Commentary & Deal Flow

Final Books £1.9bn. Peak book above £1.95bn (pre-rec)

Launched: £400m @ UKT+137bp - Books above £1.95bn (pre-rec)
Guidance: UKT+140a (+/-3bps WPIR) - Books above £1.85bn (pre-rec)
IPTs: UKT+155/160bp

• Issuer: AA Bond Co Limited (Ticker: AABOND)
• Issuer LEI: 2138002EPF6QVRZBMC58
• Expected Issue Ratings: BBB (sf) (S&P)
• Format: Class A, Senior, Secured, Reg S, Bearer, CGN
• Size: £400m
• Settlement: 30-Jul-26 (T+5)
• Expected Maturity: 31-Jul-30
• Legal Final Maturity: 31-Jul-50
• Benchmark Gilt: UKT 4.375% 07-Mar-30 / HR 107%
• Hedge Deadline: 13h55 UKT
• Coupon: Fixed, Semi-Annual, ACT/ACT (ICMA), long first
• Documentation: Under the Issuer’s £5bn Multicurrency Programme for the Issuance of Class A Notes dated 1-Aug-25, as supplemented on 31-Oct-25 and 21-Jul-26, £100k + £1k, ISE (Euronext Dublin), English Law
• Optional Redemption: 3 month Par Call, MWC at G+50bps
• Use of Proceeds: The issuer intends to put the net proceeds from the new A14 Notes towards the refinancing of its remaining A11 Notes (January 2028 expected maturity) which will be redeemed via a make-whole call, subject to the successful issue of the new Notes
• Target Market: UK MiFIR 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
• ISIN / Common Code: XS3451648557 / 345164855
• Active Bookrunners: Barclays (B&D), BNP Paribas, NatWest, Standard Chartered Bank
• Marketing: https://dealroadshow.finsight.com / Entry code AA2026
• Timing: Books closed at 12:25 UKT. Allocations and pricing to follow.
• Advertisement: The Base Prospectus and Supplements are available at https://www.theaacorporate.com/investors/debt-information/debt-prospectus. The Final Terms, when published, will be available on the website of the Irish Stock Exchange direct.euronext.com