Commentary & Deal Flow

Reoffer: 3yr: MS+17bp / 100 / 3.27%
Benchmark: 3yr: OBL 2.1 12-Apr-29 #189 @ 98.07 / B+40bp / HR 114%

Tranche 1 (3yr): Final book above €2.4bn at reoffer (incl. €305m JLM). Peak book above €2.5bn pre-rec (incl. €305m JLM)

Launched: 3yr: €800m @ MS+17bp - Books above €2.5bn pre-rec (incl. €305m JLM)
Book Update: Books above €1.75bn (incl. €255m JLM)
Guidance: 3yr: MS+24a

• Issuer: Korea Housing Finance Corporation (“KHFC” or the “Issuer”)
• Issuer Ratings (M/S): Aa2 / AA (All Stable)
• Exp. Issue Ratings: Aaa/AAA (Moody's/S&P)
• Security Type: Statutory Covered Bond under the KHFC Act (drawdown from KHFC’s US$15bn Global Covered Bond Programme)
• Format: Reg S, Registered form, Category 2
• Issue Size: €800m
• Settlement: 01-Sep-26, (T+5)
• Maturity: 01-Sep-29, hard bullet
• Reoffer: MS + 17 bps. Px 100. Yield 3.27%
• Ref. Benchmark: OBL 2.1 12-Apr-29 #189 +40bps (Px. 98.07). HR 114%
• Coupon: 3.27% Fixed Rate, Annual Act/Act
• Terms: 100k/1k Denoms, English Law
• Listings: SGX-ST, Frankfurt Stock Exchange and Euro MTF (Luxembourg Stock Exchange) (expected)
• JLMs: BNP Paribas, Crédit Agricole CIB*, DZ Bank AZ, ING**, Natixis***, and Societe Generale****
• UOP: An amount equal to the net proceeds from the issue of the Covered Bonds will be used by the Issuer to finance and/or refinance, in whole or in part, new or existing eligible social project categories meeting the eligibility criteria set out in the Issuer’s Sustainable Financing Framework dated Feb-26 (which is available on the Issuer’s website)
• Netroadshow Link: https://dealroadshow.finsight.com | KHFC2026 (Direct Link: https://dealroadshow.finsight.com/e/KHFC2026)
• Sustainable ​​Financing Framework: https://www.hf.go.kr/en/sub06/sub06_06_02.do
• Timing: TOE: 14.49 CET FTT: 15.15 CET
• REG S: ISIN: XS3465646365 | Common Code: 346564636
• LEI: 9884002AAOBT56QW9B80