Commentary & Deal Flow

Launched:
6.5NC5.5: €750m @ MS+80bp - Books >€2bn
11.5NC10.5: €750m @ MS+105bp - Books >€1.8bn+

Spread set at: 6.5NC5.5: MS+80bp - Books >€1.9bn 11.5NC10.5: MS+105bp - Books >€1.8bn
Book Update: 6.5NC5.5: Books >€1.5bn 11.5NC10.5: Books >€1.5bn
IPTs: 6.5NC5.5: MS+100a 11.5NC10.5: MS+125a

• Issuer: Mizuho Financial Group, Inc.
• LEI: 353800CI5L6DDAN5XZ33
• Expected Issue Ratings: A1/A- (Moody's/Fitch)
• Format: Reg S (Registered form)
• Ranking: Senior Unsecured Notes
• Size: 6.5NC5.5: €750m | 11.5NC10.5: €750m
• Maturity:
  • 6.5NC5.5: 25-Feb-33
  • 11.5NC10.5: 25-Feb-38
• Optional Redemption:
  • 6.5NC5.5: 25-Feb-32
  • 11.5NC10.5: 25-Feb-37
• Coupon: Annual, Act/Act (ICMA) during fixed rate period. Quarterly, Act/360 during floating rate period
• ISIN:
  • 6.5NC5.5: XS3470748883
  • 11.5NC10.5: XS3470748966
• Joint Bookrunners: Mizuho (B&D), Barclays, BNP Paribas, Danske, Societe Generale
• Listing: Luxembourg Stock Exchange (Euro MTF)
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all applicable distribution channels). No EU or UK PRIIPs / KID will be prepared as not available to retail in the EEA and the UK
• Minimum Denominations: €100k, plus/€1k above €100k
• Governing Law: English law
• Use of Proceeds: Mizuho FG intends to use the net proceeds from the issuance and sale of each series of Notes to make a loan that is intended to qualify as Internal TLAC under the Japanese TLAC Standard to Mizuho Bank, Ltd., which itself intends to utilise such funds for its general corporate purposes
• Timing: Today's Business
• Settlement: 25-Aug-26 (T+4)
• Fees: Fees will be paid to the Joint Bookrunners on this transaction