Commentary & Deal Flow

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