Commentary & Deal Flow

Launched: 8yr: €500m @ MS+90bp - Book above €3.4bn (pre rec, good at guidance)
Guidance: 8yr: MS+95a - Book above €3.2bn (pre rec)
IPTs: 8yr: MS+125a

• Issuer: Tesco Corporate Treasury Services PLC
• Guarantor: Tesco PLC
• Issuer’s LEI: 21380018AJDKNF3A6712
• Guarantor LEI: 2138002P5RNKC5W2JZ46
• Issuer Rating: Baa2 (stable)/BBB (stable)/BBB (stable) (Moody's/S&P/Fitch)
• Expected Issue Rating: Baa2/BBB/BBB (Moody's/S&P/Fitch)
• Format of the Notes: Reg S, CAT 2, Bearer, Senior unsecured
• Size: €500m
• Tenor: 8-year
• Settlement Date: 13-Jul-26 (T+5)
• Maturity Date: 13-Jul-34
• Spread: MS+90bp
• Reference Benchmark: DBR 2.6 15-Aug-34 (ISIN: DE000BU2Z031)
• Coupon: Fixed, Annually, Act/Act (ICMA)
• Denominations: €100k + 1k
• Early Redemption: 3m Par Call, MWC, Clean-up Call (80%), Tax Call, Restructuring Event Put
• Restructuring Event Put: Yes
• ISIN / Common Code: XS3437614228 / 343761422
• Use of Proceeds: General Corporate Purposes
• Docs: £15bn Euro Note Programme dated 03-Jul-26 / London Stock Exchange (Regulated Market) / English Law
• Target Market: The 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 UK disclosure document has been prepared as not available to retail in EEA or the UK
• Advertisement: This communication is an advertisement for the purposes of the Public Offers and Admissions to Trading Regulations 2024 and underlying legislation. It is not a prospectus. The Offering Circular is available, and the final terms, when published, will be available on the website of the London Stock Exchange www.londonstockexchange.com/exchange/news/market-news/market-news-home
• Bookrunners: Barclays (B&D), Goldman Sachs International, SMBC, Standard Chartered Bank
• Timing: Book closed, allocations and pricing to come