Commentary & Deal Flow

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

Spread set at: 5yr: 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
• ISIN: IT0005720468
• Issuer Ratings: BBB (stable) / BBBH (stable) (S&P/DBRS)
• Expected Issue Ratings: BBB/BBBH (S&P/DBRS)
• Status: Senior Preferred Notes. Unsecured Unsubordinated. Eligible liabilities instruments according to Article 72b CRR2
• Form of the Notes: Reg S, Dematerialised Note
• Principal Amount: €500,000,000
• Spread: BTP+45bp (equiv. to MS+77bp)
• Pricing Date: 01-Jul-26
• Settlement Date: 08-Jul-26 (T+5)
• Maturity Date: 08-Jul-31
• 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
• Reference BTP: BTPS 3.15 01-Jun-31, HR 101%
• Hedge Deadline: 16:05 UKT / 17:05 CET
• 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
• Timing: Books Open, today’s business. Expect allocation and pricing later in the day.
• Books Subject: Books to go subject at 13:30 CET / 12:30 UKT