Commentary & Deal Flow

Reoffer: Long 4yr: MS+43bp / 99.913 / 3.425%
Benchmark: Long 4yr: 58.6bps vs OBL 2.2 10-Oct-30 #192 @97.48 / 2.839% (HR: 100%)

Final Books in excess of €2.4bn. Peak book over €2.4bn (pre-reconciliation)

Launched: Long 4yr: €600m @ MS+43bp - Books over €2.25bn
Guidance: MS+45a (+/-2bps) WPIR - Books over €2.4bn (pre-reconciliation)
IPTs: MS+75-80bp

• Issuer: John Deere Bank S.A. (Country: LU)
• Guarantor: John Deere Capital Corporation (Country: US; Ticker: DE)
• Issuer LEI: RUOKPID0PZ0UWJYU9J61
• Issuer Ratings: A1 (Stable) / A (Stable) / A+ (Stable)
• Exp. Issue Ratings: A1 / A / A+
• Ranking: Senior Unsecured
• Format: EMTN Programme, Reg S, Category 2, Registered
• Settlement: 23-Jul-26 (T+5)
• Currency: EUR
• Size: €600m
• Maturity Date: 15-Oct-30
• Re-offer: MS+43bps / 99.913 / 3.425%
• Benchmark: 58.6bps vs OBL 2.2 10-Oct-30 #192 @97.48 / 2.839% (HR: 100%)
• Coupon: 3.400%, Fixed, Annual, ACT/ACT (ICMA) (short first)
• Documentation: EMTN Programme (Base Prospectus dated 10-Jun-26)
• Law: English Law
• Listing: Euronext Dublin
• Denoms: €100k x €1k
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or product summary or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as the notes are not available to retail in EEA or UK
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• Clearing: Euroclear and Clearstream, Luxembourg
• Optional Redemption: None
• Use of Proceeds: General corporate purposes
• Selling Restrictions: See the EMTN Programme Base Prospectus dated 10-Jun-26
• Sales into Canada: No
• Active Bookrunners: BNPP / CA-CIB / DB (B&D) / HSBC / JPM
• ISIN: XS3438591128
• Timing: TOE: 14:24 UKT | FTT: 14:45 UKT