Commentary & Deal Flow

Reoffer: 5yr: UKT+77bp / 100 / 5.303%
Benchmark: 5yr: UKT 0.250% 31-Jul-31 / HR 111%

Final Books > £370m (inc £30m JLMs). Peak book > £540m.

Launched: 5yr: £300m @ UKT+77bp - Books > £540m (inc £30m JLMs)
IPTs: 5yr: UKT+85/90bp

• Issuer: Northwestern Mutual Global Funding (“NWMLIC”)
• LEI: 635400LZXFVELZDVP257
• Funding Agreement Provider: The Northwestern Mutual Life Insurance Company
• Exp. Ratings (1): Aa1 (Stable) / AA+ (Stable) / AAA (Stable) (Moody's/S&P/Fitch)
• Format: Funding Agreement-Backed Notes, Reg S Category 3 (Registered)
• Tenor: 5-year
• Size: £300m
• Settlement(2): 27-Aug-26 (T+5)
• Maturity: 27-Aug-31
• Reoffer: Mid-UKT+77bps / 100.000 / 5.303% (S/A)
• Coupon: 5.303% Semi-annual, Fixed Rate, Act/Act
• Benchmark Security: UKT 0.250% due 31-Jul-31 (Mid: 81.224 | Bid: 81.204) HR 111%
• Docs: This announcement must be read in conjunction with the U.S. $20,000,000,000 Global Note Issuance Program Offering Memorandum, dated 03-Mar-26, as supplemented by the First Offering Memorandum Supplement, dated 15-May-26, the Second Offering Memorandum Supplement, dated 14-Aug-26, and the corresponding Pricing Supplement dated 20-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)
• EU PRIIPs / UK CCI: No EU PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail investors 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/s153940%7C26461%7Cp1315/overview
• Governing Law: New York Law
• Denom: £100k x £1k
• UoP: To purchase relevant Funding Agreements from The Northwestern Mutual Life Insurance Company
• Bookrunners: Barc(B&D)/DB/JPM/RBCCM
• ISIN: XS3480654675
• Timing: ToE 13h49 UKT | FTT 14h05 UKT
• Sales into Canada: Yes – via exemption