Financials were once again prevalent today, though it was the SSA space that dominated in terms of volume, in another active session in the European primary markets. In € IG we saw €13.25bn, from 7 issuers (1 x Corp, 3 x FIG & 3 x SSA), via 7 tranches. This has proved to be the busiest day in the € IG primary markets in 6 weeks; €18.35bn back on Tuesday, July 7th.
Sterling IG was active again with 2 issuers (1 x Corp & 1 x FIG) yielding £1.4bn from 2 tranches (1 x Covered).
The first trade to hit the screens was in the US$ Reg S IG market where 1 issuer (1 x FIG - Lloyds) priced $1.5bn from a 1 tranche covered issue.
Swiss Franc supply took a well deserved breather, with one FIG trade in the pipeline.
The “Talking Point” today (below) is again focusing on issuance last year for the final week of August & the whole of September. Today we are again looking at €, but this time with an eye on FIG supply over that period in 2025.
Having risen overnight, Brent crude has found itself range bound today, currently trading at c.$90.93 (from $91.35, this morning).
Largely in line with futures, European equity bourses are broadly lower today, with the CAC 40 off 0.60% & the DAX also down 0.50%. Only the FTSE is in the green, up 0.38%
A breakdown of today’s primary € supply is as follows.

- Corporate
  - Total IG: €750m
  - Avg. tranche size €750m
  - Avg. IPT to Pricing -27
  - Avg. cover 2.53 X
- FIG
  - Total IG: €2.25bn
  - Avg. tranche size €563m
  - Avg. IPT to Pricing -7 (covered)
  - Avg. IPT to Pricing -25 (unsecured)
  - Avg. cover 2.32 X
- SSA
  - Total IG: €10.25bn
  - Avg. tranche size €3,417bn
  - Avg. IPT to Pricing -1
  - Avg. cover 5.75 X

Pipeline: Supply was again healthy with this morning's SSA pipeline clearing. In €’s we have a corporate mandate from Monday with 2 new SSA trades scheduled for tomorrow. For FIG we also have a Sterling & Swiss Franc trade in the wings.
- 1 x € Corp (€1bn wng dual-tranche hybrid)
- 2 x € SSA
- 1 x £ FIG
- 1 x Chf FIG

Talking Point

Following on from yesterday’s review of corporate supply for the last week of August & the whole of September from 2025, today we are focusing on FIG € activity over that period.
Excluding Corp & SSA supply, during this c.5 week period last year (6 Mondays & Tuesdays), the market saw €61.95bn in supply, from 66 issuers, via 88 tranches.
As one might expect, ‘senior unsecured’ accounts for a third of the deals & just over 30% of the volume.
The key takeaways aside from that are that ‘Covered’ issuance accounts for a shade less than a quarter of all the deals & over 30% of the volume.
In terms of other deal structures there was a relatively even split in supply between both ‘senior-preferred’ & ‘senior non-preferred’ - the former c.19% of deals & c.15% of volume; with the latter 15% of deals & 16.5% of volume
Interestingly, there is very little regional & nationality bias, though German & French credits were notable stand-outs, with the former accounting for c.19% of the deals & volume, while France delivered 12.5% of the deals & c.14% of the volume.

Euro IG (today)

Type	Issuer	Size (m)	Structure	Initial Pricing	Final Spd / Yield	IPT to PX	NIC (bp)	Books (m)	Cover 'X'
Corp	Continental AG	€750	4yr	MS+90 area	MS+63	-27	6	€1,900	2.53 X

Continental AG (exp. Issue ratings of Baa2 / BBB by Moody’s & Fitch), brought the first corporate trade of the day with a 4yr senior unsecured trade with IPTs in the area of MS+90. Books were in excess of €1.85bn & guidance came in at MS+65 area (+/- 2bps WPIR). Size was set at €750m. Books hit over €1.95bn (pre-rec at the tight end of guidance). The trade priced at MS+63, offering investors a NIC of 6bps. Final books were €1.9bn at re-offer.
- Today’s € offering is Continental's first foray into the public bond markets since its €600m, 3.75yr senior unsecured offering back on the 2nd of September 2025. On that occasion the borrower priced the trade at MS+77, some 33bps tighter than IPTs. Typically the borrower issues once or twice a year, with the largest size to-date being €750m.

Type	Issuer	Size (m)	Structure	Initial Pricing	Final Spd / Yield	IPT to PX	NIC (bp)	Books (m)	Cover 'X'
FIG	SpareBank 1 Sør-Norge ASA	€500	5yr Green Snr Pref	MS+75 to +80	MS+50	-27.5	1	€900	1.80 X
FIG	Belfius Bank	€750	7yr Social Snr-Pref	MS+90 to +95	MS+70	-22.5	10	€1,100	1.47 X
FIG	Bank of New Zealand	€1,000	5yr Covered	MS+35 area	MS+28	-7	2	€3,700	3.70 X

SpareBank 1 Sør-Norge ASA (exp. Issue ratings of Aa3 by Moody’s) announced a € benchmark, senior preferred, 5 year Green issue. The Norwegian savings bank offered up IPTs of MS+75 to +80. Books initially over €1.25bn, rising to over €1.4bn (pre-rec, inc. €50m JLMs). Final spread was set at MS+50, offering investors a NIC of 1bp. The final book was over €900m (inc. €50m JLMs).
- This is the second time the borrower has tapped the public € markets in 2026, having priced a €500m, Green, 6NC5 senior non-preferred issue (A3) back on the 13th of April, at MS+88, on the back of a book of €2.6bn.
Belfius Bank SA (exp. Issue ratings of A1 / A by Moody’s & S&P) brought a € benchmark, 7yr Social, senior preferred offering with IPTs of MS+90 to +95. Books first called over €1bn, rising thereafter to over €1.25bn, when spread set at MS+70; which offered investors a healthy NIC of 10bps. The trade sized at €750m, as the book nudged to over €1.275bn (pre-rec). Final books consolidated to over €1.1bn.
- Today’s print marks the 4th benchmark, public € offering from the Belgian borrower YTD, having priced €2bn across 3 issues so far in 2026. Those 3 prior issues included a €750m, 6yr covered bond; a €750m 6yr Senior Non-Preferred print; & finally a €500m, 12.25yr, Tier 2.
Bank of New Zealand (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) announced a € benchmark 5yr, bullet, covered issue with guidance in the area of MS+35. Books called first at over €2.75bn (inc. €450m JLMs), rising to over €3.7bn. The deal sized at €1bn, & priced at MS+28; 7bps tighter than IPTs & offering investors a NIC of 2bps..
- This is BNZ’s first foray into the public € markets since its last €500m, 5yr senior unsecured offering on the 13th of November last year. Its last covered issue was also last year, on the 11th of June, when it priced a €750m, 5yr at MS+46, in line with guidance, having garnered a book size of over €1.45bn.

Type	Issuer	Size (m)	Structure	Initial Pricing	Final Spd / Yield	IPT to PX	NIC (bp)	Books (m)	Cover 'X'
SSA	Rentenbank	€1,250	7yr	MS+14 area	MS +12	-2	-	€3,000	2.40 X
SSA	KfW	€5,000	3yr Green	MS -2 area	MS -3	-1	-	€26,000	5.20 X
SSA	Republic of Germany	€4,000	Aug 56 TAP	DBR +0.4	DBR +0.4	0	-	€38,000	9.50 X

Landwirtschaftliche Rentenbank (rated AAA / AAA / AAA by S&P, Fitch & Scope) - Germany's development agency for agribusiness, & guaranteed by the Federal Republic of Germany, brought its anticipated 7yr € Benchmark RegS offering. Guidance on the trade was in the area of MS+14. Spread set at MS+12, with final books called in excess of €3bn (inc. €450m JLMs). The deal sized on those terms at €1.25bn & priced at MS+12.
- This is the 2nd benchmark, public € offering from Rentenbank YTD, having priced a €1.25bn, 10yr on the 17th of March. That trade priced at MS+23 (2bps tighter than guidance) with a final book size in excess of €3.9bn. For context the issuer brought 4 public € benchmarks in 2025, totalling €3.3bn.
Kreditanstalt fuer Wiederaufbau (KfW) (rated Aaa / AAA / AAA by Moody's, S&P & Scope), guaranteed by the Federal Republic of Germany. Having announced the mandate yesterday KfW brought its anticipated € benchmark RegS Bearer 3yr Green issue maturing 24th September 2029. Guidance on the notes were in the area of MS -2. Spread set a basis point tighter at MS -3, when books were called at over €19bn (inc. €1.4bn JLMs). Size was set at €5bn with book in excess of €26bn (incl.€1.4bn JLM). Deal size set & priced at €5bn.
- Prolific KfW has tapped the € public markets on 7 prior occasions this year raising over €36bn in senior unsecured debt (not including today's trade). Of note is the fact that we have guidance through swaps, something we haven’t seen since KfW’s €4bn 3yr in June 0f 2024 when it came with guidance of MS-3 area & priced at MS-5. Today’s trade is also KfW’s 3rd Green trade of the year & its first since its €5bn, 5yr, priced on the 9th of April at MS+5, on the back of a massive €15.7bn book.
The Federal Republic of Germany (rated Aaa / AAA / AAA), brought its expected € TAP of their existing 30yr DBR Benchmark, due 15 August 2056. The spread on the TAP was set at DBR+0.4. Books were first quoted as in excess of €32bn (inc. €3.35bn JLMs). Books closed in excess of €38bn. Deal size set at €4bn (no retention). With strong momentum the trade was the first deal to price during the session.
- The current issue size of the outstanding bond is €29.5bn & the issuer stated that they may retain an amount of bonds, though the deal size for today’s tap was set at €4bn (no-retention), bringing the total outstanding to €33.5bn.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

Type	Issuer	Size (m)	Structure	Initial Pricing	Final Spd / Yield	IPT to PX	NIC (bp)	Books (m)	Cover 'X'
Corp	Deutsche Telekom AG	£400	20yr	UKT +95 area	UKT +78	-17	-	£790	1.98 X

Deutsche Telekom AG (rated A3 / A- / A- by Moody’s, S&P & Fitch) brought a £ benchmark, 20yr, vanilla senior issue with IPTs of UKT +95 area. Books were over £1bn (pre-rec), with guidance sharpening to UKT +80 area (+/- 2bps WPIR). Issue size was telegraphed as expecting to be £300m. It was upsized to £400m, with final terms at UKT +78. Books pre-rec were over £965m, with final books sharpened to over £790m.
- This is DT’s first Sterling issue since January 2019, when it last printed a £400m, 15yr issue, when it was a strong BBB credit. Today’s trade represents the longest £ deal it has issued to-date, though the borrower has previously issued long maturities in both the € & US$ markets. Notably, DT issued a 20yr, €1.5bn in January of last year at MS+125; & a 30yr, $1.25bn in January 2020.

Type	Issuer	Size (m)	Structure	Initial Pricing	Final Spd / Yield	IPT to PX	NIC (bp)	Books (m)	Cover 'X'
FIG	United Overseas Bank Ltd	£1,000	3.5yr FRN Covered	SONIA +54 area	SONIA +49	-5	-	£1,500	1.50 X

United Overseas Bank Limited (exp. Issue ratings of Aaa / AAA by Moody’s & S&P) brought a £ benchmark, 3.5yr (25th Feb 2030) floating rate, covered bond, with IPTs of SONIA +54 area. The notes are backed 100% by Singapore Dollar denominated Singaporean residential mortgage loans, regulated under MAS Notice 648 pursuant to the Banking Act in Singapore, ECBC Covered Bond Label Compliant. Books first cited as being over £1.25bn, rising to over £1.7bn (pre-rec). Spread set at SONIA +49, 5 tighter than IPTs. Order book firmed at over £1.5bn (pre-rec). The deal sized & priced at £1bn.
- UOB last tapped the Sterling market with a covered issue back on the 1st of December, 2025. The £750m (upsized from £500m), 3.5yr issue priced at SONIA +52, on the back of a book in excess of £835. The borrower also issued a covered trade last year in €’s, with a €850m, 5yr.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

No Supply

Week-to-date volumes:

US$ Reg S (today)

Type	Issuer	Size (m)	Structure	Initial Pricing	Final Spd / Yield	IPT to PX	NIC (bp)	Books (m)	Cover 'X'
FIG	Lloyds Bank plc	$1,500	3yr Covered	SOFR MS +42 area	SOFR MS+40	-2	-	$2,200	1.47 X

Lloyds Bank plc (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) announced very early in the session a 3 year Reg S covered bond. The soft bullet maturing 25th August 2029 came with initial guidance of SOFR MS+42 area. Books rose to over £1.8bn & pushed onwards to over $1.975bn, when spread set 2bps tighter at SOFR MS+40. Final books rose to over $2.2bn, & the deal sized at $1.5bn, pricing at SOFR +40.
- Lloyds Bank plc is the entity used to issue both secured & unsecured debt in the public €, £ & Swiss Franc markets, it is rarely used for the US$ market, covered or otherwise. Lloyds Banking Group plc has been the traditional entity for the US$ market. Records indicate the last Reg S US$ covered issue brought to market by Lloyds Bank plc was a $1bn, 3yr issue back in July 2019.

Pending Deals & Mandates

Euro (€)

Type	Issuer	Size (m)	Structure	Notes
Corp	Sika Capital BV	€500m (wng)	30NC5.75 Hybrid	Mandate 17th August. Series of investor calls on 17th & 18th.
Corp	Sika Capital BV	€500m (wng)	30NC8.75 Hybrid	Mandate 17th August. Series of investor calls on 17th & 18th.

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. Marketing concluded on Tuesday with north of 100 investors engaged in calls. Sika's S&P outlook on their A- rating was upgraded on Monday from negative to stable. Deal timing as soon as Wednesday the 19th, subject to market conditions.

Type	Issuer	Size (m)	Structure	Notes
SSA	Land NRW	€ bmk	7yr	Mandate 18th August.
SSA	Finland	€ bmk	7yr	Mandate 18th August.

Tuesday 18th August: The German State of North Rhine-Westphalia (Land NRW) (rated Aa1 / AA / AAA / AAA by Moody’s, S&P, Fitch & Scope) mandated Commerzbank, Natixis, Nordea, Santander & UniCredit to lead manage a new 7yr € RegS Bearer benchmark transaction maturing 26 August 2033. The deal is expected to be launched in the near future, subject to market conditions.
Tuesday 18th August: The Republic of Finland (rated Aa1 / AA+ / AA by Moody’s, S&P & Fitch), mandated BNP Paribas, BofA Securities, Danske Bank, Deutsche Bank & J.P. Morgan to lead manage its forthcoming 7yr € Benchmark transaction. The transaction will have a 15 April 2033 maturity & is expected to be launched in the near future subject to market conditions.

Sterling (£)

Type	Issuer	Size (m)	Structure	Notes
FIG	OCBC	£ bmk	3yr FRN Covered	Mandate 18th August.

Tuesday 18th August: Oversea-Chinese Banking Corporation Limited (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) mandated Barclays, HSBC, Lloyds, OCBC, RBC Capital Markets, & TD Securities as JLM’s for its upcoming £ Benchmark 3yr FRN Covered Bond, RegS Registered transaction. The issue is expected to launch in the near future, subject to market conditions.

Swiss Franc (Chf)

Type	Issuer	Size (m)	Structure	Notes
FIG	MassMutual Global Funding II	Chf bmk	7yr FA-Backed	Mandate 18th August.

Tuesday 18th August: MassMutual Global Funding II (exp. Issue ratings of Aa3 / AA+ / AA+ by Moody’s, S&P, & Fitch,) mandated BNP Paribas & Deutsche Bank as Joint Bookrunners for a potential CHF-denominated benchmark offering. A 7yr offering backed by a funding agreement issued by Massachusetts Mutual Life Insurance Company is expected to follow in the near future, subject to market conditions.

Transaction Details

PRICED: Rentenbank €1.25bn 7yr Sr Unsec; MS+12bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Rentenbank	7yr	3.25%	25-Aug-33	€1.25bn	Sr Unsec	Fixed	99.76	3.289%	MS+14a	MS+12	-2

Reoffer: 7yr: MS+12bp / 99.76 / 3.289%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 96.97 / B+20 / HR 101%

Final books in excess of €3bn (incl. €450mn JLM)

Launched: 7yr: €1.25bn @ MS+12bp - Books in excess of €3bn (incl. €450mn JLM)
Spread set at: 7yr: MS+12bp - Books in excess of €3bn (incl. €450m JLM)
Guidance: 7yr: MS+14a

Issuer: Landwirtschaftliche Rentenbank
Guarantor: Federal Republic of Germany
BBG Ticker: RENTEN Govt <GO>
Ratings: AAA/AAA/AAA (S&P/Fitch/Scope) (all stable)
Format: Senior, Unsecured, Reg S Cat 1, Bearer
Coupon: 3.25%, Fixed, Annual, ACT/ACT ICMA
Size: €1.25bn
Settlement: 25-Aug-26 (T+5)
Maturity: 25-Aug-33 (7yr)
Reoffer: MS+12bps
Price/yield: 99.76 price / 3.289% yield
Benchmark Reference: DBR 2.6 15-Aug-33 (DE000BU2Z015) +20bps (96.97% / 3.089% / HR 101%)
Denominations: €1,000 + €1,000
Documentation: Issuer’s EMTN Programme
Listing: Luxembourg Stock Exchange
Settlement: Euroclear/Clearstream
Governing Law: German
Lead Managers: Commerzbank(B&D), DekaBank, DZ Bank and LBBW
ISIN: XS3481545088
Target Market: Professionals, Retail and Eligible counterparties (all channels for distribution), each as defined in MIFID II / UK MiFIR (all channels for distribution of the bonds are appropriate)
Timing: PRICED. TOE: 14:55 CET. FTT: 15:05 CET.

PRICED: Federal Republic of Germany €4bn 30yr Sr Unsec; DBR+0.4bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread
Federal Republic of Germany	30yr	2.9%	15-Aug-56	€4bn	Sr Unsec	Fixed	84.327	3.783%	DBR+0.4

Reoffer: 30yr: DBR+0.4bp / 84.327 / 3.783%
Benchmark: 30yr: DBR 2.5% 15-Aug-54 @ 78.14

Final Books in excess of €38bn (incl. €3.35bn JLM interest)

Launched: 30yr: €4bn @ DBR+0.4bp - Books closed in excess of €38bn (incl. €3.35bn JLM interest)
Book Update: Books in excess of €32bn (incl. €3.35bn JLM interest) - Books subject at 09:45 CET / 10:45 UKT
Spread set at: 30yr: DBR+0.4bp

Issuer: Federal Republic of Germany
LEI: 529900AQBND3S6YJLY83
Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch) (stab/stab/stab)
Format: Reg S only, Bearer in dematerialised format (German Law), CAC
Selling Restrictions: United States (or to US persons within the meaning of the US Securities Act 1933 – Reg S category 1 only, TEFRA applicable), Australia or any other jurisdiction in which such offer or solicitation would be unlawful
Maturity: 15-Aug-56
Tap Size: €4bn
Retention: No retention
New O/S: €33.5bn
Coupon: 2.9% Fixed, Ann. ACT/ACT
Final spread: +0.4bps the number vs. DBR 2.5% 15-Aug-54 (DE000BU2D004) - 78.14 MID
Reoffer: 84.327 / 3.783%
Trade date: 18-Aug-26
Settlement: 25-Aug-26 (T+5)
Listing: All domestic Exchanges
Law: German Law
Denoms: €0.01
Target market: (MIFID II/UK MIFIR) Eligible, professional and retail counterparties (all distribution channels)
Docs: Stand alone issue. Only terms and conditions document. No prospectus or any other formal offering document will be produced to allow for the offering of the Bonds in any jurisdiction. The terms and conditions document of the Bonds are published in the Federal Gazette (Bundesanzeiger and will be made available on http://www.deutsche-finanzagentur.de
Fees: The Bookrunners will be paid a fee in connection to the transaction
ISIN: DE000BU2D012
Bookrunners: Barclays / BNPP / Citi (B&D/DM) / DB / JPM / NatWest
Timing: PRICED. TOE 12.55 CET, FTT Immediately

PRICED: SpareBank 1 Sør-Norge €500m 5yr Green SP; MS+50bp

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	IPT-PXD
SpareBank 1 Sør-Norge	5yr	3.5%	25-Aug-31	€500m	SP	Fixed	99.518	3.607%	MS+50	-27.5

Reoffer: 5yr: MS+50bp / 99.518 / 3.607%
Benchmark: OBL #193 @ 98.055 / B+65.8bp / HR 106%

Final Books €900m+ (incl €50m JLM). Peak book €1.4bn+ (pre-rec, incl €50m JLM)

Launched: 5yr: €500m @ MS+50bp - Books €1.4bn+ (pre-rec, incl €50m JLM)
Book Update: Books in excess of €1.25bn
IPTs: 5yr: MS+75/80bp

Issuer: SpareBank 1 Sør-Norge ASA (ticker: SRBANK)
LEI: 549300Q3OIWRHQUQM052
Issuer Rating: Aa3 (stable) by Moody's
Expected Issue Rating: Aa3 by Moody’s
Status: Senior Preferred Notes, Unsubordinated and Unsecured
Format: Reg S, Bearer, NGN
Size: €500m
Settlement Date: 25-Aug-26 (T+5)
Maturity Date: 25-Aug-31 (5 years)
Reoffer: MS+50bps / 99.518 / 3.607% OBL #193 +65.8bps (Spot: 98.055 / HR 106%)
Initial Rate of Interest: 3.5%, Fixed, Annual, ACT/ACT (ICMA)
Early Redemption Event: Applicable at par as per Condition 5(c) Redemption for Taxation Reasons
Events of Default: Senior Preferred Notes will contain only limited event of default provisions and will not contain any cross-default provisions
Substitution & Variation: Applicable as per Condition 5(m) of the Base Prospectus
Documentation: Issuer's €20bn Euro Medium Term Note Programme dated 22-May-26 (the "Base Prospectus")
Governing Law: English law except for Condition 2 which will be governed by and construed in accordance with Norwegian law
Use of Proceeds: The issuer intends to allocate an amount equal to the net proceeds from the issue of the Notes to Eligible Assets as described in the Issuer’s Green Bond Framework
Listing: Luxembourg Stock Exchange Regulated Market
Clearing: Euroclear / Clearstream, Luxembourg
Set-Off: No right of Set-Off
Denominations: €100k + €1k
Business Days: T2
Selling Restrictions: UK, EEA, Japan, Norway, Italy, Singapore and US and as further set out in the Base Prospectus
Target Market: MiFID II / UK MiFIR professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (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 PRIIPs KID / CCI product summary has been prepared as not available to retail in the EEA or the UK
Fees: The Banks will be paid a fee by the Issuer in connection with the transaction
Advertisement: The Base Prospectus dated 22-May-26 is available and the Final Terms, when published, will be available on the website of the issuer and of the website of Luxemburg Stock Exchange https://www.bourse.lu/issuer/Sparebank1SRBk/48189
Joint Lead Managers: Crédit Agricole CIB (B&D/DM), Deutsche Bank, DZ BANK, Nordea, and UBS
ISIN: XS3480525867
Timing: Priced. TOE 14:45 CET / FTT 15:00 CET

Senior Preferred Green
5yr (Aug 2031) @ MS+75/80

Implied Spread for fresh 5yr @ MS+49

Priced at MS+50
NIC of +1

COMPS
Price Date	Ticker	Rating (M/S/F)	Green?	Size	Coupon	Mty Date	Call Date	Yr to Mty	Bid (iSprd)
13-Jan-26	DNBNO	Aa2/AA-/-	Y	750m	3	20-Jan-32	20-Jan-31	5.5NC4.5	46
22-Apr-26	NDAFH	Aa2/AA-/AA	N	1bn	3.25	29-Apr-31	-	4.7	43
29-Apr-26	SEB	Aa3/AA-/AA	N	1bn	3.375	07-May-31	-	4.8	43
12-Aug-26	SWEDA	Aa2/AA-/AA+	Y	1bn	3.375	19-Aug-31	-	5	44

PRICED: Bank of New Zealand €1bn 5yr CB; MS+28bp

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	GDNC-PXD
Bank of New Zealand	5yr	3.385%	27-Aug-31	€1bn	CB	Fixed	100	3.385%	MS+28	-7

Reoffer: 5yr: MS+28bp / 100 / 3.385%
Benchmark: 5yr: DBR 0% Aug-31 @ 86.52 / B+43.9bp / HR 108%

Final Books €3.7bn+ (incl. €450m JLM)

Launched: 5yr: €1bn @ MS+28bp - Books €3.7bn+ (incl. €450m JLM)
Book Update: Books €2.75bn+ (incl. €450m JLM)
Guidance: 5yr: MS+35a

Issuer: Bank of New Zealand
LEI: N7LGVZM7X4UQ66T7LT74
Type: New Zealand legislative Covered Bond, guaranteed as to payments of interest and principal by the Covered Bond Guarantor pursuant to its guarantee, which is secured over the mortgage loans and the related security and its other assets
Covered Bond Guarantor: CBG Trustee Company Limited as trustee of the BNZ Covered Bond Trust
Exp. Issue Rating: Aaa/AAA (Moody's/Fitch)
Format: Reg S (Category 2, TEFRA D rules apply); Bearer Global Covered Bonds; Classic Global Covered Bond, issued off the NZ$10,000,000,000 BNZ Covered Bond Programme dated 14-Nov-25, as supplemented from time to time (the “Programme”)
Size: €1bn
Ranking: Covered Bond
Settlement: 27-Aug-26 (T+7)
Maturity: 27-Aug-31 (5 years), soft bullet maturity
Reoffer: MS+28bps / 100.000 / 3.385%
Benchmark: DBR 0% Aug-31 +43.9bps (Spot: 86.52 / HR: 108%)
Coupons: 3.385% Fixed, Annual, Act/Act (ICMA), Unadjusted
Denominations: €100k+€1k (up to and including €199,000)
ISIN / Common Code: XS3476693778 / 347669377
Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
Programme Documentation: Base prospectus dated 14-Nov-25 relating to the Programme (the “Base Prospectus”), as supplemented from time to time
Listing: Regulated Market of the Luxembourg Stock Exchange
Joint-Leads: Deutsche Bank, National Australia Bank, Natixis, Societe Generale and UBS Investment Bank (B&D/DM)
Timing: Priced. TOE 1406CET / FTT 1425CET
Advertisement: The Base Prospectus, any Supplements and Final Terms (in each case, relating to the Programme), when published, are available on the website of the Luxembourg Stock Exchange at https://www.luxse.com/programme/Programme-BkOfNewZealand/13746

Covered

5yr (Aug 2031) @ MS+35a

Implied Spread for fresh 5yr @ MS+26

Priced at MS+28
NIC of +2

COMPS
Ticker	Coupon	Rating (M/F)	Issue Date	Maturity Date	TTM	Mid I+	Size (€m)
WSTPNZ	3.12%	Aaa/AAA	15-May-26	15-May-31	4.7yr	26	€750m
ASBBNK	2.76%	Aaa/AAA	26-Feb-26	26-Aug-31	5.0yr	28	€500m

PRICED: Belfius Bank €750m 7yr Social SP; MS+70bp

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	IPT-PXD
Belfius Bank SA/NV	7yr	3.75%	25-Aug-33	€750m	SP	Fixed	99.27	3.871%	MS+70	-22.5

Reoffer: 7yr: MS+70bp / 99.27 / 3.871%
Benchmark: 7yr: DBR 2.6% 25-Aug-33 @ 96.95 / B+77.9 / HR 99%

Final Books: >€1.1bn. Peak book in excess of €1.275bn+ (pre-rec)

Launched: 7yr: €750m @ MS+70bp - Books in excess of €1.275bn+ (pre-rec)
Spread set at: 7yr: MS+70bp - Books in excess of €1.25bn+
Book Update: Books €1bn+
IPTs: 7yr: MS+90/95bp

Issuer: Belfius Bank SA/NV
LEI: A5GWLFH3KM7YV2SFQL84
Status of the Notes: Fixed rate Senior Preferred, Unsecured and Unsubordinated notes, eligible liabilities instruments according to Article 72b CRR2
Rating Split: Issuer: A1/A/A- (Moody's/S&P/Fitch), Issue: A1/A (Moody's/S&P)
Form of the Notes: Dematerialised form
Size: €750m
Coupon: 3.75% Annual fixed, Act/Act ICMA, Following, Unadjusted
Coupon Payment Dates: Interest on the Senior Preferred Notes will be payable annually in arrears on 25 August in each year, commencing on 25-Aug-27
Maturity: 25-Aug-33 (7-year bullet)
Settlement: 25-Aug-26 (T+5)
Reoffer: MS+70bp / 99.27 / 3.871%
Denomination: €100,000 plus €100,000
Redemption Amount: 100% of the principal amount ("Par Redemption")
Listing: Luxembourg Stock Exchange
Documentation: Belfius EMTN Base Prospectus dated 6-May-26
Negative Pledge: No
Events of Default: If default is made in the payment of any principal or interest due in respect of the Senior Preferred Notes and such default continues for a period of 30 days or more after the due date, any holder of the Senior Preferred Notes may institute proceedings for the dissolution or liquidation of the Issuer in Belgium. Each holder of Senior Preferred Notes may give written notice to the Paying Agent at its specified office that its Senior Preferred Notes are immediately repayable, whereupon the Event of Default Redemption Amount of the Senior Preferred Notes together (if applicable) with accrued interest to the date of payment shall become immediately due and payable. No remedy against the Issuer other than as referred to in Condition 11 shall be available to the holders of the Senior Preferred Notes, whether for recovery of amounts owing in respect of the Senior Preferred Notes or in respect of any breach by the Issuer of any of its obligations under or in respect of the Senior Preferred Notes
Early Redemption: The Senior Preferred Notes may be redeemed prior to their Maturity Date, in whole but not in part, at the Redemption Amount together with accrued and unpaid interest, at the option of the Issuer upon the occurrence of (a) a Tax Event or (b) a MREL/TLAC Disqualification Event, subject to (i) in the case of a Tax Event Condition 3 (i) (Conditions to redemption) and (ii) in the case of a MREL/TLAC Disqualification Event, subject to such redemption being permitted by the Applicable MREL/ TLAC Regulations and to Condition 3 (i) (Conditions to redemption) or c) a Substantial Repurchase Event (75%) (with Applicable Percentage being equal to 75%)
Substitution and Variation: The Issuer may, at its sole discretion and without the consent of the Noteholders, by giving not less than 30 nor more than 60 days' notice to the Noteholders substitute or vary the terms of all, but not some only, of the Senior Preferred Notes so that they become or remain Qualifying Securities upon a MREL/TLAC Disqualification Event, subject to compliance with any conditions prescribed under the Applicable Banking Regulation, including the prior approval of the Lead Regulator (if required)
Acknowledgment of Bail-in Power: Each Noteholder (which includes any current or future holder of the Notes) acknowledges and accepts that the Notes may be subject to the Bail-in Power by the Relevant Resolution Authority as further described under Condition 14(c) of the EMTN Base Prospectus dated 6-May-26
Waiver of Set-off: No Noteholder may exercise or claim any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Issuer arising under or in connection with the Senior Preferred Notes
Governing Law: Belgian law
Clearing: Securities Settlement System of the NBB, Eligible Investors only (X-accounts)
Target Market: Manufacturer target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary will be prepared as not available to EEA and UK retail investors
Fees: The Banks will be paid a fee by the Issuer in connection with the transaction
Bookrunners: BofA Securities (B&D), BBVA, Belfius, Rabobank, Societe Generale, UBS
ISIN: BE6376796163
UoP: An amount equivalent to the net proceeds of the issue of the Notes is intended to be applied exclusively to finance and/or refinance, in whole or in part, loans and investments realised by the Issuer to finance projects and/or assets (the “Eligible Social Assets”), as described in the Base Prospectus dated 6 May 2026, the applicable Final Terms and the Social Bond Framework (as amended and/or supplemented from time to time, the “Social Bond Framework”). Such Notes are referred to as “Social Bonds”. The Social Bond Framework is available at https://www.belfius.be/about-us/fr/investisseurs/debt-issuance/green-social-bonds/social-bonds
Timing: Priced. TOE 15.04 CET / 15.30 CET FTT
Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and the Final Terms relating to the securities when published will be available on the website of the Issuer (https://www.belfius.be/about-us/en/investors/debt-issuance)

Senior Preferred Social
7yr (Aug 2033) @ MS+90/95

Implied Spread for fresh 7yr @ MS+60

Priced at MS+70
NIC of +10

COMPS
Issuer	Coupon (%)	Size (€m)	Pricing Date	Maturity	I-Spread Bid (bps)	ESG
CCBGBB	3.125	500	23-Jan-25	30-Jan-31	53
CCBGBB	3.25	500	02-Sep-25	09-Sep-32	56	Green
ABNANV	3	750	15-Sep-25	22-Sep-32	50	Green
ABNANV	3.625	500	17-Aug-26	24-Aug-33	57	Green
NDAFH	3.625	750	17-Aug-26	24-Aug-33	55

PRICED: Kreditanstalt fuer Wiederaufbau (KfW) €5bn 3yr Green Sr Unsec; MS-3bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Kreditanstalt fuer Wiederaufbau (KfW)	3yr	3.000%	24-Sep-29	€5bn	Sr Unsec	Fixed	99.908	3.033%	MS-2a	MS-3	-1.0

Reoffer: 3yr: MS-3bp / 99.908 / 3.033%
Benchmark: 3yr: OBL 2.5 11-Oct-29 @ 98.907 / B+16.6 / HR 98%

Final books in excess of €26bn (incl. €1.4bn JLM).

Launched: 3yr: €5bn @ MS-3bp - Books in excess of €26bn (incl. €1.4bn JLM)
Spread set at: 3yr: MS-3bp - Books in excess of €19bn (incl. €1.4bn JLM)
Guidance: 3yr: MS-2a

Issuer: Kreditanstalt fuer Wiederaufbau (KfW)
Issuer LEI: 549300GDPG70E3MBBU98
Guarantor: Federal Republic of Germany
Status: Senior, Unsecured, Unsubordinated
Rating: Aaa/AAA/AAA (Moody's/S&P/Scope - all stable)
ESG Ratings: Prime, C+ (ISS-ESG), AAA (MSCI ESG Issuer Rating)
Format: Reg S, Bearer, TEFRA C applicable
Size: €5bn
Settlement Date: 25-Aug-26 (T+5)
Maturity Date: 24-Sep-29
Coupon: 3.000% Fixed, Annual, Act/Act, Short first
Reoffer Spread: MS-3 bps
Reoffer Price/Yield: 99.908 / 3.033%
Benchmark: OBL 2.5 11-Oct-29 @ 98.907 / B+16.6 / HR 98%
Listing: Luxembourg
Governing Law: German Law
Denominations: €1,000 x €1,000
Target Market: The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are eligible counterparties, retail and professional (all distribution channels)
Docs: Issuer's EMTN Programme
Bookrunners: Barclays(DM, B&D) / Deutsche Bank / NatWest / Societe Generale
Fees: 0.10%
ISIN/WKN: XS3480769069 / A4P96B
Timing: PRICED. TOE: 14:39 CET. FTT: Immediately
Further Info: Framework, Second Party Opinion and Investor Presentation available on https://www.kfw.de/green-bonds

PRICED: United Overseas Bank £1bn 3.5yr CB; SONIA+49

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Spread	IPT-PXD
United Overseas Bank	3.5yr	SONIA+49bp	25-Feb-30	£1bn	CB	Floating	100	SONIA+49	-5

Reoffer: 3.5yr: SONIA+49 / 100

Final Books: Orderbooks > £1.5bn (pre-rec). Peak book in excess of £1.7bn (pre-rec).

Launched: 3.5yr: £1bn @ SONIA+49bp - Orderbooks > £1.5bn (pre-rec)
Spread set at: 3.5yr: SONIA+49bp - Orderbooks in excess of £1.7bn (pre-rec) | Books subject 12:00 LDN
Book Update: Books in excess of £1.25bn
IPTs: 3.5yr: SONIA+54a

Issuer: United Overseas Bank Limited (Ticker: UOBSP)
Issuer LEI: IO66REGK3RCBAMA8HR66
Type: Singapore Covered Bond backed by 100% SGD denominated Singaporean residential mortgage loans, regulated under MAS Notice 648 pursuant to the Banking Act in Singapore, ECBC Covered Bond Label Compliant
Covered Bond Guarantor: Glacier Eighty Pte. Ltd.
Expected Issue Ratings: Aaa/AAA (Moody's/S&P)
Format: Reg S (Category 2), Registered (TEFRA not applicable)
Currency: £
Size: £1bn
Trade Date: 18-Aug-26
Issue Date: 25-Aug-26 (T+5)
Maturity: Interest Payment Date falling on or nearest to 25-Feb-30 (soft bullet)
Coupon: Floating, Compounded Daily SONIA, 5 day observation lag, ACT/365F. Compounded Daily SONIA+49bps per annum payable quarterly in arrear on each Interest Payment Date up to but excluding the Maturity Date. If applicable, Compounded Daily SONIA+49bps per annum payable monthly on each Interest Payment Date from and including the Maturity Date up to but excluding the Extended Due for Payment Date.
Reoffer Spread: SONIA+49
Reoffer Price: 100
Listing / Governing Law: Singapore Exchange Securities Trading Limited (“SGX-ST”) / English Law (bond and swap documents) & Singapore law (asset documents)
Denominations: £100,000 + £1,000
List/Docs: SGX-ST / US$15bn Global Covered Bond Programme
ISIN/Common Code: XS3479607569 / 347960756
Joint Lead Managers: BMO (B&D), HSBC, RBC, Standard Chartered Bank, UOB
Target Investors: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPS Key Information Document (KID) or CCI product summary has been prepared as not available to retail in the EEA or in the UK
Timing: Priced, ToE 14:23, FTT 14:55

PRICED: Continental AG €750m 4yr Sr Unsec; MS+63bp

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	IPT-PXD
Continental AG	4yr	3.625%	27-Aug-30	€750m	Sr Unsec	Fixed	99.66	3.718%	MS+63	-27

Reoffer: 4yr: MS+63bp / 99.66 / 3.718%
Benchmark: 4yr: DBR 0% 15-Aug-30 @ 89.25 / 2.894% / B+82.4bp (105% HR)

Final Books €1.9bn. Peak book > €1.95bn (pre-rec)

Launched: 4yr: €750m @ MS+63bp - Books > €1.95bn (pre-rec)
Spread set at: 4yr: €750m @ MS+65bp - Books in excess of €1.85bn
IPTs: 4yr: MS+90a

Issuer: Continental AG
Ticker: CONGR
Country: DE
Issuer LEI: 529900A7YD9C0LLXM621
Issuer Rating: Baa2 (stable) by Moody's, BBB (stable) by S&P, BBB (stable) by Fitch
Expected Issue Rating: Baa2 by Moody's, BBB by Fitch
Format: Senior Unsecured, Reg S Bearer Bond
Size: €750 million
Tenor: 4-year
Settlement: 27-Aug-26 (T+7)
Maturity date: 27-Aug-30
Reoffer: MS+63bp / 99.660 / 3.718%
Benchmark: DBR 0% 15-Aug-30 @ 89.250 / 2.894% / B+82.4bp (105% HR)
Coupon: 3.625% Fixed, Annual, Act/Act (ICMA)
ISIN: XS3478305777
Documentation: DIP / Lux. Listing / German Law / Tax Call / 1m Par Call / Clean-up Call (80%) / CoC Put (at 100%)
Denomination: €1,000 - minimum purchase amount of €100,000 in the primary market
Selling Restrictions: As set out in Continental’s Debt Issuance Programme Base Prospectus dated 12-May-26, as supplemented on 17-Aug-26
Use of Proceeds: General Corporate Purposes
Target Market: Manufacturer target market (MIFID II/ UK MiFIR product governance) is eligible counterparties, professional and retail clients, each having (1) at least basic knowledge and/or experience with financial products, (2) a medium-term investment horizon, (3) asset accumulation as investment objective, (4) the ability to bear no loss / small losses and (5) the risk tolerance and compatibility of the risk/reward profile corresponding to 3 as Summary Risk Indicator (SRI). (In each case advisory business, execution only, non-advisory business and asset management as distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not a PRIIP.
Joint Bookrunners: Bank of China, BNP Paribas (B&D), Commerzbank, Crédit Agricole CIB
Co-Leads: DBS, Helaba
Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and any supplements are available and the Final Terms, when published, will be available at: https://www.LuxSE.com
Timing: Priced. TOE: 14:48 UKT / 15:48 CET; FTT: 15:10 UKT / 16:10 CET

4yr (Aug 2030) @ MS+90a

Implied Spread for fresh 3yr @ MS+57

Priced at MS+63
NIC of +6

COMPS
Bond	Rating (M/F)	Issue Dt.	Tenor	Amt €	I-Spread
CONGR 2.875% Nov-28	Baa2/BBB	22-May-25	2.3	750mm	38
CONGR 2.875% Jun-29	Baa2/BBB	09-Sep-25	2.8	600mm	43
CONGR 3.500% Oct-29	Baa2/BBB	01-Oct-24	3.1	600mm	46

PRICED: Lloyds Bank US$1.5bn 3yr CB; SOFR MS+40

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Lloyds Bank	3yr	4.478%	25-Aug-29	US$1.5bn	CB	Fixed	100	4.478%	SOFR MS+42a	SOFR MS+40	-2

Reoffer: 3yr: SOFR MS+40 / 100 / 4.478%
Benchmark: 3yr: T 4.25 15-Aug-29 @ 99-31 3/8 / 4.257% / T+22.1

Final Books: Over US$2.2bn. Peak book over US$2.2bn.

Launched: 3yr: US$1.5bn @ SOFR MS+40bp - Books US$2.2bn
Spread set at: 3yr: SOFR MS+40bp - Books over US$1.975bn
Book Update: Books in excess of US$1.8bn
Guidance: 3yr: SOFR MS+42a

Issuer: Lloyds Bank plc
Ticker: LLOYDS
Issuer LEI: H7FNTJ4851HG0EXQ1Z70
Guarantor: Lloyds Bank Covered Bonds LLP
Guarantor LEI: 213800FRI978XP6HTZ13
Expected Issue Rating: Aaa/AAA (Moody's/Fitch)
Format: Reg S, Bearer, UK Regulated Covered Bond
Size: US$1.5bn
Trade Date: 18-Aug-26
Settlement Date / Issue Date: 25-Aug-26 (T+5)
Maturity: 25-Aug-29 (soft bullet)
Coupon: 4.478% per annum, payable semi-annually in arrear
Business Day Convention: Following, unadjusted
Margin: SOFR MS +40bps
Reoffer Price: 100
Benchmark: UST 4.25 15-Aug-29
Benchmark Price / Yield: 99-31 3/8 / 4.257%
Spread to UST Benchmark: T+22.1
Documentation: Lloyds Bank plc €60bn Global Covered Bond Programme base prospectus dated 4-Aug-26 (the "Prospectus")
Listing/Governing Law: LSE / English
Denominations: US$200k + 1k
ISIN/Common Code: XS3479603733 / 347960373
Joint Lead Managers: Lloyds (B&D), BMO, RBCCM, TD Securities, UBS Investment Bank
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
Selling Restrictions: Reg S (Category 2), TEFRA D. No sales to EEA or UK retail, as per the Global Covered Bond Programme
Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No CCI disclosure document has been prepared as not available to retail in the UK. No EU PRIIPs key information document (KID) has been prepared as not available to retail in the EEA
Timing: Priced. TOE 14.53 UKT | FTT 15.15 UKT
Advertisement: The Base Prospectus, as supplemented is available at https://www.lloydsbankinggroup.com/investors/fixed-income-investors/covered-bonds.html and Final Terms, when published, will be available on the website of the London Stock Exchange: www.londonstockexchange.com

PRICED: Deutsche Telekom AG £400m 20yr Sr Unsec; G+78bp

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	IPT-PXD
Deutsche Telekom AG	20yr	6.625%	28-Aug-46	£400m	Sr Unsec	Fixed	99.66	6.656%	G+78	-17

Reoffer: 20yr: G+78bp / 99.66 / 6.656%
Benchmark: 20yr: UK Gilt 0.875% Jan-46 @ 43.236 / HR 159%

Final Books £790m+. Peak book £965m+ (pre-rec)

Launched: 20yr: £400m @ UKT+78bp
Guidance: 20yr: UKT+80a (+/- 2bps WPIR) - Books £965m+ (pre-rec)
IPTs: 20yr: UKT+95a

Issuer: Deutsche Telekom AG (Ticker: DT; Country: DE)
Issuer LEI: 549300V9QSIG4WX4GJ96
Issuer Ratings: A3/A-/A- (stb/stb/stb) (Moody's/S&P/Fitch)
Format: Senior, Unsecured, New Global Note (Reg S Compliance Category 2), Bearer, TEFRA D
Tenor: 20-year
Pricing Date: 18-Aug-26
Settlement Date: 28-Aug-26 (T+8)
Maturity Date: 28-Aug-46
Size: £400m
Coupon: 6.625% Fixed, Annual, ACT/ACT (ICMA), Following, Unadjusted
ISIN: XS3481540105
Documentation: Under Deutsche Telekom AG’s Debt Issuance Programme dated 10-Apr-26, as supplemented on 19-May-26 and 7-Aug-26
Governing Law: German Law
Denominations: £100,000 + £100,000
Listing: Regulated Market of the Luxembourg Stock Exchange
Use of Proceeds: General Corporate Purposes
Issuer Calls: 6m Par Call; Tax Call
Bookrunners: Goldman Sachs Bank Europe SE, NatWest (B&D), TD Securities
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 will be prepared – out of scope
Clearing: Euroclear / Clearstream
Selling Restrictions: As per the Final Terms and Deutsche Telekom AG’s Debt Issuance Programme dated 10-Apr-26, as supplemented on 19-May-26 and 7-Aug-26 (“Selling Restrictions”)
Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation, as amended. It is not a prospectus. The Base Prospectus dated 10-Apr-26, and the supplements thereto are available and the Final Terms, when published, will be available at: https://www.luxse.com/
Timing: TOE 14:57 UKT/ FTT 15:20 UKT