Commentary & Deal Flow

Launched:
5yr: €6bn @ EU 2.5% 10/30+10bp - Books > €62bn (incl. €6.1bn JLM)
20yr: €5bn @ EU 3.75% 10/45+6bp - Books > €72bn (incl. €4.65bn JLM)

Guidance: 5yr: EU 2.5% 10/30+12a 20yr: EU 3.75% 10/45+8a

• Issuer: European Union
• LEI: 529900FZRK8FGMPEOM08
• Ratings: Aaa/AA+/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Risk Weighting: 0%
• Format & Type: Reg S (Category 1) Bearer (TEFRA Rules apply, no communications with or into the US or Canada (excluding Ontario)), NGN
• Trade Date: 07-Jul-26
• Settlement: 14-Jul-26 (T+5)
• Maturity:
• • 5yr: 13-Oct-31
  • 20yr: 12-Oct-46
• Size:
• • 5yr: €6bn
  • 20yr: €5bn (TAP, current OS: €6bn)
• Coupon:
• • 5yr: TBC, Fixed, short first
  • 20yr: 4.000%, fixed, incl. 84 days accrued, short first
• Day Count: Ann, ACT/ACT ICMA
• ISIN:
• • 5yr: EU000A4EXVK3
  • 20yr: EU000A4ES497 (immediately fungible)
• Denominations: €1
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Governing Law: Luxembourg
• Docs: In accordance with the Issuer's Debt Issuance Programme
• JLMs: DB, HSBC, LBBW, MS (DM/B&D), SG
• Target Market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II.
• Timing: Books for both tranches will close at 09:45 UK / 10:45 CET. Allocations and pricing later on today.

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