Commentary & Deal Flow

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
• LEI Code: EDBQKYOPJUCJKLOJDE72
• Issuer Ratings: A1 (Stable) / A (Stable) / A+ (Stable) (Moody’s / S&P / Fitch)
• Expected Notes Ratings: A1 / A / A+ (Moody’s / S&P / Fitch)
• Format: EMTN Programme (Reg S only, Registered Notes)
• Ranking: Senior Unsecured
• Settlement Date: 28-Aug-26 (T+4)
• Maturity:
  • 2yr FRN: 28 August 2028
  • 3yr Fixed: 28 August 2029
• Size:
  • 2yr FRN: €600m
  • 3yr Fixed: €800m
• Spread:
  • 2yr FRN: 3mE+30bp
  • 3yr Fixed: MS+30bp
• Cash Price:
  • 2yr FRN: Par
• Coupon:
  • 2yr FRN: FRN, Quarterly, ACT/360
  • 3yr Fixed: Fixed, Annual, ACT/ACT (ICMA)
• 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
• Timing: Today's business
• ISIN:
  • 2yr FRN: XS3485519147
  • 3yr Fixed: XS3484273183
• Books Subject: 12.30 UKT / 13.30 CET
• Hedge Deadline: 15:15 UKT
• Hedges:
  • 2yr FRN: No hedges (will price at par)
  • 3yr Fixed: 106% v. DBR 0 15-Aug-29