Commentary & Deal Flow

EMEA IG: Deal Flow - SSA

Total books >$14.6bn (ex JLM)

Spread set at: 5yr: MS+65bp / 10yr: MS+105bp / 30yr: MS+180bp - Total books >$14.6bn (ex JLM)
Guidance: 5yr: MS+70a / 10yr: MS+110a / 30yr: MS+185a - IOIs >$7.5bn (ex JLM)
IPTs: 5yr: MS+70-75bp / 10yr: MS+110-115bp / 30yr: MS+185-190bp

• Issuer: Republic of Italy
• Ticker: ITALY
• Issuer Ratings: Baa2/BBB+/BBB+/AL/BBB+ (Moody's/S&P/Fitch/DBRS - stab/pos/stab/stab/pos)
• Status of Notes: Senior, Unsecured, Unsubordinated
• Format: Reg S/144A
• Currency: US$
• Size: Benchmark
• Settlement: 14-Jul-26 (T+5)
• Maturity:
• • 5yr: 14-Jul-31
  • 10yr: 14-Jul-36
  • 30yr: 14-Jul-56
• Coupon:
• • 5yr: TBD S/A 30/360
  • 10yr: TBD S/A 30/360
  • 30yr: TBD S/A 30/360
• Final Spread:
• • 5yr: MS+65 (~CT5+38)
  • 10yr: MS+105 (~CT10+65)
  • 30yr: MS+180 (~CT30+107)
• Books:
• • 5yr: >$5.9bn (ex JLM)
  • 10yr: >$5.2bn (ex JLM)
  • 30yr: >$3.3bn (ex JLM)
• RegS ISINs:
• • 5yr: TBD
  • 10yr: TBD
  • 30yr: TBD
• 144A ISINs:
• • 5yr: US465410CE68
  • 10yr: US465410CF34
  • 30yr: US465410CG17
• Listing: Luxembourg Stock Exchange, Regulated Market
• Denominations/Governing Law: $200,000 + $1,000 / Italian Law
• Delivery: Reg S: Euroclear/Clearstream, 144A: DTC
• Docs: Issued under the Republic of Italy Programme for the Issuance of Debt Instruments’ Simplified Base Prospectus dated 26-Feb-26, and the Pricing Supplement of the Instruments
• Use of proceeds: General Funding Purposes
• Bookrunners: BofA/Citi/GSBE SE/MS (B&D)
• Target market: Retail, professional and eligible counterparties (all distribution channels)
• Timing: Books open, pricing later today. Asia/EMEA books close at 13:00 CET / 12:00 UKT. US books close at 08:30 NY / 13:30 UKT.