Commentary & Deal Flow

• European € IG primary markets were active again with a mix of mandate announcements & priced trades. Today we saw 4 issuers (1 x Corp, 1 x FIG & 2 x SSA) bring a collective €3bn, via 4 tranches.
• Sterling IG had 1 issuer (MassMutual with an FA Backed offering) raising £450m via a sole tranche. 
• The Swiss Franc IG market saw activity from 1 issuer (Transpower NZ) pricing a single tranched, 10 year Green offering for Chf200m at SARON MS+50.
• While the Yankee market was robust & we had a busy day State side, there was zero IG issuance today in solely Reg S $’s.
• Worth mentioning that we had 3 frequent European issuers turn to the US market today with meaningful trades.
• • $ - Republic of Italy (5, 10 & 30yr)
  • $ - Nationwide Building Society (6NC5 & 11NC10)
  • $ - BFCM (3yr, both a fixed & floating, & a 6yr)
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €500m
    • Avg. tranche size €500m
    • Avg. IPT to Pricing -35bps
    • Avg. cover 6.3 X
  • FIG
  • • Total IG: €500m
    • Avg. tranche size €500m
    • Avg. IPT to Pricing NA (covered)
    • Avg. IPT to Pricing -27.5bps (unsecured)
    • Avg. cover 4.0 X
  • SSA
  • • Total IG: €2bn
    • Avg. tranche size €1bn
    • Avg. IPT to Pricing -2bps
    • Avg. cover 2.07 X (books not disclosed for Land Berlin)
• Pipeline: Monday mandates were once again prolific with 5 new announcements / investor schedules brought on top of the 2 existing trades waiting in the wings. Wording of the 2 new large € corporate trades (Mileway & Tennet) imply Wednesday at the earliest.
• • 2 x € Сorp (2 tranche & 4 tranche)
  • 1 x € FIG
  • 1 x € SSA (2 tranche)
  • 2 x £ Corp
  • 1 x £ SSA

Euro IG (today)

CORP

• Tesco Corporate Treasury Services Plc (exp. Issue ratings Baa2 / BBB / BBB by Moody’s, S&P & Fitch); guaranteed by Tesco plc, announced a €500m (wng), 8 year with IPTs in the area of MS+125. Books were first cited at above €3.2bn (pre-rec), with guidance of MS+95 area. Final books were >€3.15bn at re-offer. The €500m trade priced at MS+90, flat to secondaries.
• • This is the first senior unsecured print by Tesco in €’s, since the 3.5% print on the 6th of October 2025, when it also issued a €500m 8 year. Prior to that it had brought yet another 8 year for €500m in 2023 (Feb 20).

FIG

• Lloyds Bank Corporate Markets plc (exp. Issue ratings A1 / A / AA by Moody’s, S&P & Fitch) brought a 5 year senior unsecured offering with IPTs of MS+85 to +90. Books were first called over €1.75bn (inc. €40m JLMs); rising to over €2.15bn. The trade launched & priced for €500m at MS+60. Final book was >€1bn (inc. €40m JLMs), with +60 offering investors a NIC of 8bps..
• • This is the first € print for this entity since the 19th of March 2025 (€750m, 5 year), yet the 4th senior unsecured print for Lloyds YTD, the last being a €750m 7 year for Lloyds Banking Group Plc (A3/A-/A+) on the 6th of May. Typically Lloyds Bank Corporate Markets plc only issues once a year in €’s.

SSA

• • Federal State of Berlin [Land Berlin] (Rated Aa1 / AAA / AAA by Moody’s, Fitch & Scope) announced a €500m (wng) TAP of the 3.0% 22nd April 2033. Guidance on the TAP is MS+17 area. The trade launched & priced for €500m at that MS+17 level.
  • The deal being tapped was issued on April the 15th of this year, originally for a billion. This tap represents the 5th time this year that the State of Berlin has tapped the public senior unsecured € markets (3, 6, 7 & 20 year issues). 
• BPIFrance (exp. Issue ratings Aa31 / A+ by Moody’s & Fitch) announced a benchmark short 7 year (25th March 2033) Green bond, with guidance in the area of OAT’s +19 (equiv. MS+62). The orderbook was first called over €3.6bn (inc. €550m JLMs). Spread was revised to OAT+16 area (+/- 1bp WPIR). The orderbook rose to >€3.8bn (inc. €550m JLMs) when the spread set at OAT+15. Size set at €1.5bn & the orderbook closed over €3.1bn (inc. €550m JLMs). It priced at OAT+15.
• • This is the borrower's 2nd visit to the senior unsecured € markets YTD, the last being a €1bn, 10 year, on the 23rd of February. For comparison, in 2025 BPIFrance tapped the public € unsecured markets 5 times (5 to 10 year maturities); for a total issuance volume of €5.25bn.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

FIG

• • MassMutual Global Funding II (exp. Issue rating of Aa3 / AA+ / AA+ by Moody’s, S&P & Fitch); announced a short 7 year (13th June 2033). FA Backed £ benchmark - Funding Agreement Provider is Massachusetts Mutual Life Insurance Company. IPTs on the Reg S offering are UKT+95 to +100. Books were above £850m (inc. £20m JLMs); rising to above £895m (inc. £30m JLMs pre-rec). Books closed above £730m (inc. £30m JLMs). The trade sized at £450m. It launched & priced at UKT+80.
  • This is the first FA-Backed trade from Massmutual in £’s this year, having last issued a £500m 7 year on the 22nd of September, 2025. For reference it also issued an FA-Backed 7 year trade in €’s for €700m on June the 4th of last year.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

SSA

• Transpower New Zealand Limited (exp. Issue rating of AA by S&P); 100% owned by the New Zealand Government, announced a 10 year Green, senior unsecured offering. The bookbuild began at a minimum of Chf100m at a spread of SARON MS+49 to +52. New minimum was set at Chf175m when spread set at MS+50. The trade launched & priced at Chf200m.
• • • This was the borrowers first foray back into the Swiss Franc market since the 2nd of March 2021, when it priced a Chf160m 8 year.

Week-to-date volumes:

US$ Reg S (today)

• No Supply

Pending Deals & Mandates

Euro (€)

• Monday 6th July: Mileway EUR Lux Holdco S.à r.l. (“Mileway Europe”) (exp. Issue rating of Baa2 by Moody’s) mandated Citi, Goldman Sachs International & JP Morgan as Global Coordinators & Bookrunners, alongside BNP Paribas, BofA Securities, Crédit Agricole CIB, ING, RBC Capital Markets, Standard Chartered Bank & Wells Fargo Securities as Joint Bookrunners to arrange a series of fixed income investor calls commencing Monday, 6 July 2026. An inaugural Reg S, fixed-rate, senior unsecured, € benchmark-sized offering with tenors of 4 & 7 years is expected to follow, subject to market conditions.
• Monday 6th July: TenneT GmbH & Co. KG (rated Baa1 / BBB+ / BBB+ by Moody’s, S&P & Fitch), the largest electricity transmission system operator in Germany (by network length), mandated BNP Paribas, Commerzbank, Deutsche Bank, Goldman Sachs Bank Europe SE, ING & LBBW as Joint Active Bookrunners & ING as Sole Sustainability Structurer, to arrange a series of fixed income investor calls commencing on 6th of July. Commerzbank is coordinating logistics. A debut Euro, EuGB, RegS, bearer, NGN, senior unsecured multi tranche € bond offering, consisting of a 4, 8, 12 & 20 year tranche, is expected to follow, subject to market conditions.

• Friday 3rd July: European Outlet Mall Venture S.a.r.l. (exp. Issue rating of BBB+ by Fitch), a leading European fashion designer retail outlets owner, mandated BNP Paribas as Joint Global Coordinator, ING as Joint Global Coordinator & ESG Structurer & together with Crédit Agricole CIB as Joint Bookrunners to arrange a series of fixed income investor calls commencing Monday, 6th July 2026. BNP Paribas is coordinating logistics. A € benchmark, 5-year, RegS, bearer, Senior Unsecured, green bond offering will follow, subject to market conditions. An amount equal to the net proceeds of the issue of the Notes will be used to finance &/or refinance, in whole or in part, new or existing Eligible Green projects as further described in the Issuer’s Green Finance Framework.

• Monday 6th July: European Union (rated Aaa / AA+ / AAA by Moody’s, S&P & Fitch) mandated Deutsche Bank, HSBC, LBBW, Morgan Stanley (DM/B&D) & Societe Generale as Joint Lead Managers for its upcoming Fixed Rate RegS Bearer dual tranche € transaction, comprising a new 5 year benchmark due 13th of October 2031, & a TAP of the EU 4.0% Benchmark October 2046. No further group. The transactions will be launched in the near future, subject to market conditions.

Sterling (£)

• Friday 3rd July: Babcock International Group PLC (rated BBB+ by S&P), the FTSE 100 international defence company, mandated HSBC, NatWest & Santander as Active Bookrunners to arrange a series of fixed income investor calls commencing on Monday 6th July. A £250m (wng) RegS, bearer, senior unsecured bond, with a tenor of 5 years is expected to follow, subject to market conditions.
• Monday 6th July: South West Water Finance Plc (exp. Issue ratings of Baa1 / A- by Moody’s & Fitch); guaranteed by South West Water Limited, mandated BNP Paribas, CIBC Capital Markets, NatWest & SMBC (B&D) as Active Bookrunners for a 9 year, Green Reg S, Bearer, NGN, Senior, Unsecured Benchmark offering. In addition, the Company is exploring a potential 12 to 15 year Inflation Linked, Reg S, Bearer, NGN, Senior, Unsecured offering. The transaction will be launched in the near future subject to market conditions.

• Friday 3rd July: The United Kingdom Debt Management Office (DMO) announces the appointment of a syndicate to sell by subscription a re-opening of 1 3/4% Index-linked Treasury Gilt 2038 in the week commencing 13th July 2026, subject to demand & market conditions. Joint Bookrunners: Barclays, BNP Paribas, NatWest & Nomura. Co-Lead Managers: All other wholesale Gilt-edged Market Makers (GEMMs) are being invited to be Co-Lead Managers.

Transaction Details

PRICED: Transpower New Zealand Limited CHF 200m 10yr Green Sr Unsec; SARON MS+50bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: SARON MS+50bp / 100 / 1.065%
Benchmark: 10yr: Govt. +74bp

Launched: 10yr: CHF 200m @ SARON MS+50bp
Spread set at: 10yr: SARON MS+50bp
IPTs: 10yr: SARON MS+49/52bp

• Issuer: Transpower New Zealand Limited (Ticker: TPNZ)
• Ownership: 100% owned by the New Zealand Government
• Issuer Domicile: New Zealand
• Domestic / Foreign: Foreign
• Format: Public Fixed Rate Green Bonds
• Ranking: Senior unsecured
• Issuer Ratings: AA (S&P)
• Expected Issue Ratings: AA (S&P)
• Life: 10y
• Settlement Date: 21-Jul-26
• Maturity Date: 21-Jul-36
• Size: CHF 200m
• Coupon: 1.065% p.a.
• Issue Price: 100%
• Reoffer Spread / Yield: SARON MS +50bps // YTM 1.065% // Govt. +74bps
• ISIN / Valor: CH1564881972 / 156'488'197
• Lead Managers: BNP Paribas, UBS
• Listing: SIX Swiss Exchange as of 17-Jul-26
• SNB Repoeligibility: At the discretion of the SNB, expected yes (HQLA: L2a)
• Documentation: Standalone
• Governing Law: Swiss Law
• FINSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Covenants: PP, NP (with restrictions), XD
• Use of Proceeds: The proceeds of this offer are intended to be allocated in accordance with the Green Financing Framework dated April 2022 (as updated from time to time) ("Framework") to the financing or refinancing of Eligible Green Assets (as defined in the Framework and as updated from time to time in the Green Bond Report available at https://www.transpower.co.nz/our-work/investors/green-financing-framework) that align with the Eligibility Criteria (as defined in the Framework).
• No event of default in relation to Green Financing Framework: If: - the Issuer fails to allocate the proceeds of the Bonds as described in this offer and the Framework; - the Issuer fails to comply with the Framework in any other way; - the Bonds cease to satisfy the Climate Bonds Standard implemented by the Climate Bonds Initiative (including, without limitation, as a result of an amendment to the Climate Bonds Standard); or - the Issuer fails to notify holders that the Bonds cease to comply with the Framework or the Climate Bonds Standard, then, although it’s possible that the Bonds may lose their green classification: - no event of default will occur in relation to the Bonds; and - neither the holders nor the Issuer will have any right for the Bonds to be repaid early.
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: USA, US Persons, EEA, UK. Hong Kong, Japan, Singapore, Republic of Italy, Australia, New Zealand
• Target Market: As defined by the manufacturer domiciled in the EEA and UK (MiFID II / UK MIFIR Product Governance): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions.

PRICED: Land Berlin €500m Short 7yr Sr Unsec; MS+17bp

IGC European Market: Deal Flow - SSA

Reoffer: Short 7yr: MS+17bp / 99.914 / 3.013%
Benchmark: Short 7yr: DBR 2.3 15-Feb-33 @ 97.331% / B+26.7bp / HR 103%

Launched: 7yr: €500m @ MS+17bp
Guidance: MS+17a

• Issuer: Federal State of Berlin (Land Berlin)
• LEI: 529900Y6Q7R44JF7XX56
• Ticker: BERGER
• Ratings: Aa1/AAA/AAA (Moody's/Fitch/Scope, all stable)
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Tap Size: €500m
• New Outstanding: €1.5bn
• Settlement Date: 13-Jul-26 (T+5)
• Maturity Date: 22-Apr-33
• ISIN: DE000A4DE9P1
• Coupon: 3.000%, Fixed, Annual
• Day Count Basis: ACT/ACT ICMA
• Governing Law: German
• Listing: Berlin
• Denominations: €1k+1k
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II /UK MiFIR (all channels for distribution of the bonds are appropriate).
• Fees: The banks will be paid a fee in relation to this transaction
• Lead Managers: BayernLB (B&D), Crédit Agricole CIB, Danske Bank, DZ BANK and Rabobank
• Notes: Tap of the existing 3.000% 22-Apr-33 bond.

PRICED: Bpifrance €1.5bn Short 7yr Green Sr Unsec; FRTR+15bp

IGC European Market: Deal Flow - SSA

Reoffer: Short 7yr: FRTR+15bp / 99.817 / 3.408%
Benchmark: Short 7yr: Interpolation FRTR 2% 25-Nov-32 (93.107) and FRTR 3% 25-May-33 (98.284)

Final Books: Orderbook closed in excess of €3.1bn (incl. €550m JLM interest). Peak book in excess of €3.8bn.

Launched: Short 7yr: €1.5bn @ FRTR+15bp - Orderbook closed in excess of €3.1bn (incl. €550m JLM interest)
Spread set at: 7yr: FRTR+15bp - Orderbook in excess of €3.8bn (incl. €550m JLM interest)
Rev Guidance: 7yr: FRTR+16a (+/- 1bp WPIR) - Orderbook in excess of €3.6bn (incl. €550m JLM interest)
Guidance: 7yr: FRTR+19a (~MS+62bp)

• Issuer: Bpifrance (ticker: BPIFRA)
• Guarantee: Autonomous, unconditional and irrevocable on-demand guarantee from EPIC Bpifrance
• LEI: 969500STN7T9MRUMJ267
• Form of the Notes: Reg S, Dematerialised Notes – Bearer form
• Issue Ratings: Aa3/A+ (Moody's/Fitch)
• Settlement: 13-Jul-26 (T+5)
• Maturity: 25-Mar-33
• Size: €1.5bn
• Spread: +15 bps
• Reoffer: 99.817 / 3.408%
• Reference Bmk: Interpolation FRTR 2% 25-Nov-32 (93.107) and FRTR 3% 25-May-33 (98.284)
• Coupon: 3.375%, Annual, Act/Act ICMA, short first
• ISIN: FR0014019RX0
• Listing: Euronext Paris
• Law: French Law
• Denoms: €100k + 100k
• Clearing: Euroclear France
• Joint Bookrunners: Barclays, J.P. Morgan, NatWest, Santander, Societe Generale (B&D)
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional investors only (all distribution channels)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus, any supplements and the final terms will be available at https://www.bpifrance.fr/Investor-Relations
• Documentation: Issuer’s Base Prospectus dated 12-Jun-26
• UoP: The net proceeds of Bpifrance’s Green Bonds will be used to finance and/or refinance, in whole or in part, new or existing loans aiming at supporting Renewable Energy, Green Buildings, Green Techs, Clean Transportation, Waste Management and Green Industry projects that meet the Eligibility Criteria set out in Green Financing Framework. The Eligible Green Loans are in line with Bpifrance’s Climate Plan and aim at contributing to significant progress on Climate Change Mitigation and GHG emissions reduction.
• Framework: Green Bond Framework dated 4-Aug-22, updated on 15-Mar-23 and 19-Jan-26
• Timing: Priced. TOE 14.15CET/13.15UKT. FTT Immediately

PRICED: MassMutual Global Funding II £450m 7yr FA-Backed; UKT+80bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: UKT+80bp / 99.838 / 5.279%
Benchmark: 7yr: UKT 4.125% 03-Jul-33 @ 97.976 / HR 102%

Final Books £730m+ (incl. £30m JLM). Peak book above £895m (pre-rec)

Launched: 7yr: £450m @ UKT+80bp - Books above £895m (incl. £30m JLM | pre-rec)
Book Update: Books above £850m (incl. £20m JLM interest)
IPTs: 7yr: UKT+95/100bp

• Issuer: MassMutual Global Funding II
• LEI Number: 549300K1IE3K7YU6VG29
• Funding Agreement Provider: Massachusetts Mutual Life Insurance Company
• Expected Security Ratings: Aa3/AA+/AA+ (Moody's/S&P/Fitch)
• Format: Reg S Global Registered Note (CGN)
• Size: £450m
• Settlement: 13-Jul-26 (T+5)
• Maturity: 13-Jun-33
• Re-offer: UKT+80bp / 99.838 / 5.279% (S/A)
• Coupon: 5.250% Fixed-Rate, Semi-Annual (Act/Act)
• Benchmark Security: Mid UKT 4.125% due 03-Jul-33 (97.976 MID | 97.948 BID) | HR 102%
• Docs: Issued under the Issuer’s $22,000,000,000 Global Debt Issuance Program, pursuant to the Offering Memorandum, dated 18-May-26 and the corresponding Pricing Supplement dated 06-Jul-26 (the “Pricing Supplement”).
• Target Market: MiFID II/UK MiFIR Eligible counterparties and professional clients only (all distribution channels). No sales to EEA or UK retail. No EU PRIIPs or UK CCI product summary will be prepared.
• Expected Listing: Global Exchange Market of Euronext Dublin
• Advertisement: The Offering Memorandum, as well as the Pricing Supplement, when published, will be available at https://live.euronext.com/en/product/bonds-detail/s142406%7C24105%7Cp385/overview
• Governing Law: New York Law
• Denom: £100k x £1k
• UoP: To purchase a relevant Funding Agreement from Massachusetts Mutual Life Insurance Company
• Active Bookrunners: Barc (B&D), BofA, DB, JPM
• ISIN: XS3435282994
• Timing: ToE 13h53 UKT | FTT 14h15 UKT

PRICED: Tesco Corporate Treasury Services €500m 8yr Sr Unsec; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+90bp / 99.6 / 3.809%
Benchmark: 8yr: DBR 2.600% 15-Aug-34 @ 98.140 / B+94.9bp / HR 96%

Final Books > €3.15bn. Peak book above €3.4bn.

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
• Issuer LEI: 21380018AJDKNF3A6712
• Guarantor: Tesco PLC
• Guarantor LEI: 2138002P5RNKC5W2JZ46
• Issuer Rating: Baa2 (stable by Moody’s) / BBB (stable by S&P) / BBB (stable by Fitch)
• Expected Issue Ratings: Baa2 (Moody’s) / BBB (S&P) / BBB (Fitch)
• Format of the Notes: Reg S, CAT 2, Bearer, Senior unsecured
• Settlement Date: 13-Jul-26 (T+5)
• Maturity Date: 13-Jul-34 (8-year)
• Size: €500m
• Coupon: 3.750% Fixed (Annual, Act/Act, ICMA)
• Reoffer: 99.600 / Ann Yield 3.809% / MS + 90bps
• Benchmark Bund: DBR 2.600% 15-Aug-34 (DE000BU2Z031) Bid (98.140) + +94.9bps / HR 96%
• Denominations: €100k + 1k
• Early Redemption: 3m Par Call, MWC B+15bps, Clean-up Call (80%), Tax Call, Restructuring Event Put
• Restructuring Event Put: Yes
• Docs: £15bn Euro Note Programme dated 3-Jul-26 / English Law
• Listing: London Stock Exchange (Regulated Market)
• Active Bookrunners: Barclays (B&D), Goldman Sachs International, SMBC, Standard Chartered Bank
• UoP: General Corporate Purposes
• Timing: Priced ToE 14:49 UKT / FTT 15:20 UKT
• ISIN: XS3437614228
• 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

8yr (July 2034) @ MS+125 area

Implied Spread for fresh 8yr @ MS+90

Priced at MS+90
NIC of 0

PRICED: Lloyds Bank Corporate Markets €500m 5yr Sr Unsec; MS+60bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+60bp / 99.923 / 3.392%
Benchmark: 5yr: OBL 2.5% 16-Apr-31 @ 99.312 / B+74.1bp / HR 103%

Final Books >€2bn (Incl. €40m JLM). Peak book >€2.15bn (Incl. €40m JLM)

Launched: 5yr: €500m @ MS+60bp - Books >€2.15bn (Incl. €40m JLM)
Book Update: Books in excess of €1.75bn (incl. €40m JLM)
IPTs: 5yr: MS+85-90bp

• Issuer: Lloyds Bank Corporate Markets plc (LEI#: 213800MBWEIJDM5CU638)
• Ticker: LLOYDS
• Expected Issue Rating: A1/A/AA (Moody's/S&P/Fitch)
• Ranking: Senior Unsecured
• Format: Reg S, Bearer, NGN
• Size: €500m
• Settlement: 09-Jul-26 (T+3)
• Maturity Date: 09-Jul-31
• Reoffer: MS+60bp / 99.923 / 3.392%
• Benchmark: OBL 2.5% 16-Apr-31 (DE000BU25067) @ 99.312 / B+74.1bp / HR 103%
• Initial Coupon: 3.375% Fixed, Annual, ACT/ACT ICMA
• Documentation: Lloyds Bank Corporate Markets plc £10bn Euro Medium Term Note Programme base prospectus dated 25 June 2026 (the “Prospectus”)
• Listing/Law/Denoms: London (Main Market)/ English Law / 100k+1k
• Clearing: Euroclear, Clearstream
• ISIN/Common Code: XS3435287365 / 343528736
• Joint Lead Managers: Lloyds (B&D), BBVA, Goldman Sachs International, Goodbody and Santander
• Selling Restrictions: Reg S (Category 2), TEFRA D. No sales to EEA or UK retail
• Target Market: UK MIFIR professionals/ECPs-only/ Manufacturer target market (UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No disclosure document has been prepared as not available to retail in UK MiFID II professionals/ECPs-only/ No EU PRIIPs KID– Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) has been prepared as not available to retail in EEA
• Timing: Priced, TOE: 15:09 UKT / 16:09 CET, FTT: 15:30 UKT / 16:30 CET
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available upon request
• Advertisement: The Base Prospectus is available at https://www.lloydsbankinggroup.com/investors/fixed-income-investors/unsecured-funding/# and Final Terms, when published, will be available on the website of the London Stock Exchange: www.londonstockexchange.com.

5yr (July 2031) @ MS+85 to +90

Implied Spread for fresh 5yr @ MS+52

Priced at MS+60
NIC of 8

Details correct at time of posting