• As anticipated this week began with a flurry of deals both live, as well as mandates for the week ahead.
• In € IG we had €9bn, from 10 issuers (3 x Corp, 6 x FIG & 1 x SSA), via 14 tranches. The session was punctuated by financials, particularly relatively small covered prints.
• For Sterling IG there was £250m from 1 issuer (1 x Corp) via 1 tranche.
• In Swiss Franc there was Chf200m from 1 issuer (1 x FIG) via 1 tranche.
• There was no supply in the US$ Reg S space today.
• The “Talking Point” today (below) takes a look at the IPT to pricing trends since the beginning of the year. Today Corporates & unsecured financials.
• Brent crude prices have edged marginally lower, currently trading at c.$92.71 (from $93.06 this morning).
• European equity bourses are mostly weaker today, with the Dax & the CAC 40 down by 0.17%, & 0.33% respectively. Only the FTSE was up marginally by 0.36% (as we go to press).
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €3.7bn
    • Avg. tranche size €617m
    • Avg. IPT to Pricing -31
    • Avg. cover 2.76 X
  • FIG
    • Total IG: €4.5bn
    • Avg. tranche size €643m
    • Avg. IPT to Pricing -6.25 (covered)
    • Avg. IPT to Pricing -29.8 (unsecured)
    • Avg. cover 2.42 X
  • SSA
    • Total IG: €800m
    • Avg. tranche size €800m
    • Avg. IPT to Pricing -7
    • Avg. cover 3.13 X

• Pipeline: The European IG pipeline returned with gusto today & we currently have 15 trades in the wings.
  • 5 x € Corp (3 x dual-tranche)
  • 5 x € FIG (2 x covered)
  • 3 x € SSA (1 x EuGB)
  • 1 x £ Corp
  • 1 x £ SSA (w/o 7th Sept)

Talking Point

• Today we are looking at the IPT to pricing trends since the beginning of the year. Below are Corporates & unsecured financials (tomorrow we shall look at SSA’s & Covered trends).
• By definition the range is always going to be most profound for Corporates, however, takeaways are that the beginning of the year saw broader tightening from the high 30’s into the 40’s, with the average over the summer months seeing slightly more moderate tightening (outliers aside) in the mid to low 30’s.
  • For context today’s corporate trades averaged a tightening of 31bps.
• For the unsecured financial credits we have largely been range bound between the low 20’s to low 30’s, with a tightening of more mid 20’s through the Summer months (outliers aside).
  • For context today’s unsecured trades tightened by 29.8bps.
• Full disclosure - we excluded a Republic of San Marino trade from April & a Istituto per il Credito Sportivo e Culturalehat from July that skewed the data. Also, where there was no relevant issuance a straight line was used to the next data point.

Euro IG (today)

• AstraZeneca Finance LLC (exp. Issue ratings of A1 / A+ by Moody’s & S&P) was the first corporate to announce this week with a multi-tranche, € benchmark, senior unsecured offering.  We had a long 3yr, 6yr, 9yr & 12yr tranche, with respective IPTs of MS+60, MS+80, MS+95 to +100 & MS+115. Guidance & books came in as follows. Long 3yr at MS+30 to +35 WPIR at >€2bn; 6yr at MS+50 to +55 WPIR at >€2.1bn; 9yr at MS+70 area (+/- 2 WPIR) at >€1.6bn; & the 12yr at MS+85 area (+/- 2 WPIR) at >€2.7bn. That’s a combined early book above €8.5bn (pre-rec). Final terms & books were thus: Long 3yr at MS+30 at >€1.9bn; 6yr at MS+50 at >€1.7bn; 9yr at MS+68 at >€1.4bn; & the 12yr at MS+83 at >€1.8bn. Combined books of €6.8bn (pre-rec). Sizes for the tranches were set respectively at €700m, €600m, €500m & €750m for a total deal size of €2.55bn.
  • The British-Swedish multinational pharmaceutical & biotech company is no stranger to the public bond markets, though it has been a while since it was last seen in the € markets. AstraZeneca Finance (when it was rated A2 / A+) last tapped €’s with a dual-tranche on the 29th of July, 2024. It priced a €650m, 3yr at MS+50; 32.5bps tighter than IPTs from a book of €1.6bn; & a €750m at MS+65; 37.5bps tighter than IPTs from a book of €1.5bn. In February, 2023 the borrower also priced a €1.5bn, dual tranche (4 & 9yr).
• Koninklijke Philips N.V (exp. Issue ratings of BBB+ / BBB+ by S&P & Fitch) announced a €500m (exp), 7.75yr (28th May 2034), senior unsecured EuGB offering, with IPTs in the range of MS+115 to +120. Guidance was given in the area of MS+90, when books were over €2.1bn (pre-rec). Deal size set at €650m. Book size held at guidance & the deal priced at MS+85; 32.5bps tighter than IPTs. Final books were over €1.7bn.
  • The is Philips first offering in 2026, having last been in the public markets on the 15th of May 2025, with a €1bn dual-tranche. On this occasion they priced a €500m, 5yr at MS+100; 27.5bn tighter than IPTs from a book of €1.55bn; & a €500m, 10yr at MS+148; 39.5bps tighter than IPTs from a book of €2.1bn.
• Eastern Power Networks plc (exp. Issue ratings of Baa1 / A- / A- by Moody’s, S&P & Fitch) brought a €500m (wng), senior unsecured, 8yr Green issue, with IPTs of MS+115 area. Books were over €2bn (pre-rec) with guidance revised to MS+85 area (+/- 2 WPIR). Books stood at over €2bn (pre-rec, good at the tight end of guidance). Final terms were €500m at MS+83; 32bps tighter than IPTs pricing with a NIC of -4. Final books were over €1.6bn.
  • This is technically the borrower's first foray into the € markets, however, its sister company ‘South Eastern Power Networks’ brought a €500m, 12yr on the 10th of March at Swaps +115; 35bps tighter than IPTs from a book of €4.8bn. Eastern Power Networks themselves, last came to the markets on the 25th of September 2024 with a £350m, 15yr senior unsecured offering at Gilts +107; 20.5bps tighter than IPTs from a book of £950m.

• Länsförsäkringar Hypotek AB (exp. Issue ratings of Aaa / AAA by Moody’s & S&P) was first announce on Monday morning with a €500m (wng), 5yr covered bond with guidance in the area of MS+24. Books were first called above €1.8bn (inc. €400m JLMs). Spread set at MS+16, with books above €2.4bn (inc. €400m JLMs). Final books were in excess of €1.85bn (inc. €400m JLMs).
  • Länsförsäkringar Hypotek is one of Sweden’s largest mortgage institutions & a known visitor to the € IG markets. Its last such trade was a €500m, 5yr covered issue priced at MS+33; 7bps tighter than initial guidance on the back of a €1.5bn book. The bulk of the borrower's activity is in its domestic SEK market.
• Bayerische Landesbank (exp. Issue rating of Aaa by Moody’s) announced a 4yr, € benchmark, Reg S, covered bond, with guidance in the area of MS+15. Books called above €1.25bn (inc. €200m JLMs). Spread set at MS+10 with books above €1.3bn (inc. €200m JLM). The deal sized at €750m when books hit over €1.3bn (inc. €200m JLMs). Final books were over €1.25bn good at re-offer (inc. €200m JLMs). The €750m deal priced at MS+10, with a NIC of -1.
  • This is the 5th public covered bond YTD for Balaba - including their wholly owned subsidiary Deutsche Kreditbank AG. The latter last issued a €1bn, 12yr covered at MS+37; 5bps tighter than guidance with a book of €1.455bn. Prior to that Balaba brought a €500m, 3yr on the 15th of June at MS+7; 6bps tighter than guidance with a book of €1.27bn.
• Raiffeisen Landesbank Vorarlberg mit Revisionsverband eGen (exp. Issue rating of Aaa by Moody’s) brought its anticipated Reg S 5yr, €300m (wng) covered bond with guidance in the area of MS+27. Books were first cited at above €800m (inc. €90m JLMs). Spread set at MS+21, when books were above €880m (inc. €90m JLMs). Final books were above €650m (inc. €90m JLMs), good at re-offer. The trade priced €300m at MS+31, with a NIC of 2bps.
  • Typically the borrower only issues in €300m size, so today's offering is typical. The last 2 issues have been in the 4yr maturity, so this is a longer deal for them. The last public offering was a €300m, 4yr on the 9th of January 2024, when it priced at MS+51; just 1bp tighter than guidance with a book of €730m. They did not tap the markets in 2025.
• Commerzbank Aktiengesellschaft (exp. Issue rating of Aaa by Moodys’) announced a € benchmark, 5yr, European covered bond with guidance in the area of MS+23. Books first called above €2.2bn (inc. €90m JLMs). Spread set at MS+17, & size set at €1bn. Books rose to above €2.7bn (inc. €165m JLMs). Final books exceeded €3.15bn (inc. €165m JLMs) at re-offer. 
  • This is the 8th public € offering YTD, & its 2nd covered print. Its last covered was a €1.5bn dual-tranche on the 9th of April, when it priced a €500m, 3yr at MS+13; 3bps tighter than guidance from a €800m book. The €1bn, 10yr tranche priced at MS+28; 4bps tighter than guidance with a book of €1.5bn.
• Nippon Life Insurance Company (exp. Issue ratings of A2 / A- by Moody’s & S&P) announced a €500m to €550m (max), 30NC10, Fixed to Fixed step-up callable, Tier 2 offering with IPTs in the area of MS+180. Books first called above €2bn, rising to over €2.8bn (pre-rec). Spread set at MS+153, & the size was also set at €550m. Final books were over €1.75bn & the trade priced at MS+153.
  • This is the borrower's first public bond offering of 2026, having last printed a €500m, 30NC10, Tier 2 at MS+147; 33bps tighter than IPTs from a €4.1bn book. This deal had the same structure as today’s trade. It also priced a €500m, 30NC10, Tier 2 on the 16h of January at MS+160; 40bps tighter than IPTs from a large book of €5.75bn.
• Caterpillar Financial Services Corporation (exp. Issue ratings of A1 / A / A+ by Moody’s, S&P & Fitch) brought a senior unsecured, € benchmark, dual tranche offering. A 2yr FRN came with IPTs of  3mth Euribor +55 to +60, while a 3yr fixed tranche carried IPTs of MS+65. We have this as a non-bank financial entity. Guidance for the 2yr FRN came in at 3mth Euribor+35 area (+/- 5 WPIR), with books at €1.35bn. For the 3yr fixed guidance was MS+35 area (+/- 5 WPIR), with books at €2.5bn. Guidance came in for the 2yr FRN at 3mth Euribor+30 with books at €1.1bn (pre-rec). The 3yr fixed had guidance of MS+30 from a book of €2.1bn (pre-rec). The deals sized & priced at €600m & €800m respectively. Final books were €750m for the 2yr & €1.45bn for the 3yr; >€2.2bn in total.
  • Today's deal is the first public € trade in 2026. Cat last brought a €600m, 3yr on the 12th of November 2025 at MS+32; 33bps tighter than IPTs from a book of €1.55bn. It printed another € trade last year on the 18th of August, with a €600m, 3yr at MS+33; 7bps tighter than guidance from a book of €1.65bn. The borrower also tapped Sterling & Swiss Franc markets in 2025.

• Korea Housing Finance Corporation (exp. Issue ratings of Aaa / AAA by Moody’s & S&P) announced a € benchmark, 3yr, Reg S, statutory covered bond with guidance in the area of MS+24. Books on the trade were first cited as above €1.75bn (inc. €255m JLMs), rising to over €2.5bn pre-rec (inc. €305m JLMs). Spread set at MS+17 & size set at €800m. Final books were €2.4bn at re-offer (inc. €305m JLMs).
  • This is the 2nd time the borrower has tapped the € markets with a covered print in 2026. The last such offering was on the 24th of February when it priced a €800m, 5yr at MS+29; 7bps tighter than guidance from a book of €1.4bn. The borrower also issued 2 covered trades in 2025, both 5yrs, one for €550m & one for €600m.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Clarion Funding Plc (exp. Issue ratings of A3 / A- / A+ by Moody’s, S&P & Fitch) announced a £250m (wng), senior secured, 15yr sustainable issue, with IPTs of UKT+105 to +110 area. Books were above £550m (pre-rec), & guidance came in at UKT+95 area (+/- 2 WPIR). Books pre-rec were above @475m, & spread set at UKT+95. Final books were £375m.
  • Today’s offering marks a return to the public markets having been absent for 5 years. The last time Clarion Funding came to the market was on the 31st of August 2021, when it priced a £300m, 30yr senior secured trade at Gilts +93; 22bps tighter than IPTs from a book of £1.1bn.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• Nordea Bank Abp (exp. Issue ratings of Aa2 / AA- / AA by Moody’s, S&P & Fitch) announced a senior preferred, Chf150m, Green, 8yr issue with initial guidance of SARON MS+60 area. Size upped to Chf175m when spread set at SARON MS+60. Upped again to Chf200m
  • This is the 8th public € benchmark offering YTD, & the 4th senior preferred print. Its last senior preferred was only this time last week when it priced a €750m, 7yr at MS+55; 25bps tighter than IPTs from a book of €1.2bn. Back on the 22nd of April, it priced a €1bn, 5yr senior preferred at MS+48; 27bps tighter than IPTs from a book of €2bn. Its last green senior preferred was back on the 8th of September last year when it priced a €750m, 10yr at MS+92; 28bps tighter than IPTs from a €2.3bn book.

Week-to-date volumes:

US$ Reg S (today)

• None.

Pending Deals & Mandates

Euro (€)

• 21st August: TenneT GmbH & Co. KG (exp. Issue ratings of Baa2 / BBB by Moody's & Fitch), the largest electricity transmission system operator in Germany (by network length), has mandated Deutsche Bank & ING as Joint Hybrid Structurers, ING as Sole Sustainability Structurer & Crédit Agricole CIB, Deutsche Bank, ING (B&D), Mizuho, Morgan Stanley & Santander as Joint Active Bookrunners, to arrange a series of fixed income investor calls on the 21st & 24th of August.  Morgan Stanley is coordinating logistics. A debut € denominated, EuGB, RegS, bearer, CGN, hybrid dual-tranche bond offering across 30.25NC5.25 & 30.5NC8.5 tranches is expected to follow, subject to market conditions.
• 24th August: Alcon Finance Corporation (exp. Issue ratings of Baa1 / BBB+ by Moody’s & S&P) guaranteed by Alcon Inc., a global leader in eye care, mandated BNP Paribas, Deutsche Bank, Goldman Sachs International, ING & SMBC as Joint Bookrunners to arrange a series of fixed income investor calls on Monday 24th & Tuesday 25th August 2026. A 7yr, €500m (wng) Reg S, fixed-rate, senior unsecured bond offering issued by Alcon Finance Corporation is expected to follow, subject to market conditions.
• 24th August: Sodexo SA (exp. Issue ratings of Baa1 / BBB by Moody’s & S&P), a global leader in Food Services, mandated BNP Paribas & ING as Global Coordinators along with CIC CIB, Goldman Sachs Bank Europe SE, Natixis & Société Générale as Active Bookrunners, to arrange a series of fixed-income investor calls on Monday 24th August & Tuesday 25th August 2026. A € dual-tranche €500m exp. 6yr & €500m exp. 10yr, New Global Notes, Reg S Bearer (Cat 2), senior unsecured bond offering will follow, subject to market conditions.
• 24th August: Sveafastigheter AB (exp. Issue rating of BBB- by Fitch), a Swedish owner & manager of residential rental properties in Sweden, mandated Citigroup Global Markets Europe AG as Global Coordinator, Citigroup Global Markets Europe AG & Goldman Sachs Bank Europe SE as Joint Bookrunners to arrange a series of fixed-income investor calls commencing Monday, 24 August 2026. Citi will be coordinating logistics. A €350m (exp.) 5.5yr Senior Unsecured offering will follow, subject to market conditions.
• 24th August: Interparking SA (exp. Rating of BBB by S&P), a Belgium-based leading car park operator, mandated BNP Paribas & Santander as Joint Global Coordinators, BBVA, Belfius, BNP Paribas, ING, Santander, Société Générale as Joint Active Bookrunners, & CaixaBank, Commerzbank, Intesa Sanpaolo, KBC as Joint Passive Bookrunners to arrange a series of fixed income investor calls on Monday 24th August & Tuesday 25th August 2026. A debut € denominated, senior unsecured, RegS (Cat2) fixed rate, benchmark Dual Tranche transaction with 5yr & 8yr maturities guaranteed by Servipark International SA is expected to follow, subject to market conditions.

• 24th August: Groupe Bruxelles Lambert SA (exp. Issue rating of A1 by Moody’s), a Belgium based, leading European investment holding company listed on Euronext Brussels with a market cap of €10.3bn as of 30 June 2026, mandated BNP Paribas, ING & Société Générale as Joint Global Coordinators together with Barclays, Belfius, Crédit Agricole CIB, CIC CIB, KBC & Natixis as Joint Active Bookrunners to arrange a series of fixed income investor calls on Monday 24 August. A €, senior unsecured, Belgian dematerialised, Reg S (Cat 1) fixed rate, €500m (wng) transaction with an 8yr maturity is expected to follow, subject to market conditions.
• 24th August: Bank Leumi le-Israel B.M. (exp. Issue rating of Aa3 / AA- by Moody’s & Fitch), the largest bank in Israel by assets & market capitalisation, has mandated Barclays & Natixis as Co-Arrangers & Global Coordinators, & Barclays, J.P. Morgan, Natixis & UBS Investment Bank as Joint Bookrunners to arrange a series of fixed income investor calls today, Monday 24th August. A €, Reg S Registered 3yr benchmark fixed rate structured covered bond offering backed by 100% Israeli residential mortgages may follow in the near future, subject to market conditions.
• 24th August: ING-DiBa AG (exp. Issue rating of Aaa by Moody’s), mandated BayernLB, Credit Agricole CIB, Helaba, HSBC, ING (B&D), Nordea & UniCredit as Joint Bookrunners for its upcoming Green € benchmark, 5yr Hypothekenpfandbrief backed by 100% prime residential German mortgage loans. The issue will be issued under the label European covered bond premium & will be launched in the near future, subject to market conditions.
• 24th August: Aareal Bank AG (exp. Issue ratings of BBB by Fitch), mandated Deutsche Bank, HSBC, Morgan Stanley & UBS Investment Bank as Joint Lead Managers for the issue of its upcoming €300m (wng) 5yr, Green Senior Non-Preferred Bond transaction.
• 24th August: Raiffeisenverband Salzburg (exp. Issue rating of Aaa by Moody’s) mandated Erste Group, LBBW, Nord LB, Raiffeisen Bank International & UniCredit as Joint Bookrunners for a new long 5-year (1 March 2032, soft bullet) €250m (wng) fixed-rate Mortgage Covered Bond (Hypothekenpfandbrief). The issue will be labelled as European Covered Bond (Premium), will be in RegS Bearer format. The transaction will be launched in the near future, subject to market conditions.

• 24th August: Ile-de-France Mobilités (Syndicat des Transports d'Île-de-France) (rated Aa3 / A+ by Moody’s & Fitch), mandated BNP Paribas, Crédit Agricole CIB, ING, Natixis & Santander to act as Joint Lead Managers for its upcoming € long 10-year EuGB benchmark transaction maturing 25 January 2037. The transaction will be launched in the near future subject to market conditions.
• 24th August: The German Federal State of Berlin (rated Aa1 / AAA / AAA by Moody's, Fitch & Scope), mandated BNP Paribas, BofA Securities, Deutsche Bank, DZ Bank, LBBW, & Raiffeisen Bank International to lead manage its upcoming € Benchmark Landesschatzanweisung with a maturity of 10 yrs. The deal will be launched in the near future subject to market conditions.
• 24th August: The World Bank (rated Aaa / AAA by Moody’s & S&P), mandated Citi, Crédit Agricole CIB, Goldman Sachs International, J.P. Morgan as Joint Lead Managers for a new 10yr € fixed rate benchmark Sustainable Development Bond (SEC exempt). World Bank bonds support the financing of a combination of green & social, i.e. sustainable development, projects, programs, & activities in IBRD member countries.

Sterling (£)

• 24th August: Traton Finance Luxembourg S.A. (rated Baa2 / BBB by Moody’s & S&P), guaranteed by Traton SE, one of the world’s largest commercial vehicle manufacturers, mandated Barclays & Deutsche Bank as Joint Bookrunners to arrange a series of investor calls commencing today, Monday 24 August 2026.  A DealRoadshow presentation will be made available. A £ benchmark, RegS, fixed rate, senior unsecured offering with a long 4yr (October 2030) tenor will follow, subject to market conditions. Deutsche Bank is coordinating logistics.

• 21st August: United Kingdom (Aa3 / AA / AA- by Moody’s, S&P & Fitch), mandated BofA Securities, Goldman Sachs International Bank, JPMorgan, Santander & UBS Investment Bank to lead manage the syndicated re-opening of the 5.375% Treasury Gilt 2056. The transaction is currently planned to take place in the week commencing 7th September 2026, subject to demand & market conditions.

Transaction Details

PRICED: Bayerische Landesbank €750m 4yr CB; MS+10bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+10bp / 99.718 / 3.201%
Benchmark: 4yr: OBL 2.4% 18-Apr-30 @ 98.28 / B+29.9bp / HR 110%

Tranche 1 (4yr): Final Books €1.25bn+ (incl. €200m JLM). Peak book above €1.3bn (incl. €200m JLM)

Launched: 4yr: €750m @ MS+10bp - Books above €1.3bn (incl. €200m JLM)
Spread set at: 4yr: MS+10bp - Books above €1.25bn (incl. €200m JLM)
Guidance: 4yr: MS+15a

• Issuer: Bayerische Landesbank (Ticker: BYLAN)
• LEI: VDYMYTQGZZ6DU0912C88
• Issue Type: Public Sector Covered Bond (Oeffentlicher Pfandbrief), European Covered Bond label (Premium)
• Exp. Issue Rating: Aaa (Moody's)
• Format: Reg S, Bearer
• Issue Size: €750mn
• Coupon: 3.125%, annual, Act/Act ICMA, unadjusted following
• Settlement: 31-Aug-26 (T+5)
• Maturity: 02-Sep-30 -long first coupon-
• Reoffer: MS +10bps / 99.718% / yield 3.201%
• Hedge Ref: OBL 2.4% 18-Apr-30 @ 98.28%, B+ 29.9bps, HR 110%
• Denominations: €1k+1k
• Listing/Law: Munich / German
• Documentation: Under Issuer’s EUR 60bn Debt Issuance Programme – Base Prospectus dated 12-May-26, last supplemented 19-May-26 (the “DIP Prospectus”) and related documentation
• Joint Bookrunners: BayernLB(B&D), Erste Group, Natixis, RBC Capital Markets, UniCredit
• MiFID II: The manufacturer target market is eligible counterparties, professional clients and retail clients (all distribution channels)
• Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities
• ISIN/WKN: DE000BYL0RA8 / BYL0RA
• Timing: Priced / TOE 13:48 CET / FTT 13:55 CET
• Advertisement: The prospectus is available at https://www.bayernlb.de/internet/de/blb/resp/meta_7/ueber_uns_1/investor_relations_5/refinanzierung_1/2026_prospekte/dip_2026_05/dip_2026_05.jsp

Covered
4yr (Sep 2030) @ MS+15a

Implied Spread for fresh 4yr @ MS+11

Priced at MS+10
NIC of -1

PRICED: Raiffeisen Landesbank Vorarlberg mit Revisionsverband eGen €300m 5yr CB; MS+21bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+21bp / 99.619 / 3.334%
Benchmark: 5yr: DBR 0 Aug-31 TWIN @ 86.56 / B+38.7bp / HR 109%

Tranche 1 (5yr): Final books above €650m (incl. €90m JLM) good at reoffer. Peak book above €880m (incl. €90m JLM)

Launched: 5yr: €300m @ MS+21bp - Books above €880m (incl. €90m JLM)
Spread set at: 5yr: MS+21bp
Guidance: 5yr: MS+27a

• Issuer: Raiffeisen Landesbank Vorarlberg mit Revisionsverband eGen (Ticker: RFVORA)
• LEI: 529900FEID5L4H2T2L70
• Status of the Notes: Mortgage Covered Bond (Hypothekenpfandbrief) / European Covered Bond (Premium)
• Format: Reg S, Bearer
• Exp. Issue Rating: Aaa (Moody's)
• Size: €300m
• Tenor: 5-year
• Settlement Date: 31-Aug-26 (T+5)
• Maturity Date: 01-Sep-31 ("Soft bullet")
• Reoffer: MS+21bp / 99.619 / 3.334%
• Benchmark: +38.7bp vs DBR 0 Aug-31 TWIN (@86.56), HR 109%
• Coupon: 3.25% p.a., fixed, annual, Act/Act ICMA, Following, unadjusted, long first coupon
• Denoms/Listing/Law: €100,000 + €100,000 / Regulated Market of the Vienna Stock Exchange / Austrian Law
• ISIN: AT0000A3WV33
• Documentation: Under the Issuer’s base prospectus (Angebotsprogramm für Schuldverschreibungen), dated 02-Jun-26, as supplemented
• Advertisement: The Base Prospectus is available at: http://www.rlbv.at/basisprospekt
• Manufacturer Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.
• Joint Lead Managers: DZ Bank, Erste Group, Helaba, Raiffeisen Bank International (B&D) and UniCredit
• Fees: The Banks will be paid a fee by the issuer in respect of the placement of the securities
• Timing: TOE: 13:52 CET / FTT: 14:10 CET

Covered
5yr (Sep 2031) @ MS+27a

Implied Spread for fresh 5yr @ MS+19

Priced at MS+21
NIC of +2

PRICED: Commerzbank Aktiengesellschaft €1bn 5yr CB; MS+17bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+17bp / 99.791 / 3.296%
Benchmark: 5yr: DBR 0% 15-Aug-31 at 86.54% / B+34.4 / HR 109%

5yr: Final Books over €3.15bn (incl. €165m JLM) at reoffer

Launched: 5yr: €1bn @ MS+17bp - Books above €2.7bn (incl. €165m JLM)
Spread set at: 5yr: MS+17bp
Book Update: Books above €2.2bn (incl. €90m JLM)
Guidance: 5yr: MS+23a

• Issuer: Commerzbank Aktiengesellschaft
• Ticker: CMZB
• LEI: 851WYGNLUQLFZBSYGB56
• Issuer Credit Rating: A2 (Stable) by Moody's / A (Stable) by S&P
• Exp. Issue Rating: Aaa by Moody's
• Format: Reg S Cat. 2, TEFRA D
• Issue Type: Hypothekenpfandbrief (Mortgage Covered Bond)
• EU Harmonisation Label: European Covered Bond (Premium)
• Size: €1bn
• Settlement: 01-Sep-26 (T+6)
• Maturity: 01-Sep-31
• Reoffer: MS+17bp / 99.791 / 3.296%
• Benchmark: DBR 0% 15-Aug-31 at 86.54% / B+34.4 / HR 109%
• ISIN/WKN: DE000CZ46C35 / CZ46C3
• Coupon: 3.25%, fixed, Annual, Act/Act (ICMA), following unadjusted
• Denoms/Law: €1k + €1k / German
• Docs: Pursuant to the €90bn Medium Term Note Programme of the Issuer; Securities Note dated 22-May-26 and Registration Document dated 22-May-26 and supplemented on 21-Aug-26 (together, “the Base Prospectus”)
• Listing: Frankfurt Stock Exchange, Regulated Market
• Global Coordinator: Commerzbank
• Bookrunners: Commerzbank (B&D), Danske Bank, DZ Bank, IMI-Intesa Sanpaolo, LBBW, Nordea & SEB
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Timing: TOE 14:46 CET / FTT 15:05 CET
• Target Market: The manufacturer target market (MIFID II) product governance is professional investors, eligible counterparties and retail investors (all distribution channels)
• Advertisement & Links:
  • The Securities Note is available and the Final Terms, when published, will be available at:
  • https://investor-relations.commerzbank.com/debt-holders-information/emtn-programme/
  • The Registration Document, as supplemented is available at:
  • https://investor-relations.commerzbank.com/debt-holders-information/registration-document

Covered
5yr (Sep 2031) @ MS+23a

Implied Spread for fresh 5yr @ MS+17

Priced at MS+17
NIC of 0

PRICED: Korea Housing Finance Corporation €800m 3yr CB; MS+17bp

IGC European Market: Deal Flow - GeneralEM Asia: Deal Flow - General

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

Covered
3yr (Sep 2029) @ MS+24a

Implied Spread for fresh 3yr @ MS+14

Priced at MS+17
NIC of +3

PRICED: Nordea Bank Abp CHF 200m 8yr Green SP; SARON MS+60bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: SARON MS+60bp / 100 / 1.155% (YTM) / Govt.+84

Spread set at: 8yr: SARON MS+60bp
Guidance: 8yr: SARON MS+60a

• Issuer: Nordea Bank Abp
• Ticker: NDAFH
• Issuer Domicile: Finland
• Format: Public Fixed Rate Bonds
• Status: Senior Preferred
• Type: Green Bonds
• Issuer Rating: Aa2 (Negative, Moody's) / AA- (Stable, S&P) / AA (Stable, Fitch)
• Instrument Rating (exp): Aa2 (Moody's) / AA- (S&P) / AA (Fitch)
• Issue Size (in mm): CHF 200m
• Coupon: 1.155% p.a.
• Maturity: 8 years (07-Sep-26 until 07-Sep-34)
• Issue Price: 100%
• Spread/Yield: SARON MS+60 // YTM 1.155% // Govt.+84
• ISIN / Security Number: CH1593191120 / 159319112
• Lead Manager(s): Deutsche Bank / UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Off the €50,000,000,000 Euro Medium Term Programme dated 8-May-26
• FinSA Prospectus: Recognised base prospectus in accordance with Art. 45 FinSA
• Governing Law: Finland
• Covenants: PP, Clean-up Call
• SIX Listing: 3-Sep-26
• Denomination: CHF 200,000
• Use of Proceeds: An amount equal to the net proceeds of the Notes is intended to be used, directly or indirectly, to finance or refinance green bond assets evaluated and selected by the Issuer pursuant to Nordea's Green Funding Framework published in March 2025
• Target Market: The target market as defined by the manufacturer domiciled in the EEA (MiFID II) is eligible counterparties and professional clients only (all channels for distribution), subject to applicable selling restrictions. Public offer into Switzerland only
• Sales Restrictions: As set out under the EMTN Programme
• Green Funding Framework: Nordea Green Funding Framework 2025
• SPO: Second Party Opinion (SPO) - Sustainability Quality of the Issuer, Nordea Green Funding Framework and Asset Pool
• Sustainable Funding Presentation: sustainable-investor-presentation-q1-2026-nordea-1.pdf

PRICED: Länsförsäkringar Hypotek AB €500m 5yr CB; MS+16bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+16bp / 99.761 / 3.30%
Benchmark: 5yr: OBL 2.900% 10-Aug-31 @ 99.52% / B+30.0bp / HR 99%

Tranche 1 (5yr): Final Books in excess of €1.85bn (incl. €400m JLM). Peak book above €2.4bn (incl. €400m JLM)

Spread set at: 5yr: MS+16bp - Books above €2.4bn (incl. €400m JLM)
Book Update: Books above €1.8bn (incl. €400m JLM)
Guidance: 5yr: MS+24a

• Issuer: Länsförsäkringar Hypotek AB (publ)
• Ticker: LFBANK
• Issuer LEI: 5493001P7BX1N0JAG961
• Expected Issue Ratings: Aaa/AAA (Moody's/S&P)
• Issue Type: Swedish Covered Bond / Säkerställda Obligationer
• Format: Reg S, Bearer, NGN
• EU Harmonisation: European Covered Bond (Premium)
• Size: €500m
• Trade Date: 24-Aug-26
• Settlement Date: 31-Aug-26 (T+5)
• Maturity Date: 13-Oct-31 (soft bullet)
• Coupon: 3.25% Fixed, Annual, Act/Act (ICMA), long first coupon
• Reoffer: MidSwaps +16 bps, Yield 3.30% , Price 99.761%
• Benchmark: OBL 2.900% 10-Aug-31 @ 99.52% + 30.0bps, HR 99%
• Governing Law: English law, except that the provisions of the Covered Notes under Condition 2 of the Terms and Conditions will be governed by, and construed in accordance with, Swedish law
• Listing: Luxembourg Stock Exchange
• Clearing: Euroclear / Clearstream
• Documentation: Issuer’s €6bn Euro Medium Term Covered Note Programme dated 1-Apr-26
• Denominations: €100,000 (and integral multiples of €1,000 in excess thereof)
• ISIN / Common Code: XS3486690285 / 348669028
• Target Market: Manufacturer target market (EU MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not deemed within scope
• Joint Bookrunners: Erste Group, Helaba, JP Morgan, NORD/LB, Santander, Swedbank (B&D)
• Timing: Priced. TOE: 14:21UKT/15:21CET. FTT: 14:40UKT/15:40CET
• Advertisement: The Base Prospectus (and Final Terms, when published) is available at https://www.lansforsakringar.se/stockholm/other-languages/english/about-lansforsakringar/lansforsakringar-hypotek/terms-of-usage-for-emtn-base-prospectus/prospectus-euro-medium-term-notes/

Covered
5yr (Sep 2031) @ MS+24a

Implied Spread for fresh 5yr @ MS+16

Priced at MS+17
NIC of +1

PRICED: Clarion Funding PLC £250m 15yr Snr Sec; UKT+95bp

IGC European Market: Deal Flow - General

Reoffer: 15yr: UKT+95bp / 99.447 / 6.433%
Benchmark: 15yr: UKT 5.250% due 31-Jan-41 @ 97.693 mid / 97.663 bid / HR 98%

Tranche 1 (15yr): Final books above £375m. Peak book above £550m (pre-rec)

Launched: 15yr: £250m @ UKT+95bp - Books above £475m (pre-rec)
Spread set at: 15yr: UKT+95bp
Guidance: 15yr: UKT+95a (+/-2bp WPIR) - Books above £550m (pre-rec)
IPTs: 15yr: UKT+105/110a

• Issuer: Clarion Funding PLC (Ticker: CLARHG)
• Issuer LEI: 213800BLOAKXC1BXLJ29
• Borrowers: Clarion Treasury Limited, Clarion Housing Association Limited
• Expected Issue Ratings: A3 / A- / A+ (Moody's / S&P / Fitch)
• Format: Senior, Secured, Reg S, Bearer, NGN
• Size: £250m
• Settlement: 01-Sep-26 (T+5)
• Maturity: 01-Sep-41
• Reoffer: Mid Gilts +95bp / 99.447 / 6.433% s.a.
• Benchmark Gilt: UKT 5.250% due 31-Jan-41 @ 97.693 mid / 97.663 bid / HR 98%
• Coupon: 6.375% Fixed, Semi-Annual, Act/Act (ICMA)
• Documentation: Note Programme dated 24-Apr-26, £100k + £1k, London Stock Exchange (Main Market), English Law
• Optional Redemption: 3 month Par Call, MWC @ UKT +15bp
• Asset Cover: (i) 1.05x EUV-SH, (ii) 1.15x MV-ST, (iii) charged cash
• Use of Proceeds: Sustainable Bonds. Net proceeds from the issue of the Notes will be used by the Issuer for sustainable purposes and applied in accordance with the Issuer's Sustainable Housing Finance Framework
• Target Market: 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. No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK.
• ISIN / Common Code: XS3484317659 / 348431765
• Active Bookrunners: ABN AMRO, Barclays, Lloyds
• B&D: Barclays
• Timing: Priced TOE 14:49 UKT / FTT 15:15 UKT
• Advertisement: The Offering Circular is available at https://data.fca.org.uk/artefacts/NSM/FCA/NI-000143768/NI-000143768.pdf and the Final Terms, when published, will be available on the website of the London Stock Exchange

Sustainable
15yr (Sep 2041) @ UKT +105 to +110

Implied Spread for fresh 15yr @ UKT +82

Priced at UKT+95
NIC of +13

PRICED: Nippon Life Insurance Company €550m 30NC10 T2; MS+153bp

IGC European Market: Deal Flow - General

Reoffer: 30NC10: MS+153bp / 100 / 4.804%
Benchmark: 30NC10: DBR 3% Aug-36 @ 97.84 / B+154.8bp

Tranche 1 (30NC10): Final Books >€1.75bn. Peak book >€2.8bn (pre-rec)

Launched: 30NC10: €550m @ MS+153bp - Books >€2.8bn (pre-rec)
Book Update: Orderbook in excess of €2.0bn
IPTs: 30NC10: MS+180a

• Issuer: Nippon Life Insurance Company (“Nippon Life”, Ticker: NIPLIF)
• LEI: 549300Y0HHMFW3EVWY08
• Type: Fixed to Fixed step-up callable dated subordinated notes
• Issuer Financial Strength Ratings: Aa3 (Moody's) / A+ (S&P)
• Exp. Issue Ratings: A2 (Moody's) / A- (S&P)
• Issue Amount: €550m
• Structure: 30NC10
• Maturity: 01-Sep-56
• First Call Date: 01-Sep-36
• Settlement: 01-Sep-26 (T+5)
• Re-offer: MS+153, 4.804% Annual Yield, DBR 3% Aug-36 @ 97.84 + 154.8bps
• Price: 100
• Issuer Redemption Option: 10 years after the issue date (“First Call Date”) and thereafter every 5 years
• Coupon: 4.804% fixed (annual, Act/Act ICMA) until 01-Sep-36, thereafter reset every 5 years to a new fixed rate equal to applicable 5-year € Mid Swap + initial credit spread + 100bps step-up, payable annually
• Optional Deferral: Nippon Life may elect to defer payment of all (and no less than all) of the interest accrued on any interest payment date that does not constitute a mandatory interest deferral date
• Mandatory Deferral: Nippon Life shall be required to defer payment of all (and no less than all) of the accrued interest if: 1) a capital deficiency event has occurred and is continuing, or 2) any payment in relation to the Notes or a liquidation parity indebtedness has been deferred and continues to be in deferral
• Payment Stoppage: If any payment in relation to the Notes has been deferred and continues to be in deferral, Nippon Life shall not make any payment of principal of, or interest or premium, if any, on, or repay, purchase or redeem any of the liquidation parity indebtedness or any of its instrument that are expressly designated as being junior to the Notes (other than foundation funds obligations)
• Arrears of Interest: Arrears of Interest shall accrue on a cumulative basis and in case of optional interest deferral (but not mandatory interest deferral) shall bear interest at a rate equivalent to the applicable fixed or reset rate. Arrears of interest mandatorily deferred shall bear no interest
• Final Redemption: The Notes will be finally redeemed, subject to compliance with applicable regulatory requirements, on 01-Sep-56 if: 1) Nippon Life’s economic solvency ratio after giving effect to the redemption is expected to remain at an adequate level within the meaning of the Insurance Business Act and any applicable regulations, public notices or guidelines thereunder then in force, or 2) Nippon Life procures qualifying financing in an amount not less than the amount of the redemption
• Optional Redemption: The Notes may be redeemed at Nippon Life’s option subject to compliance with applicable regulatory requirements on the First Call Date or on any reset date if: 1) Nippon Life’s economic solvency ratio after giving effect to the redemption is expected to remain at an adequate level within the meaning of the Insurance Business Act and any applicable regulations, public notices or guidelines thereunder then in force, or 2) Nippon Life procures qualifying financing
• Other Redemption: At any time upon occurrence of: 1) an additional amounts event: at par at any time, or 2) a regulatory event, tax deductibility event or rating agency event: at par. In each case, subject to compliance with applicable regulatory requirements, including the prior confirmation of the FSA (if then required) and satisfaction of the requirements described under (1) or (2) of Optional Redemption above. Provided that, in the case of redemption prior to 01-Sep-31 as a consequence of (a) an additional amounts event, or (b) a regulatory event which could have been reasonably foreseeable as of the issue date of the Bonds or which does not constitute an event which has a significantly material impact, or (c) a tax deductibility event which could have been reasonably foreseeable as of the issuance of the Bonds or which does not constitute an event which has a significantly material impact, or (d) a rating agency event, in each case occurring and continuing prior to 01-Sep-31, such early redemption may only be made if (i) Nippon Life’s economic solvency ratio after giving effect to the redemption is expected to remain at an adequate level within the meaning of the Insurance Business Act (including any successor legislation) and any applicable regulations, public notices or guidelines thereunder then in force, and (ii) Nippon Life procures qualifying financing.
• Denoms: €100,000 and integral multiples of €1,000 in excess thereof
• Use of Proceeds: General corporate purposes
• UK MiFIR Target Market: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK CCI disclosure document as not available to retail in the UK or EEA
• Listing/Form/Law: Singapore / Reg S Registered / English Law
• Bookrunners: JPM (B&D) / BNP Paribas / Citigroup / Barclays / HSBC
• ISIN: XS3478185344
• DealRoadshow: URL: https://dealroadshow.finsight.com Entry Code: NL2026DR Direct Link: https://dealroadshow.finsight.com/e/NL2026DR
• Timing: TOE: 15:03 UKT, FTT 15:20 UKT

PRICED: Eastern Power Networks plc €500m 8yr Sr Unsec; MS+83bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+83bp / 100.00 / 4.039%
Benchmark: 8yr: DBR 2.6% 15-Aug-34 @ 96.12 / B+88.1bp

Tranche 1 (8yr): Final Books >€1.6bn. Peak book >€2bn (pre-rec, good at tight-end of Guidance)

Launched: 8yr: €500m @ MS+83bp - Books >€2bn (pre-rec, good at tight-end of Guidance)
Guidance: 8yr: MS+85a (+/-2 WPIR) - Books >€2bn (pre-rec)
IPTs: 8yr: MS+115a

• Issuer: Eastern Power Networks plc
• Ticker: UKPONE
• Country: GB
• Issuer LEI: 213800U5R8Q5KGM2KU56
• Issuer Ratings: Baa1 (stable outlook) / A- (stable outlook) / BBB+ (stable outlook) by Moody's / S&P / Fitch
• Expected Issue Ratings: Baa1 / A- / A- by Moody's / S&P / Fitch
• Rating Split: Issuer: Baa1/A-/BBB+ (Moody's/S&P/Fitch), Issue: Baa1/A-/A- (Moody's/S&P/Fitch)
• Format: Senior, Unsecured, Reg S, Category 2, Bearer, NGN, Green
• Settlement Date: 02-Sep-26 (T+6)
• Size: €500m
• Tenor: 8-year
• Maturity Date: 02-Sep-34
• Reoffer: MS+83bp / 4.039% Yield Ann / 100.00 Px / B+88.1bp
• Coupon: 4.039%, Annual, Act/Act (ICMA)
• Benchmark: DBR 2.6% 15-Aug-34 @ 96.12 (ISIN: DE000BU2Z031) | Hedge Ratio: 99%
• Par Call: 3-month
• ISIN: XS3485517364
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof
• Optional Redemption: Restructuring Event Noteholder Put
• Docs/Listing/Governing Law: Under the Issuer’s GBP 10 billion EMTN Programme Offering Circular dated 30-Jul-26 / London Stock Exchange (Main Market) / English Law
• Clearing: Euroclear and Clearstream, Luxembourg
• Use of Proceeds: Net proceeds will be used in accordance with the Issuer’s Green Bond Framework to finance and/or refinance new and/or existing green projects
• Selling restrictions: As per the EMTN Programme Offering Circular dated 30-Jul-26
• Joint Bookrunners: Barc / HSBC (B&D) / Lloyds / Mizuho
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not available to retail in EEA or the UK
• Advertisement: The EMTN Programme Offering Circular and any supplements are available on the website of the London Stock Exchange www.londonstockexchange.com The Final Terms, when published, will be available on the website of the London Stock Exchange www.londonstockexchange.com
• Timing: TOE: 14.50 UKT | FTT: 15.25 UKT
• Stabilisation: Applicable, stabilisation regulations apply, including FCA/ICMA

Green
8yr (Sep 2034) @ MS+115a

Implied Spread for fresh 8yr @ MS+87

Priced at MS+83
NIC of -4

PRICED: Caterpillar Financial Services €1.4bn 2yr FRN & 3yr Sr Unsec; 3mE+30bp & MS+30bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: 3mE+30bp / 100.00 3yr: MS+30bp / 100.00 / 3.404%
Benchmark: 3yr: DBR 0 15-Aug-29 @ 91.957 / B+54.0bp / HR 106%

Tranche 1 (2yr FRN): Final Books >€750m. Peak book >€1.35bn
Tranche 2 (3yr Fixed): Final Books >€1.45bn. Peak book >€2.5bn
Combined: Final Books >€2.2bn. Peak books in excess of €3.85bn (pre-rec)

Launched:
2yr: €600m @ 3mE+30bp - Books > €1.1bn
3yr: €800m @ MS+30bp - Books > €2.1bn (Combined books in excess of €3.2bn (pre-rec))
Guidance: 2yr FRN: 3mE+35a (+/-5 WPIR) - Books > €1.35bn 3yr Fixed: MS+35a (+/-5 WPIR) - Books > €2.5bn (Combined books in excess of €3.85bn (pre-rec))
IPTs: 2yr FRN: 3mE+55-60bp 3yr Fixed: MS+65a

• Issuer: Caterpillar Financial Services Corporation
• Issuer Ratings:* A1 (Stable) / A (Stable) / A+ (Stable) by Moody’s / S&P / Fitch
• Expected Notes Ratings:* A1 / A / A+ by Moody’s / S&P / Fitch
• Format: EMTN Programme (Reg S only, Registered Notes)
• Ranking: Senior Unsecured
• Settlement Date: 28-Aug-26 (T+4)
• Issue Type:
  • 2yr FRN: 2yr FRN
  • 3yr FXD: 3yr FXD
• Maturity:
  • 2yr FRN: 28-Aug-28
  • 3yr FXD: 28-Aug-29
• Size:
  • 2yr FRN: €600m
  • 3yr FXD: €800m
• Reoffer:
  • 2yr FRN: 3mE+30bp / 100.00
  • 3yr FXD: MS+30bp / 100.00 / 3.404%
• Coupon:
  • 2yr FRN: 3mE+30bp, Quarterly, ACT/360
  • 3yr FXD: 3.404%, Annual, ACT/ACT (ICMA)
• Benchmark:
  • 3yr FXD: DBR 0 15-Aug-29 / Px 91.957 / 2.864%
• Benchmark Spread:
  • 3yr FXD: 54.0bp / HR 106%
• Conventions:
  • 2yr FRN: Adjusted, Modified Following
• Docs: EMTN Programme Offering Circular dated 27-Mar-26
• Denoms: €100k x €1k
• Listing / Admission to Trading: Luxembourg Stock Exchange / Euro MTF Market
• Governing Law: New York
• UoP: General Corporate Purposes
• Bookrunners: Barc (B&D), J.P. Morgan, MUFG
• Selling Restrictions: See the EMTN Programme Offering Circular dated 27-Mar-26
• Sales Into Canada: Yes, via exemption
• Target Market / EEA PRIIPs/UK CCI: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK disclosure document has been prepared as not available to retail investors in the EEA or the UK
• Clearing: Euroclear / Clearstream
• Stabilisation: Relevant stabilisation regulations including FCA/ICMA apply
• TOE / FTT: 15.32 UKT / 15.50 UK
• LEI Code: EDBQKYOPJUCJKLOJDE72
• ISIN:
  • 2yr FRN: XS3485519147
  • 3yr FXD: XS3484273183

PRICED: Koninklijke Philips N.V. €650m 7.75yr Sr Unsec; MS+85bp

IGC European Market: Deal Flow - General

Reoffer: 7.75yr: MS+85bp / 99.655 / 4.055%
Benchmark: 7.75yr: DBR 2.2 15-Feb-34 @ 93.88 / B+92.5bp / HR 103%

Tranche 1 (7.75yr): Final Books over €1.7bn. Peak book over €2.1bn (pre rec, at guidance)

Launched: 7.75yr: €650m @ MS+85bp - Books over €2.1bn (pre rec, at guidance)
Guidance: 7.75yr: MS+90a - Books over €2.1bn (pre rec)
IPTs: 7.75yr: MS+115/120bp

• Issuer: Koninklijke Philips N.V. (Ticker: PHIANA, Country: NL)
• Issuer LEI: H1FJE8H61JGM1JSGM897
• Issuer Ratings: Baa1 (stable) / BBB+ (stable) / BBB+ (stable) by Moody's / S&P / Fitch
• Expected Issue Ratings: BBB+ / BBB+ by S&P / Fitch
• Form: Reg S, Bearer, New Global Note
• Status of Notes: Senior, Unsubordinated and Unsecured, Green
• ESG Label: EuGB
• Settlement Date: 28-Aug-26 (T+4)
• Size: €650mn
• Tenor: 7.75-year
• Maturity Date: 28-May-34
• Reoffer: MS+85bp / 99.655 / 4.055%
• Benchmark: DBR 2.2 15-Feb-34 +92.5bps @ 93.88 / HR 103%
• Coupon: 4.000% FXD, Annual, Act/Act (ICMA), Short first
• ISIN: XS3484368645
• Use of Proceeds: The Notes are designated as "European Green Bonds" or "EuGB" in accordance with Regulation (EU) 2023/2631 (the "EU Green Bond Regulation"). An amount equal to the gross proceeds of the issuance of the Notes will be applied by the Issuer to finance or refinance the project(s) described in the Issuer's European Green Bond Factsheet dated 17-Aug-26.
  EuGBs issued by Philips under this Factsheet are also aligned with the voluntary guidelines of the ICMA Green Bond Principles 2025 as reflected in Philips Sustainable Finance Framework dated Jul-26, which has been externally reviewed by a Second Party Opinion (SPO) provider.
  The Sustainable Finance Framework, the Second Party Opinion, Factsheet and EuGB Pre-issuance review do not form part of, nor are incorporated by reference in, the Base Prospectus.
• Denoms: €100k+1k
• Early redemption: Change of Control Put (at par), MWC (B+15bps), Clean-up Call (75% at par), Tax Call (at par), 3m Par Call
• Docs/Listing/Governing Law: Issuer's €10bn EMTN Programme dated 09-Mar-26 as supplemented on 21-Aug-26 / Luxembourg Listing (regulated market) / English Law
• Clearing: Euroclear / Clearstream
• Selling restrictions: Reg S and as per EMTN
• Active Bookrunners: Citi (B&D) / Deutsche Bank / HSBC / ING
• ESG & EuGB Factsheet structurer: ING
• Target Market: Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs CCI product summary has been prepared as the notes will not be made available to retail investors in the EEA or the UK
• Sustainable Finance Framework / EuGB Factsheet / EuGB pre-issuance review / SPO: Sustainable Finance Framework: https://www.philips.com/c-dam/corporate/about-philips/investors/debt-info/Philips-Sustainable-Finance-Framework-July-2026.pdf
  EuGB Factsheet: https://www.philips.com/c-dam/corporate/about-philips/investors/debt-info/Philips-EuGB-Factsheet-17-August-2026.pdf
  EuGB pre-issuance review: https://www.philips.com/c-dam/corporate/about-philips/investors/debt-info/EuGB_External_Review-Royal-Philips-NV-EuGB_17Aug2026.pdf
  SPO: https://www.philips.com/c-dam/corporate/about-philips/investors/debt-info/Second_Party_Opinion-Royal-Philips-NV-Second-Party_17Aug2026.pdf
• 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 dated 09-Mar-26 and the Supplement dated 21-Aug-26 and the Final Terms, when published, will be available at: https://www.luxse.com/issuer/KoPhilips/86952
• TOE/FTT: 15.35 UKT / 15.55 UKT

PRICED: AstraZeneca Finance LLC €2.55bn 4-part Sr Unsec; MS+30bp / MS+50bp / MS+68bp / MS+83bp

IGC European Market: Deal Flow - General

Reoffer: Long 3yr: MS+30bp / 99.998 / 3.407% 6yr: MS+50bp / 100 / 3.652% 9yr: MS+68bp / 100 / 3.923% 12yr: MS+83bp / 100 / 4.169%
Benchmark: Long 3yr: DBR 0.000 15-Feb-30 @ 90.585 / B+52.0bp HR 106% 6yr: DBR 1.700 15-Aug-32 @ 92.945 / B+64.3bp HR 103% 9yr: DBR 2.600 15-Aug-35 @ 95.39 / B+72.4bp HR 100% 12yr: DBR 1.000 15-May-38 @ 77.11 / B+76.8bp HR 113%

Tranche 1 (Long 3yr): Peak book >€2.0bn
Tranche 2 (6yr): Peak book >€2.1bn
Tranche 3 (9yr): Peak book >€1.6bn
Tranche 4 (12yr): Peak book >€2.7bn
Combined Peak book above €8.5bn (pre-rec)

Launched:
Long 3yr: €700m @ MS+30bp - Books >€1.9bn
6yr: €600m @ MS+50bp - Books >€1.7bn
9yr: €500m @ MS+68bp - Books >€1.4bn
12yr: €750m @ MS+83bp - Books >€1.8bn
Spread set at: Long 3yr: MS+30bp 6yr: MS+50bp 9yr: MS+68bp 12yr: MS+83bp - Combined Books above €6.8bn (pre-rec)
Guidance:
Long 3yr: MS+30/35bp - Books >€2.0bn
6yr: MS+50/55bp - Books >€2.1bn
9yr: MS+70a (+/-2) - Books >€1.6bn
12yr: MS+85a (+/-2) - Books >€2.7bn
Combined Books above €8.5bn (pre-rec)
IPTs:
Long 3yr: MS+60a
6yr: MS+80a
9yr: MS+95/100bp
12yr: MS+115a

• Issuer: AstraZeneca Finance LLC (Ticker: AZN)
• Issuer LEI: 549300C3HATU4Q460S18
• Guarantor: AstraZeneca PLC
• Guarantor LEI: PY6ZZQWO2IZFZC3IOL08
• Guarantor Ratings: A1 (positive) / A+ (stable) (Moody's / S&P)
• Expected Issue Ratings: A1 / A+ (Moody's / S&P)
• Format of the Notes: Senior, Unsecured, Reg S, Registered, NSS
• Size:
  • Long 3yr: €700m
  • 6yr: €600m
  • 9yr: €500m
  • 12yr: €750m
• Tenor:
  • Long 3yr: Long 3-year
  • 6yr: 6-year
  • 9yr: 9-year
  • 12yr: 12-year
• Settlement Date: 01-Sep-26 (T+5)
• Maturity Date:
  • Long 3yr: 01-Mar-30
  • 6yr: 01-Sep-32
  • 9yr: 01-Sep-35
  • 12yr: 01-Sep-38
• Reoffer:
  • Long 3yr: 99.998 / MS+30bp / 3.407%
  • 6yr: 100 / MS+50bp / 3.652%
  • 9yr: 100 / MS+68bp / 3.923%
  • 12yr: 100 / MS+83bp / 4.169%
• Benchmark Spread:
  • Long 3yr: DBR 0.000 15-Feb-30 + 52.0 (px: 90.585) HR 106%
  • 6yr: DBR 1.700 15-Aug-32 + 64.3 (px: 92.945) HR 103%
  • 9yr: DBR 2.600 15-Aug-35 + 72.4 (px: 95.39) HR 100%
  • 12yr: DBR 1.000 15-May-38 + 76.8 (px: 77.11) HR 113%
• Coupon:
  • Long 3yr: 3.402%, Fixed, Ann, Act / Act (ICMA), Short First
  • 6yr: 3.652%, Fixed, Ann, Act / Act (ICMA)
  • 9yr: 3.923%, Fixed, Ann, Act / Act (ICMA)
  • 12yr: 4.169%, Fixed, Ann, Act / Act (ICMA)
• Denominations: €100k + 1k
• Business Days: London, T2
• Early Redemption: 1m Par Call (Long 3-year), 3m Par Call (6-, 9- and 12-years), MWC, Clean-up Call (75%)
• ISIN / Common Code:
  • Long 3yr: XS3484302206 / 348430220
  • 6yr: XS3484302461 / 348430246
  • 9yr: XS3484302545 / 348430254
  • 12yr: XS3484302628 / 348430262
• UOP: General Corporate Purposes
• Docs: Euro Medium Term Note Programme dated 09-Jun-26, London Stock Exchange (Main Market), English Law
• Canadian Sales: Yes, via exemption
• Target Market: MiFID II and UK MiFIR professionals/ECPs-only / No EEA PRIIPs KID or DISC disclosure document – Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (“KID”) or disclosure document required by the FCA Product Disclosure Sourcebook (“DISC”) has been prepared as the Notes are not deemed within scope / not available to retail in the EEA or the United Kingdom
• Advertisement: The Base Prospectus is available on the London Stock Exchange www.londonstockexchange.com/exchange/news/market-news/market-news-home and the Final Terms, when published, will also be available on the same website
• Active Bookrunners: Barclays, Goldman Sachs International, Morgan Stanley (B&D)
• B&D: Morgan Stanley
• Timing: PRICED
• TOE: Long-3yr 16:05 UKT / 17:05 CET; 6yr 16:04 UKT / 17:04 CET; 9 yr 16:04 UKT / 17:04 CET; 16:03 UKT / 16:03 CET
• FTT: 16:45 UKT / 17:45 CET

• To view the LIVE / REAL TIME European IG pipeline please click here.
• Details correct at time of posting