• Financials led the way today with a flurry of activity in the European primary markets to start the week. In € IG we saw €5.5bn, from 6 issuers (1 x Corp & 5 x FIG), via 7 tranches.
• Sterling IG was active too with 2 issuers (1 x FIG & 1 x SSA) producing £650m from 2 tranches (1 x FA-Backed & 1 x Social).
• Swiss Franc too carried on its run from last week with 2 issuers (1 x Corp & 1 x FIG) pricing a collective Chf560m (inc. a large Chf400m dual tranche from Chubb) from 3 tranches.
• Even the US$ Reg S IG market saw activity with 1 issuer (1 x FIG) pricing $500m from a 1 tranche floater.
• The “Talking Points” for this week will revolve around reviewing last year's supply for the final week of August & the whole of September. We will take a look at the major currencies & analyse the make up. Today we look at € corporate supply over that period in 2025. See below.
• Brent crude has been largely static throughout the session currently trading at c.$88.82 (from $88.54 this morning).
• European equity bourses are lower today, with the FTSE down 0.12%, the CAC 40 off 0.48% & the DAX also in the red, down 0.10%.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €500m
    • Avg. tranche size €500m
    • Avg. IPT to Pricing -33
    • Avg. cover 3.0 X
  • FIG
    • Total IG: €5bn
    • Avg. tranche size €833m
    • Avg. IPT to Pricing -1 (covered)
    • Avg. IPT to Pricing -27 (unsecured)
    • Avg. cover 2.28 X
  • SSA
    • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing 
    • Avg. cover 
• Pipeline: With supply relatively buoyant today the pipeline heading into Tuesday is comparatively light.
  • 1 x € Corp (€1bn wng dual-tranche)
  • 3 x € SSA

Talking Point

• The primary markets in Europe seem to start earlier & earlier each year, with activity today a clear indication of that. With supply traditionally picking up from the last week of August we have taken a look at supply volumes for the last week of August & the whole of September from 2025. Today we are focusing on Corporate € activity over that period last year.
• Excluding FIG & SSA supply, during this c.5 week period last year (6 Mondays & Tuesdays), the market saw €51.335bn in supply, from 66 issuers, via 87 tranches.
• The takeaways are that only 3 sectors account for over half of the corporate supply (51.9%), namely (largest first); Utilities at €9.65bn (18.8%) from 12 deals (15 tranches); Real Estate at €7.735bn (15.07%) from 13 deals (15 tranches) & Industrials at €9.25bn (18.02%) from 11 deals (16 tranches).
• The next 3 most dominant sectors accounting for an additional 33.41% of volume over the period were Consumer Staples €6.9bn (13.44%), Materials €6.25bn (12.17%) & IT €4bn (7.79%).

Euro IG (today)

• Volvo Treasury AB (exp. Issue ratings of A2 / A by Moody’s & S&P) announced the first corporate trade of the week in €’s after 5 FIG trades were announced. The Swedish auto manufacturer brought a €500m (wng) 3yr with IPTs in the area of MS+70. The orderbook was in excess of €2.7bn (pre-rec) with final terms set at MS+37 (33bps tighter than IPTs, offering investors a NIC of 2bps). Final books were above €1.5bn.
  • Today’s offering represents the 3rd time the borrower has tapped the public € markets YTD. The last print was a €500m 3yr at MS+42, which had generated a book of over €2.25bn. Prior to that was a €500m 7yr on the 4th of February at MS+60 on the back of a final book of €2bn.

• DBS Bank Ltd - acting through its registered office in Singapore (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) announced a 4yr covered bond with guidance in the area of MS+26. Books were first cited at being over €2.7bn (inc. €495m JLMs). Books rose to above €4bn pre-rec (inc. €495m JLMs) when spread set at MS+19. The deal sized & priced at €2bn with the final book above €3.6bn at MS+19 (inc. €495m JLMs).
  • Today's trade is the first covered print from DBS Bank in the public euro markets since the 7th of February 2024. On this occasion DBS priced a €1bn 2.5yr at MS+29. The prior covered print before that goes back to the 4th of October 2022 for a €750m 3yr at MS+17.
• DekaBank Deutsche Girozentrale (exp. Issue rating of Aaa by Moody’s) announced a 4yr €250m (wng) covered bond with guidance in the area of MS+18. Books were first called as being above €725m (exc. JLMs) & rose to €820m when spread set at MS+12.The final book (good at re-offer) was above €675m (inc. €30m JLMs).
  • This is only the 2nd time that the borrower has tapped the public € markets in 2026, having last issued a €250m, 4.25yr covered issue on the 2nd of February. The trade priced at MS+14, with a book of over €480m (inc. €30m JLMs). Peak book on that trade was over €680m.
• Crédit Agricole S.A. (exp. Issue ratings of A3 / A- / A+ by Moody’s, S&P & Fitch) announced a Fixed-to-FRN, senior non-preferred 6.5NC5.5 Social bond. IPTs were MS+110 to +115. Books called first at over €2bn & rose to above €3bn. The deal sized at €1bn when spread set at MS+85.
  • Credit Agricole last tapped the public € markets on the 5th of February with a €5bn dual tranche (€2.5bn each). Both tranches were senior non-preferreds, like today, with a 4yr FTF pricing at MS+55 & a 12yr pricing at MS+100. In 2025 CA visited the public € markets 5 times for a collective €4.55bn across the capital stack.
• Nordea Bank Abp (exp. Issue ratings of Aa2 / AA- / AA by Moody’s, S&P & Fitch) brought a benchmark senior-preferred, unsecured offering with IPTs in the area of MS+80. Books first called over €1.25bn, & rose to over €1.8bn at IPTs. The deal sized at €750m with the spread set at MS+55. Books were over €1.2bn at final terms.
  • This is the 3rd public senior-preferred offering in €’s so far in 2026. The last was back on the 22nd of April when it priced a €1bn 5yr at MS+48; prior to that was a €750m 7yr on the 29th of April at MS+52. Elsewhere Nordea has priced 3 large €¡ covered trades YTD for a collective €4bn, & last hit the screens with a €500m Tier 2 on the 9th of June.
• ABN Amro Bank NV (exp. Issue ratings of A1 / A / AA- by Moody’s, S&P & Fitch) announced a €1bn dual-tranche senior-preferred EuGB issue, with both tranches sized at €500m (wng). IPTs were at MS+55 to +60 for a 3yr fixed; & MS+85 area for a 7yr fixed. Combined books were first called above €2bn (exc. JLMs), rising to over €3.3bn pre-rec & exc. JLMs. Spread set for the 3yr at MS+30 with books for that tranche over €1.6bn. The 7yr set at MS+57, with books over €1.7bn. Final books, good at re-offer, were €1.2bn for the 3yr & €1.1bn for the 7yr.
  • This is ABN Amro Bank's 4th visit to the public € markets YTD. Its last senior-preferred was on the 31st of March with a €1.25bn 4yr pricing at MS+55. The borrower also printed a dual tranche in mid-January, that included both a senior non-preferred tranche & a senior-preferred tranche. The latter was for a 3yr €1.75bn, which priced at MS+33.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Metropolitan Life Global Funding I (exp. Issue ratings of Aa3 / AA- / AA- by Moody’s, S&P & Fitch) announced a benchmark, long 6yr (15th December 2032) with IPTs of mid Gilts +95 area. The notes are Funding Agreement-Backed Notes, RegS Category 3. Books were called at above £900m (inc. £40m JLMs). The deal launched for £400m on the back of a c.£925m book (inc. £40m JLMs). Spread set at UKT+80. Books closed at £800m (inc. £40m JLMs).
  • The last FA Backed print in Sterling from Met Life was a £400m 5.2yr print at Gilts +75, back on the 5th of January, which generated a book of £725m. They also issued an FA Backed, £400m 6yr last summer (Aug 19th) pricing at Gilts +73.

• Nederlandse Waterschapsbank NV (Issue ratings of Aaa / AAA by Moody’s & S&P) announced a fixed £ Social benchmark, with a maturity of 31st July 2031 (short 5yr). Guidance on the offering was SONIA MS+39 area. Size set at £250m when spread set at SONIA MS+39. The deal priced on those terms.
  • This is the 3rd time that the borrower has tapped the Sterling market YTD, having printed a £250m 3.5yr on the 6th of May at MS+33. Prior to that was a £300m 3yr at MS+34. Both were ‘Social’ issues.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• Chubb INA Holdings LLC (exp. Issue ratings of A2 / A / A+ by Moody’s, S&P & Fitch) - the US property & casualty insurance company, announced a fixed rate dual-tranche Swiss Franc offering this morning. A 3yr came with initial guidance of SARON MS+63 to +68; while a 7yr came with IPTs of SARON MS+75 to 80. Guidance was revised to SARON MS+60 to +65 for the 3yr with a minimum size of Chf150m; while guidance for the 7r came in to MS+72 to +77 with a minimum size of Chf200m. Spread set at SARON MS+60 for the 3yr which simultaneously set the size at Chf175m. The 7yr too set at Chf225m at SARON MS+72. Both tranches priced on those terms.
  • This is the issuer’s 2nd foray to the Swiss market this year, after its inaugural Chf200m 6yr in March 2026 at SARON MS+73. The same banks lead managed that transaction, which is currently trading at I-spread +63.

• CCDJ - Fédération des caisses Desjardins du Québec - (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) announced a 7r Covered issue, with an initial minimum size of Chf150m. IPTs on the issue were SARON MS+38 to +40. Spread set at SARON MS+40 when the new minimum size was called at Chf160m. Priced Chf175m
  • This is the 1st CCDJ trade in Swiss Francs since December 2025, when it priced a 6.5yr, Chf335m covered trade at SARON MS+35. The borrower also taps the Swiss market for unsecured trades, & last did so back on the 12th of June 2025 for a 10yr Chf220m offering at SARON MS+140.

Week-to-date volumes:

US$ Reg S (today)

• NatWest Markets Plc (OpCo) (exp. Issue ratings of A1 / A / AA by Moody’s, S&P & Fitch) announced a senior, unsecured, unsubordinated 5yr US$ benchmark FRN with initial price guidance in the area of SOFR+115. First books were announced early in Europe in excess of $750m. This rose to over $1.25bn when issue size was announced as expected to be $500m & spread was set at SOFR+95 (20bps tighter than IPTs). The deal priced $500m at SOFR+95.
  • This is NatWest Market’s second visit to the Reg S dollar market in 2026, having issued its $6.9bn triple tranche back on the 24th of March. For that trade all tranches were of equal size ($2.3bn), with a 3yr FRN at SOFR+93; a 3yr fixed at T+73; & a 5yr fixed at T+87.5. In 2025 the borrower also tapped the dollar markets with a large ($7.5bn) triple tranche in March, followed by a large ($6.9bn) triple tranche in October. 

Pending Deals & Mandates 

Euro (€)

• Monday 17th August: Sika Capital B.V. (rated A- by S&P) - a Swiss specialty chemicals company, specialised in the development & production of systems & products for bonding, sealing, damping, reinforcing, & protection in the building sector & industrial manufacturing, has mandated Citigroup as Sole Global Coordinator & BofA Securities, Citigroup & UBS Investment Bank as Active Bookrunners to arrange a series of fixed-income investor calls on Monday 17th & Tuesday 18th of August. Citigroup is coordinating logistics. A €500m (wng) 30NC5.75 & a €500m (wng) 30NC8.75 Dual-Tranche Hybrid bond may follow, subject to market conditions.

• Monday 17th August: Rentenbank (rated AAA / AAA / AAA by S&P, Fitch & Scope) - Germany's development agency for agribusiness, & guaranteed by the Federal Republic of Germany, mandated Commerzbank, DekaBank, DZ Bank & LBBW to lead manage a new 7yr € Benchmark RegS Cat1, Bearer transaction. The issue is expected to be launched off the issuer's EMTN Programme, in the near future subject to market conditions.
• Monday 17th August: The Federal Republic of Germany (rated Aaa / AAA / AAA), mandated Barclays, BNP Paribas, Citi, Deutsche Bank, J.P. Morgan & NatWest as JLM for their upcoming € benchmark increase of their existing 30yr DBR Benchmark, due 15 August 2056. The transaction will be launched & priced in the near future, subject to market conditions.
• Monday 17th August: Kreditanstalt fuer Wiederaufbau (KfW) (rated Aaa / AAA / AAA by Moody's, S&P & Scope) with ESG ratings Prime, C+ (ISS-ESG), AAA (MSCI ESG Issuer Rating) & guaranteed by the Federal Republic of Germany, has mandated Barclays, Deutsche Bank, NatWest, & Societe Generale to lead manage a new € RegS Bearer 3yr Green benchmark issue maturing 24th September 2029. The issue is expected to be launched in the near future, subject to market conditions.

Transaction Details

PRICED: DBS Bank Ltd. €2bn 4yr CB; MS+19bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+19bp / 100 / 3.239%
Benchmark: 4yr: DBR 0 30-Aug-30 @ 89.43 / B+39.9bp / HR 107%

Final book above €3.6bn (incl. €495m JLM). Peak book above €4bn (pre-rec, incl. €495m JLM)

Launched: 4yr: €2bn @ MS+19bp - Books above €3.8bn (incl. €495m JLM)
Spread set at: 4yr: MS+19bp - Books above €4bn (pre-rec, incl. €495m JLM)
Book Update: Books above €2.7bn (incl. €495m JLM)
Guidance: 4yr: MS+26a

• Issuer: DBS Bank Ltd. (acting through its registered office in Singapore)
• Issuer LEI: ATUEL7OJR5057F2PV266
• Covered Bond Guarantor: Bayfront Covered Bonds Pte. Ltd.
• Type: Covered Bond backed by Singaporean residential mortgage loans, regulated under MAS Notice 648 pursuant to the Banking Act in Singapore, ECBC Covered Bond Label Compliant
• Format: Regulation S, Registered, Global Covered Bond
• Expected Ratings: Aaa (Moody's) / AAA (Fitch)
• Size: €2bn
• Coupon: 3.239% Fixed, Annual, Act/Act (ICMA), Unadjusted
• Settlement: 26-Aug-26 (T+7)
• Maturity: 26-Aug-30 (4yr) Soft Bullet Maturity
• Reoffer: MS+ 19 bps / 3.239% / 100
• Benchmark: DBR 0 30-Aug-30 TWIN + 39.9bps (89.43 / HR: 107%)
• Denoms: €100k + €1k
• Target Market: MiFID II and UK MiFIR product governance: Eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document or UK CCI product summary has been prepared as not available to retail in EEA or the UK
• Documentation: Issued under the DBS Bank Ltd. US$20bn Global Covered Bond Programme with Offering Circular dated 13-Mar-26, as supplemented by the Preliminary Pricing Supplement dated 17-Aug-26
• ISIN/Common Code: XS3479188222 / 347918822
• Listing: SGX-ST
• Governing Law: English Law (bond and swap documents) & Singapore law (asset documents)
• Joint Lead Managers: DBS Bank Ltd., Crédit Agricole CIB, Helaba, ING (B&D), LBBW, Natixis, NORD/LB
• Advertisement: The Offering Circular, any Supplements and Final Terms, when published, are available on the website of the www.sgx.com
• Timing: Priced. TOE 15.04 CET / FTT 15.30 CET

Covered

4yr (Aug 2030) @ MS+26 area

Implied Spread for fresh 4yr @ MS+20

Priced at MS+19
NIC of -1

PRICED: DekaBank Deutsche Girozentrale €250m Long 4yr CB; MS+12bp

IGC European Market: Deal Flow - General

Reoffer: Long 4yr: MS+12bp / 99.886 / 3.155%
Benchmark: Long 4yr: DBR 0 15-Aug-30 @ 89.468 / B+32.6 / HR 108%

Final Books: Final Books above €675mn (incl. €30mn JLM-interest). Peak book above €820mn (excl. JLM-interest)

Launched: Long 4yr: €250m @ MS+12bp - Books above €820mn (excl. JLM-interest)
Book Update: Books above €725m (excl. JLM interest)
Guidance: Long 4yr: MS+18a

• Issuer: DekaBank Deutsche Girozentrale
• Issuer LEI: 0W2PZJM8XOY22M4GG883
• Ticker: DEKA Corp
• Issue Type: Mortgage Covered Bond (Hypothekenpfandbrief)
• Format: Reg S bearer, NGN
• Exp. Rating: Aaa (Moody's)
• Size: €250m LCR level 2A eligible/ECB repo compliant
• Coupon: 3.125%, annual, act/act ICMA, long first coupon
• Pay Date: 24-Aug-26 (T+5)
• Maturity: 6-Sep-30 (long 4 years)
• Reoffer: MS+12bps / 99.886 / 3.155%
• Benchmark: +32.6bps vs. DBR 0 15-Aug-30 @ 89.468, HR 108%
• Leads: DekaBank (B&D), DZ Bank, Natixis
• Listing: Frankfurt/Luxembourg
• Denoms/Law: €100,000 + €100,000, German
• Docs: Debt Issuance Programme
• ISIN: XS3479243183
• MiFID II: The target market for the bonds is eligible counterparties and professional clients, each as defined in MiFID II.
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Timing: Priced, TOE: 14:04 CET, FFT: 14:20 CET

Covered

4yr (Sept 2030) @ MS+18 area

Implied Spread for fresh 4yr @ MS+13

Priced at MS+12
NIC of -1

PRICED: Nordea Bank Abp €750m 7yr SP; MS+55bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+55bp / 99.66 / 3.681%
Benchmark: DBR 2.6 Aug-33 @ 97.267 / B+64.1 / HR 99%

Final Books over €1.2bn. Peak book over €1.8bn.

Launched: 7yr: €750m @ MS+55bp - Books over €1.8bn
Book Update: Books over €1.25bn
IPTs: 7yr: MS+80a

• Issuer: Nordea Bank Abp (Ticker: NDAFH)
• LEI: 529900ODI3047E2LIV03
• Issuer Ratings: Aa2 (Stable) / AA- (Stable) / AA- (Stable) by Moody's / S&P / Fitch
• Expected Issue Ratings: Aa2 / AA- / AA by Moody's / S&P / Fitch
• Status of the Notes: Senior Preferred Notes constituting direct, unsecured, unguaranteed and unsubordinated obligations of the Issuer
• Waiver of set-off: No Holder of the Notes shall be entitled to exercise any right of set-off, netting or counterclaim against moneys owed by the Issuer in respect of such Notes
• Issue Size: €750m
• Pricing Date: 17-Aug-26
• Settlement Date: 24-Aug-26 (T+5)
• Maturity Date: 24-Aug-33 (7 year)
• Coupon: 3.625% Fixed, Annual, payable in arrear
• Reoffer Price: 99.66
• Reoffer Yield: 3.681%
• Reoffer Spread: MS+55bp
• Day Count Fraction / Business Day Convention: Act/Act (ICMA) / Following, unadjusted
• Business Days: T2, London
• Clean-up Call Option: Applicable, if the outstanding principal amount of the Notes is 25% or less of the nominal amount originally issued
• Early redemption: The Issuer may redeem the Notes as a result of a Withholding Tax Event, a Tax Event, or an MREL Disqualification Event
• Substitution and variation: Condition 17 (Substitution and Variation) applies
• Events of Default: Restricted Events of Default
• Documentation: Issuer's Euro Medium Term Note Programme dated 8-May-26
• Denominations: €100k + €1k
• Form: Bearer Notes; NGN
• Governing law: Finnish Law
• Acknowledgement of Bail-in and Loss Absorption Powers: Condition 19 (Acknowledgement of Bail-in and Loss Absorption Powers) applies
• Listing: Euronext Dublin (regulated)
• ISIN: XS3479233200
• Joint Bookrunners: BNP Paribas, Crédit Agricole CIB, ING, Nordea, UniCredit
• Use of Proceeds: General banking and other corporate purposes
• Target Market: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK DISC disclosure document has been prepared as the Notes are not available to retail in the EEA or the UK
• Fees: The joint bookrunners will be paid a fee in connection with the transaction
• Selling Restrictions: As per the Issuer's Euro Medium Term Note Programme. Reg S Cat 2, TEFRA D
• Advertisement: The Base Prospectus is available at https://www.nordea.com/en/investor-relations/debt-and-rating/Prospectuses/nordea-bank-abp-base-prospectus and the Final Terms, when published, will be available https://www.ise.ie/
• Timing: TOE: 13:54 London / 14:54 CET. FTT: 14:15 London / 15:15 CET.

Senior Preferred
7yr (Aug 2033) @ MS+80a

Implied Spread for fresh 7yr @ MS+50

Priced at MS+55
NIC of +5

PRICED: Nederlandse Waterschapsbank NV £250m 5yr Sr Unsec; SONIA MS+39bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: SONIA MS+39bp / 99.511 / 4.740%
Benchmark: 5yr: UKT 0.25% 31-Jul-31 @ 81.385 / B+20.1 / HR 113%

Launched: 5yr: £250m @ SONIA MS+39bp
Guidance: 5yr: SONIA MS+39a

• Issuer: Nederlandse Waterschapsbank NV
• Ticker: NEDWBK
• LEI: JLP5FSPH9WPSHY3NIM24
• Ratings: Aaa/AAA (Moody's/S&P)
• Format: Reg S, Bearer
• Size: £250m
• Maturity: 31-Jul-31
• Settlement: 24-Aug-26 (T+5)
• Coupon: 4.625%, Fixed, annual, act/act, short first
• Reoffer: 99.511 / 4.740% (Ann.) / 4.685% (S/A) / SONIA MS (A,A/365) +39bps
• Reference Gilt: UKT 0.25% 31-Jul-31 (@81.385 MID / 81.373 BID) +20.1bps / HR 113%
• Denomination: £100k+£1k
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Governing Law: Dutch Law
• Docs: Issuer’s Debt Issuance Programme
• Use of Proceeds: The proceeds of the Notes will be utilized for lending to Social Housing Organizations in the Netherlands according to the Issuer’s Social Bond Framework
• Bookrunners: Citi, HSBC, RBC CM (B&D/DM)
• Target Market: Professional & Eligible Counterparties (EU MIFID II/UK MIFIR)
• Timing: Priced. TOE 13:24 LDN. FTT Immediately
• ISIN: XS3479661855
• Funding programmes: https://nwbbank.com/en/investor-relations/funding-programmes
• Social Bond Framework: https://nwbbank.com/application/files/9517/5328/1899/NWB_Bank_Social_Bond_Framework_2025.pdf

PRICED: Chubb INA Holdings CHF 400m 3yr & 7yr Sr Unsec; SARON MS+60 & SARON MS+72

IGC European Market: Deal Flow - General

Reoffer: 3yr: SARON MS+60bp / 100 / 0.86% 7yr: SARON MS+72bp / 100 / 1.22%
Benchmark: 3yr: Govt.+73bp 7yr: Govt.+96bp

Launched:
3yr: CHF 175m @ SARON MS+60bp - Books subject
7yr: CHF 225m @ SARON MS+72bp - Books subject
Guidance: 3yr: SARON MS+60/65bp 7yr: SARON MS+72/77bp
IPTs: 3yr: SARON MS+63/68bp 7yr: SARON MS+75/80bp

• Issuer: Chubb INA Holdings LLC
• Guarantor: Chubb Limited
• Ticker: CB
• Issuer Domicile: USA
• Instrument Rating (exp): A2/A/A (Moody's/S&P/Fitch)
• Format: Public fixed rate bonds
• Ranking: Senior, unsecured and unsubordinated obligations of the Issuer ranking pari passu
• Size:
  • 3yr: CHF 175m
  • 7yr: CHF 225m
• Settlement Date / Payment Date: 24-Aug-26
• Maturity Date:
  • 3yr: 24-Aug-29
  • 7yr: 24-Aug-33
• Coupon:
  • 3yr: 0.8600% p.a.
  • 7yr: 1.2200% p.a.
• Issue Price:
  • 3yr: 100.000%
  • 7yr: 100.000%
• Spread/Yield:
  • 3yr: SARON MS+60bps / YTM 0.8600% / Govt.+73bps
  • 7yr: SARON MS+72bps / YTM 1.2200% / Govt.+96bps
• ISIN/Valor:
  • 3yr: CH1564881998 / 156'488'199
  • 7yr: CH1564882004 / 156'488'200
• Lead Manager(s): Deutsche Bank, BNP Paribas, UBS
• Listing: SIX Swiss Exchange as of 21-Aug-26
• SNB Repo eligibility: At the discretion of the SNB, expected no
• Documentation: Standalone CHF documentation, including a Preliminary Prospectus dated 17-Aug-26. The Bonds, if issued, will be issued on the basis of, and the terms of the Bonds (the "Terms of the Bonds") will be set out in, the prospectus relating to the Bonds.
• Governing Law: Swiss Law
• FINSA Prospectus: Prospectus approval post-settlement only, in accordance with art. 51(2) Swiss Financial Services Act of 15 June 2018
• Covenants: PP
• Early Redemption: For both tranches: 1 Month Par Call, Clean-up Call, Tax Redemption Call
• Use of Proceeds: General corporate purposes
• Denomination: CHF 5,000
• Sales Restrictions: The Bonds are subject to restrictions on the offering, sale, and delivery both generally and specifically in the United States of America and to US persons, the European Economic Area (the "EEA"), and United Kingdom (the "UK")
• Target Market: As defined by the manufacturer(s) domiciled in the EEA or UK (MiFID II and UK MiFIR): Eligible counterparties, professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.

PRICED: Fédération des caisses Desjardins du Québec CHF 175m 7yr CB; SARON MS+40

IGC European Market: Deal Flow - General

Reoffer: 7yr: SARON MS+40bp / 100 / 0.895%

Spread set at: 7yr: SARON MS+40bp
Guidance: 7yr: SARON MS+38/40bp

• Issuer: Fédération des caisses Desjardins du Québec (Ticker: CCDJ)
• Guarantor: CCDQ Covered Bond (Legislative) Guarantor Limited Partnership
• Guarantor Domicile: Canada
• Format: Public Fixed-Rate Covered Bonds
• Issuer Counterparty Rating: Aa1/A+/AA+/AA (Moody's/S&P/Fitch/DBRS)
• Instrument Rating (exp): Aaa/AAA (Moody's/Fitch)
• Issue Size: CHF 175m
• Coupon: 0.895% p.a.
• Maturity: 1-Sep-33 (7 years)
• Issue Price: 100%
• Spread/Yield: SARON MS+40.0 / YTM 0.895% / Govt.+60
• ISIN/Security Number: CH1593191096 / 159319109
• Lead Manager(s): Commerzbank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected yes
• Documentation: Off CAD$32bn Global Covered Bond Programme described in the Base Prospectus dated 19-Dec-25 as supplemented by the Supplementary Prospectus dated 25-Feb-26, 27-Mar-26, 14-May-26, and 13-Aug-26 (together the “Prospectus”)
• FinSA Prospectus: Delayed prospectus approval, in accordance with art. 51 FinSA
• Governing Law: Laws of the Province of Ontario and federal laws of Canada
• Covenants: PP, XD
• SIX Listing: 28-Aug-26
• Denomination: CHF 5,000
• Target Market: As defined by the manufacturer domiciled in the EEA/UK (MIFID II/UK MiFIR) is eligible counterparties and professional clients only (all channels for distribution), subject to applicable selling restrictions. Prohibition of sales to EEA/UK retail investors apply.
• Sales Restrictions: As per Issuer’s Covered Bond Programme

PRICED: NatWest Markets Plc US$500m 5yr Sr Unsec FRN; SOFR+95bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: SOFR+95bp

Launched: 5yr: US$500m @ SOFR+95bp
Spread set at: 5yr: SOFR+95bp - Books in excess of US$1.25bn+
IPTs: 5yr: SOFR+115a - Books in excess of US$750m

• Issuer: NatWest Markets Plc
• Issuer LEI: RR3QWICWWIPCS8A4S074
• Expected Ratings: A1/A/AA (Moody's/S&P/Fitch)
• Ranking: Senior, unsecured, unsubordinated
• Non-MREL Eligible
• Format: Bearer, New Global Note (NGN)
• Restrictions: Reg S, Cat 2, TEFRA D and per the Base Prospectus
• Size: US$500m
• Coupon: SOFR+95bp Quarterly, Act/360
• Business Days: New York, London
• Maturity: 24-Aug-31
• Settlement: 24-Aug-26 (T+5)
• Documentation: Issued under the Issuer's £25bn EMTN programme dated 5-Dec-25 and supplemented on 13-Feb-26, 1-May-26 and 14-May-26, 31-Jul-26, and 3-Aug-26
• List/Denoms/Law: London / US$200k+US$1k / English law
• Joint Lead Managers: NatWest (B&D), Standard Chartered Bank
• ISIN: XS3478143004
• Timing: Priced. TOE 12.23pm UKT
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available to investors on request from your usual sales contact.
• Target Market: Manufacturer target market (MIFID II product governance and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document / CCI disclosure document has been prepared as not available to retail in the EEA or in the UK.
• Advertisement: The Base Prospectus and (when published) Final Terms are available on the website of the London Stock Exchange: www.londonstockexchange.com.

PRICED: Volvo Treasury €500m 3yr Sr Unsec; MS+37bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+37bp / 99.955 / 3.391%
Benchmark: 3yr: DBR 0 15-Aug-29 @ 92.100 / B+60.0 / HR 105%

Final Books: Above €1.5bn. Peak book in excess of €2.7bn (Pre Rec)

Launched: 3yr: €500m @ MS+37bp - Orderbook in excess of €2.7bn (Pre Rec)
IPTs: 3yr: MS+70a

• Issuer: Volvo Treasury AB (publ) (Ticker: VLVY, Country: SE)
• Guarantor: AB Volvo (publ)
• Issuer LEI: 549300PD69T87IGZG395
• Guarantor LEI: 549300HGV012CNC8JD22
• Guarantor Ratings: A2 (Stable) by Moody’s / A (stable) by S&P
• Exp. Issue Ratings: A2 by Moody’s / A by S&P
• Tenor: 3-Year
• Size: €500m
• Settlement Date: 26-Aug-26 (T+7)
• Maturity Date: 26-Aug-29 (3-year)
• ISIN: XS3479662234
• Coupon: 3.375% Fixed (Annual, Act/Act ICMA)
• Denominations: €100,000 x €1,000
• Format: Senior, Unsecured, Bearer, New Global Notes
• Documentation: Euro Medium Term Note Programme Base Prospectus dated 7-May-26 as supplemented 22-May-26 (“Base Prospectus”), English Law, Luxembourg Stock Exchange (regulated market), Negative Pledge
• Optional Redemption: 1-month Par Call, Make-Whole Call (B+10), Clean-Up Call (80%)
• Use of Proceeds: General corporate purposes
• Active Bookrunners: BofA Securities, NatWest, Nordea, Societe Generale(B&D)
• Target Market: The manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK DISC disclosure document has been prepared as the notes will not be made available to retail investors in the EEA or the UK
• Selling Restrictions: Reg. S, Cat 2, TEFRA D and as per the Issuer’s Base Prospectus
• Sales Into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Advertisement: The Base Prospectus is, and the final terms, when published, will be available at www.luxse.com and on the website of the Issuer at https://www.volvogroup.com/en/investors/debt-information/debt-programmes.html
• Timing: ToE: 14:21 (UKT) / FTT: 14:45 (UKT)

3yr (Aug 2029) @ MS+70a

Implied Spread for fresh 3yr @ MS+35

Priced at MS+37
NIC of +2

PRICED: Metropolitan Life Global Funding I £400m Long 6yr FA-Backed; UKT+80bp

IGC European Market: Deal Flow - General

Reoffer: Long 6yr: UKT+80bp / 99.697 / 5.434%
Benchmark: UKT 4.250% 07-Jun-32 (Mid: 98.061)

Final Books c.£800m (incl. £40m JLM). Peak book c.£925m.

Launched: Long 6yr: £400m @ UKT+80bp - Books at c.£925m (incl. £40m JLM)
Book Update: Books above £900m (incl. £40m JLM)
IPTs: Long 6yr: UKT+95a

• Issuer: Metropolitan Life Global Funding I (“MET”)
• LEI: 635400MMSOCXNNNZDZ82
• Funding Agreement Provider: Metropolitan Life Insurance Company
• Exp. Issue Ratings: Aa3/AA-/AA- (Moody’s/S&P/Fitch)
• Format: Funding Agreement-Backed Notes, Reg S Category 3 (Registered, NSS)
• Tenor: Long 6-year
• Size: £400m
• Settlement: 24-Aug-26 (T+5)
• Maturity: 15-Dec-32
• Re-offer: Mid-UKT+80bps | 99.697 | 5.434% (S/A)
• Coupon: 5.375% Semi-annual, Fixed Rate, Act/Act, Short first coupon
• Benchmark Security: UKT 4.250% due 07-Jun-32 (Mid: 98.061 | Bid: 98.036)
• Docs: This announcement must be read in conjunction with the U.S. $40,000,000,000 Global Note Issuance Program Offering Circular, dated 05-Dec-25, as supplemented by the First Offering Circular Supplement, dated 11-Mar-26, the Second Offering Circular Supplement, dated 13-May-26, the Third Offering Circular Supplement, dated 12-Aug-26 and the corresponding Pricing Supplement dated 17-Aug-26, when available.
• MiFID II Product Governance: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels)
• UK MiFIR Product Governance: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
• PRIIPs: No EU PRIIPs key information document (KID) or UK PRIIPs KID or UK CCI product summary has been prepared as not available to retail in the EEA or in the UK
• Expected Listing: Euronext Dublin
• Advertisement: The Offering Circular, as well as the Pricing Supplement, when published, will be available at https://live.euronext.com/en/product/bonds-detail/s97012%7C24523%7Cp525/overview
• Governing Law: New York
• Denominations: £100k x £1k
• UoP: To purchase relevant Funding Agreements from Metropolitan Life Insurance Company
• Bookrunners: Barclays (B&D) / BMO Capital Markets / HSBC / RBC Capital Markets
• ISIN: XS3478195491
• Timing: ToE 14h33 UKT | FTT 14h50 UKT
• Sales into Canada: Yes – via exemption
• Notes: £ pricing is vs Mid Gilts as per ICMA guidelines, but hedges will be executed vs the DM trader's bid side

PRICED: Crédit Agricole S.A. €1bn 6.5NC5.5 Social SNP FXD/FRN; MS+85bp

IGC European Market: Deal Flow - General

Reoffer: 6.5NC5.5: MS+85bp / 99.746 / 3.931%
Benchmark: 6.5NC5.5: DBR 1.7 Aug-32 @ 93.218 / B+97.9bp (HR: 93.4%)

Final Books above €3bn

Launched: 6.5NC5.5: €1bn @ MS+85bp - Books above €3bn
Book Update: Books above €2bn
IPTs: 6.5NC5.5: MS+110/115bp

• Issuer: Crédit Agricole S.A.
• LEI: 969500TJ5KRTCJQWXH05
• Notes: Social Senior Non-Preferred callable Fixed to Floating Rate Notes
• Issuer Ratings: Aa3/A+/AA- (Moody's/S&P/Fitch)
• Exp. Issue Ratings: A3/A-/A+ (Moody's/S&P/Fitch)
• Form of Notes: Reg S Bearer dematerialised form (au porteur)
• Issue Size: €1bn
• Settlement Date / Issue Date: 24-Aug-26 (T+5)
• Maturity: 24-Feb-33
• Optional Redemption Date: 24-Feb-32
• Optional Clean-up Redemption Date: 24-Feb-28 and any Interest Payment dates thereafter
• Optional/Early/Final Redemption Amount: 100% of principal amount
• Reoffer: Spread: MS+85bp, Price: 99.746%, Yield: 3.931%
• Benchmark: DBR 1.7 Aug-32 +97.9bps, 93.218% (HR: 93.4%)
• Interest:
  • From and including the Issue Date to but excluding the Optional Redemption Date: 3.875%, payable annually in arrear with a short first Coupon from Issue Date to 24-Feb-27
  • From and including the Optional Redemption Date to but excluding the Maturity Date: if not called on the Optional Redemption Date, floating rate based on the 3mEURIBOR plus [•] basis points (EURIBOR replacement conditions apply)
• Interest Payment Dates: Annually in arrears on every 24 February of each year from and including 24-Feb-27 to and including the Optional Redemption Date, thereafter quarterly in arrear from but excluding the Optional Redemption Date to and including the Maturity Date
• Day Count Basis:
  • Fixed rate: Actual/Actual (ICMA), unadjusted
  • Floating rate: Actual/360, adjusted (EURIBOR replacement conditions apply)
• Business Day Convention:
  • Fixed rate: Following
  • Floating rate: Modified Following (EURIBOR replacement conditions apply)
• Business Days:
  • Payments: TARGET
  • Calculation: TARGET2
• Status and Ranking: The Notes are Senior Non-Preferred Obligations (see Condition 3(a)(ii) “Status of the Notes – Senior Non-Preferred Notes” of the Terms and Conditions of the Notes, and the principal and interest on the Notes constitute, with the Receipts, Talons and/or Coupons relating to them (if any), direct, unconditional, senior (chirographaires) and unsecured obligations of the Issuer ranking pari passu without any preference among themselves and with other Senior Non-Preferred Obligations, and ranking: (i) senior to Other Subordinated Obligations, Capital Subordinated Obligations, present and future prêts participatifs granted to the Issuer, present and future titres participatifs issued by the Issuer and Deeply Subordinated Obligations of the Issuer; and (ii) junior to Senior Preferred Obligations of the Issuer and all present and future claims benefiting from statutory preferences. It is the intention of the Issuer that the Notes shall be treated, for regulatory purposes, as MREL/TLAC-Eligible Instruments under the Applicable MREL/TLAC Regulations.
• Negative Pledge: There is no negative pledge in respect of the Notes.
• Redemption at the Option of the Issuer (Issuer Call): Applicable - the Issuer may, at its option, on the Optional Redemption Date, subject to certain conditions as per the Notes Documentation (see Condition 7(j) “Additional conditions to redemption or purchase and cancellation of Senior Notes”, of the Terms and Conditions of the Notes), redeem all (but not some only) of the outstanding Notes at their Optional Redemption Amount, together with accrued interest thereon but unpaid to the date fixed for redemption.
• Redemption upon the occurrence of a Tax Event: The Issuer may, at its option, upon the occurrence of a Withholding Tax Event or a Gross-Up Event, subject to certain conditions as per the Notes Documentation (see Condition 7(j) “Additional conditions to redemption or purchase and cancellation of Senior Notes”, of the Terms and Conditions of the Notes) redeem all, but not some only, of such outstanding Notes at their Early Redemption Amount together with any interest accrued thereon but unpaid to the date set for redemption.
• Clean-Up Redemption Option: Applicable, if 75 per cent. (the "Clean-up Percentage") of the initial aggregate nominal amount of the Notes (which for the avoidance of doubt includes any additional notes issued subsequently and forming a single series with the Notes) have been redeemed or purchased by, or on behalf of, the Issuer or any of its subsidiaries and, in each case, cancelled, the Issuer may, at its option, subject to certain conditions as per the Notes Documentation (see Condition 7(j) “Additional conditions to redemption or purchase and cancellation of Senior Notes”, of the Terms and Conditions of the Notes) redeem the outstanding Notes, in whole but not in part, at their Optional Redemption Amount (together with any interest accrued thereon but unpaid to the date set for redemption) on any Optional Clean-Up Redemption Date.
• Redemption upon the occurrence of a MREL/TLAC Disqualification Event (MREL/TLAC Disqualification Event Call Option): Applicable - the Issuer may, at its option, upon the occurrence of a MREL/TLAC Disqualification Event, subject to certain conditions as per the Notes Documentation (see Condition 7(j) “Additional conditions to redemption or purchase and cancellation of Senior Notes” of the Terms and Conditions of the Notes), redeem all, but not some only, of such outstanding Notes at their Early Redemption Amount together with any interest accrued thereon but unpaid to the date set for redemption.
• Statutory Write Down and Conversion: Notwithstanding any other term of the Notes or any other agreement, arrangement or understanding between the Issuer and the Noteholders, by its acquisition of any Note, each Noteholder acknowledges, accepts, consents and agrees (i) to be bound by the effect of the exercise of the Statutory Loss Absorption Powers by the Relevant Resolution Authority and (ii) that the terms of the Notes are subject to, and may be varied, if necessary, to give effect to, the exercise of the Statutory Loss Absorption Powers by the Relevant Resolution Authority, as more fully described in the Terms and Conditions of the Notes.
• Waiver of Set-Off: The Noteholders waive any right of set-off, compensation and retention against any right, claim, or liability the Issuer has or may have or acquire against such holder, directly or indirectly in relation to the Notes to the fullest extent permitted by law.
• Events of Default: There are no events of default under the Notes which could lead to an acceleration of the Notes. However, if any judgement were issued for the judicial liquidation (liquidation judiciaire) of the Issuer or if the Issuer were liquidated for any other reason, then the Notes would become immediately due and payable.
• MIFID II/UK MiFIR Product Governance: Professional clients/ECPs-Only (each as defined according to EU MiFID II and/or in the COBS and the UK MiFIR as applicable) Channel of distribution: all channels for distribution are appropriate. No EU PRIIPs or UK PRIIPs KID has been prepared.
• Selling Restrictions: As per the Notes Documentation
• Sole Bookrunner: Crédit Agricole CIB (B&D)
• JLM (no books): Group is being formed
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction.
• Denominations: €100,000 plus €100,000
• Documentation: The terms set out in this Term Sheet are subject entirely to the terms and conditions set forth in the final terms (referred to in this Term Sheet as the “Final Terms”) dated on or about the Issue Date and the Base Prospectus dated 2-Apr-26 and any supplement thereto, in connection with the Euro Medium Term Note programme (the “Base Prospectus”, together with the Final Terms, the “Notes Documentation”). For the avoidance of doubt, any references to the Terms and Conditions of the Notes refer to the part titled as such in the Base Prospectus. Any Notes, if purchased by you, will be evidenced solely by Notes Documentation, which supersede and replace the information set out in this Term Sheet. Capitalised terms not specifically defined in this Term Sheet shall have the meanings given to them in the Notes Documentation.
• Governing Law: French law
• Listing: Euronext Paris
• ISIN / Common Code: FR001401AKZ3 / 347959723
• Use of Proceeds: To finance and/or re-finance in whole or in part Eligible Social Assets of Credit Agricole Group and its subsidiaries. The Crédit Agricole Group’s Social Bond Framework dated November 2025 is available on: https://www.credit-agricole.com/en/pdfPreview/208190
• Timing: Deal is priced - TOE 15:36 CET - FTT 16:00 CET
• Advertisement: This communication is an advertisement and is not a prospectus. The Final Terms relating to the Notes, when published, will be available on the Issuer’s website (https://www.credit-agricole.com) and on the website of the Autorité des marchés financiers (www.amf-france.org). Base Prospectus dated 2-Apr-26 and any supplement thereto are available on: https://www.credit-agricole.com/en/finance/debt-and-ratings/wholesale-bonds-issues/credit-agricole-s.a.-wholesale-bonds-issues. The Supplement dated 14-Aug-26 is enclosed herewith for reference and has been published on the above mentioned links.

Social Senior Non-Preferred
6.5NC5.5 

6.5yr (Feb 2033) @ MS+110-115

Implied Spread for fresh 6.5yr @ MS+85

Priced at MS+85
NIC of 0

PRICED: ABN AMRO Bank €1bn 3yr & 7yr SP EuGB; MS+30bp & MS+57bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+30bp / 99.814 / 3.316% 7yr: MS+57bp / 99.587 / 3.693%
Benchmark: 3yr: OBL 2.1 12-Apr-29 @ 98.23 / B+51.5 / HR 113% 7yr: DBR 2.6 15-Aug-33 @ 97.305 / B+65.9 / HR 99.0%

3yr: Final Books >€1.2bn. Peak book over €1.6bn
7yr: Final Books >€1.1bn. Peak book over €1.7bn

Launched:
3yr: €500m @ MS+30bp - Books over €1.6bn
7yr: €500m @ MS+57bp - Books over €1.7bn
(Combined books over €3.3bn exc. JLM, pre-rec)
Book Update: Combined books above €2bn (excl. JLM)
IPTs: 3yr: MS+55/60bp 7yr: MS+85a

• Issuer: ABN AMRO Bank N.V.
• Issuer LEI: BFXS5XCH7N0Y05NIXW11
• Issuer rating: A1 (Stable)/A (Positive)/AA- (Stable) (Moody's/S&P/Fitch)
• Form of the notes: New Global Note, Reg S, Bearer
• Currency: €
• Format: Senior Preferred MREL Notes
• Expected Issue rating: A1/A/AA- (Moody's/S&P/Fitch)
• Tenor:
  • 3-year Fixed
  • 7-year Fixed
• ESG: EuGB, ICMA Green Bond Principles 2021
• Size:
  • 3yr: €500m
  • 7yr: €500m
• Issue Date:
  • 3yr: 17-Aug-26
  • 7yr: 17-Aug-26
• Settlement Date:
  • 3yr: 24-Aug-26 (T+5)
  • 7yr: 24-Aug-26 (T+5)
• Maturity Date:
  • 3yr: 24-Aug-29
  • 7yr: 24-Aug-33
• Reoffer:
  • 3yr: 99.814 / MS+30bps / 3.316%
  • 7yr: 99.587 / MS+57bps / 3.693%
• Benchmark Spread:
  • 3yr: OBL 2.1 12-Apr-29 #189 +51.5 (px: 98.23) HR 113%
  • 7yr: DBR 2.6 15-Aug-33 +65.9 (px: 97.305) HR 99.0%
• Coupon:
  • 3yr: 3.250%, Fixed rate, Annual, Act/Act (ICMA), Following, Unadjusted
  • 7yr: 3.625%, Fixed rate, Annual, Act/Act (ICMA), Following, Unadjusted
• Interest Payment Dates:
  • 3yr: Annually on 24 August in each year up to and including the Maturity Date, payable annually in arrear
  • 7yr: Annually on 24 August in each year up to and including the Maturity Date, payable annually in arrear
• First Interest Payment Date:
  • 3yr: 24-Aug-27
  • 7yr: 24-Aug-27
• Ranking: Unsubordinated and unsecured obligations, ranking pari passu and without any preference among themselves and with all other unsecured and unsubordinated obligations (including Senior Preferred Notes) other than, in the event of bankruptcy, Statutory Senior Non-Preferred Obligations. As more fully described in the Base Prospectus and supplements
• Set-off: No Noteholder may exercise or claim any right of set-off in respect of any amount owed to it by the Issuer arising under or in connection with the SP Notes
• Redemption for Tax Reasons: Applicable
• Redemption due to MREL Disqualification Event: Applicable
• Variation or Substitution: If as a result of a MREL Disqualification Event the SP Notes can no longer be, or are likely to become no longer, included in full as MREL Eligible Liabilities, then the Issuer may, either substitute all of the SP Notes or vary the terms of the SP Notes so that they remain or become MREL Eligible Liabilities within the meaning of the Applicable MREL Regulations, subject to prior regulatory approval and applicable conditions, as more fully described in the Base Prospectus and supplements
• Statutory Loss Absorption: SP Notes may become subject to the determination by the Resolution Authority that without the consent of the SP Noteholder all or part of the SP Notes must be written down, reduced, redeemed and cancelled or converted into common equity Tier 1 instruments or otherwise be applied to absorb losses, as more fully described in the Base Prospectus and supplements
• Events of Default: Events of Default of SP Notes are restricted to bankruptcy and liquidation of the Issuer
• Redemption Price: 100%
• Documentation: ABN AMRO Bank N.V. EMTN Programme Base Prospectus consisting of the registration document dated 2-Jun-26 as supplemented on 14-Aug-26; and the securities note dated 2-Jun-26. The Base Prospectus and supplements are available on the Issuer's website: www.abnamro.com/programmedocs. The Final Terms, when published, will be available on the Issuer's website: www.abnamro.com/bonds. The completed European Green Bond factsheet and the pre-issuance review related to the European Green Bond factsheet by ISS Corporate Solutions, Inc. together with the Green Bond Framework and second opinion are published on www.abnamro.com/en/investor-relations/information/esg-bonds
• Business Days: T2
• ISINs:
  • 3yr: XS3479599444
  • 7yr: XS3479597745
• Denominations / Governing Law: €100k+100k / Dutch Law
• Sales Restrictions: As set out in the EMTN Base Prospectus and supplements
• Listing venue: Euronext Dublin
• Use of Proceeds: The Notes use the designation 'European Green Bond' or 'EuGB' in accordance with Regulation (EU) 2023/2631 (the "EU Green Bond Regulation") and the ICMA Green Bond Principles 2021. An amount equivalent to the proceeds of the Senior Preferred Notes will be used to finance and refinance, in whole or in part, green bond eligible assets ("Eligible Assets") in accordance with the Issuer's green bond factsheet prepared by the Issuer in accordance with Annex I of the EU Green Bond Regulation
• Target market (MiFID II / UK MiFIR product governance): Eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or the UK
• Joint Lead Managers: ABN AMRO (B&D), Lloyds, Morgan Stanley, UBS, UniCredit
• Timing:
  • TOE: 3y 15.42 CET / 14.42 UKT; 7y 15.44 CET / 14.44 UKT
  • FTT: 16.10 CET / 15.10 UKT

• To view the LIVE / REAL TIME European IG pipeline please click here.
• Details correct at time of posting