Commentary & Deal Flow

Guidance: 4yr: MS+10a

• Issuer: European Financial Stability Facility (EFSF)
• Ratings: Aaa/A+/A+ (Moody's/S&P/Fitch)
• Risk Weighting: 0%
• Format: Reg S / Bearer Notes (TEFRA rules apply, no communications with or into the U.S.)
• Size: € Benchmark (Tap of existing EU000A2SCAJ7, current o/s €3bn)
• Guidance: MS +10bps area
• Coupon: 3.000% (5 days accrued)
• Settlement: 15-Jul-26
• Maturity: 10-Jul-30
• ISIN: EU000A2SCAJ7 (immediately fungible)
• Bookrunners: DZ, NatWest (DM/B&D), Nomura
• Listing: Luxembourg Stock Exchange’s regulated market
• Governing Law: English
• Docs: Off the EFSF Debt Issuance Programme
• Denominations: €1,000
• Target Market: Professionals / Eligible Counterparties only (all distribution channels), each as defined in MiFID II
• Advertisement: The Final Terms, when published, will be available on the website of the Luxembourg stock exchange
• Timing: Books open, today's business