Commentary & Deal Flow

• European € IG primary markets were very active today with 5 issuers (2 x Corp, 1 x FIG & 2 x SSA) bringing a total of €18.35bn, via 9 tranches. Even stripping out the €11bn EU dual-tranche it was still a €7.35bn session.
• Sterling IG was also active with 3 issuers (2 x Corp & 1 x SSA) raising £1.2bn via 4 tranches. 
• Both Swiss Franc IG the Reg S $ market were quiet today with zero issues.
• As a point of interest, Amazon.com Inc announced an 8-tranche offering in the US this morning, set to raise at least $25bn. This is potentially relevant for Europe as the last time Amazon tapped the US public markets on the 10th of March, for $37bn (11 tranches), it announced & priced a €14.5bn (8 tranche) offering in Europe the very next day.
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €4.35bn
    • Avg. tranche size €870m
    • Avg. IPT to Pricing -33.6bps
    • Avg. cover 5.38 X
  • FIG
  • • Total IG: €1bn
    • Avg. tranche size €1bn
    • Avg. IPT to Pricing NA (covered)
    • Avg. IPT to Pricing -30bps (unsecured)
    • Avg. cover 6.5 X
  • SSA
  • • Total IG: €13bn
    • Avg. tranche size €4.333bn
    • Avg. IPT to Pricing -2bps
    • Avg. cover 11.7 X
• Pipeline: Against a backdrop of lively primary activity, the pipeline built steadily throughout the session. As we stand we have 8 pending € & 2 pending £ issues.
• • 2 x € Сorp (inc. 2 tranche)
  • 2 x € FIG
  • 4 x € SSA
  • 1 x £ FIG
  • 1 x £ SSA

Euro IG (today)

CORP

• Having announced yesterday, TenneT GmbH & Co. KG (exp. Issue ratings of Baa1 / BBB+ / A- by Moody’s, S&P & Fitch), the largest electricity transmission system operator in Germany (by network length), brought its debut EuGB, RegS, bearer, NGN, senior unsecured multi tranche € bond offering. IPTs for the 4 tranche offering were as follows: 4 year at MS+85 area, 8 year at MS+115 area, 12 year at MS+140 area & 20 year at MS+175 area. Guidance, expected issue size & initial books came in as follows [all spread levels are +/- 2bp WPIR].
• • 4 year @ ms+55 area, for €750m to €1bn, with books of €4.5bn.
  • 8 year @ ms+80 area, for €750m, with books of €5.5bn.
  • 12 year @ ms+105 area, for €750m to €1bn, with books of €6.7bn.
  • 20 year @ ms+145 area, for €750m, with books of €4.7bn.

Combined books rose to over €22.2bn (pre-rec at the tight end of guidance & the deal launched as follows.

• 4 year @ ms+53, for €1bn, with books of €4.7bn.
• 8 year @ ms+78, for €750m, with books of €4.8bn.
• 12 year @ ms+103, for €1bn, with books of €7bn.
• 20 year @ ms+143, for €750m, with books of €5.7bn.

The collective €3.5bn offering priced in line with guidance.

• As background - for years, TenneT issued debt as a corporate utility. Even though it was state-owned. The borrower transitioned to SSA status following a massive multi-billion capital expansion plan, & TenneT revamped its funding structure. Under a new regime, its primary funding vehicle (TenneT Netherlands B.V.) secured an unconditional & irrevocable guarantee from the Dutch government. With the state guarantee in place, TenneT officially made its debut in the SSA market in March of this year as a guaranteed agency borrower. The €2bn, 10 year issue was rated Aaa / AAA (aligned with the Dutch sovereign) & carried a 0% risk-weighting. Today’s issuing entity (Tennet GmBH), however, split from its Dutch parent & was set up to secure standalone financing. It has its own €35bn Debt Programme to independently fund its local grid expansions. 
• Aroundtown SA (exp. Issue rating of BBB by S&P) brought a vanilla, senior unsecured, 5 year offering with IPTs in the area of MS+170. Books were over €2bn (pre-rec). The deal sized at €850m & priced at MS+140. Final books were over €1.9bn.
• • This is the borrowers first foray into the public € markets in 2026, having previously issued twice in 2025; a €750m 5yr in May 2025 & an €850m 5.25yr in September.

FIG

• Deutsche Bank Aktiengesellschaft (exp. Issue ratings of Baa1 / BBB / A- by Moody’s, S&P & Fitch) brought a €1bn (wng), 6NC5, fixed to floating, senior non-preferred issue with IPTs in the area of MS+120. Books first heard in excess of €5bn. The deal priced a billion at MS+90. Final books were >€6.5bn good at re-offer.
• • Today’s trade is the borrower's first SNP since its €500m 4yr on the 10th of February. The last public € issue from DB was a €1.25bn AT1 on the 7th of May.

SSA

• The Province of Ontario (rated Aa3 / AA- / AA- / AA by Moody’s, S&P, Fitch & DBRS) brought a 10 year vanilla Reg S bullet issue with guidance in the area of MS+48. Books were called in excess of €4.2bn (exc. JLMs). Size set at €2bn & spread set at MS+46. The deal priced on these terms with a final book in excess of €5bn (exc. JLMs).
• • Ontario last tapped the public € market on the 26th of February this year, with a €3bn 10yr. Their last 5 public benchmark issues in the currency (dating back to 2020) have all been 10 year trades.
• Announced yesterday, the European Union (rated Aaa / AA+ / AAA by Moody’s, S&P & Fitch) announced its dual tranche offering with a €5bn, 5 year benchmark (13th of October 2031) with guidance of EU 2.5% Oct 2030 +12 area; & a €5bn TAP of the EU 4.0% October 2046, with guidance of EU 3.75% Oct 2045 +8 area. For the initial announcement tranche sizes did not state ‘wng’ & the shorter tranche was upsized to €6bn. Final terms for the October 2031 came in at a spread of +10, on the back of a >€62bn book (inc. €6.1bn JLMs). The TAP had spread set at +6 from a book of >€72bn (inc. €4.65bn JLMs). The collective €11bn priced on those terms.
• • The last 3 visits to the € public markets by the EU have all been dual-tranche offerings, €9bn in April, €10bn in May & €8bn in June. 

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

CORP

• Babcock International Group Plc (exp. Issue rating of BBB+ by S&P) brought its anticipated £250m (wng) 5 year offering with IPTs of mid Gilts +110 to +115. Books first called in excess of £1.1bn (pre-rec). Spread set at mid Gilts+93. Final books were said to be £1bn & the trade priced £250m at Gilts +93.
• • This is the first time Babcock has issued in Sterling since 2016. This £250m 10 year, matures on the 5th of October this year. While not stated today’s issue is likely a prudent pre-funding refinancing exercise for this issue. The borrower last issued in the public markets with an 8 year €550m in September of 2019. 
• Having announced yesterday, South West Water Finance Plc (exp. Issue ratings of Baa1 / A- by Moody’s & Fitch); guaranteed by South West Water Limited, brought its anticipated dual-tranche offering. Its Green Reg S, Bearer, NGN, Senior, Unsecured, benchmark 9 year offering came with IPTs of UKT+150 area; while it opted for a 15 year tenor for its Inflation Linked, Reg S, Bearer, NGN, Senior, Unsecured offering, which carried guidance of UKTI 0.125% August 2041+160 to +165. Size on the latter is expected to be £50 to 100m. The 9 year priced £250m at UKT+130, with books in excess of £1.15bn (pre-rec). The 15 year sized at £100m, pricing at UIKTI+160, on the back of a £160m book.
• The borrower last issued a 6yr £300m trade back on the 8th of September 2025. Prior to that was a £250m 8yr in December 2024.

SSA

• PSP Capital Inc (rated Aaa / AAA / AAA by Moody’s, S&P & DBRS) announced a benchmark 5 year with guidance of SONIA MS+47 (c.mid Gilts +26.5). Books called first in excess of £1.2bn (inc. £50m JLMs). Spread set at SONIA MS+45. Books closed in excess of £1.3bn (inc. £50m JLMs). The deal sized at £600m & priced at SONIA MS+45.
• • PSP last issued a Sterling deal in September of last year with a £600m 5yr. PSP also issued in euros in 2025 with a €1.25bn 7yr in July. 
    

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• No Supply

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. Investor calls concluding on Tuesday 7th with over 125 investors engaged. The company remains focused on two new Benchmark tranches of 4 & 7 year maturities.
• Tuesday 7th July: Sixt SE (rated BBB by S&P), a leading premium provider of mobility services, has mandated BayernLB, Commerzbank, Deutsche Bank, ING & UniCredit as Joint Bookrunners to arrange a series of fixed income investor calls on Tuesday, 7th July 2026. A €500m (wng) Reg S, fixed-rate, senior unsecured 4.5 year bond transaction 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.
• Tuesday 7th July: Jefferies Financial Group Inc. (rated Baa2 / BBB / BBB+ by Moody’s, S&P & Fitch), mandated Jefferies as Sole Global Coordinator & Citigroup, Jefferies, Natixis, Santander, SMBC & Societe Generale as Joint Active Book-Runners, to arrange a series of fixed income investor calls commencing on 7th July 2026. A new SEC Registered € 7 year fixed-rate benchmark Senior Unsecured offering is expected to follow, subject to market conditions.

• Tuesday 7th July: The International Finance Corporation (rated Aaa / AAA by Moody’s & S&P), member of the World Bank Group, mandated Barclays, BNP Paribas, Credit Agricole CIB, & TD Securities as joint lead managers for an Inaugural €1bn (wng) 7 year fixed rate Green Bond due 15 August 2033 (SEC exempt). The issue is expected to launch & price in the near future, subject to market conditions.
• Tuesday 7th July: NRW Bank (rated Aa1 / AA / AAA / AAA by Moody’s, S&P, Fitch & Scope), the explicitly guaranteed development agency of the German Federal State of North Rhine-Westphalia (NRW), has mandated Credit Agricole CIB, J.P. Morgan, NordLB & UniCredit for an upcoming € 10 year Social benchmark transaction. The deal will be launched in the near future, subject to market conditions. The proceeds will be used to finance &/or refinance Eligible social expenditures as set out in the Social Bond Framework updated May 2025.
• Tuesday 7th July: EFSF (rated Aaa / A+ / A+ by Moody’s, S&P & Fitch), the European Financial Stability Facility, mandated DZ Bank, NatWest & Nomura for an upcoming Tap of its existing 3.0% issue due July 2030. The deal will be launched in the near future, subject to market conditions.
• Tuesday 7th July: AFD (rated A+ / A+ by S&P & Fitch), Agence Française de Developpement, mandated Barclays, BofA, Credit Agricole CIB, DB, GS & HSBC for an upcoming €1bn (wng), 15 year. The deal will be launched in the near future, subject to market conditions. 

Sterling (£)

• Tuesday 7th July: Paragon Bank PLC (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) mandated Barclays, BMO Capital Markets, BNP Paribas & NatWest as Joint Lead Managers for a new benchmark,long 3 year SONIA-linked floating rate UK regulated Covered Bond transaction, backed 100% by UK buy-to-let mortgage loans. The issuer will be available for calls upon request.

• 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: European Union €11bn 5yr & 20yr Sr Unsec; EU 2.5% 10/30+10bp & EU 3.75% 10/45+6bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: EU 2.5% 10/30+10bp / 99.662 / 2.947% 20yr: EU 3.75% 10/45+6bp / 99.759 / 4.018%
Benchmark: 5yr: EU 2.5% 10/30 @ 98.615 / 2.847% / HR 122% 20yr: EU 3.75% 10/45 @ 97.215 / 3.958% / HR 105%

5yr: Final Books > €83bn (incl. €6.1bn JLM)
20yr: Final Books > €94bn (incl. €4.65bn JLM)

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 (EU)
• 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)
• Tranche:
• • NEW Oct-2031
  • TAP Oct-2046
• Maturity:
• • NEW Oct-2031: 13-Oct-31
  • TAP Oct-2046: 12-Oct-46
• Tranche Size:
• • NEW Oct-2031: €6bn
  • TAP Oct-2046: €5bn (new OS: €11bn)
• Coupon:
• • NEW Oct-2031: 2.875%, Fixed, short first, Ann, ACT/ACT ICMA
  • TAP Oct-2046: 4.000%, fixed, incl. 84 days accrued, short first, Ann, ACT/ACT ICMA
• Spread:
• • NEW Oct-2031: EU 2.5% 10/30 + 10 bps
  • TAP Oct-2046: EU 3.75% 10/45 + 6 bps
• Reoffer:
• • NEW Oct-2031: 99.662 / 2.947%
  • TAP Oct-2046: 99.759 / 4.018%
• EU ref:
• • NEW Oct-2031: EU 2.5% 10/30 spot @ 98.615/2.847%; HR 122%
  • TAP Oct-2046: EU 3.75% 10/45 spot @ 97.215/3.958%; HR 105%
• Bund ref:
• • NEW Oct-2031: OBL 2.5 04/31s spot @ 99.155 +26.0bps
  • TAP Oct-2046: DBR 2.5 08/46s spot @ 86.213 +55.5bps
• ISIN:
• • NEW Oct-2031: EU000A4EXVK3
  • TAP Oct-2046: 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: PRICED. TOE NEW Oct-2031: 14:18 CET. TOE TAP Oct-2046: 14:17 CET. FTT: Immediately for both tranches.

PRICED: Deutsche Bank €1bn 6NC5 SNP; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+90bp / 99.587 / 3.717%
Benchmark: 6NC5: OBL 193# 2.5% 04-Jun-31 @ 99.17% / B+103.3bp

6NC5: Final Books €6.5bn+. Peak book €6.5bn+.

Launched: 6NC5: €1bn @ MS+90bp - Books in excess of €5bn
Book Update: Books in excess of €4bn
IPTs: 6NC5: MS+120bp area

• Issuer: Deutsche Bank Aktiengesellschaft
• LEI: 7LTWFZYICNSX8D621K86
• Issuer ratings: A1 (Stable) / A (Positive) / A+ (Positive) (Moody's/S&P/Fitch)
• Exp. issue ratings: Baa1 / BBB / A- (Moody's/S&P/Fitch)
• Securities: Fixed-to-Floating Rate Senior Non-Preferred Notes
• Status: Unsecured, unsubordinated (senior non-preferred)
• Eligible liabilities format: Yes (no right to set-off, no security provided; no events of default; purchases of the Notes by the Issuer, in the open market or otherwise, and early redemption, if applicable, subject to prior regulatory approval; contractual reference to resolution measures)
• Size: €1bn
• Structure/Tenor: 6NC5
• Settlement Date: 14-Jul-26 (T+5)
• Maturity Date: 14-Jul-32
• Call Date: 14-Jul-31
• Coupon: 3.625% p.a., payable annually in arrears until but excluding the Call Date on 14-Jul-31 in each year, commencing on 14-Jul-27 (Fixed Rate Period) (Act./Act. following unadjusted). From and including the Call Date to but excluding the Maturity Date [●]% p.a. above the 3-months-EURIBOR-Rate, payable quarterly in arrears on 14 October, 14 January, 14 April and the Maturity Date, commencing 14-Oct-31 (Floating Rate Period) (Act./360, modified following, adjusted). A Rate Replacement provision and customary fallback provisions will apply to the 3-months-EURIBOR-Rate.
• Use of Proceeds: General Corporate Purposes
• Business Days: T2
• Early Redemption: The issuer has the right to redeem the Notes in whole or in part, at 100% of the Principal Amount together with any accrued but unpaid interest on the Call Date by giving not less than 5 and not more than 60 Business Days’ prior notice, subject to prior regulatory approval
• Redemption Amount: 100% of Principal Amount at Maturity Date and upon Early Redemption
• Additional Call Features: Clean-up Call (75%)
• Target Market: MiFID II professionals and ECP’s (all distribution channels)
• Listing: On or after the closing date: Luxembourg Stock Exchange (regulated market)
• Format: Reg S (bearer form)
• Minimum Denomination: €100,000 + €100,000
• Governing Law: German
• ISIN: DE000A5GS0P0
• Sole Bookrunner: Deutsche Bank
• Timing: PRICED, T.O.E. 13.33 ukt, F.T.T. 13.50 ukt
• Documentation: €80,000,000,000 Debt Issuance Programme
  The Base Prospectus is available at https://www.db.com/ir/en/dip-base-prospectuses.htm and the issuer description as well as any supplements are available at https://www.db.com/ir/en/registration-documents.htm

SNP - FTF
6NC5 (July 2032) @ MS+120 area

Implied Spread for fresh 5yr @ MS+79

Priced at MS+90
NIC of 11

PRICED: Province of Ontario €2bn 10yr Senior; MS+46bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+46bp / 99.734 / 3.482%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 99.431 / B+51.5bp / HR 101%

Final Books: In excess of €5bn (excl. JLM interest)

Launched: 10yr: €2bn @ MS+46bp - Book in excess of €4.2bn (excl. JLM interest)
Guidance: 10yr: MS+48a

• Issuer: Province of Ontario
• Issuer Rating: Aa3/AA-/AA-/AA (Moody's/S&P/Fitch/DBRS - all Stable)
• Format: Eurobond; Reg S, Bearer Notes, TEFRA D, NGN
• Size: €2bn
• Maturity: 14-Jul-36 (10Y)
• Settlement: 14-Jul-26 (T+5)
• Coupon: 3.450%, Fixed, Annual, ACT/ACT (ICMA)
• Spread: MS+46bps
• Reoffer: 99.734 / 3.482%
• DBR spread: +51.5bps vs. DBR 2.9 15-Feb-36 (99.431 / HR 101%)
• Listing: Luxembourg (Euro MTF Market)
• Law: Ontario
• Docs: Issuer’s Euro Medium Term Note programme
• Denoms: €100k +1k
• ISIN: XS3440171075
• Leads: BMO (DM/B&D), Deutsche Bank, Goldman Sachs International, J.P. Morgan and TD Securities
• Timing: Priced. TOE: 13:49 LDN / 14:49 CET. FTT immediately.
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professionals only (all distribution channels).
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Final Prospectus, when published, will be available at https://www.bourse.lu/issuer/Ontario/27853

PRICED: Babcock International Group £250m 5y Sr Unsec; G+93bp

IGC European Market: Deal Flow - General

Reoffer: 5y: G+93bp / 99.488 / 5.244%
Benchmark: 5y: UKT 0.250% 31-Jul-31 @ 81.959 / HR 109%

Final book: £1bn. Peak book: in excess of £1.1bn (pre-rec).

Launched: 5y: £250m @ G+93bp - Books in excess of £1.1bn (pre-rec)
IPTs: 5y: G+110/115bp

• Issuer: Babcock International Group PLC
• Ticker: BABLN
• Country: GB
• Issuer LEI: 213800TSKOLX4EU6L377
• Issuer Rating (S&P): BBB+ (stable)
• Expected Issue Rating (S&P): BBB+
• Format: Senior, Unsecured, Bearer, NGN, Reg S
• Size: £250m
• Settlement Date: 14-Jul-26 (T+5)
• Maturity Date: 14-Jul-31
• Reoffer: Mid G+93bps / 99.488 / 5.177% s.a. / 5.244% a.
• Government Benchmark: UKT 0.250% due 31-Jul-31 @ 81.959 mid, 81.939 bid (HR 109%)
• Coupon: 5.125%, Fixed, Annual, ACT/ACT (ICMA)
• Use of Proceeds: General Corporate Purposes
• Denominations: £100k + £1k
• Issuer Call Option: 3 Month Par Call, Make Whole Call (G+15bps)
• Change of Control Put Option: Applicable, as more fully described in the Base Prospectus
• Listing: London Stock Exchange (Main Market)
• Governing Law: English
• Settlement: Euroclear / Clearstream, Luxembourg
• Documentation: The Notes will be issued pursuant to the Base Prospectus dated 03-Mar-26 under the £3,000,000,000 Euro Medium Term Note Programme and the relevant final terms
• Joint Active Bookrunners: HSBC, NatWest (B&D), Santander
• ISIN / Common Code: XS3437585022 / 343758502
• Selling Restrictions: US: Regulation S Category 2. Not Rule 144A eligible. TEFRA D. No Sales to EEA or UK Retail.
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not available to retail in EEA or the UK.
• Advertisement: This communication is an advertisement. It is not a prospectus. The Base prospectus dated 03-Mar-26 is available at https://www.babcockinternational.com/investors/debt-investors/emtn-programme/ . The Final Terms, when published, will be available at www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
• Timing: ToE 14.03 UKT / FTT 14.25 UKT

PRICED: PSP Capital £600m 5yr Sr Unsec; SONIA MS+45bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: SONIA MS+45bp / 99.741 / 4.559%
Benchmark: 5yr: UKT 0.25 31-Jul-31 @ 81.917 / B+25.0bp / HR 111%

Final Books: In excess of £1.3bn (incl. £50m JLM)

Launched: 5yr: £600m @ SONIA MS+45bp - Books closed in excess of £1.3bn (incl. £50m JLM)
Spread set at: 5yr: SONIA MS+45bp - Books in excess of £1.2bn (incl. £50m JLM)
Guidance: 5yr: SONIA MS+47a

• Issuer: PSP Capital Inc.
• Ticker: PSPCAP
• Expected Issue Ratings: Aaa/AAA/AAA (Moody's/S&P/DBRS)
• Guarantor: Wholly owned and debt outstanding guaranteed by the Public Sector Pension Investment Board (PSP Investments), a Canadian federal Crown corporation 100% owned by the Government of Canada
• Format: Reg S (Cat. 2)
• Size: £600m
• Settlement Date: 14-Jul-26 (T+5)
• Maturity: 14-Jul-31
• Coupon: 4.500%, Annual, ACT/ACT ICMA
• Reoffer: 99.741 / 4.559% (Ann.) / 4.508% (S/A) / SONIA MS (A, A/365) + 45bps
• Reference Gilt: UKT 0.25 31-Jul-31 @ 81.917 (MID) / 81.902 (BID) / +25.0bps / HR 111%
• Listing: Euronext Dublin (GEM)
• Governing Law: New York
• Target Market: The manufacturer target markets (MiFID II and UK MiFIR product governance) are eligible counterparties and professional clients only (all distribution channels).
• Denominations: £250k + £1k
• Docs: Issuer’s Debt Issuance Programme (DIP)
• Joint Bookrunners: Barc / BMO / HSBC / RBCCM (DM/B&D)
• ISIN: XS3439216246
• Timing: PRICED. TOE 14.44 UKT. FTT Immediately
• Advertisement: The Offering Memorandum in relation to the Issuer’s DIP is available at https://www.ise.ie/

PRICED: Aroundtown €850m 5yr Sr Unsec; MS+140bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+140bp / 97.294 / 4.237%
Benchmark: 5yr: OBL 2.5 16-Apr-31 #193 @ 99.08 / B+153.3bp / HR 99%

Final Books over €1.9bn. Peak book over €2.3bn (pre-reconciliation)

Launched: 5yr: €850m @ MS+140bp - Books over €2.0bn (pre rec)
Spread set at: 5yr: MS+140bp - Books over €2.3bn (pre-reconciliation)
IPTs: 5yr: MS+170bp area

• Issuer: Aroundtown SA
• Issuer LEI: 529900H4DWG3KWMBMQ39
• Issuer Ratings: BBB (stable) by S&P
• Exp. Issue Rating: BBB by S&P
• Format: Senior, unsecured, Reg S
• Trade Date: 7-Jul-26
• Settlement Date: 14-Jul-26 (T+5)
• Tenor: 5 Years
• Size: €850m
• Maturity: 14-Jul-31
• Reoffer: MS+140bp / 97.294 / 4.237%
• Benchmark: OBL 2.5 16-Apr-31 #193 @ 99.08 / B+153.3bp / HR 99%
• Coupon: 3.625% Fixed, Annual, ACT/ACT (ICMA)
• Par call: 3m
• Denominations: 100k x 100k
• Docs: EMTN Programme Prospectus dated 9-Jun-26 / Luxembourg Stock Exchange Regulated Market / English Law / CoC / MWC (B+25) / Clean-Up Call (80%) / Tax Call / Merger Put
• ISIN: XS3440165937
• Selling restrictions: As set out in the EMTN Programme Prospectus
• Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• UoP: To refinance and/or repay the Issuer’s existing debt, including the purchase of notes through concurrent tender offers, and general corporate purposes
• Joint Bookrunners: Citigroup (B&D), Crédit Agricole CIB, Deutsche Bank, J.P. Morgan, UniCredit
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No sales to retail in EEA or in the United Kingdom. No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary will be prepared
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The base prospectus and supplements are available on the website of the Luxembourg Stock Exchange
• TOE/FTT: 15.29 UKT / 15.50 UKT

5yr (July 2031) @ MS+170 area

Implied Spread for fresh 5yr @ MS+133

Priced at MS+140
NIC of 7

ALLOCATIONS OUT: TenneT Germany €3.5bn 4-part Sr Unsec EuGB; MS+53 / MS+78 / MS+103 / MS+143

IGC European Market: Deal Flow - General

4yr: Final Books €4.7bn | 8yr: Final Books €3.9bn (Peak €5.5bn) | 12yr: Final Books €6.9bn (Peak €7.0bn) | 20yr: Final Books €5.9bn

Launched:
4yr: €1bn @ MS+53bp - Books €4.7bn
8yr: €750m @ MS+78bp - Books €4.8bn
12yr: €1bn @ MS+103bp - Books €7.0bn
20yr: €750m @ MS+143bp - Books €5.7bn
Guidance: 4yr: MS+55a (+/-2) - books €4.5bn, 8yr: MS+80a (+/-2) - books €5.5bn, 12yr: MS+105a (+/-2) - books €6.7bn, 20yr: MS+145a (+/-2) - books €4.7bn. All tranches will price within range.
Book Update: Combined books in excess of €21.4bn
IPTs: 4yr: MS+85a 8yr: MS+115a 12yr: MS+140a 20yr: MS+175a

• Issuer: TenneT GmbH & Co. KG (“TenneT Germany”, Ticker: TENNGR, Country: DE)
• Issuer LEI: 894500W0C55HJG1HFU36
• Issuer Ratings: Baa1/BBB+/BBB+ (Moody's/S&P/Fitch)
• Exp. Issue Ratings: Baa1/BBB+/A- (Moody's/S&P/Fitch)
• Rating Split: Issuer: Baa1/BBB+/BBB+ (Moody's/S&P/Fitch), Issue: Baa1/BBB+/A- (Moody's/S&P/Fitch)
• Format: EuGB, Reg S, Bearer, NGN, intended to be ECB eligible
• Settlement: 15-Jul-26 (T+6)
• Tenor:
• • 4yr
  • 8yr
  • 12yr
  • 20yr
• Size:
• • 4yr: €1bn
  • 8yr: €750m
  • 12yr: €1bn
  • 20yr: €750m
  • Total: €3.5bn
• Maturity:
• • 4yr: 15-Jul-30
  • 8yr: 15-Jul-34
  • 12yr: 15-Jul-38
  • 20yr: 15-Jul-46
• Benchmark:
• • 4yr: HR 104% vs OBL 2.4 18-Apr-30
  • 8yr: HR 103% vs DBR 2.2 15-Feb-34
  • 12yr: HR 109% vs DBR 1 15-May-38
  • 20yr: HR 104% vs DBR 2 1/2 04-Jul-44
• Coupon: Fixed, Annual, Act/Act (ICMA), following, unadjusted
• ISIN:
• • 4yr: XS3433863621
  • 8yr: XS3433863977
  • 12yr: XS3433864199
  • 20yr: XS3433864355
• Par Call:
• • 4yr: 2 months
  • 8yr: 3 months
  • 12yr: 3 months
  • 20yr: 6 months
• Further early Redemption: Change of control put at par, tax call, clean-up call at par (75%)
• Use of proceeds: The Notes are designated as "European Green Bonds" or "EuGB" in accordance with Regulation (EU) 2023/2631 (the "EU Green Bond Regulation"). An amount equal to the gross proceeds of the issuance of the Notes will be applied by the Issuer to finance or refinance the project(s) described in the Issuer's European Green Bond Factsheet dated 16 April 2026. The Notes are issued (i) in accordance with the EU Green Bond Regulation the European Green Bond Factsheet of the Issuer as assessed by the Pre-Issuance Review, and (ii) in compliance with the ICMA Green Bond Principles (2025), and the Green Finance Framework of the Issuer as assessed by the Second Party Opinion. The European Green Bond Factsheet, Pre-Issuance Review, Green Finance Framework and Second Party Opinion are available on the Issuer's website at: https://www.tennet-ir.eu/en/green-financing. None of these documents or web pages form part of the offer
• Denomination: €1k+€1k
• Law: German law
• Documentation: Issued under the base prospectus dated 13-Apr-26 as supplemented on 03-Jul-26 (the "Base Prospectus") relating to the TenneT GmbH & Co. KG’s EUR 35,000,000,000 Debt Issuance Programme (the "Programme")
• Listing: Luxembourg Stock Exchange (Regulated Market) and expected to be displayed on LGX (Luxembourg Green Exchange)
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties, professional and retail clients, each having (1) at least basic knowledge and/or experience with financial products, (2) a medium investment horizon for the 4yr tranche and long-term investment horizon for the 8yr, 12yr and 20yr, (3) asset accumulation as investment objective, (4) the ability to bear losses from interest rate changes and no capital loss bearing capacity if held to maturity and (5) a low risk tolerance (distribution channels: for eligible counterparties and professional clients all distribution channels, for retail investors all distribution channels except for execution only). No EEA PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared
• Selling Restrictions: As per the selling restrictions in the Base Prospectus. Reg S, TEFRA D (no communication with/into the US), Canada – offers/sales into Ontario only, subject to compliance with applicable law.
• Consent Period to Use the Base Prospectus: From and including 13-Jul-26 to and including 15-Jul-26 in Luxembourg and the Passporting Jurisdictions
• Passporting Jurisdictions: Austria, Germany and The Netherlands
• Sole Sustainability Structurer: ING
• Joint Active Bookrunners: BNP Paribas, Commerzbank, Deutsche Bank, Goldman Sachs Bank Europe SE, ING (B&D), LBBW
• Marketing: URL: http://www.netroadshow.com Entry Code: TenneTGermany2026 Direct Link: www.netroadshow.com/nrs/home/#!/?show=becff5c8
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and any supplement thereto are and the Final Terms, when published, will be available at: https://www.luxse.com/programme/Programme-TenneTGCo-KG/25031
• Timing: Pricing to follow

4yr (July 2030) @ MS+85 area

Implied Spread for fresh 4yr @ MS+46

Priced at MS+53
NIC of 7

8yr (July 2034) @ MS+115 area

Implied Spread for fresh 8yr @ MS+75

Priced at MS+78
NIC of 3

12yr (July 2038) @ MS+140 area

Implied Spread for fresh 12yr @ MS+102

Priced at MS+103
NIC of 1

20yr (July 2046) @ MS+175 area

Implied Spread for fresh 8yr @ MS+145

Priced at MS+143
NIC of -2

ALLOCATIONS OUT: South West Water Finance £350m 9yr Green & 15yr Index-Linked Sr Unsec; UKT+130bp & UKTI+160bp

IGC European Market: Deal Flow - General

9yr Nominal: Final Books in excess of £1.2bn
15yr RPI-Linked: Final Books in excess of £160m

Launched:
9yr: £250m @ UKT+130bp - Books in excess of £1.15bn (pre-rec)
15yr: £100m @ UKTI+160bp - Books in excess of £160m
IPTs: 9yr: UKT+150a
Guidance: 15yr: UKTI+160/165bp

• Issuer: South West Water Finance Plc
• Ticker: PNNLN
• Country: GB
• Issuer LEI: 213800OV68U446W4NV89
• Guarantor: South West Water Limited
• Expected Issue Rating: Baa1/A- (Moody's/Fitch)
• Format: Reg S, Bearer, NGN
• Ranking: Senior Unsecured
• Settlement: 16-Jul-26 (T+7)
• Maturity / Tenor:
• • 9yr: 16-Jul-35
  • 15yr: 16-Jul-41
• Size:
• • 9yr: £250m
  • 15yr: £100m
• Benchmark:
• • 9yr: UKT 0.625% due Jul-35 / HR 112%
  • 15yr: UKTI 0.125% due Aug-41 / HR 71%
• Coupon:
• • 9yr: Fixed, Annual, Act/Act (ICMA), payable in arrear on each Interest Payment Date
  • 15yr: Index-Linked to UK RPI, Semi-annual, Act/Act (ICMA), payable in arrear on each Interest Payment Date
• Interest Payment Dates:
• • 9yr: 16 July in each year, from (and including) 16-Jul-27 up to (and including) the Maturity Date
  • 15yr: Each 16 July and 16 January, from (and including) 16-Jan-27 up to (and including) the Maturity Date
• Early Redemption:
• • 9yr: Make-Whole Call (15% of reoffer spread), Event Put Option at Par, 3m Par Call
  • 15yr: Make-Whole Not Applicable, Event Put Option at par, subject to adjustment by reference to the Index Ratio in accordance with Condition 6 (no Minimum or Maximum Optional Redemption Amount)
• ISIN:
• • 9yr: XS3433852269
  • 15yr: XS3441669275
• Documentation: £2,500,000,000 Euro Medium Term Note Programme including the Base Prospectus dated 21-Aug-25 (the “Base Prospectus”), as supplemented on 01-Dec-25 and 18-Jun-26 (together, the “Supplements”)
• Denominations: £100k x £1k
• Listing: Main Market of the London Stock Exchange
• Governing Law: English Law
• Selling Restrictions: Reg S, Cat 2, TEFRA D, No Sales to EEA or UK Retail. As further set out in the Base Prospectus
• Use of Proceeds: An amount equal to the net proceeds from the issue will be allocated by the Issuer to finance or refinance, in whole or in part, new or existing eligible projects as set out in the Group’s Sustainable Financing Framework and as more fully described in the Base Prospectus
• Target Market / PRIIPS: Manufacturer target market (EU MiFID and UK MiFIR Product Governance) is eligible counterparties and professional clients only (all distribution channels) / No EEA PRIIPs KID or UK CCI disclosure document required by the FCA Product Disclosure Sourcebook (DISC) as not available to EEA or UK retail investors.
• Advertisement: The Base Prospectus and the Supplements are available at https://data.fca.org.uk/artefacts/NSM/Portal/NI-000127644/NI-000127644.pdf and the Final Terms (when published) will be available at https://www.pennon-group.co.uk/investor-information/debt-investors
• Active Bookrunners: BNP Paribas, CIBC Capital Markets, NatWest, SMBC (B&D)
• Passive Bookrunners: Bank of China
• Stabilisation: Relevant stabilisation regulations, including FCA/ICMA apply
• Hedge Deadline: 16:00 UKT
• Timing: Books open, today’s business. Books to go subject at 1pm UKT.

Green

9yr (July 2035) @ G+150 area

Implied Spread for fresh 9yr @ G+100

Priced at MS+130
NIC of 30

RPI-linked
15yr (July 2041) @ UKTi+160-165
Implied Spread for fresh 9yr @ UKTi+130

Priced at UKTi+160
NIC of 30

Details correct at time of posting