Commentary & Deal Flow

Spread set at: 9.7yr: SARON MS+29bp
Guidance: 9.7yr: SARON MS+29a

• Issuer: BNG Bank N.V.
• Issuer Ratings: AAA/Aaa/AAA (S&P/Moody's/Fitch)
• Exp. Instrument Ratings: AAA/Aaa/AAA (S&P/Moody's/Fitch)
• Format: Reopening Foreign Public Fixed Rate Sustainable Bond
• Ranking: Senior unsecured
• Type: Sustainable Bond
• Issue Size: min. CHF 140m (new total size CHF 240m)
• Coupon: 0.8825% p.a. (30/360; following unadj.)
• Tenor: 9.736 years
• Payment Date: 26-Aug-26
• Maturity: 21-May-36
• Accrued interest: 95 days
• Guidance: SARON MS +29.0 bps area / YTM 0.909% / Govt +53.9 bps
• Original ISIN / Valor: CH1484612101 / 148'461'210
• Lead Manager: Zürcher Kantonalbank
• Listing: SIX Swiss Exchange
• SNB Repoeligibility: At the discretion of the SNB, expected yes (HQLA Level 2a)
• Documentation: Off the Issuer’s EUR 110bn Debt Issuance Programme, base prospectus dated 22-May-26
• Governing Law: Dutch Law
• FIDLEG/FinSA Prospectus: Base prospectus is deposited with and recognised by the SIX Prospectus Office. Final terms available in accordance with art. 45 FinSA
• Covenants: PP, NP
• Denomination: CHF 5'000 and multiples thereof
• Sales Restrictions: In accordance with the Issuer's Debt Issuance Programme. No Sales to EEA nor UK Retail Investors.
• Target Market: As defined by the manufacturer domiciled in the EEA (MiFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions
• Use of Proceeds: The proceeds of the bond will be utilised to finance the environmental and social activities of Dutch municipalities, as defined in BNG Bank's 'Sustainable Finance Framework' Framework: https://www.bngbank.com/Funding/ESG-Bonds
• Timing: Today's business, pricing to follow shortly thereafter
• Books Close: 14:00 CEST