Commentary & Deal Flow

• European € IG primary markets were very active today with 9 issuers (3 x Corp, 2 x FIG & 4 x SSA) bringing a total of €10.4bn, via 11 tranches.
• • Today’s € IG volume has been the busiest Wednesday since the 10th of June (€16.735bn).
  • Week-to-date € IG volume has already exceeded last week's total (€20.9bn).
  • SSA supply this week has been notable. The €15bn week-to-date number, matches all of last week's SSA supply in €’s, which in turn is the most we’ve seen since the w/e 12th of June (€38.1bn).
• Sterling IG welcomed 1 issuer (1 x FIG) raising £500m via 1 tranche. 
• The Swiss Franc IG market welcomed the World Bank for the first time since March with a Chf125m offering.
• There were no trades in the Reg S $ market.
• Mid-morning there were incendiary comments from Trump at the NATO summit regarding the peace agreement with Iran (& its leaders), trade with Spain, doubling down on wanting to control Greenland & his disdain for the US involvement in NATO itself. Markets responded swiftly with oil spiking, equities falling & Govies tanking sharply across Europe - 10 year Bund over 3.0% & 10 year Gilt a close to 5.0% again.
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €3.3bn
    • Avg. tranche size €660m
    • Avg. IPT to Pricing -29.1bps
    • Avg. cover 2.59 X
  • FIG
  • • Total IG: €1.6bn
    • Avg. tranche size €1.375bn
    • Avg. IPT to Pricing NA (covered)
    • Avg. IPT to Pricing -25bps (unsecured)
    • Avg. cover 3.11 X
  • SSA
  • • Total IG: €6bn
    • Avg. tranche size €1.375bn
    • Avg. IPT to Pricing -1.25bps
    • Avg. cover 2.53 X
• Pipeline: Moving into today the pipeline was heavy. Everything that was scheduled to come, came & priced, save the pending £ issue from the DMO has always been scheduled for next week, subject to market conditions. Two € trades were added; one a €500m Covered by Vesteda Finance, one of the largest residential real estate investors & housing providers in the Netherlands, & the other a €500m 2 year for the State of Rhineland Palatinate.
• • 1 x € Corp
  • 1 x € SSA
  • 1 x £ SSA

Euro IG (today)

CORP

• The first corporate offering of the session came from National Grid North America Inc (exp. Issue ratings of Baa2 / BBB by Moody’s & S&P). The dual tranche offering consisted of an initial 4.75 year (15th April 2031) benchmark offering with IPTs of MS+100 to +105 area, issued concurrently with a 10.75 year (15th April 2037) Green deal with IPTs of MS+140 to +145 area. The 31’s set at MS+72 on the back of a >€1.9bn book, while the 37’s set at MS+112 on the back of a >€1.7bn book. Both tranches were expected to price for €600m each. The April 31’s sized at €700m from a book of >€2.2bn (pre-erc). It priced at MS+72. The April 37’s sized at €600m from a book over €1.6bn (pre-rec). It priced at MS+112. Final books were >€2.1bn & >€1.5bn respectively.
• No stranger to the € market, NGNA last came to the € market on the 27th of May last year with a €1.2bn, dual-tranche (5 & 10yr). Most recently another group company (National Grid Electricity Transmission) last printed a €650m long 8yr at MS+80 on the 27th of January this year. 
• Mileway EUR Lux Holdco S.à r.l. (exp. Issue rating of Baa2 by Moody’s) brought its anticipated senior unsecured, € benchmark dual tranche, consisting of a 4 year fixed rate with IPTs of MS+135 area & a 7 year fixed rate with IPTs of MS+170 to +175. Combined books were first called at >€3.8bn (split >€2bn & >€1.8bn). Both tranches were expected to size at 1.25bn (skewed to the 4 year). Guidance for both came in (+/- 5bp WPIR) for the 4 year at MS+110 & 7 year at MS+145. The 4 year sized at €850m (>€2bn book), pricing at MS+105, & the 7 year sized at €650m (>€1.75bn) priced at MS+143. Final books were >€1.65bn & >€1.5bn respectively.
• • Inaugural offering in the € market for Mileway; the largest owner & operator of logistics locations across Europe. Backed by Blackstone. 
• Mandated yesterday, Sixt SE (exp. Issue rating of BBB by S&P) announced a €500m (wng) 4.5 year with IPTs of MS+115 area. Books were in excess of €1.4bn, & the spread set at MS+90.  The €500m trade priced at MS+90 on the back of a final book in excess of €1.6bn (good at re-offer).
• • Sixt has accessed the debt capital markets in 2025 & 2024 with €500m prints each time, with similar tenors in both cases. A well-known credit story for European investors.

FIG

• Jefferies Financial Group Inc. (exp. Issue ratings of Baa2 / BBB / BBB+ by Moody’s, S&P & Fitch) brought their anticipated 7 year € benchmark, 7 year senior unsecured, SEC Registered issue. IPTs were announced as MS+175 area. The trade upsized from an expected €750m, sizing at €850 & priced at MS+155. Books were said to be over €2.8bn, with final books >€2.9bn.
• The last € issuance for Jefferies came in 2019 with a €500m 5yr at MS+120. The Group’s funding requirement has grown in the last few years & until now it has relied almost exclusively on the US$ market.  
• Another from yesterday European Outlet Mall Venture S.a.r.l. (exp. Issue rating of BBB+ by Fitch), a leading European fashion designer retail outlets owner, brought its anticipated € benchmark, 5 year, RegS, bearer, Senior Unsecured, Green bond. IPTs on the trade were in the area of MS+165. Guidance was sharpened to MS+140 area, when books were over €2.1bn. The trade sized at €750m & priced at that MS+135 level. Final books were over €2.1bn.
• Another new entrant to the € market, launching into a well established sector. Its peer group trades well & investors are receptive.

SSA

• NRW Bank (rated Aa1 / AA / AAA / AAA by Moody’s, S&P, Fitch & Scope); guaranteed by the Federal State of North Rhine-Westphalia, bought its anticipated 10 year Social € benchmark transaction. The proceeds will be used to finance &/or refinance Eligible social expenditures as set out in the Social Bond Framework updated May 2025. Guidance on the transaction was in the area of MS+28. Books were initially called above €1.2bn (exc. JLMs). The deal sized at €1bn. Spread set at MS+27 when books were over €1.3bn (exc. JLMs).Final books were above €1.4bn good at re-offer (exc. JLMs). The €1bn trade priced at MS+27.
• This will be the issuer’s third foray into the € market in 2026 - having previously raised €2.25bn via two issues - a €750m 15yr on the 15th of April & a €1.5bn 7yr on the 20th of May.
• Agence Francaise de Developpement (rated A+ / A+ by S&P & Fitch), having announced yesterday, brought its €1bn (wng), 15 year with guidance of interpolated OAT’s (mid) +21 area. Books were in excess of €3.3bn (inc. €400m JLMs). Spread set & priced at OAT’s +19. Books closed in excess of €3.7bn (inc. €400m JLMs).
• The third € installment for AFD in 2026, sized at €1bn, to bring this year’s total to €5bn. In 2025, the issuer raised just above €5bn.
• Having announced yesterday, the International Finance Corporation (rated Aaa / AAA by Moody’s & S&P), member of the World Bank Group, brought its inaugural €1bn (wng) 7 year fixed rate Green Bond due 15 August 2033 (SEC exempt). Guidance on the issue came in at MS+15 area. Spread set at MS+14 when books were called above €2.2bn (inc. €100m JLMs). Final books were over €2.65bn (inc. €100m JLMs). The €1bn trade priced at MS+14.
• This is an inaugural public benchmark offering for IFC in €’s, having mostly issued private trades in €’s prior. IFC is a far more frequent issuer in the Sterling market & this is a very rare visit in €’s. Green issue or otherwise.
• Another from the pipeline was EFSF (rated Aaa / A+ / A+ by Moody’s, S&P & Fitch), the European Financial Stability Facility, brought their anticipated Tap of its existing 3.0% issue due July 2030. The deal came with guidance at MS+10 area. Spread set at MS+9 when books were said to be over €4.3bn (inc. €500m JLMs), rising to over €5.9bn. The deal sized at €2.5bn & priced at that MS+9 level.
• • The fifth issuance of 2026 for EFSF, having already placed €14bn so far this year. Last year’s total issuance in the € public markets totalled €21.5bn. 

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

FIG

• Paragon Bank PLC (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch), having mandated yesterday, announced a long 3 year (20th September 2029) Covered bond, backed 100% by UK buy-to-let mortgage loans. The £ benchmark trade came with guidance of SONIA +53 area. Books rose to above £850m (pre-rec). Final books were £835m. The deal sized at £500m & it priced at SONIA+50.
• A relatively rare issuer in the £ market. The speciality lender last came to the Sterling market in 2025 when it priced a £500m 3yr CB.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

SSA

• International Bank for Reconstruction and Development [World Bank] (exp. Issue ratings of Aaa / AAA by Moody’s & S&P), announced an initial minimum size of Chf100m for its 10 year Sustainable Development offering. Initial guidance was SARON MS+20 area. Spread set at MS+20 with a new minimum size of Chf120m. At pricing the final size lifted a fraction to Chf125m.
• The World Bank has increased its footprint in the Chf market in the last few years. It has already placed Chf300m 6yr at SARON MS+18 in March 2026. It raised a total of Chf840m in 2025, in 5 transactions across a range of maturities.  

Week-to-date volumes:

US$ Reg S (today)

• No Supply

Pending Deals & Mandates

Euro (€)

• Wednesday 8th July: Vesteda Finance B.V. (exp. Issue rating of A- by Fitch), the Dutch institutional residential real estate investor, & guaranteed by Custodian Vesteda Fund I B.V., has mandated ABN Amro, BNP Paribas, ING, Rabobank & SMBC as Joint Bookrunners to arrange a series of fixed income investor calls on Wednesday 8th July. Rabobank is coordinating roadshow logistics. A senior unsecured Green €500 million (wng) RegS fixed rate bond offering with a maturity of 4 years may follow, subject to market conditions.

• Wednesday 8th July: The German Federal State of Rhineland Palatinate (rated AAA by Fitch), mandated DekaBank & LBBW to lead manage its upcoming 2 year, €500m (wng) fixed rate Landesschatzanweisung. A certain amount of the issue will be retained by the issuer. Launch is expected in the near future, subject to market conditions.

Sterling (£)

• 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: International Bank for Reconstruction and Development CHF 125m 10yr Sust; SARON MS+20bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: SARON MS+20bp / 100 / 0.8075%
Benchmark: Govt +43bp

Spread set at: 10yr: SARON MS+20bp
IPTs: 10yr: SARON MS+20a

• Issuer: International Bank for Reconstruction and Development (Ticker: IBRD)
• Issuer Domicile: Supranational
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Sustainable Development Notes
• Ranking: Senior unsecured debt
• Issuer Rating: Aaa/AAA (Moody's/S&P)
• Instrument Rating (exp): Aaa/AAA (Moody's/S&P)
• Issue Size: CHF 125m
• Coupon: 0.8075% p.a. (30/360, following unadj.)
• Maturity: 22-Jul-36 (10 years)
• Settlement Date: 22-Jul-26
• Spread/Yield: SARON MS +20bps // YTM 0.8075% // Govt +43bps
• Issue Price: 100
• ISIN: CH1484612119
• Valor: 148'461'211
• Lead Manager(s): Commerzbank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
• Documentation: Off the Issuer's Global Debt Issuance Facility, dated 24-Sep-21, as supplemented
• FinSA Prospectus: No prospectus required in accordance with Art. 37(1) (h.) FinSA
• Use of Proceeds: World Bank bonds support the financing of a combination of green and social, i.e. "sustainable development", projects, programs, and activities in IBRD member countries. See IBRD’s Sustainable Development Bond Framework for examples of such eligible projects, programs, and activities.
• SDB Framework: https://worldbank.org/ibrd-sdb-framework
• Governing Law: English
• Covenants: PP, NP, XD
• SIX Listing: 20-Jul-26
• Denomination: CHF 100,000 and multiples thereof
• TEFRA D Rules: In accordance with usual Swiss practice
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (All distribution channels).

PRICED: Agence Francaise de Developpement €1bn 15yr Sr Unsec; OAT+19bp

IGC European Market: Deal Flow - SSA

Reoffer: 15yr: OAT+19bp / 99.428 / 4.428%
Benchmark: FRTR 0.5 25-May-40 (Price: 61.75% / Yield: 4.192% / HR: 137%) & FRTR 3.6 25-May-42 (Price: 92.355% / Yield: 4.272%)
Final Books: Closed in excess of €3.7bn (incl. €400m JLM)

Launched: 15yr: €1bn @ OAT+19bp - Books in excess of €3.3bn (incl. €400m JLM)
Guidance: 15yr: OAT+21a

• Issuer: Agence Francaise de Developpement (Ticker: AGFRNC)
• LEI: 9695008K5N8MKIT4XJ91
• Issuer ratings: A+/A+ (Stable/Stable, S&P/Fitch)
• Format: Senior Unsecured, Reg S Bearer Dematerialised form (TEFRA not applicable)
• Size: €1bn
• Coupon: 4.375% Fixed Annual, Act/Act (ICMA)
• Settlement: 15-Jul-26
• Maturity: 15-Jul-41
• Reoffer: Interpolated OATs (MID) + 19bps / 99.428 / 4.428%
• Ref. Bonds: FRTR 0 ½ 25-May-40 (Price: 61.750% / Yield: 4.192% / HR: 137%) & FRTR 3.6 25-May-42 (Price: 92.355% / Yield: 4.272%)
• Governing Law: French
• Listing: Euronext Paris
• Denominations: 100k+100k
• Bookrunners: Barclays / BofA / CACIB / DB / GSBE SE (B&D/DM) / HSBC
• Target Market: The manufacturer target markets (EU MiFID II/UK MiFIR product governance) as assessed by the lead managers are professional & eligible counterparties (all distribution channels)
• Fees: The bookrunners will be paid a fee in connection to the transaction (EU MiFID II/UK MiFIR)
• ISIN: FR0014019UO3
• Timing: Priced. TOE: 13:08 UKT / 14:08 CET | FTT: 13:20 UKT / 14:20 CET

PRICED: NRW.BANK €1bn 10yr Sr Unsec; MS+27bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+27bp / 99.808 / 3.398%
Benchmark: 10yr: DBR 2.9% 15-Feb-36 @ 98.552 / B+32.3bp

Final Books above €1.4bn (excl. JLM)

Launched: 10yr: €1bn @ MS+27bp - Books above €1.3bn (excl. JLM)
Size set at: 10yr: €1bn - Books above €1.2bn (excl. JLM)
Guidance: 10yr: MS+28a

• Issuer: NRW.BANK
• Ticker: NRWBK
• LEI: 52990002O5KK6XOGJ020
• Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope - all stable)
• ESG Rating: Prime (C) by ISS ESG
• Guarantor: Federal State of North Rhine-Westphalia (NRW)
• Status: Senior Unsecured, Reg S Bearer, 0% RW, HQLA/Level 1
• Size: €1bn
• Coupon: 3.375% fixed, Act/Act (ICMA)
• Settlement: 15-Jul-26 (T+5)
• Maturity: 15-Jul-36
• Spread: MS+27bp
• Reoffer: 99.808 / 3.398%
• Benchmark: DBR 2.9% 15-Feb-36 @ 98.552 / B+32.3bp
• Docs/List/Denoms: DIP/DUS+LUX/1k
• ISIN/WKN: DE000NWB0B24/NWB0B2
• Fees: The Joint Bookrunners will be paid a fee in connection with the transaction
• UoP: An amount equivalent to the net proceeds raised from any NRW.BANK Social Bond issued under the NRW.BANK Social Bond Framework dated May 2025 (as amended or restated from time to time, the “NRW.BANK Social Bond Framework”)(including the Notes) will be exclusively applied to finance, in part or in full, new eligible social expenditures (Eligible Social Projects) and/or to refinance, in part or in full, existing Eligible Social Projects as listed in the NRW.BANK Social Bond Framework.
• Target Market: Manufacturer target market (MIFID II/UK MiFIR product governance) is retail, eligible counterparties and professional clients (all distribution channels).
• Bookrunners: Credit Agricole CIB, J.P. Morgan, NORD/LB, UniCredit (B&D)
• Timing: Priced / TOE 13.25 CET / FTT immediately

PRICED: International Finance Corporation €1bn 7yr Green Sr Unsec; MS+14bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+14bp / 99.952 / 3.132%
Benchmark: 7yr: DBR 2.3 15-Feb-33 @ 96.520% / B+24.7 / HR 108%

Final books: over €2.65bn (incl. €100m JLM)

Launched: 7yr: €1bn @ MS+14bp - Books above €2.25bn (incl. €100m JLM)
Guidance: 7yr: MS+15a

• Issuer: International Finance Corporation (IFC)
• Ratings: Aaa / AAA (Moody's / S&P, all stable)
• Risk Weighting: 0%
• Format: Global (SEC exempt) Green Bond
• Size: €1bn
• Coupon: 3.125% Fixed, Annual ACT/ACT ICMA, Long First Coupon
• Maturity: 15-Aug-33
• Settlement: 15-Jul-26 (T+5)
• Spread: MS+14 bps / +24.7 vs. DBR 2.3 15-Feb-33 @ 96.520% / 2.885% (HR: 108%)
• Re-offer: 99.952 / 3.132%
• ISIN: XS3440163569
• Bookrunners: Barclays, BNPP, CACIB (B&D/DM), TD
• Governing Law: English
• Denoms: €10k x 10k
• Listing: Luxembourg Stock Exchange’s regulated Market
• Documentation: Issuer’s 2023 Global Medium-Term Note Program
• Timing: Priced | TOE 13.33 UKT / 14.33 CET | FTT immediately
• Target Market: For MIFID II/UK MiFIR purposes, all target markets and all distribution channels are eligible
• UoP: The net proceeds of the issuance of the Notes also referred to as IFC’s Green Bonds, which may be converted into US Dollars, will be added to the Issuer’s general liquidity pool and tracked through a designated sub-account. Management of the Issuer’s general liquidity is governed by a set of policies and practices, including the General Investment Authorization adopted by the Issuer’s Board of Directors, the Issuer’s Investment Directives for liquid assets, and the Issuer’s internal ESG risk screening system. The sub-account balance is based on the difference between the outstanding amount of IFC Green Bonds as compared to the outstanding amount of selected Eligible Projects. Eligible Projects will be selected from all projects funded, in whole or in part, by the Issuer. The Issuer reserves the right to lend directly or indirectly. Eligible Projects may include projects that contribute to or enable the following environmental objectives:
• Climate change mitigation (e.g., renewable energy, energy efficiency, green buildings and clean transport)
• Climate change adaptation and resilience (e.g., activities that integrate measures to manage and/or reduce physical climate risks and build the adaptive capacity of the system within which the activity takes place)
• Biodiversity and natural resource conservation (e.g., investment in biodiversity conservation and/or restoration, reduction of the direct drivers of biodiversity or ecosystem services loss, nature-based solutions)
• Ocean and water protection (e.g., regeneration, protection, and sustainable use of oceans and water resources)
• Circular economy (e.g., activities that minimize the use of nature resources and promote the regeneration of nature, design out waste generation, and maintain the value of products and materials for as long as possible)
• IFC Green and Social Bond Impact Report: https://www.ifc.org/content/dam/ifc/doc/2026/green-and-social-bond-impact-report-fy25.pdf
• IFC has published the updated Green Bond Framework: https://www.ifc.org/content/dam/ifc/doc/2026/ifc-green-bond-framework.pdf
• Second-Party Opinion from S&P Global Ratings: https://www.ifc.org/content/dam/ifc/doc/2026/s-and-p-second-party-opinion-ifc-green-bond-framework.pdf
• IFC’s Green Bond Framework FAQ: https://www.ifc.org/content/dam/ifc/doc/2026/faqs-ifc-green-bond-framework.pdf
• IFC’s Investor Presentation: https://www.ifc.org/content/dam/ifc/doc/2025/ifc-fy26-investor-presentation.pdf
• IFC’s Global MTN Program: https://www.ifc.org/content/dam/ifc/doc/2023/GMTN-Base-Prospectus-2023.pdf

PRICED: Paragon Bank PLC £500m 3yr CB; SONIA+50bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: SONIA+50bp / 100

Final Books above £835m. Peak book above £850m (pre-rec)

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: £
• 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
• Final Spread: SONIA + 50bps
• 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: £100k + 1k
• ISIN / Common Code: XS3432918335 / 343291833
• Joint Lead Managers: Barclays, BMO Capital Markets (B&D), 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: TOE 13:39 UKT. FTT 13:50 UKT

Long 3yr (September 2029) @ SONIA +53 area

Implied Spread for fresh Long 3yr @ SONIA+49

Priced at SONIA+50
NIC of +1

PRICED: European Financial Stability Facility €2.5bn 4yr Sr Unsec; MS+9bp

IGC European Market: Deal Flow - SSA

Reoffer: 4yr: MS+9bp / 100.007 / 2.998%
Benchmark: 4yr: OBL 2.40% 30-Apr-30 @ 98.794 / B+25.9bp / HR 106%

Final Books >€5.9bn (incl €500m JLM).

Launched: 4yr: €2.5bn @ MS+9bp - Books closed >€5.9bn (incl €500m JLM)
Spread set at: 4yr: MS+9bp - Books >€4.3bn (incl €500m JLM)
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: €2.5bn (Tap of existing EU000A2SCAJ7, new o/s €5.5bn)
• Coupon: 3.000% (5 days accrued)
• Day Count: Annual ACT/ACT
• 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: Priced. TOE 11.50 LDN / 12.50 CET. FTT Immediately.

PRICED: Sixt SE €500m 4.5yr Sr Unsec; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 4.5yr: MS+90bp / 99.785 / 3.807%
Benchmark: 4.5yr: DBR 2.4% 15-Nov-30 @ 98.53 / 2.761% (HR: 101%)

Final Books: Books in excess of €1.4bn

Launched: 4.5yr: €500m @ MS+90bp - Books in excess of €1.4bn
IPTs: 4.5yr: MS+115a

• Issuer: Sixt SE
• Ticker: SIXGR
• Country: DE
• LEI: 5299004ZME6CSBR7WP07
• Issuer Rating: BBB (stable) by S&P
• Expected Issue Rating: BBB by S&P
• Format: Reg S, Bearer, Senior Unsecured, Temporary Global Note exchangeable against a Permanent Global Note
• Size: €500m
• Tenor: 4.5-year
• Maturity date: 15-Jan-31
• Re-Offer: MS+90bps / 99.785 / 3.807%
• Benchmark: DBR 2.4% 15-Nov-30 @ 98.53 / 2.761% (HR: 101%)
• Coupon: 3.75% Fixed, Annual, ACT/ACT, Short First Coupon, following, unadjusted
• Settlement: 15-Jul-26 (T+5)
• ISIN: DE000A46Z700
• Docs: Debt Issuance Programme / CoC / Tax Call / 2-month Par Call / Clean-up Call (80%)
• Denomination: €1k x 1k
• Listing: Luxembourg Stock Exchange, Regulated Market
• Governing Law: German
• Selling Restrictions: As set out in the Base Prospectus (the "Base Prospectus") dated 19-May-26 (no communication with the U.S., no sales into Canada)
• UoP: General Corporate Purposes
• Target Market: As determined by the Joint Bookrunners: Manufacturer target market (MiFID II product governance) is eligible counterparties, professional clients and retail clients (In each case execution only, non-advisory business, and advisory business as distribution channels)
• Joint Bookrunners: BayernLB, Commerzbank, Deutsche Bank (B&D), ING and UniCredit
• TOE: 14.30 UKT / 15.30 CET
• FTT: 15.00 UKT / 16.00 CET

4.5yr (January 2031) @ MS+115 area

Implied Spread for fresh 4.5yr @ MS+78

Priced at MS+90
NIC of +12

PRICED: European Outlet Mall Venture €750m 5yr Green Sr Unsec; MS+135bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+135bp / 98.706 / 4.293%
Benchmark: 5yr: OBL 2.5 15-Oct-31 #193 @ 98.65 / B+149.1 / HR 101%

Final Books in excess of €2.1bn. Peak book > €2.2bn.

Launched: 5yr: €750m @ MS+135bp - Books > €2.2bn (good at guidance)
Spread set at: 5yr: €750m @ MS+140bp - Books > €2.1bn
IPTs: 5yr: MS+165a

• Issuer: European Outlet Mall Venture S.à r.l. (Ticker: EOMVLX, Country: LU)
• Issuer LEI: 894500PJZPJZ8J3N2H78
• Issuer Rating: BBB+ Stable outlook by Fitch
• Exp. Issue Rating: BBB+ by Fitch
• Format of the Notes: Senior Unsecured, Reg S Cat 2 only, Bearer, Green
• Settlement Date: 15-Jul-26 (T+5)
• Size: €750m
• Maturity: 15-Jul-31 (5-year)
• Re-offer: MS+135bp / 98.706 / 4.293%
• Benchmark: 149.1bp vs OBL 2 ½ 31 #193 @98.65 (HR: 101%)
• MWC: B+25
• Coupon: 4.000% Fixed, Annual, ACT/ACT (ICMA)
• ISIN: XS3415298838
• Docs: Standalone / Dutch Law / €100k x €1k / Global Exchange Market of Euronext Dublin / MWC / CoC Put at 100% / Clean-Up call (75%) / 3m Par-Call / Tax Call
• Financial Covenants: Incurrence of additional financial indebtedness subject to compliance with:- Net Debt to Asset Ratio ≤ 0.60x- Interest Coverage Ratio ≥ 2:1- Unencumbered Coverage Ratio ≥ 2:1
• Use of Proceeds: An amount equal to the net proceeds of the issue of the Notes will be used to finance and/or refinance, in whole or in part, new or existing Eligible Green projects as further described in the Issuer’s Green Finance Framework
• Global Coordinators: BNP Paribas, ING
• Joint Bookrunners: BNP Paribas, Crédit Agricole CIB, ING (B&D)
• Sole ESG Structuring Coordinator: ING
• Target Market: The manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID has been prepared as not available to retail in EEA. No disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as the Notes are not available to retail in the UK.
• Selling Restriction: Reg S Cat 2; TEFRA D. Additional selling restrictions in accordance with the Offering Memorandum. Sales into Canada into Ontario, Alberta, British Columbia, Manitoba, Saskatchewan, and Nova Scotia only, subject to compliance with applicable law
• Advertisement Language: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Offering Memorandum will be available on the Issuer’s website www.eomv.com
• Timing: TOE: 15:33 UKT | FTT: 16:00 UKT

PRICED: Mileway EUR Lux Holdco €1.5bn 4yr & 7yr Sr Unsec; MS+105 & MS+143

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+105bp / 99.72 / 3.952% 7yr: MS+143bp / 99.64 / 4.436%
Benchmark: 4yr: OBL 2.4% 30-Apr-30 @ 98.76 / B+120.3 / HR 103% 7yr: DBR 2.3% 28-Feb-33 @ 96.40 / B+153.0 / HR 102%

4yr: Final Books >€1.65bn. Peak book >€2bn.
7yr: Final Books >€1.5bn. Peak book >€1.75bn.

Launched: 4yr: €850m @ MS+105bp 7yr: €650m @ MS+143bp
Guidance: 4yr: MS+110bp (+/-5 WPIR) 7yr: MS+145bp (+/-5 WPIR) - Books >€3.75bn (4yr >€2bn, 7yr >€1.75bn)
IPTs: 4yr: MS+135a 7yr: MS+170/175bp

• Issuer: Mileway EUR Lux Holdco S.à r.l. (Ticker: MILEWY; Country: LUX)
• Guarantors: Mileway EUR Lux Bidco S.à r.l.
• Issuer LEI: 213800PN1NF2W1ACOG21
• Issuer Rating: Baa2 (Stable) by Moody’s
• Issue Rating: Baa2 by Moody’s
• Ranking and Form: Senior, Unsecured, Registered form
• Format: Reg S Only, Category 1
• Pricing Date: 08-Jul-26
• Settlement Date: 15-Jul-26 (T+5)
• Title:
• • 4yr: 4-year FXD
  • 7yr: 7-year FXD
• Size:
• • 4yr: €850m
  • 7yr: €650m
• Maturity:
• • 4yr: 15-Jul-30
  • 7yr: 15-Jul-33
• ISIN:
• • 4yr: XS3439307045
  • 7yr: XS3439307128
• Reoffer:
• • 4yr: 99.720 / MS+105bps / 3.952%
  • 7yr: 99.640 / MS+143bps / 4.436%
• Benchmark:
• • 4yr: 120.3bps vs OBL 2.4% Apr-30 @ 98.760 / HR 103%
  • 7yr: 153.0bps vs DBR 2.3% Feb-33 @ 96.400 / HR 102%
• Coupon:
• • 4yr: 3.875% FXD, Annual, Act/Act (ICMA)
  • 7yr: 4.375% FXD, Annual, Act/Act (ICMA)
• TOE:
• • 4yr: 15:40 LDN / 16:40 CET
  • 7yr: 15:39 LDN / 16:39 CET
• MWC:
• • 4yr: Yes (B+20bps)
  • 7yr: Yes (B+25bps)
• Par call:
• • 4yr: 2 month
  • 7yr: 3 month
• Early Redemption: Make-Whole Redemption (in part, applicable), Clean-Up Call at par (80%), Change of Control Put at 101%, Asset Sale Put at 101%, Tax Call at par
• UoP: Proceeds will be used for repayment of existing indebtedness, transaction cost and expenses and/or general corporate purposes
• Denominations: €100k + €1k
• Covenants: Debt incurrence permitted when: Leverage Ratio ≤ 60% Secured Debt Test ≤ 40% Fixed Charge Cover Ratio ≥ 1.5x Unencumbered Assets Test ≥ 125% See the Base Listing Particulars for further information.
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels) No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK
• Selling Restrictions: As set out in Base Listing Particulars dated 03-Jul-26
• Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Documentation: Under the Issuer’s €10,000,000,000 Euro Medium Term Note Programme, established pursuant to the base listing particulars dated 03-Jul-26 (the “Base Listing Particulars”) https://live.euronext.com/en/product/bonds-detail/37670/documents
• Governing Law / Listing: English Law / Euronext Dublin GEM
• Billing & Delivery: Goldman Sachs International
• Global Coordinators: Goldman Sachs International, JP Morgan, Citi
• Bookrunners: BNP Paribas, BofA Securities, Citi, Crédit Agricole CIB, Goldman Sachs International, ING, JP Morgan, RBC Capital Markets, Standard Chartered Bank, Wells Fargo Securities
• Timing: PRICED – FTT 16:00 LDN / 17:00 CET

PRICED: National Grid North America €1.3bn 4.75yr & 10.75yr Green Sr Unsec; MS+72bp & MS+112bp

IGC European Market: Deal Flow - General

Reoffer: 4.75yr: MS+72bp / 99.999 / 3.646% | 10.75yr: MS+112bp / 99.999 / 4.270%
Benchmark: 4.75yr: OBL 2.5 16-Apr-31 @ 98.66 / B+84.6bp / HR 98% | 10.75yr: DBR 4 04-Jan-37 @ 107.62 / B+113.6bp / HR 92%

Tranche 1 (4.75yr): Final Books >€2.1bn. Peak book >€2.2bn (Pre-rec)
Tranche 2 (10.75yr Green): Final Books >€1.5bn. Peak book >€1.7bn

Launched:
4.75yr: €700m @ MS+72bp - Books >€2.2bn (Pre-rec)
10.75yr: €600m @ MS+112bp - Books > €1.6bn (Pre-rec)
Spread set at: 4.75yr: MS+72bp - Books > €1.9bn | 10.75yr: MS+112bp - Books > €1.7bn
IPTs: 4.75yr: MS+100-105a | 10.75yr: MS+140-145a

• Issuer: National Grid North America Inc
• Ticker: NGGLN
• Country: US
• Issuer LEI: 5Q3U0WRKWZZGRMPYFT08
• Issuer Ratings: Baa2 (stable outlook) / BBB (stable outlook) by Moody’s / S&P
• Expected Issue Ratings: Baa2 / BBB by Moody’s / S&P
• Format: RegS, Registered (NSS), Temporary Global Certificate exchangeable for a Permanent Global Certificate
• Settlement Date: 15-Jul-26 (T+5)
• Tenor:
• • 4.75-year
  • 10.75-year
• Size:
• • 4.75yr: €700m
  • 10.75yr: €600m
• Maturity Date:
• • 4.75yr: 15-Apr-31
  • 10.75yr: 15-Apr-37
• Re-offer:
• • 4.75yr: MS+72bps / 99.999 / 3.646%
  • 10.75yr: MS+112bps / 99.999 / 4.270%
• Coupon:
• • 4.75yr: 3.643%, FXD, Annual, Act/Act (ICMA) (short first)
  • 10.75yr: 4.268%, FXD, Annual, Act/Act (ICMA) (short first)
• Reference Benchmark:
• • 4.75yr: 84.6bps vs OBL 2.5 16-Apr-31 @98.66 / 2.800% / HR: 98% (ISIN: DE000BU25067)
  • 10.75yr: 113.6bps vs DBR 4 04-Jan-37 @107.62 / 3.135% / HR: 92% (ISIN: DE0001135275)
• MWC:
• • 4.75yr: B+15bps
  • 10.75yr: B+20bps
• TOE: 15:48 UKT
• Par Call:
• • 4.75yr: 3-month
  • 10.75yr: 3-month
• ISIN:
• • 4.75yr: XS3441767442
  • 10.75yr: XS3441768093
• Use of Proceeds:
• • 4.75yr: General Corporate Purposes
  • 10.75yr: An equivalent amount to the net proceeds will be applied by the Issuer to Eligible Projects in accordance with National Grid’s Green Financing Framework dated May 2025
• Denoms:
• • 4.75yr: €100k+1k
  • 10.75yr: €100k+1k
• Optional Redemption:
• • 4.75yr: MWC, Tax Call
  • 10.75yr: MWC, Tax Call
• Docs/Listing/Governing Law: Under the Issuer’s EUR 8 billion EMTN Programme dated 21-Aug-25 (the “Programme”) / London Stock Exchange (Main Market) / English Law
• Clearing: Euroclear / Clearstream, Luxembourg
• Selling restrictions: As per the Base Prospectus dated 21-Aug-25
• Joint Bookrunners: Bank of China, BNP Paribas, HSBC (B&D), ING, Lloyds
• 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: The Base Prospectus and any Supplements are available and the Final Terms, when published, will be available at: https://www.londonstockexchange.com
• FTT: 16:20 UKT

PRICED: Jefferies Financial Group €850m 7yr Sr Unsec; MS+155bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+155bp / 99.741 / 4.544%
Benchmark: DBR 2.3% 15-Feb-33 / HR 101%

Final Books >€2.9bn. Peak book >€2.9bn

Launched: 7yr: €850m @ MS+155bp - Books above €2.8bn
IPTs: 7yr: MS+175a

• Issuer: Jefferies Financial Group Inc.
• Ticker: JEF
• LEI: 549300HOF34RGOJ5YL07
• Issuer Ratings: Baa2/BBB/BBB+ (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa2/BBB/BBB+ (Moody's/S&P/Fitch)
• Tenor: 7-year
• Size: €850m
• Format: SEC Registered
• Ranking: Senior Unsecured Note
• Settlement: 15-Jul-26 (T+5)
• Maturity Date: 15-Jul-33
• Coupon: 4.500%, fixed, annual, ACT/ACT (ICMA)
• Benchmark: DBR 2.3% 15-Feb-33 / HR 101%
• Documentation: The Issuer has filed a registration statement with the SEC for the offering, a Preliminary Prospectus Supplement dated 07-Jul-26 and a Prospectus dated 11-May-26
• Optional Redemption: Tax Call Event Only
• Use of Proceeds: General Corporate Purposes
• Governing Law: New York
• Listing (expected): Euronext Dublin (GEM)
• Denominations: €100,000 x €1,000
• ISIN / Common Code: XS3435704575 / 343570457
• Clearing: Euroclear / Clearstream, Luxembourg
• Sole Global Coordinator: Jefferies (B&D)
• Joint Active Book-Runners: Citigroup, Jefferies, Natixis, Santander, SMBC, Societe Generale
• Stabilization: Relevant stabilization regulations, including FCA/ICMA stabilization, apply
• Target Market / EEA PRIIPs / UK CCI: MiFID II and UK MiFIR professionals/ECPs-only. No EEA PRIIPs KID or UK CCI product summary as not available to retail in the EEA or UK
• Hedge Deadline: 14:45 LDN / 09:45 NY
• Timing: TOE 14:53 LDN. FTT TBD (subject to term sheet sign off).

Details correct at time of posting