Commentary & Deal Flow

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.