBC, LBBW (B&D), TD Securities
• Fees: The banks will be paid a fee in relation to this transaction
• Timing: TOE: 12:37 CET
• Target Market: Manufacturer target markets (MIFID II product governance and/or UK MiFIR product governance) as assessed by the bookrunners are eligible counterparties, retail and professional clients (all distribution channels)

PRICED: Asian Development Bank £500m 6yr Senior Floating; DM+33bp

IGC European Market: Deal Flow - SSA

Reoffer: 6yr: DM+33bp / 103.555
Final Books: in excess of £840mn (excl. JLM)

Launched: 6yr: £500m @ DM+33bp - Books closed in excess of £840mn (excl. JLM)
Spread set at: 6yr: DM+33bp - Books currently in excess of £780mn (excl. JLM)
Guidance: 6yr: DM+34a

• Issuer: Asian Development Bank (Ticker: ASIA)
• Rating: Aaa/AAA/AAA (all stable) (Moody's/S&P/Fitch)
• Format: Global (SEC Exempt)
• Size: £500m
• Settlement Date: 08-Jul-26 (T+5)
• Maturity: 08-Jul-32
• Coupon: SONIA+100, Daily Compounded SONIA, 5 day observation period shift, Quarterly, Act/365F
• Re-offer: 103.555% / DM+ 33bps
• Denominations: £1,000 + £1,000
• Documentation: Issuer's Global Debt Programme
• Listing: Luxembourg
• Governing Law: English Law
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) as determined by the Lead Managers is eligible counterparties and professional clients (all distribution channels)
• Joint Lead Managers: BofA / Citi / NatWest (B&D)
• ISIN: XS3435383164
• Timing: Priced. TOE 12:09 UKT. FTT Immediately.

PRICED: Deutsche Pfandbriefbank €500m 3yr Green SP; MS+155bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+155bp / 99.956 / 4.266%
Benchmark: 3yr: OBL 2.1 12-Apr-29 #189 @ 98.81 / B+171.8bp / HR 105%

Final Books: 3yr: Final Books over €680m (incl. €35m JLM interest). Peak book ~€900m (pre-rec)

Launched: 3yr: €500m @ MS+155bp - Books ~€900m (incl. €35m JLM, pre-rec)
Book Update: Books in excess of €775m (incl. €35m JLM interest)
IPTs: 3yr: MS+170a

• Issuer: Deutsche Pfandbriefbank AG (Ticker: PBBGR)
• Legal Entity Identifier: DZZ47B9A52ZJ6LT6VV95
• Issuer Ratings: BBB- (Negative) by S&P
• Expected Issue Ratings: BBB- by S&P
• ESG: Green
• Status of the Notes: Senior Preferred Notes (MREL eligible)
• Size: €500,000,000
• Reoffer: MS+155bps / 4.266% / 99.956%
• Benchmark: OBL 2.1 12-Apr-29 #189 + 171.8bps @ 98.81, HR 105%
• Form: RegS Bearer
• Tenor: 3-year
• Status: Senior Preferred Notes, direct, unconditional, unsubordinated and unsecured liabilities of the Issuer (MREL eligible)
• Early Redemption: Early Redemption for Regulatory Reasons upon occurence of a MREL Event
• Use of Proceeds: An amount equivalent to the net proceeds of the Green Bonds is intended to be allocated, in whole or in part, to Eligible Green Loans originated by the Issuer in relation to the financing or refinancing of the construction of new buildings, the renovation of existing buildings or the acquisition and ownership of buildings that meet the eligibility criteria as further specified in the Green Bond Framework of the Issuer.
• Pricing Date: 01-Jul-26
• Settlement Date: 08-Jul-26 (T+5)
• Maturity Date: 06-Jul-29
• Coupon: 4.250% Fixed, annual, Act/Act ICMA, unadjusted following, short first coupon
• Interest Payment Dates: 06-Jul of every year, commencing on 06-Jul-27
• Listing: Munich Stock Exchange (Regulated Market)
• Clearing System: Clearstream Europe AG
• Denomination: €1,000 x €1,000
• Governing Law: German law
• ECB Eligibility: Expected
• Selling Restrictions: U.S. (Reg. S Cat. 1, TEFRA C), European Economic Area (EEA),United Kingdom, Ireland, Austria, Italy, Norway, Switzerland, Japan and Canada as further set out in the Base Prospectus, dated 2nd April, 2026, as supplemented.
• Documentation: Deutsche Pfandbriefbank AG’s EUR 50bn Debt Issuance Programme (dated 02-Apr-26, supplemented 15-May-26). The Debt Issuance Programme and all supplements are available for viewing at: https://www.pfandbriefbank.com/en/investors/debt-investors/issuanceprogrammes/dip/ Terms, once published, will be available for viewing at: https://www.pfandbriefbank.com/en/investors/debt-investors/finalterms/ungedeckte-schuldverschreibungen.html
• ISIN / Common Code: DE000A3827B8 / A3827B
• Target Market/PRIIPs: Positive Target Market: Client Type: Professional Clients, Eligible Counterparties and Retail Clients (no public offering); Investment Objective: Asset Accumulation; Investment Horizon: Medium term; Ability to bear losses: No capital loss; Knowledge / Experience: Basic Knowledge; Distribution Strategy: non-advised, investment advised, execution only; Risk Indicator (SRI): 3. Sustain Preference: Product in accordance with Article 2 cf. 7c MiFID II; Sustain Main Focus: Environmental; Sustainability Label: ICMA Green Bonds Principles
• Advertisement: https://www.pfandbriefbank.com/fileadmin/user_upload/downloads/investor_relations/presentations/Debt_Investor_Update_2026Q1_final.pdf
• Joint Lead Managers: ABN AMRO, Barclays, Danske Bank (B&D), Erste Group, Jefferies
• Timing: TOE: 13:50 CET, 12:50 UKT | FTT: 14:15 CET, 13:15 UKT

Green Senior Preferred

3yr (July 2029) @ MS+170 area

Implied Spread for fresh 3yr @ MS+155

Priced at MS+155
NIC of 0

PRICED: Agence Francaise de Developpement £300m Long 3yr Sr Unsec; SONIA MS+56bp

IGC European Market: Deal Flow - SSA

Reoffer: Long 3yr: SONIA MS+56bp / 99.73 / 4.597%
Benchmark: Long 3yr: UKT 0 ⅞ 22-Oct-29 @ 89.956 / B+38.72bp / HR 106%

Guidance: 3yr: SONIA MS+57a

• Issuer: Agence Francaise de Developpement (Ticker: AGFRNC)
• LEI: 9695008K5N8MKIT4XJ91
• Rating: A+/A+ (S&P/Fitch)
• Format: Senior Unsecured, Reg S Bearer Dematerialised form (TEFRA not applicable)
• Size: £300m
• Coupon: 4.500%, Fixed, Annual, Act/Act (ICMA), short first
• Settlement: 8-Jul-26 (T+5)
• Maturity: 22-Oct-29
• Reoffer: SONIA mid-swap (A, A/365) + 56 bps
• Price / yield: 99.730 Price / 4.597% yield A / 4.545% yield SA
• Gilt ref: +38.72bps vs UKT 0 ⅞ 22-Oct-29 (MID) (mid @ 89.956; bid @ 89.946; HR 106%)
• Governing Law: French law
• Listing: Euronext Paris
• Denominations: £200,000 + £200,000
• Bookrunners: NatWest, Nomura, Santander (DM/B&D)
• Target Market: The manufacturer target markets (EU MiFID II/UK MiFIR product governance) as assessed by the lead managers are professional & eligible counterparties (all distribution channels)
• Fees: The bookrunners will be paid a fee in connection to the transaction (EU MiFID II/UK MiFIR)
• ISIN: FR0014019PG9
• Timing: PRICED. TOE: 12:59 UK. FTT: Immediately.

PRICED: Deutsche Kreditbank €1bn 12yr CB; MS+37bp

IGC European Market: Deal Flow - General

Reoffer: 12yr: MS+37bp / 99.825 / 3.393%
Benchmark: 12yr: DBR 1.00% 15-May-38 @ 79.48% / B+30.1bp / HR 113%

12yr: Final Books €1.455bn (incl. €110m JLM). Peak book €1.63bn.

Launched: 12yr: €1bn @ MS+37bp - Final books €1.63bn (incl. €110m JLM)
Spread set at: 12yr: MS+37bp - Books above €1.5bn (incl. €90m JLM)
Book Update: Books above €1.5bn (incl. €90m JLM)
Guidance: 12yr: MS+42a

• Issuer: Deutsche Kreditbank AG
• Ticker: DKRED
• LEI: 5299900K16YGKC8BES892
• Ranking: Mortgage Covered Bond (Hypothekenpfandbrief)
• Format: Reg S Bearer
• Label: European Covered Bond (Premium)
• Expected Issue Ratings: Aaa (Moody's)
• Size: €1bn
• Settlement: 09-Jul-26 (T+6)
• Maturity: 09-Jul-38 (12 years)
• Coupon: 3.375%
• Reoffer Price: 99.825
• Reoffer Yield: 3.393%
• Reoffer Spread: MS+37bp
• Interest: Fixed coupon, payable annually
• Day Count: Act/Act (ICMA)
• Business Day Convention: Unadjusted Following
• Denominations: €1,000 + €1,000
• Listing: Munich
• Governing Law: German Law
• Documentation: German Language Final Terms based on a German Language Base Prospectus, dated 27-May-26
• Joint Bookrunners: BayernLB (B&D), Commerzbank, DZ BANK, Erste Group, Société Générale, UniCredit
• ISIN / WKN: DE000DKB0614 / DKB061
• Target Market (MIFID II): The manufacturer target market (MiFID II/UK MiFIR product governance) are eligible counterparties, professional clients and retail clients (all distribution channels).
• Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities.
• Timing: Priced, TOE 14:10 CET, FTT 14:20 CET
• Advertisement: https://www.dkb.de/ueber-uns/investor-relations/basisprospekte

Covered

12yr (July 2038) @ MS+42 area

Implied Spread for fresh 12yr @ MS+33

Priced at MS+37
NIC of +4

PRICED: The Flemish Community €1bn 15yr Sr Unsec; OLO+19bp

IGC European Market: Deal Flow - SSA

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

PRICED: Fresenius SE & Co. KGaA €1bn 5yr & 8yr Sr Unsec; MS+73 & MS+100

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+73 / 99.584 / 3.467% 8yr: MS+100 / 99.329 / 3.849%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 99.480 / B+85.4 / HR 102% 8yr: DBR 2.2 15-Feb-34 @ 96.060 / B+106.9 / HR 102%

5yr: Final Books €1.75bn+. Peak book >€2.20bn (pre-rec).
8yr: Final Books €1.50bn+. Peak book >€1.75bn (pre-rec).

Launched:
5yr: €500m @ MS+73bp - Books >€2.20bn (pre-rec)
8yr: €500m @ MS+100bp - Books >€1.75bn (pre-rec)
IPTs: 5yr: MS+105a 8yr: MS+130a

• Issuer: Fresenius SE & Co. KGaA
• Ticker: FREGR
• Country: DE
• Issuer LEI: XDFJ0CYCOO1FXRFTQS51
• Issuer Rating: Baa3 (Stable) / BBB (Positive) / BBB- (Stable) by Moody’s / S&P / Fitch
• Expected Issue Rating: Baa3 / BBB / BBB- by Moody’s / S&P / Fitch
• Status / Form: Senior, Unsecured, RegS, Bearer, New Global Notes
• Settlement Date: 08-Jul-26 (T+5)
• Size:
• • 5yr: €500m
  • 8yr: €500m
• Maturity Date:
• • 5yr: 08-Jul-31
  • 8yr: 08-Jul-34
• Re-offer:
• • 5yr: MS+73 / 99.584 / 3.467%
  • 8yr: MS+100 / 99.329 / 3.849%
• Benchmark:
• • 5yr: +85.4bps vs OBL 2.5 16-Apr-31 #193 @99.480 / 2.613% (HR: 102%)
  • 8yr: +106.9bps vs DBR 2.2 15-Feb-34 @96.060 / 2.780% (HR: 102%)
• Coupon:
• • 5yr: 3.375% Fixed, Annual, Act/Act (ICMA), following, unadjusted
  • 8yr: 3.750% Fixed, Annual, Act/Act (ICMA), following, unadjusted
• ISINs:
• • 5yr: XS3435668325
  • 8yr: XS3435670222
• Par Call:
• • 5yr: 3m
  • 8yr: 3m
• Use of Proceeds: General corporate purposes incl. refinancing of existing financial liabilities
• Docs: DIP / Lux. Listing (Regulated market) / German Law / 1k x 1k / Tax Call / CoC Put at 101% / Clean-up Call (80%)
• Selling Restrictions: Reg S Cat 2; TEFRA D (as per the Base Prospectus dated 13 May 2026)
• Sales into Canada: Sales into Ontario only, subject to compliance with applicable law
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels) and also retail clients (suitability- or appropriateness-based distribution channels as applicable), each having (1) at least basic knowledge and/or experience with financial products, (2) a medium term investment horizon, (3) asset accumulation as investment objective, (4) the ability to bear losses from interest rate changes and no capital loss bearing capacity if held to maturity and (5) a low risk tolerance. No EU PRIIPs key information document (KID) / UK CCI disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as this issuance is not considered to be a packaged retail investment product
• Joint Bookrunners: Barclays, BBVA, BNP Paribas (B&D), Commerzbank, ING
• Advertisement: The Base Prospectus and any supplements are available at https://www.luxse.com/issuer/FresenSE-CO/67278 and the final terms relating to the Notes, when published, will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com/). This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus.
• Timing: TOE: 5y 15.36 UKT / 8yr 15.35 UKT | both tranches FTT 16.00 UKT

5yr (July 2031) @ MS+105 area

Implied Spread for fresh 5yr @ MS+63

Priced at MS+73
NIC of +10

8yr (July 2034) @ MS+130

Implied Spread for fresh 8yr @ MS+100

Priced at MS+100
NIC of 0

PRICED: Hines European Core Fund €500m 5yr Sr Unsec; MS+117bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+117bp / 99.273 / 3.913%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 99.49 / B+130.2 / HR 100%

Final Books: in excess of €1.9bn

Launched: 5yr: €500m @ MS+117bp - Books > €1.75bn
Guidance: 5yr: MS+120a +/- 3 WPIR - Books > €1.7bn
IPTs: 5yr: MS+145a

• Issuer: Hines Real Estate Master FCP– FIS – Hines European Core Fund, the segregated sub-fund of Hines Real Estate Master FCP-FIS (Ticker: HECF LX, Country: LU)
• Issuer LEI: 254900LFKLEYCW76MO98
• Issuer Rating: BBB+ stable by Fitch
• Issue Rating (expected): A- by Fitch
• Format of the Notes: Senior, Unsecured, Reg S Registered (Cat 2), Green
• Settlement Date: 08-Jul-26 (T+5)
• Size: €500m
• Maturity: 08-Jul-31 (5-year Fixed)
• Re-offer: MS+117bp / 99.273 / 3.913%
• Benchmark: B+130.2 vs OBL 2 ½ 16-Apr-2031 #193 @99.49 (HR: 100%)
• MWC: B+20
• Coupon: 3.750% Fixed, Annual, ACT/ACT (ICMA)
• ISIN: XS3333155052
• Terms of the Notes: Standalone / English Law / €100k x €1k / Luxembourg Stock Exchange (Euro MTF Market) / MWC / Clean-Up call (75%) / 3m Par-Call / Change of Control put (101%) / Asset Sale put (101%) / Negative Pledge / Cross Default
• Financial Covenants: Incurrence of additional financial indebtedness subject to compliance with: (1) Net Borrowings / Total Assets ≤ 60% ; (2) Secured Debt / Total Assets ≤ 40% ; (3) Fixed Charge Coverage Ratio ≥ 1.5x ; (4) Total Unencumbered Assets Test ≥ 150%
• Use of Proceeds: An amount equal to the net proceeds of the issue of the Notes will be used to finance and/or refinance, in whole or in part, new or existing Eligible Green Projects ("Eligible Green Projects") and existing green debt, including repayment in full of the ING/Postbank Facility 3, as further described in the Issuer's green finance framework dated February 2026 (the "Green Finance Framework")
• Global Coordinators & Joint Bookrunners: BNP Paribas, Crédit Agricole CIB, ING (B&D)
• Sole ESG Structuring Coordinator: ING
• Target Market: Relevant stabilisation regulations including FCA/ICMA will apply. Manufacturer target market (MIFID II and 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 has been prepared as not available to retail in the EEA or in the UK.
• Selling Restriction: As set out in the Preliminary Prospectus dated 29 June 2026 and the final Prospectus, when published. The offer and marketing of the Notes to prospective investors established within the EEA is being conducted only in Belgium, Denmark, Finland, France, Germany, the Republic of Ireland, Italy, the Grand Duchy of Luxembourg, the Netherlands, Norway, Portugal, Spain and Sweden (the "Approved EEA Jurisdictions") and is not being conducted in any other Member State of the EEA. If a potential investor in the EEA is not in an Approved EEA Jurisdiction the Notes are not being marketed or offered to it and it should not participate in the offering
• Advertisement Language: The final Prospectus, when published, will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com/)
• Timing: TOE 15:13 UKT | FTT 15:45 UKT

Green
5yr (July 2031) @ MS+145 area

Implied Spread for fresh 5yr @ MS+110

Priced at MS+117
NIC of +7

PRICED: Societe Generale €2bn 2yr SP FRN & 5yr SP; 3mE+38bp & MS+68bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: 3mE+38bp / 100 5yr: MS+68bp / 99.801 / 3.419%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 99.51 / B+81.3bp / HR 102%

Tranche 1 (2yr FRN): Peak book above €3.5bn+
Tranche 2 (5yr FXD): Peak book above €3.6bn+

Launched:
2yr: €1.25bn @ 3mE+38bp - Books above €3.5bn+
5yr: €750m @ MS+68bp - Books above €3.6bn+
Book Update: Combined books in excess of €4.25bn (equally split)
IPTs: 2yr: 3mE+60a 5yr: MS+95/100bp

• Issuer: Societe Generale
• LEI: O2RNE8IBXP4R0TD8PU41
• Status of the Notes: Senior Preferred Notes
• Issuer Ratings: A1 negative / A positive / A+ stable (Moody's/S&P/Fitch)
• Expected Issue Ratings: A1/A/A+ (Moody's/S&P/Fitch)
• Form: Reg S, Dematerialised Notes in bearer form
• Size:
• • 2yr FRN: €1.25bn
  • 5yr FXD: €750m
• Settlement: 07-Jul-26 (T+4)
• Maturity:
• • 2yr FRN: 07-Jul-28
  • 5yr FXD: 07-Jul-31
• Reoffer:
• • 2yr FRN: 3mE+38bp / 100
  • 5yr FXD: MS+68bp / 99.801 / 3.419%
• Benchmark:
• • 5yr FXD: OBL 2.5 16-Apr-31 +81.3bp / @ 99.51 / HR 102%
• Coupon:
• • 2yr FRN: 3-month Euribor+38bp, payable quarterly in arrear on each Interest Payment Date, ACT/360
  • 5yr FXD: 3.375% per annum, payable annually in arrear on each Interest Payment Date, ACT/ACT ICMA
• ISIN:
• • 2yr FRN: FR0014019PT2
  • 5yr FXD: FR0014019PV8
• Early Redemption Events: The Issuer may, at its option, under certain conditions, redeem in whole but not in part the Notes, prior to their Maturity Date, following the occurrence of a Special Tax Event, Withholding Tax Event or a MREL or TLAC Disqualification Event at par together with accrued interest
• Clean-up Redemption Option: Applicable (75%)
• Conditions to redemption, purchase or cancellation prior to the Maturity Date: The Notes may only be redeemed, purchased or cancelled (as applicable) subject to the prior permission of the Relevant Resolution Authority, to such redemption, purchase or cancellation (as applicable)
• Waiver of Set-off: Noteholders waive any right of set-off, compensation and retention in relation to the Notes, to the extent permitted by law
• Acknowledgement of Bail-In and Write-Down or Conversion Powers: Each Noteholder acknowledges, accepts, consents and agrees to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority or the Regulator
• Events of Default: None
• Denominations: €100,000 + €100,000
• Listing: Euronext Paris
• Governing Law: French Law
• Sole Bookrunner: Societe Generale (B&D)
• JLM (no books): BBVA, Helaba, IMI - Intesa Sanpaolo and Nordea
• Documentation: Under the Issuer’s Euro Medium Term Note Paris Registered Programme (the « Programme »): Base Prospectus dated 18-Dec-25 (as supplemented), as well as the Final Terms, when published, are available on http://prospectus.socgen.com/ and https://www.amf-france.org/
• Target Market: Manufacturer target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary will be prepared as not available to EEA and UK retail investors
• Timing:
• • 2yr FRN: Priced. TOE 16:51 CET / FTT 17:10 CET
  • 5yr FXD: Priced. TOE 16:53 CET / FTT 17:10 CET

PRICED: Istituto per il Credito Sportivo e Culturale €500m 5yr Social SP; BTP+45bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: BTP+45bp / 99.977 / 3.505%
Benchmark: 5yr: BTPS 3.15 01-Jun-31 @ 100.525 / -3.055% / HR 101%

Final Books > €1.25bn. Peak book over €1.40bn (pre-rec)

Launched: 5yr: €500m @ BTP+45bp (equiv. to MS+77bp) - Books over €1.40bn (incl. €25m JLM, pre-rec)
Book Update: Books over €1.15bn (excl. JLM)
IPTs: 5yr: BTP+65/70bp area (equiv. to MS+97/102bp area)

• Issuer: Istituto per il Credito Sportivo e Culturale S.p.A. (Ticker: ISCRSP)
• LEI: 815600ACC18A758ADE66
• Issuer Ratings: BBB (S&P) / BBBH (DBRS)
• Expected Issue Ratings: BBB (S&P) / BBBH (DBRS)
• Status: Senior Preferred Notes. Unsecured Unsubordinated. Eligible liabilities instruments according to Article 72b CRR2
• Form of the Notes: Reg S, Dematerialised Note
• Size: €500,000,000
• Pricing Date: 01-Jul-26
• Settlement Date: 08-Jul-26 (T+5)
• Maturity Date: 08-Jul-31
• Coupon: 3.50% Fixed, Annual, payable in arrear on each Interest Payment Date
• Interest Payment Dates: 8 July of every year, starting from 08-Jul-27 (the “First Interest Payment Date”) up to and including the Maturity Date
• Redemption: 100% of the Principal Amount
• Day Count Fraction and Business Day Convention: Actual/Actual ICMA, Unadjusted and Following Business Day Convention
• Reoffer: 99.977% (3.505%)
• Benchmark: BTPS 3.15 01-Jun-31
• Acknowledgement of Statutory Bail-in Power: The Notes are subject to the exercise of the Bail-in Power by the Relevant Authority
• Redemption for Tax Reasons: Applicable as per the Condition 12(b) of the Terms and Conditions of the Notes
• Clean-up Redemption Option: Applicable (80%)
• Redemption for MREL Disqualification Event: If, at any time, the Issuer determines that a MREL Disqualification Event has occurred, the Notes may be redeemed at the option of the Issuer, in whole, but not in part, at par
• Variation following a MREL Disqualification Event or an Alignment Event or in order to ensure the effectiveness and enforceability of Condition 24 (Contractual Recognition of Bail-in Powers): Applicable
• Waiver of Set-off Rights: Applicable
• Events of Default: As per Condition 15 of the Terms and Conditions of the Notes (Events of Default). Noteholders may cause the Notes to become immediately due and payable, together with any accrued interest, if any, if the Issuer is subject to Liquidazione Coatta Amministrativa.
• Listing: Electronic bond market (MOT) of Borsa Italiana S.p.A. (Regulated Market)
• Clearing: Euronext Securities Milano (Monte Titoli)
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof
• Documentation: Issuer’s €3,000,000,000 EMTN Programme dated 11-Dec-25, as supplemented on 30-Jun-26, including, inter alia, auditors’ signing and closing comfort letters, legal opinions delivered by the legal advisers to the issuer and the joint lead managers, closing certificate and rating letters
• Use of Proceeds: An amount equivalent to the net proceeds of the Notes will be allocated to finance and/or re-finance, in whole or in part, Eligible Social Assets, as defined in the Issuer's Green, Social and Sustainability (GSS) Financing Framework dated June 2026. ICSC’s Green, Social and Sustainability (GSS) Financing Framework and SPO report available at: https://www.creditosportivo.it/sostenibilita
• Selling Restrictions: As per the Base Prospectus (Reg S, TEFRA rules not applicable. No communications with or into the U.S.)
• Target Market: Manufacturers target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA and the UK
• Stabilisation: Not Applicable
• Governing Law: Italian law
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and the supplement and the Final Terms, when published, will be available is available at Prospetti Nazionali - AREA PUBBLICA - CONSOB
• ESG Coordinator: Crédit Agricole CIB
• Joint Lead Managers: Crédit Agricole CIB (B&D), IMI-Intesa Sanpaolo, Mediobanca, Santander, UniCredit
• ISIN: IT0005720468
• Timing: TOE: 17:17 FTT:17:50

Social - Senior Preferred

5yr (July 2031) @ BTP +65 to +70

Implied Spread for fresh 5yr @ BTP +42

Priced at BTP+45
NIC of +3

Details correct at time of posting