Commentary & Deal Flow

Reoffer:
6.5NC5.5: MS+80bp / 100 / 3.931%
11.5NC10.5: MS+105bp / 100 / 4.342%

Benchmark:
6.5NC5.5: OBL 2.5 16-Apr-31 #193 @ 98.003 / B+97.0bp / HR 114%
11.5NC10.5: DBR 2.9 15-Feb-36 @ 97.387 / B+112.0bp / HR 104%

Tranche 1 (6.5NC5.5): Final Books >€1.9bn. Peak book >€2bn
Tranche 2 (11.5NC10.5): Final Books >€1.8bn. Peak book >€1.8bn+

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 Code: 353800CI5L6DDAN5XZ33
• Expected Security Ratings: A1 (Moody's) / A- (Fitch)
• Format: Regulation S off EMTN Programme (Registered form)
• Security Description: Senior Unsecured Notes
• Size:
  • 6.5NC5.5: €750m
  • 11.5NC10.5: €750m
• Settlement: 25-Aug-26 (T+4)
• 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:
  • 6.5NC5.5: 3.927%
  • 11.5NC10.5: 4.339%
• Yield:
  • 6.5NC5.5: 3.931%
  • 11.5NC10.5: 4.342%
• Price:
  • 6.5NC5.5: 100
  • 11.5NC10.5: 100
• Spread:
  • 6.5NC5.5: MS+80bp
  • 11.5NC10.5: MS+105bp
• Floating Rate Spread:
  • 6.5NC5.5: 3mEuribor +89.8bp
  • 11.5NC10.5: 3mEuribor +112.5bp
• Coupon Type: Fixed to Float, Annual, Act/Act (ICMA) during fixed rate period. Quarterly, Act/360 during floating rate period
• ISIN:
  • 6.5NC5.5: XS3470748883
  • 11.5NC10.5: XS3470748966
• TOE:
  • 6.5NC5.5: 15:23 UKT / 16:23 CET
  • 11.5NC10.5: 15:31 UKT / 16:31 CET
• FTT: 15:50 UKT / 16:50 CET
• Minimum Denominations: €100k, plus/€1k above €100k
• 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
• 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
• Fees: Fees will be paid to the Joint Bookrunners on this transaction