Commentary & Deal Flow

Final Books > €1bn (excl. JLM). Peak book €1.2bn (pre-rec, incl. €50m JLM)

Launched: 5.5yr: €500m @ BTP+50bp (equiv. to ~MS+87bp) - Books at €1.2bn (pre-rec, incl. €50m JLM)
Book Update: Books above €1.1bn (incl. €25m JLM)
IPTs: 5.5yr: BTP+70a

• Issuer: Mediocredito Centrale – Banca Del Mezzogiorno S.p.A.
• Ticker: BNCMCC
• LEI Code: 81560064085A02B2B297
• ISIN: IT0005723066
• Issuer Rating: BBB/BBBH (S&P/DBRS)
• Expected Issue Rating: BBB/BBBH (S&P/DBRS)
• Status of the Notes: Senior Preferred Notes. Unsecured Unsubordinated. Eligible liabilities instruments according to Article 72b CRR2
• Form of Notes: Reg S, Dematerialised Note
• Principal Amount: €500m
• Bookrunner: IMI (B&D)
• Reference Benchmark: BTPS 3.15 01-Jun-31 / HR 110%. New issue will price vs interpolated BTP 01-Jun-31 & 15-Jul-32.
• Hedge Deadline: 15.50 CET / 14.50 UKT. Hedge will be executed on the bid side of BTPS 3.15 01-Jun-31.
• Pricing Date: 9-Jul-26
• Settlement Date: 16-Jul-26 (T+5)
• Maturity Date: 16-Jan-32
• Coupon: [•]% Fixed, Short First, payable in arrear
• Interest Payment Dates: Annually every 16 January, starting from 16-Jan-27 (First Interest Payment Date) up to and including the Maturity Date
• Redemption: 100% of the Principal Amount
• Day Count Fraction and Business Day Convention: ACT/ACT ICMA, Unadjusted and Following Business Day Convention
• Use of Proceeds: An amount equivalent to the net proceeds of the Notes will be allocated to finance and/or re-finance, in whole or in part, Eligible Social Assets, as defined within the Issuer's Social Financing Framework dated March 2026
• SPO: from ISS-Corporate available on the Issuer's website