Commentary & Deal Flow

Launched: 3yr: £500m @ SONIA+50bp - Books above £850m (pre-rec)
Guidance: 3yr: SONIA+53a

• Issuer: Paragon Bank PLC (Ticker: "PAGLN")
• Issuer LEI: 213800ZD686TR7FEP983
• Guarantor: Paragon Covered Bonds LLP
• Expected Issue Rating: Aaa/AAA (Moody's/Fitch)
• Format: UK Regulated Covered Bonds, Reg S, Bearer (TEFRA D)
• Currency: GBP
• Size: £500m
• Trade Date: 08-Jul-26
• Settlement Date: 15-Jul-26 (T+5)
• Final Maturity Date: 20-Sep-29 (soft bullet)
• Coupon: SONIA + 50bps Floating, Compounded Daily SONIA, 5 day lag, Quarterly, ACT/365 (Fixed)
• Business Day Convention: Modified Following
• Interest Determination Date(s): Fifth London Banking Day prior to the end of each Interest Period
• Reoffer Price: 100
• Documentation: Issued off the Paragon Bank PLC’s GBP 5bn Covered Bond Programme Base Prospectus dated 23-Feb-26 (the “Base Prospectus”)
• Listing / Governing Law: Main Market of the London Stock Exchange / English
• Denominations: GBP 100k + 1k
• ISIN / Common Code: XS3432918335 / 343291833
• Joint Lead Managers: BMO Capital Markets(B&D), Barclays, BNP PARIBAS, NatWest
• Fee: The Joint Lead Managers will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
• Selling Restrictions: Reg S (Category 2). TEFRA D. No sales to EEA or UK retail. Further restrictions as per the Base Prospectus.
• Target Market: Manufacturer target market (MIFID II product governance and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document / CCI disclosure document has been prepared as not available to retail in the EEA or in the UK
• Advertisement: The Base Prospectus and supporting Covered Bond information, as well as the Final Terms (when published) are available at: https://www.paragonbankinggroup.co.uk/investors/fixed-income/covered-bond/covered-bond-information
• Timing: Books subject 12:15 UKT. Pricing today.