Commentary & Deal Flow

Tranche 1 (5yr): Final Books £250m (excluding JLM interest). Peak book above £250m (excluding JLM interest)

Launched: 5yr: £250m @ SONIA MS+39bp - Books closed in excess of £250m (excluding JLM interest)
Guidance: 5yr: SONIA MS+39a

• Issuer: BNG Bank N.V.
• LEI: 529900GGYMNGRQTDOO93
• Issuer Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch)
• Format: Reg S Bearer
• Size: £250m
• Maturity: 31-Jul-31
• Settlement: 22-Jul-26 (T+5)
• Coupon: Fixed, annual, act/act, long first
• Launched: SONIA MS (A, A/365) + 39bps
• Denomination: £100,000 + £1,000
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Governing Law: Dutch Law
• Docs: Issuer’s Debt Issuance Programme
• Bookrunners: Deutsche Bank (B&D/DM), Santander, TD
• Target Market: Professional & Eligible Counterparties (EU MIFID II/UK MIFIR)
• Use of Proceeds: The proceeds of the bond will be utilised for lending to Dutch Social Housing Associations to finance their social expenditures as defined in BNG Bank's ‘Sustainable Finance Framework’. The Framework and the second party opinion provided by ISS ESG are available on the Issuer's website, at https://www.bngbank.com/Funding/ESG-Bonds
• Bank of England Sterling Monetary Framework: Level B-eligible Collateral
• Timing: Today's business, books to close at 12.45 LDN / 13.45 CET
• Advertisement: The prospectus relating to the securities is available at https://www.luxse.com/programme/Programme-BNGBank/2286
• Hedge Ratio: 112% vs UKT 0 ¼ 31-Jul-31
• Hedge Deadline: 13:40 LDN