• Monday's busy session carried through into today with € IG pricing a further €13.05bn, from 14 issuers (2 x Corp, 9 x FIG & 3 x SSA), via 15 tranches. The session was once again dominated by financials with relatively small trades.
• Sterling IG also priced £250m from 1 issuer (1 x Corp) via 1 tranche.
• Both Chf & the US$ Reg S space were silent today.
• The “Talking Point” (below) takes a look at the IPT to pricing trends since the beginning of the year. Today we look at SSA & Covered issuance.
• Arguably as a result of the US / Iran conflict morphing from a military conflict into a financial one, Brent crude prices dropped from recent highs, back through $90, currently trading at c.$89.37 (from $92.02 this morning).
• European equity bourses have had a stronger session today, with the FTSE, Dax & CAC 40 all higher by 0.19%, 0.70%, & 0.01% respectively (as we go to press).
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €2.95bn
    • Avg. tranche size €983m
    • Avg. IPT to Pricing -47.67
    • Avg. cover 2.75 X
  • FIG
    • Total IG: €4.85bn
    • Avg. tranche size €539m
    • Avg. IPT to Pricing -5.7 (covered)
    • Avg. IPT to Pricing -25.5 (unsecured)
    • Avg. cover 2.94 X
  • SSA
    • Total IG: €5.25bn
    • Avg. tranche size €1.75bn
    • Avg. IPT to Pricing -2
    • Avg. cover 2.50 X
• Pipeline: The European IG pipeline currently has 14 trades in both €’s & £.
  • 4 x € Corp (2 x dual-tranche)
  • 3 x € FIG (2 x covered)
  • 3 x € SSA (1 x Social)
  • 1 x £ FIG
  • 1 x £ SSA (w/o 7th Sept)

Talking Point

• Today we look at the IPT to pricing trends since the beginning of the year. Below are SSA & Covered Issuance (tomorrow we look at trends in the Sterling market).
• The trend YTD for SSA issuance has been a narrowing one, with c.3 to 4bps common in the first several months, leaning in closer to 2bps on average. July issuance was light in SSA’s.
  • For context, & vindicating the trend, today’s 3 SSA trades averaged a tightening from IPTs of 2bps.
• We have a similar narrowing YTD trend in the covered space. For clarity we had 6 weeks of no covered supply throughout July & the first half of August. As deals returned after the lull we were a shade over 7bps on average, though the proliferation of covered trades we’ve seen so far this week had us at an average of 6.25bps yesterday, & tighter still today to 5.7bps.

Euro IG (today)

• Sveafastigheter AB (exp. Issue rating of BBB- by Fitch), was the first corporate print of the day, having mandated yesterday. The borrower brought a €350m (exp.), 5.5yr, senior unsecured trade with IPTs in the range of MS+185 to +190. Books were over €1.4bn (pre-rec) & the size set at €350m. Guidance sharpened to MS+155 (+/- 3 WPIR). Books settled >€1.1bn (pre-rec), at the tight end of guidance. €350m priced at MS+152.
  • Today's print is the 2nd time the Swedish manager of residential rental properties has come to the public markets in 2026, having previously printed a 5yr, €300m deal back on the 8th of January at MS+185; 35bps tighter than IPTs, & on the back of a €1.65bn book.
• TenneT GmbH & Co. KG (exp. Issue ratings of Baa2 / BBB by Moody's & Fitch), having conducted investor work since the beginning of the week, brought its anticipated € benchmark. Its debut EuGB, hybrid dual-tranche notes delivered a 30.25NC5.25 with IPTs in the area of 4.875%; & a 30.5NC8.5 tranche with IPTs in the area of 5.375%. Early read on combined books was over €11bn. The NC5.25 sized at €1.2bn from a book of >€6.7bn, pricing at 4.375%; 50bps tighter than IPTs. The NC8.5 sized at €1.4bn from a book of >€7.3bn, pricing at 4.8%; 57.5bps tighter than IPTs. Final books were a collective €6.75bn (30.25NC5.25 at €2.5bn & 30.5NC8.5 at €1.25bn).
  • To clarify this is the borrower's debut hybrid offering, having previously been a frequent visitor to the public € markets with EuGB structures. Tennet is a major subsidiary of the Dutch state-owned enterprise TenneT Holding B.V. & one of the 4 primary electricity Transmission System Operators in Germany. On the 7th of July, Tennet GmbH priced a 4-tranche senior unsecured €3.5bn issue - the proceeds of which were for the expansion of their grid. For context the 4yr priced €1bn at MS+53; 8yr, €750m at MS+78; 12yr, €1bn at MS+103; & 20yr, €750m at MS+143. Collectively the final book was a whopping €21.4bn. IPT’s to pricing tightened in the low to high 30’s.

• ING-DiBa AG (exp. Issue rating of Aaa by Moody’s), brought its anticipated Green, Covered, € benchmark, 5yr Hypothekenpfandbrief backed by 100% prime residential German mortgage loans. The issue came with guidance in the area of MS+22. Books first called above €2.2bn (inc. €205m JLMs). Final spread set at MS+16, & size of the trade came in at €1bn. Books rose slightly to €2.4bn (inc. €205m JLMs). Final books were >€2.2bn (inc. €235m JLMs).
  • This is the 2nd time the borrower has tapped the public markets in 2026, having last issued a €750m, 10yr covered at MS+29; 6bps tighter than guidance from a final book of €1.25bn. Looking further back the issuer brought a single trade each year for €1bn in 2023 (4.25yr) & 2024 (5yr).
• ANZ New Zealand (Int'l) Limited (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch), announced a fresh 3yr, Covered, € benchmark, secured by New Zealand residential mortgage loans. Guidance on the trade was in the area of MS+22. Books were first called above €2.5bn (inc. €325m JLMs), rising to above €3.3bn. Spread set at MS+15 & the deal size set at €750m. Final books were >€3.2bn (inc. €325m JLMs).
  • ANZ has been active in the unsecured € markets in 2024 & 2025, though this is their first covered deal since July 2023, when they last priced a €500m, 3yr at MS+33; 7bps tighter than guidance from a book of €3.75bn.
• Raiffeisenverband Salzburg (exp. Issue rating of Aaa by Moody’s) brought its anticipated long 5yr (1 March 2032, soft bullet), €250m (wng), fixed-rate Mortgage Covered Bond (Hypothekenpfandbrief). TGuidance on the trade came in at MS+29 area. Books first called above €500m (inc. €70m JLMs). Spread set at MS+25. Final books settled at above €400m (inc. €70m JLMs), good at re-offer. The deal priced €250m at MS+25; with a zero NIC.
  • Today’s print is the borrower's first trade in 2026, having last visited the public € markets in February of 2025, when it priced a €250m, 6yr at MS+48; 8bps tighter than guidance from a book of €1bn. 
• La Mondiale (exp. Issue rating of BBB+ by S&P), brought a €500m (wng), 16NC6 Tier 2, Fixed to Floating issue.  IPTs on the trade were in the area of MS+170. Books came in at over €1.5bn, growing to over €2bn (pre-rec, exc. JLMs). Spread set at MS+145; 25bps tighter than IPTs. Final books were >€1.7bn good at re-offer & the deal priced for €500m at MS+145.
  • Today’s deal is the first public offering since October of last year when it issued a €500m, 10yr subordinated trade at MS+180; 25bps tighter than IPTs from a book of €1.69bn.
• Groupe Bruxelles Lambert SA (exp. Issue rating of A1 by Moody’s), having mandated yesterday, brought its senior unsecured, fixed rate, €500m (wng), 8yr transaction. IPTs on the deal were in the area of MS+120. Books were over €2.75bn (pre-rec) & spread set at MS+87 for €550m. The deal priced on those terms with a NIC of 3bps. Final books remained at €2.75bn.
  • This is the 2nd public offering of 2026, having last printed a €500m, 10yr in January, pricing at MS+98; 37bps tighter than IPTs from a book of €2.85bn.
• Aareal Bank AG (exp. Issue ratings of BBB by Fitch), announced its anticipated €300m (wng) 5yr, Green Senior non-preferred offering, with IPTs in the area of MS+150. Books first called above €1bn (inc. €90m JLMs). Books were above €1.55bn (inc. €90m JLMs) pre-rec & spread set at MS+120; 30bps tighter than IPTs. Final books were above €1.35bn (inc. €90m JLMs).
  • In recent years Aarea Bank has been best known as a covered bond issuer, with 2 such trades in the € public markets YTD, the last being a €625m, 6yr Green issue at MS+33; 6bps tighter than guidance from a book of €1.75bn. It also priced a €750m, 7yr in January at MS+39. The most recent unsecured offering was a €500m, 3yr senior unsecured trade (A3 / A- by Moody’s & Fitch) at MS+300, back in July 2022.
• Grenke Finance Plc (exp. Issue ratings of BBB / BBB by S&P & Fitch), brought a new long-5yr (7th October 2031) € benchmark, senior unsecured issue with IPTs of MS+170 area. Books were over €540m (inc. €75m JLMs), sharpening to a final book of >€400m. The deal sized at €300m, pricing at MS+160; offering investors a NIC of c.23bps.
  • This is the 2nd offering in the public € markets YTD for Grenke, having last priced a €500m, 5yr in February at MS+140; 30bps tighter than IPTs from a book of €2bn. Prior to that Grenke has systematically issued a sub 5.5yr, c.€500m every year for the last decade or so.
• Macquarie Group Limited (exp. Issue ratings of A1 / BBB+ / A by Moody’s, S&P & Fitch) announced a senior unsecured 5.5yr (1st March 2032). The deal came with IPTs of MS+100 area. Books were above €1.25bn, rising to over €1.7bn. Final books were a shade above €1.05bn. The deal sized at €750m & priced at MS+75, with a zero NIC.
  • Today’s deal is their first foray into the € markets since November of 2023, when they priced a €750m, senior unsecured 6yr at MS+170; 30bps tighter than IPTS from a book of €2bn. Senior ratings for the credit were A2 / BBB+ / A at the time.
• Klepierre SA (exp. Issue ratings of A- / A by S&P & Fitch) announced an 8yr Green, € benchmark, senior unsecured issue with IPTs in the area of MS+115. With books over €1.55bn, the trade sized at €500m & priced at MS+85; 30bps tighter than IPTs, offering investors a single basis point of NIC. Final books were c.€1.15bn.
  • This is the borrower's first trade in 2026, having last issued a €500m, 12yr in September of last year at MS+103; 37bps tighter than IPTs, with a book of €1.7bn. The largest trade the borrower has issued to-date is €600m.

• Ile-de-France Mobilités (Syndicat des Transports d'Île-de-France) (rated Aa3 / A+ by Moody’s & Fitch), having mandated yesterday, brought its anticipated € benchmark, long 10yr, EuGB with guidance in the area of OAT+15 area. Books were in excess of €2.8bn (inc. €250m JLMs). Guidance was revised to OAT interp (mid) +13 (+/- 1 WPIR). Deal size set at €1bn. Books rose to over €3.1bn (inc. €250m JLMs) & spread set at OAT+12. Final books were in excess of €3.3bn (inc. €250m JLMs).
  • The borrower last tapped the public € markets on the 27th of January, when it priced a €1bn, 20yr senior unsecured space with a Green bond at OAT+13; 4bps tighter than guidance from a massive book of €7.6bn. Two similar Green issues were printed in 2025, with a €250m, 14yr in October at OAT+14 & a €1bn, 20yr in January at OAT+19. That last 20yr (same as today’s trade) garnered a book of €5.9bn & priced 2bps tighter than initial guidance.
• The German Federal State of Berlin (rated Aa1 / AAA / AAA by Moody's, Fitch & Scope), mandated yesterday, brought its anticipated senior unsecured, € benchmark Landesschatzanweisung, 10 yr. The deal came with guidance in the area of MS+25. Books were first called above €2bn (inc. €400m JLMs), rising to >€2.35bn (inc. €450m JLMs) & spread set at MS+24. Deal size set at €1.25bn & final books were over €2.6bn (inc. €525m JLMs).
  • Today's deal marks the 5th benchmark offering of the year in €’s, & its first 10yr issue since October of last year, when it priced a €1bn sustainable issue at MS+32; 2bps tighter than guidance from a modest book of €1.5bn. The most recent trade was on the 6th of July with a €500m, 6.75yr TAP at MS+17; in line with guidance. Land Berlin’s most recent fresh € benchmark, was on the 15th of April with a €1bn, 7yr at MS+19; in line with guidance from a €1.7bn book.
• The World Bank (rated Aaa / AAA by Moody’s & S&P), brought its expected 10yr € fixed rate benchmark Sustainable Development Bond (SEC exempt). Guidance on the transaction was in the area of MS+25. Books rapidly rose to over €6.3bn (inc. €600m JLMs), & spread set 2bps tighter than guidance at MS+23. Deal size was set at €3bn as books pushed over €6.4bn (inc. €350m JLMs).
  • This is the IBRD’s first € offering of 2026, having last issued a €3bn, sustainable 10yr, in July of last year. The trade priced at MS+38; 2bps tighter than guidance from a book of over €11bn. Prior to that was January 2025, again with a €3bn, 10yr at MS+47; again 2bps tighter than guidance, this time from a book of only €6bn. 

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Traton Finance Luxembourg S.A. (exp. Issue ratings of Baa2 / BBB by Moody’s & S&P), guaranteed by Traton SE, brought their anticipated £250m (exp), RegS, fixed rate, senior unsecured long 4yr (2nd October 2030) with IPTs of mid Gilts +120 to 125. Books were over £925m (pre-rec), with final books above £770m. The deal sized at the expected £250m & priced at mid Gilts+105, offering a NIC of c.15bps.
  • The Swedish issuer is the financing & leasing of commercial vehicles arm of the Traton Group, which is majority-owned by the VW Group. The borrower is frequently active in its domestic SEK market as well as the € markets. Sterling is more of a rarity, with the last £ print in January 2024, when they priced a £450m, 5yr senior unsecured issue at Gilts +200; 20bps tighter than IPTs from a book of £1.2bn. YTD Traton has printed 2 x € deals - €500m, 5,5yr in May at MS+108; & a €750m, 3.5yr in January at MS+83.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• None.

Week-to-date volumes:

US$ Reg S (today)

• None.

Pending Deals & Mandates

Euro (€)

• 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: 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. Roadshow concluded Tuesday with c.40 investors engaged in group calls.
• 25th August: Castellum AB (exp. Issue rating of Baa2 by Moody’s), one of the largest listed property companies in the Nordic region, mandated BNP Paribas, Danske Bank, Nordea, Svenska Handelsbanken & Swedbank as Joint Bookrunners to arrange a series of European fixed income investor calls today, 25 August 2026. BNP Paribas is coordinating roadshow logistics. A €300m (exp.) Reg S, Bearer, senior, unsecured offering 3yr may 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.
• 25th August: Shinhan Bank (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) mandated BNP Paribas, Commerzbank, Crédit Agricole CIB, Natixis, Societe Generale & Standard Chartered Bank as Joint Bookrunners & Joint Lead Managers to arrange a series of fixed income investor meetings & calls commencing on 31 August 2026. A € denominated 3 to 5yr Reg S Green Mortgage Covered Bond transaction backed by Korean residential mortgages may follow as early as the week of September 7, subject to market conditions.
• 25th August: UniCredit Bank GmbH (exp. Issue rating of Aaa by Moody’s) mandated BayernLB, CIBC Capital Markets, DZ Bank, Erste Group, LBBW, Nykredit, & UniCredit to joint lead manage its upcoming € denominated Mortgage Covered Bond (Hypothekenpfandbrief) benchmark transaction with a 6yr maturity.The deal is expected to be launched in the near future subject to market conditions.

• 25th August: CDP Financial Inc., wholly owned & fully guaranteed by Caisse de dépôt et placement du Québec (La Caisse), rated Aaa / AAA / AAA / AAA by  Moody's, S&P, Fitch & DBRS), mandated Barclays, BofA Securities, Natixis, RBC Capital Markets & Scotiabank as joint bookrunners to lead manage their upcoming 7yr Fixed Rate € denominated RegS/144A/3c7 benchmark transaction. The deal will be launched in the near future, subject to market conditions.
• 25th August: UNEDIC, (rated Aa3 / A+ / AA- by Moody’s, S&P & Scope) the French unemployment insurance agency, mandated Barclays, BNP Paribas, JP Morgan, Natixis & Société Générale for its upcoming 2yr, Social, € benchmark. The note will be issued under UNEDIC's EMTN programme, explicitly, unconditionally & irrevocably guaranteed by the Republic of France. French law. RegS Bearer Dematerialised. €100k+100k denoms. Listing: Euronext Paris (Regulated Market). The transaction will be launched in the near future, subject to market conditions.
• 25th August: The Federal State of Saarland (rated AAA by Fitch) mandated DekaBank, DZ Bank, Helaba & JP Morgan for its upcoming 8yr €500m (wng) FRN Landesschatzanweisung. The deal will be launched in the near future, subject to market conditions.

Sterling (£)

• 25th August: CMC Markets plc, (exp. Issue rating of BB+ by Fitch), the UK-listed global fintech & financial services provider, mandated Barclays, BofA Securities & NatWest as JLM’s to arrange a series of fixed income investor calls commencing on Tuesday, 25th August 2026. An inaugural £250m (wng), 10NC5 Tier 2 transaction may follow, subject to market conditions.

• 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: ING-DiBa AG €1bn 5yr CB; MS+16bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+16bp / 99.991 / 3.252%
Benchmark: 5yr: DBR 0 Aug-31 TWIN @ 86.670 / B+33.00bp

5yr: Final Book above €2.2bn (incl. €235m JLM interest). Peak book above €2.4bn (incl. €205m JLM interest) pre-rec

Launched: 5yr: €1bn @ MS+16bp - Books above €2.4bn (incl. €205m JLM interest) pre-rec
Guidance: 5yr: MS+22a

• Issuer: ING-DiBa AG
• LEI: 3KXUNHVVQFIJN6RHLO76
• Issue Rating: Aaa (Moody's)
• Type: Mortgage Covered Bond / Hypothekenpfandbrief
• EU Harmonisation Label: European Covered Bond (Premium)
• Format/Selling restrictions: Reg S / Bearer / TEFRA D and as otherwise set out in the Base Prospectus
• Tranche Name: EUR Green 5Y Fixed
• Reoffer: MS+16bp / 99.991 / 3.252%
• Benchmark: DBR 0 Aug-31 TWIN @ 86.670 / B+33.00bp
• Size: €1bn
• Settlement: 01-Sep-26 (T+5)
• Maturity: 01-Sep-31 (Soft Bullet)
• Business Day Convention: Following Business Day Convention, unadjusted
• Coupon: 3.250%, per annum, annually in arrear. Actual/Actual (ICMA). T2.
• Docs: Issued off the ING-DiBa €20bn Debt Issuance Programme dated 13-May-26
• Use of Proceeds: The Issuer will apply an amount equivalent to the net proceeds from the offer of the Pfandbriefe specifically for financing and/or re-financing of specified green projects and activities in accordance with certain prescribed eligibility criteria as further described in ING’s Global Green Funding Framework
• Denoms: €100k+100k
• Listing/Law: Frankfurt Stock Exchange, Regulated Market / German Law
• Bookrunners: BayernLB, Credit Agricole CIB, Helaba, HSBC, ING (B&D/DM), Nordea and UniCredit
• Target Market: MiFID II professionals/ECPs-only/No EU PRIIPs KID or UK PRIIPs KID or UK CCI product summary – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID or UK CCI product summary has been prepared as not available to retail in EEA and the UK
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• ISIN: DE000A2YNWH6
• Timing: TOE 13:44 CET / FTT 14:05
• Books Subject: 11.50 CET / 10.50 UKT
• Hedge Deadline: 13.35 CET
• Advertisement: Issued off the ING-DiBa €20bn Debt Issuance Programme dated 13-May-26, as supplemented from time to time and as available on https://www.ing.de/ueber-uns/unternehmen/investor-relations/investor-relations-en/#funding (English Link) and Final Terms, when available on https://www.ing.de/ueber-uns/unternehmen/investor-relations/investor-relations-en/#funding (English Link) or on https://www.ing.de/ueber-uns/unternehmen/investor-relations/#funding (German Link)
• Stabilisation: FCA/ICMA stabilisation

Covered Green
5yr (Sep 2031) @ MS+22a

Implied Spread for fresh 5yr @ MS+16

Priced at MS+16
NIC of 0

PRICED: ANZ New Zealand (Int'l) Limited €750m 3yr CB; MS+15bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+15bp / 100 / 3.211%
Benchmark: 3yr: OBL 2.1 12-Apr-29 @ 98.17% / B+38bp / HR 114%

Tranche 1 (3yr): Final book above €3.2bn (incl. €325m JLM interest). Peak book above €3.3bn pre rec. (incl. €325m of JLM)

Launched: 3yr: €750m @ MS+15bp - Books above €3.3bn pre rec. (incl. €325m of JLM)
Spread set at: 3yr: MS+15bp
Book Update: Books above €2.5bn (incl. €325m of JLM)
Guidance: 3yr: MS+22a

• Issuer: ANZ New Zealand (Int'l) Limited, acting through its London Branch (“Issuer”)
• LEI: 213800VD256NU2D97H12
• Guarantor: ANZ Bank New Zealand Limited
• Covered Bond Guarantor: ANZNZ Covered Bond Trust Limited (as trustee of the ANZNZ Covered Bond Trust)
• Security Type: Secured by New Zealand residential mortgage loans
• Issuer Rating: A1 (Stable) / AA- (Stable) / A+ (Stable) (Moody’s / S&P / Fitch)
• Expected Issue Rating: Aaa / AAA (Moody’s / Fitch)
• Format: Bearer Form, Classic Global Covered Bonds, Reg S (TEFRA D rules apply - no sales into the US or to US persons)
• Currency / Size: €750m
• Settlement Date: 03-Sep-26 (T + 7)
• Maturity Date: 03-Sep-29 (3-years), soft bullet maturity
• Coupon: 3.211% Fixed, Annual, Act/Act (ICMA), unadjusted
• Reoffer Spread: MS+15bp
• Reoffer Price: 100%
• Bmk Reference: OBL 2.1 12-Apr-29 98.17% +38bp HR 114%
• Listing/Denoms: London Stock Exchange / €100k + €1k
• Joint Leads: ANZ, CACIB, DB, Natixis, UBS (B&D)
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only/No EEA PRIIPs KID or disclosure document required by the FCA Product Disclosure Sourcebook – Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or UK
• Timing: PRICED TOE 14:14 CET / FTT 14H30 CET
• ISIN / Common Code: XS3486705224 / 348670522
• Advertisement: €8,000,000,000 ANZNZ Covered Bond Programme Base Prospectus dated 22-Jul-26 (“Base Prospectus”) and the applicable Final Terms. The Base Prospectus is available via: https://www.anz.com/debtinvestors/centre/covered-bonds/programmes/anznz-and-anznil-covered-bond-programme/ The Final Terms, when published, will be available via the National Storage Mechanism.
• Selling Restrictions: As set out in the Base Prospectus
• Governing Law: The Covered Bonds and Bond Trust Deed are governed by English law. The Security Deed is governed by New Zealand law.

Covered
3yr (Sep 2029) @ MS+22a

Implied Spread for fresh 3yr @ MS+15

Priced at MS+15
NIC of 0

PRICED: Raiffeisenverband Salzburg €250m Long 5yr CB; MS+25bp

IGC European Market: Deal Flow - General

Reoffer: Long 5yr: MS+25bp / 99.489 / 3.356%
Benchmark: Long 5yr: DBR 0 15-Feb-32 @ 85.31 / B+41.0bp / HR 109%

Long 5yr: Final books above €400m (incl. €70m JLM). Peak book above €500m (incl. €70m JLM)

Launched: Long 5yr: €250m @ MS+25bp - Books above €500m (incl. €70m JLM)
Book Update: Books €500m (incl. €70m JLM)
Guidance: Long 5yr: MS+29a

• Issuer: Raiffeisenverband Salzburg eGen
• Ticker: RFVBSA
• LEI: 529900LU7D396TOO3B50
• ISIN: AT0000A3WUY6
• Issue Type: Mortgage Covered Bond (hypothekarisch gedeckter Pfandbrief), European Covered Bond (Premium)
• Format: Reg S Bearer
• Exp. Issue Rating: Aaa (Moody's)
• Size: €250,000,000
• Settlement Date: 31-Aug-26 (T+4)
• Maturity Date: 1-Mar-32 (soft bullet)
• Reoffer: MS+25bp / 99.489 / 3.356%
• Benchmark: +41.0bp vs DBR 0 15-Feb-32 (@ 85.31), HR 109%
• Coupon: 3.25% p.a. Fixed rate, short first coupon on 1-Mar-27, thereafter payable annually in arrear (act/act ICMA, following, unadjusted)
• Business Days: T2, Vienna
• Listing: Vienna MTF
• Denominations / Law: €100k+100k / Austrian
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) has been prepared
• Documentation: Under the Issuer's base prospectus (Angebotsprogramm für Schuldverschreibungen), dated 2-Jun-26, as supplemented
• Joint Bookrunners: Erste Group, LBBW, NORD/LB, Raiffeisen Bank International (B&D), UniCredit
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in relation to the transaction
• Advertisement: The base prospectus including any supplements is available at and the final terms, when published, will be available at: https://www.raiffeisen.at/rvs/de/meine-bank/raiffeisen-bankengruppe/investor-relations/eigene-emissionen/eigene-emissionen-des-raiffeisenverbandes-salzburg.html
• Timing: TOE: 14:04 CET / FTT: 14:24 CET

Covered
L 5yr (Mar 2032) @ MS+29a

Implied Spread for fresh L 5yr @ MS+25

Priced at MS+25
NIC of 0

PRICED: Land Berlin €1.25bn 10yr Sr Unsec; MS+24bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+24bp / 99.043 / 3.49%
Benchmark: 10yr: DBR 3 15-Aug-36 @ 98.128 / B+26.9bp

Tranche 1 (10yr): Final books over €2.6bn. Peak book over €2.6bn (incl. €525m JLM)

Launched: 10yr: €1.25bn @ MS+24bp - Books closed above €2.6bn (incl. €525m JLM)
Spread set at: 10yr: MS+24bp - Books above €2.35bn (incl. €450m JLM)
Book Update: 10yr: Books above €2bn (incl. €400m JLM)
Guidance: 10yr: MS+25a

• Issuer: Land Berlin
• BBG Ticker: BERGER Govt
• Issuer Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope - all stable)
• Status: Senior, Unsecured, Unsubordinated, RW 0%
• Format: Landesschatzanweisung
• Type: Reg S, Bearer
• Size: €1.25bn
• Maturity: 01-Sep-36
• Settlement: 01-Sep-26 (T+5)
• Reoffer: 3.49% / 99.043 / MS+24bp
• Coupon: Fixed 3.375% p.a., Act/Act (ICMA), annually on 01-Sep, commencing on 01-Sep-27
• Reference Benchmark: DBR 3 15-Aug-36 @ 98.128 / B+26.9bp / HR 99%
• Law/Denoms: German / 1k
• Listing: Tradegate Berlin Stock Exchange (regulated market)
• Bookrunners: BNPP, BofA, DB, DZ (B&D), LBBW, RBI
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Target Market: Manufacturer target market (MiFID II product govern.) is retail, eligible counterparties and professional clients (all distribution channels)
• ISIN: DE000A5H3DJ1
• WKN: A5H3DJ
• Timing: ToE 13.35 CET, FTT 13:45 CET

PRICED: International Bank for Reconstruction & Development (IBRD) €3bn 10yr Sr Unsec; MS+23bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+23bp / 99.775 / 3.477%
Benchmark: 10yr: DBR 3% 15-Aug-36 @ 98.12% / B+25.5bp / HR: 100%

Tranche 1 (10yr): Final Books over €6.4bn (incl. €350m JLM interest).

Launched: 10yr: €3bn @ MS+23bp - Orderbook closed over €6.4bn (incl. €350m JLM interest)
Spread set at: 10yr: MS+23bp - Orderbooks in excess of €6.3bn (incl. €600m JLM)
Guidance: 10yr: MS+25a

• Issuer: International Bank for Reconstruction & Development (IBRD)
• Ratings: Aaa (stable) / AAA (stable)
• Risk Weighting: 0%
• Format: Global (SEC exempt) Sustainable Development Bond
• Size: €3bn
• Maturity: 02-Sep-36
• Settlement: 02-Sep-26 (T+5)
• Coupon: 3.45% Fixed, Annual ACT/ACT ICMA
• Yield: 3.477%
• Price: 99.775%
• Spread: MS + 23bps
• Benchmark: DBR 3% 15-Aug-36 +25.5bps (Price: 98.12%) / HR: 100%
• ISIN: XS3486811766
• Bookrunners: Citi (B&D/DM) / Crédit Agricole CIB / Goldman Sachs International / J.P. Morgan
• Governing Law: English
• Denoms: €1,000 x 1,000
• Target Market: For MIFID II/UK MiFIR purposes, all target markets and all distribution channels are eligible
• Listing: Luxembourg Stock Exchange’s regulated Market
• Documentation: Issuer’s Global Debt Issuance Facility
• Timing: Priced. TOE: 13:54 UKT / 14:54 CET | FTT: Immediately

PRICED: Ile-de-France Mobilités €1bn long 10yr Sr Unsec; OAT+12bp

IGC European Market: Deal Flow - SSA

Reoffer: long 10yr: OAT+12bp / 99.365 / 4.204%
Benchmark: long 10yr: FRTR 3.70% 25-Nov-36 (96.920 / 4.072% MID, HR 102%) and FRTR 3.80% 25-Jun-37 (97.281 / 4.115% MID)

Tranche 1 (long 10yr): Final books in excess of €3.3bn (incl. €250m JLM). Peak book in excess of €3.3bn (incl. €250m JLM).

Launched: long 10yr: €1bn @ OAT+12bp - Books in excess of €3.1bn (incl. €250m JLM)
Size set at: long 10yr: €1bn
Rev Guidance: long 10yr: OAT+13a - Books in excess of €2.8bn (incl. €250m JLM)
Guidance: long 10yr: OAT+15a

• Issuer: Ile-de-France Mobilités
• Issuer LEI: 969500A5KNK9VZQKNQ79
• BBG Ticker: IDFMOB Govt
• Format: Reg S, Bearer dematerialised
• Status: 0% Risk Weighting, HQLA 1
• Issuer Rating: Aa3 (neg) / A+ (stab) (Moody's/Fitch)
• Settlement: 1-Sep-26 (T+5)
• Maturity: 25-Jan-37
• Size: €1bn
• Reoffer: 99.365 / 4.204% / OAT interp (mid) +12 bps
• Benchmark: FRTR 3.70% 25-Nov-36 (96.920 / 4.072% MID, HR 102%) and FRTR 3.80% 25-Jun-37 (97.281 / 4.115% MID)
• Coupon: 4.125%, Fixed, Annual, Act/Act ICMA, short first coupon
• ISIN: FR001401AO54
• Law/Listing: French / Paris
• Denoms: €100k+100k
• Target Market: Manufacturer target market (MIFID II product governance) is professional investors and eligible counterparties only (all distribution channels).
• Docs: Under the Issuer’s EMTN Programme date 24-Sep-25 and Supplemented on 23-Jan-26 and on 17-Jul-26
• Joint Leads: BNPP, CACIB, ING, Natixis, Santander (B&D)
• Timing: Priced. TOE 15.07 CET. FTT immediately
• UoP: An equivalent amount of 100% of the proceeds will be used to finance or re-finance EU Taxonomy-aligned assets and expenditures that contribute to the EU environmental objective of climate change mitigation.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus, any supplements and the final terms will be available on the website of the Issuer (https://www.iledefrance-mobilites.fr/en/decouvrir/investisseurs) and on the website of the Autorité des marchés financiers (http://www.amf-france.org)

PRICED: Macquarie Group €750m 5.5yr Sr Unsec; MS+75bp

IGC European Market: Deal Flow - General

Reoffer: 5.5yr: MS+75bp / 99.516 / 3.853%
Benchmark: 5.5yr: DBR 0 15-Feb-32 @ 85.315 / B+90.8bp

5.5yr: Final books above €1.05bn+. Peak book above €1.7bn+

Launched: 5.5yr: €750m @ MS+75bp - Books above €1.7bn+
Book Update: Books above €1.25bn+
IPTs: 5.5yr: MS+100a

• Issuer: Macquarie Group Limited (ABN 94 122 169 279) (the “Issuer” or “MGL”)
• LEI: ACMHD8HWFMFUIQQ8Y590
• Format: Fixed rate senior unsecured notes (the “Notes”)
• Form of the Notes: Bearer
• Status of the Notes: Senior unsecured and unsubordinated medium term notes
• Issuer Ratings: A1 (Moody's) / BBB+ (S&P) / A (Fitch)
• Expected Issue Ratings: A1 (Moody's) / BBB+ (S&P) / A (Fitch)
• Currency / Size: €750m
• Pricing Date: 25-Aug-26
• Issue Date: 1-Sep-26 (T+5)
• Maturity Date: 1-Mar-32
• Issue Price: 99.516%
• Reoffer: MS+75bps, 99.516. 3.853%
• Benchmark: DBR 0% 15-Feb-32 + 90.8bps (2.945%), px 85.315 107% HR
• Interest Basis: 3.750%. Fixed Rate
• Interest Payment Dates: Interest is payable annually in arrear on 1 March in each year, from (and including) 1-Mar-27 to (and including) the Maturity Date, subject to adjustment in accordance with the Business Day Convention. The first Interest Period will be a short Interest Period from (and including) 1-Sep-26 to (but excluding) 1-Mar-27
• Day Count Convention: Actual/Actual (ICMA), Unadjusted
• Business Day Convention: Modified Following Business Day Convention
• Relevant Financial Centre: Brussels
• Business Days: London, T2
• Use of Proceeds: General corporate purposes
• Governing Law: New South Wales law
• Documentation: Issuer’s Debt Instrument Programme Offering Memorandum dated 5-Jun-26 as supplemented from time to time as well as the corresponding Final Terms for this specific issue of Notes
• Denominations: €100k+€1k (up to and including €199,000)
• Listing: London Stock Exchange Main Market
• Joint Lead Managers: CACIB, Deutsche Bank AG London Branch, ING Bank N.V, Macquarie Bank, Société Générale (B&D)
• MiFID II / UK MiFIR Product Governance (Target Market / PRIIPs): Manufacturer target market (MiFID II/ UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA or UK
• Clearing: Euroclear / Clearstream
• ISIN / Common Code: XS3486875068 / 348687506
• Timing: Priced. TOE: 14:10 UKT / FTT: 14:45 UKT

5.5yr (Mar 2032) @ MS+100a

Implied Spread for fresh 5.5yr @ MS+75

Priced at MS+75
NIC of 0

PRICED: grenke Finance Plc €300m Long 5yr Sr Unsec; MS+160bp

IGC European Market: Deal Flow - General

Reoffer: Long 5yr: MS+160bp / 99.691 / 4.692%
Benchmark: Long 5yr: OBL #194 2.9% Oct-31 @ 99.80 / B+175.2bp / HR 95%

Long 5yr: Final Books €400m+ (incl. €75m JLM). Peak book €540m+ (including €75m JLMs)

Launched: Long 5yr: €300m @ MS+160bp - Books €540m+ (including €75m JLMs)
IPTs: Long 5yr: MS+170a

• Issuer: grenke Finance Plc
• Guarantor: grenke AG
• LEI of the Issuer: 635400ILKD2MBMANBG03
• LEI of the Guarantor: 529900BHRYZ464GFD289
• Exp. Issue Rating: BBB by S&P / BBB by Fitch
• Guarantor Rating: BBB (negative) by S&P / BBB (stable) by Fitch
• Status of the Notes: Unsubordinated and Unsecured
• Form of Notes: Bearer Notes in New Global Note format
• Currency / Nominal Amount: EUR 300mm
• Coupon: 4.625%% Annual, Actual/Actual ICMA
• Yield: 4.692%
• Price: 99.691%
• Spread: MS+160 bps
• Benchmark: OBL #194 2.9% Oct-31 +175.2bps (Price: 99.80% / Yield: 3.092%) / HR:95%
• Specified Denomination: EUR 1,000 and multiples thereof
• Pricing Date: 25-Aug-26
• Settlement Date: 31-Aug-26 (T+4)
• Maturity Date: 07-Oct-31
• Interest Payment Dates: Annually in arrear on 07 October in each year and on the Maturity Date, commencing 07-Oct-27, long first coupon
• Business Days: T2
• ISIN / CC / WKN: XS3485481157 / 348548115 / A4EZZV
• Clearing Systems: Euroclear/Clearstream Luxembourg
• Documentation: Debt Issuance Programme dated 13-Mar-26, as supplemented
• Use of Proceeds: General Corporate Purposes
• Target Market: Manufacturer Target Market (EU MiFID II/UK MiFIR product governance) is eligible counterparties, professional and retail clients, each having (1) basic knowledge and/or experience with financial products, (2) a long-term investment horizon, (3) general capital formation / asset optimization as investment objective, (4) no or only low loss bearing capacity, (5) a medium risk tolerance (in each case all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared
• Governing Law: German
• Listing: Regulated Market Luxembourg
• Joint Lead Managers: Deutsche Bank, Goldman Sachs Bank Europe SE, HSBC, IMI-Intesa Sanpaolo, ING (B&D)
• Selling restrictions: As per grenke's Debt Issuance Programme Base Prospectus; EEA: Sales will be made to investors with at least a total consideration of EUR 100,000 (as set forth in Article 1 (4) (d) of the EU Prospectus Regulation) only, U.S. RegS, TEFRA D. No action has been or will be taken to permit a public offer.
• Advertisement: This communication is not an advertisement for the purpose of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and the final terms, when published, will be available at www.grenke.com/en/investor-relations/debt-capital/issued-bonds/
• Timing: Priced. TOE: 14:19 UKT / 15:19 CET | FTT: 14:45 UKT / 15:45 CET

L 5yr (Oct 2031) @ MS+170a

Implied Spread for fresh L 5yr @ MS+137

Priced at MS+160
NIC of +23

PRICED: TRATON Finance Luxembourg S.A. £250m Long 4yr Sr Unsec; UKT+105bp

IGC European Market: Deal Flow - General

Reoffer: Long 4yr: UKT+105bp / 99.826 / 5.552%
Benchmark: Long 4yr: UKT 0.375% Oct-30 @ 84.77 mid / 84.753 bid / HR 107%

Long 4yr: Final Books above £770m. Peak book above £925m (pre-rec)

Launched: Long 4yr: £250m @ UKT+105bp - Books above £925m (pre-rec)
IPTs: Long 4yr: G+120/125bp

• Issuer: TRATON Finance Luxembourg S.A. (country: LU)
• Guarantor: TRATON SE (ticker: "TRAGR", country: DE)
• LEI Codes: 529900BRKIE6LKIEXD84 (Issuer) / 529900UIMQRKPFN6SV80 (Guarantor)
• Guarantor Ratings: Baa2 (Stable) / BBB (Negative) by Moody's/S&P
• Exp. Issue Ratings: Baa2 / BBB by Moody's/S&P
• Status/Format: Senior, Unsecured, Reg S Bearer, CGN
• Size: £250m
• Settlement: 2-Sep-26 (T+5)
• Maturity: 2-Oct-30 (long 4-years)
• Reoffer: Mid Gilts +105bps // 99.826 // 5.552% (Annual)
• Coupon: 5.5%, Fixed, Annual (short first), Act/Act (ICMA)
• Benchmark: UKT 0.375% Oct-30 @ 84.77 mid / 84.753 bid // HR 107%
• Docs: DIP / LuxSE (Regulated) / German Law / £100k + £100k / CoC put at Par / 1m Par Call / Tax Call
• UoP: General Corporate Purposes
• ISIN: DE000A4EZX40
• Joint Bookrunners: Barclays (B&D) / Deutsche Bank
• Selling Restrictions: Reg S and as per Debt Issuance Programme Prospectus dated 18-Mar-26 (the "Base Prospectus") as supplemented on 04-May-26 and 21-Aug-26. Sales into Canada: Ontario exemption
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) has been prepared (out of scope)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation, as amended. It is not a prospectus. The Base Prospectus dated 18-Mar-26, and any supplements thereto are available and the Final Terms, when published, will be available at: https://www.luxse.com/
• Stabilisation: Relevant stabilisation regulations including FCA/ICMA apply
• Timing: Priced TOE 14:38 UKT // FTT 15:00 UKT

L 4yr (Oct 2030) @ Gilts+120 to 125

Implied Spread for fresh 5yr @ Gilts+90

Priced at MS+105
NIC of +15

PRICED: Sveafastigheter AB €350m 5.5yr Sr Unsec; MS+152

IGC European Market: Deal Flow - General

Reoffer: 5.5yr: MS+152bp / 99.444 / 4.622%
Benchmark: 5.5yr: DBR 0% 15-Feb-32 @ 85.28 / B+166.9bp (HR: 104%)

5.5yr: Peak book > €1.4bn (pre-rec)

Launched: 5.5yr: €350m @ MS+152bp - Books > €1.1bn (pre-rec, at the tight end of guidance)
Guidance: 5.5yr: MS+155+/-3 WPIR - Books > €1.4bn (pre-rec)
IPTs: 5.5yr: MS+185/190bp

• Issuer: Sveafastigheter AB (publ) (“Sveafastigheter”)
• Issuer LEI: 636700W1VM86O2G2AA36
• Issuer Rating: BBB- by Fitch, CreditWatch Positive
• Expected Issue Rating: BBB- by Fitch
• Status / Format: Senior, Unsecured, Reg S, Bearer, New Global Note
• Tenor: 5.5-year
• Maturity Date: 02-Mar-32
• Size: €350m
• Settlement Date: 02-Sep-26
• Reoffer: MS+152bp / 99.444 / 4.622%
• Coupon: 4.500% Fixed, Annual, Act/Act (ICMA), Short First Coupon
• Reference Benchmark: DBR 0% 15-Feb-32 (ISIN: DE0001102580) @ 85.28 / 2.953% / B+166.9bp (HR: 104%)
• ISIN / Common Code: ISIN: XS3482868893 Common Code: 348286889
• Change of Control Put: Yes, at Par
• Redemption Options: Make-Whole Call (B+30bp), Maturity Par Call (3 month), Clean-up Call (75%), Tax Call (at 100%) and Special Redemption Event Call (at 101%), each as further set out in the Offering Circular as supplemented by the Supplement dated 21-Aug-26
• Coupon Step-up: Yes, Step Up Margin: 1.25% per annum, as per the Offering Circular
• Docs / Denoms: EMTN / Euronext Dublin (GEM) / English Law / €100k + €1k
• Use of Proceeds: General corporate purposes (including financing in connection with the merger with KlaraBo Sverige AB, as specified in the Pricing Supplement)
• Financial Covenants: Consolidated Solvency Ratio shall not exceed 65% (incurrence of indebtedness) Secured Indebtedness of the Group / Consolidated Total Assets shall not exceed 45% (incurrence of secured indebtedness) Ratio of Adjusted Profit Before Tax to Adjusted Net Interest Charges shall not be less than 1.5x (incurrence of indebtedness)
• Restriction on Distributions: Consolidated Solvency Ratio shall not exceed 55% (proforma such distribution), Ratio of Adjusted Profit Before Tax to (Adjusted Net Interest Charges shall not be less than 1.5x (proforma such distribution)
• Clearing: Euroclear and Clearstream
• Selling Restrictions: As per the Issuer’s EMTN Programme (Reg S Cat. 2; TEFRA D)
• Target Market: Manufacturer target market (MiFID II) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or key information document (KID) or UK disclosure document has been prepared as not available to retail in EEA or in the UK. This announcement is not a prospectus for the purposes of Regulation (EU) 2017/1129
• Offering Circular: This communication is not a prospectus. The Offering Circular is, and the Pricing Supplement (when published) will be, available on https://live.euronext.com/en/product/bonds-detail/p1510%7C35438/documents
• Global Coordinator: Citigroup Global Markets Europe AG
• Joint Bookrunners: Citigroup Global Markets Europe AG (B&D), Goldman Sachs Bank Europe SE
• Timing: TOE: 15:49 CET / FTT: 16:15 CET

PRICED: Aareal Bank AG €300m 5yr SNP; MS+120bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+120bp / 99.854 / 4.283%
Benchmark: 5yr: DBR 0 15-Aug-31 + 137bp (86.71) / HR 105%

5yr: Final Books above €1.35bn (incl. €90m JLM) at reoffer. Peak book above €1.55bn (incl. €90m JLM) pre-rec

Launched: 5yr: €300m @ MS+120bp - Books above €1.55bn (incl. €90m JLM) pre-rec
Spread set at: 5yr: MS+120bp - Books above €1.55bn (incl. €90m JLM) pre-rec
Book Update: Books above €1bn (incl. €90m JLM)
IPTs: 5yr: MS+150a

• Issuer: Aareal Bank AG
• Issuer LEI: EZKODONU5TYHW4PP1R34
• Issuer Ratings: A- (positive) / Baa1 (stable) (Fitch / Moody's)
• Expected Issue Ratings: BBB (Fitch)
• Status: Unsecured, unsubordinated (Senior Non-Preferred) in eligible liabilities instruments format
• Size: €300m
• Reoffer: MS+120bp / 99.854 / 4.283%
• Benchmark: DBR 0 15-Aug-31 + 137bp (86.71) / HR 105%
• Trade/Pricing Date: 25-Aug-26
• Settlement Date: 03-Sep-26 (T+7)
• Maturity Date: 03-Sep-31
• Interest: 4.25% p.a.
• Interest Payment Dates: Payable annually in arrear on 03 September of each year, commencing on 03-Sep-27
• Business Days: T2
• Day Count Fraction: Actual/Actual (ICMA)
• Interest Period/Business Day Conventions: Unadjusted, following
• No set-off: No Noteholder may set off any claims arising under the Notes against any claims that the Issuer may have against it
• Early Redemption for Regulatory Reasons upon occurrence of a MREL Event: Applicable
• Clean-up Call: In case 75% or more of the aggregate principal amount of the Notes have been redeemed or repurchased, the Issuer may redeem the remaining Notes in whole, but not in part, subject to regulatory approval
• Specified Denominations: €100,000 + €100,000
• ISIN / WKN: DE000AAR0504 / AAR050
• Listing: Regulated Market of the Dusseldorf Stock Exchange
• Clearing and Settlement: Clearstream Europe AG, Frankfurt
• Form: Bearer notes / CGN
• Governing Law: German
• Documentation: €25,000,000,000 Debt Issuance Programme dated 29-May-26, as supplemented by the supplement dated 10-Aug-26
• Use of Proceeds: An amount equal to the net proceeds from the Notes will be used to finance or refinance Eligible Assets as defined by the Eligible Asset Categories described in Aareal Bank's Green Finance Framework - Liabilities, dated October 2023, and/or the refinancing of existing debt (including the tender offer for the outstanding €500,000,000 0.500% Senior Preferred Fixed Rate Notes, ISIN: DE000AAR0264 and €750,000,000 0.250% Senior Preferred Fixed Rate Notes, ISIN: DE000A289LU4)
• Selling restrictions: Reg S (Cat. 2), TEFRA C and as per the Programme prospectus
• Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPS key information document (KID) or UK PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA or the UK or elsewhere
• Joint Lead Managers: Deutsche Bank (B&D), HSBC, Morgan Stanley and UBS Investment Bank
• Timing: Priced - TOE 16:00 CET / FTT 16:25 CET

Green SNP
5yr (Sep 2031) @ MS+150a

Implied Spread for fresh 5yr @ MS+110

Priced at MS+120
NIC of +10

PRICED: Groupe Bruxelles Lambert SA/NV €500m 8yr Sr Unsec; MS+87bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+87bp / 99.691 / 4.046%
Benchmark: 8yr: DBR 2.6 15-Aug-34 @ 96.43 / B+93.3bp

8yr: Final Books €2.75bn. Peak book €2.75bn+ Pre Rec

Launched: 8yr: €500m @ MS+87bp - Books €2.75bn+ Pre Rec
IPTs: 8yr: MS+120a

• Issuer: Groupe Bruxelles Lambert SA/NV
• Ticker: GBLB BB
• Country: BE
• Issuer LEI: 549300KV0ZEHT2KVU152
• Issuer Rating: A1 (stable) by Moody's
• Expected Issue Rating: A1 by Moody's
• Status: Senior, unsecured
• Form: Reg S (cat1), Belgian dematerialised
• Settlement: 01-Sep-26 (T+5)
• Currency / Size: €500m
• Maturity: 01-Sep-34 (8yr)
• Reoffer: MS+87bps / 99.691 / 4.046%
• Benchmark: DBR 2.6 15-Aug-34 +93.3 bps (Price: 96.43% / Yield: 3.113%) / HR: 98%
• Coupon: 4.000% Fixed, Annual, Act/Act ICMA, following, unadjusted
• ISIN: BE0390373455
• Documentation: Standalone Information Memorandum, with the Preliminary Information Memorandum dated 24-Aug-26
• Governing Law: Belgian law
• Early Redemption: 3m Par Call / Tax Call / Clean-up Call (80%) / MWC B+15 / Investor Put upon the occurrence of a Major Restructuring
• Denomination: €100k+100k
• Listing: Euronext Growth Brussels (unregulated market)
• Selling Restrictions: As per the standalone Preliminary Information Memorandum dated 24-Aug-26. Prohibition of sales to EEA Retail Investors; Prohibition of sales to UK Retail Investors; Prohibition of sales to consumers in Belgium; specific restrictions in the UK, US, Italy, Hong Kong, Singapore and Switzerland. US Reg S (cat1). The Bonds will be admitted to X accounts only, ie investors holding through Belgian N accounts will not be able to buy the Bonds.
• UoP: General corporate purposes, including the refinancing of existing indebtedness
• Clearing System: NBB-SSS (X-accounts only) with bridges to Euroclear/Clearstream
• Target Market: MiFID II and UK MiFIR professionals & ECPs-only. Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No key information document (KID) or product summary required by the FCA Product Disclosure Sourcebook, as applicable, has been prepared as the Bonds are not available to retail in the EEA or the United Kingdom.
• Joint Global Coordinators: BNP Paribas (B&D), ING, Société Générale
• Joint Active Bookrunners: Barclays, Belfius, BNP Paribas, CIC CIB, CACIB, ING, KBC, Natixis and Société Générale
• Marketing: NetRoadshow+Voice-over: FINAL LINK: www.netroadshow.com/nrs/home/#!/?show=943a4a8a (Recommended) OR Visit www.netroadshow.com and enter the entry code: Golden26 (not case-sensitive)
• TOE / FTT: 16:13 CET / 16:30
• Schedule: Books open, Today's business
• Timing: Allocations and pricing this afternoon
• Books Subject: 12.25 UKT / 13.25 CET
• Hedge Deadline: 15.05 UKT / 16.05 CET

Senior
8yr (Sep 2034) @ MS+120a

Implied Spread for fresh 8yr @ MS+84
Priced at MS+87
NIC of +3

PRICED: Klepierre €500m 8yr Green Sr Unsec; MS+85bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+85bp / 98.984 / 4.026%
Benchmark: 8yr: DBR 2.6% 15-Aug-34 @ 96.45 / B+91.6bp

8yr: Final Books ~€1.15bn. Peak book north of €1.55bn

Launched: 8yr: €500m @ MS+85bp - Books north of €1.55bn
IPTs: 8yr: MS+115a

• Issuer: Klepierre (Ticker: LIFP / Country: FR)
• Issuer LEI: 969500PB4U31KEFHZ621
• Issuer Rating: A- stable / A- stable (S&P/Fitch)
• Exp. Issue Ratings: A-/A (S&P/Fitch)
• Format: Senior Unsecured, Reg S (Cat 2), Bearer dematerialized
• Settlement: 1-Sep-26 (T+5)
• Size: €500m
• Maturity: 1-Sep-34 (8yr Fixed)
• Reoffer: MS+85bps / 4.026% / 98.984
• Reference Benchmark: 91.6bps vs DBR 2.6% 15-Aug-34 (@96.45 / 3.110%) HR: 98%
• Coupon: 3.875%, Fixed (Annual), Act/Act
• Docs: Under the Issuer’s 7,000,000,000 EMTN Programme dated 5-May-26 / Euronext Paris / French Law / 3m Par Call / MWC (B+15bps) / Clean-up Call (70%) / €100k+100k
• UoP: An amount equivalent to the net proceeds of the green finance instruments issued under the Framework to exclusively finance or refinance, in whole or in part, an Eligible Green Portfolio, that comprises eligible green assets and capital expenditures that will meet the corresponding Category Eligibility Criteria
• Sales to Canada: Sales into Canada: Sales into Ontario, Alberta, British Columbia only, subject to compliance with applicable law
• ISIN: FR001401AO70
• GloCos: BofA, GS (B&D), IMI, MS, SMBC, SG
• Target Market: The manufacturer target market (MIFID II & UK MIFIR 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 or in the UK.
• Selling Restriction: Regulation S Bearer and as further set out in the base prospectus
• Advertisement Language: The Base Prospectus and any supplements are available, and the Final Terms when published will be available on the website of the AMF (www.amf-france.org) and the Issuer (http://www.klepierre.com)The Green Financing Framework and Secondary Party Opinion are also available on https://www.klepierre.com/en/finance/financement
• Timing: PRICED. TOE: 15.24 UKT / FTT: 15.45 UKT

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

Implied Spread for fresh 8yr @ MS+84

Priced at MS+85
NIC of +1

PRICED: La Mondiale €500m 16NC6 T2; MS+145bp

IGC European Market: Deal Flow - General

Reoffer: 16NC6: MS+145bp / 99.686 / 4.561%
Benchmark: 16NC6: DBR 1.7% Aug-32 @ 93.16 / B+159.4bp / HR 99%

16NC6: Final Books > €1.7bn good at reoffer. Peak book above €2bn (pre-rec, excl JLM)

Launched: 16NC6: €500m @ MS+145bp - Books above €2bn (pre-rec, excl JLM)
Book Update: Books > €1.5bn
IPTs: 16NC6: MS+170a

• Issuer: La Mondiale
• LEI: 969500L0T16HX3R78P61
• Insurer Financial Strength Ratings: A (stable) by S&P
• Issue Rating (expected): BBB+ (S&P)
• Description: €500,000,000 Subordinated Tier 2 Fixed to Floating Rate Notes due Sep-42
• Use of Proceeds: General corporate purposes
• Status: Ordinary Subordinated Obligations, Tier 2 Notes
• Form of the Notes: Reg S Dematerialised bearer form (au porteur)
• Issue Amount: €500,000,000
• Principal Amount: €100,000
• Redemption Price: 100%
• Pricing Date: 25-Aug-26
• Issue Date: 1-Sep-26 (T+5)
• Scheduled Maturity Date: 1-Sep-42 if the Conditions to Redemption and Purchase are satisfied and otherwise as soon thereafter as the Conditions to Redemption and Purchase are so satisfied
• Negative Pledge: None
• First Call Date: 1-Sep-32
• Reoffer: MS+145bp / PX 99.686 / Yld 4.561%
• Benchmark: DBR 1.7% Aug-32 +159.4bp (@93.16 - HR 99%)
• Fixed Rate of Interest and Fixed Interest Payment Dates: Subject to Condition 5.3 (Mandatory Interest Deferral), the Notes bear interest on their Principal Amount, from (and including) the Issue Date to (but excluding) the First Call Date, at a fixed rate of 4.500% per annum (the Fixed Rate of Interest), payable annually in arrear on 1-Sep in each year (each, a Fixed Interest Payment Date), commencing on 1-Sep-27 up to the First Call Date.
• Floating Rate of Interest and Floating Interest Payment Dates: Subject to Condition 5.3 (Mandatory Interest Deferral), the Notes bear interest on their Principal Amount, from (and including) the First Call Date to (but excluding) the Scheduled Maturity Date, at a rate equal to 3-month EURIBOR plus the relevant Margin (the Floating Rate of Interest), payable quarterly in arrear on or about 1-Mar, 1-Jun, 1-Sep and 1-Dec, in each year, commencing on 1-Dec-32 (each a Floating Interest Payment Date) up to (and including) the Scheduled Maturity Date.
• Margin:
  • The Initial Margin or the Subsequent Margin as the case may be
  • Initial Margin - the margin applicable from (and including) the First Call Date to (but excluding) the Interest Payment Date falling on or nearest to 1-Sep-36, which shall be equal to 145bp.
  • Subsequent Margin - the margin applicable from (and including) the Interest Payment Date falling on or nearest to 1-Sep-36 to the Scheduled Maturity Date, which shall be equal to Initial Margin +100bp.
• Fixed Day Count Fraction: Act/Act (ICMA)
• Floating Day Count Fraction: Actual/360
• Business Day Convention: In respect of the Fixed Interest Period: Following; Unadjusted In respect of the Floating Interest Period: Modified Following; Adjusted
• Business Days: Paris, T2
• Listing: Euronext Growth
• ISIN: FR001401ALN7
• Common Code: 348157752
• Mandatory Interest Deferral: On any Mandatory Deferral Interest Payment Date, the Issuer will be obliged to defer payment of all (but not some only) the interest accrued (and, if relevant, any Arrears of Interest) in respect of the Notes during the relevant Interest Period and any such non-payment shall not constitute a default or event of default by the Issuer for any purpose and shall not give Noteholders any right to accelerate the Notes.
• Mandatory Deferral Interest Payment Date: Each Interest Payment Date in respect of which the Noteholders and the Fiscal Agent have received written notice from the Issuer confirming that a Regulatory Deficiency has occurred and such Regulatory Deficiency is continuing on such Interest Payment Date, or such Interest Payment (and, if relevant, any Arrears of Interest) would itself cause a Regulatory Deficiency provided, however, that the relevant Interest Payment Date will not be a Mandatory Deferral Interest Payment Date in relation to such Interest Payment (and, if relevant any Arrears of Interest) (or such part thereof) if, cumulatively: (a) the Relevant Supervisory Authority has exceptionally waived the deferral of such Interest Payment (and, if relevant, any Arrears of Interest) (to the extent the Relevant Supervisory Authority can give such waiver in accordance with the Applicable Supervisory Regulations); (b) paying the Interest Payment (and, if relevant, any Arrears of Interest) does not further weaken the solvency position of the Issuer, and/or the SGAM as determined in accordance with the Applicable Supervisory Regulations; and (c) the Minimum Capital Requirement of the Issuer and the SGAM will be complied with immediately after the Interest Payment (and, if relevant, any Arrears of Interest) is made.
• Regulatory Deficiency: (i) the own funds regulatory capital (or whatever the terminology employed by the Applicable Supervisory Regulations) of the Issuer and/or the SGAM is not sufficient to cover the Solvency Capital Requirement or Minimum Capital Requirement of the Issuer and/or SGAM (or whatever the terminology employed by the Applicable Supervisory Regulations) whichever occurs earlier, and either a deferral of interest (and, if relevant, of any outstanding Arrears of Interest) is required or a redemption or repayment of principal is prohibited under the Applicable Supervisory Regulations in order for the Notes to qualify as at least Tier 2 Own Funds regulatory capital (or whatever terminology is employed by the Applicable Supervisory Regulations) under the Applicable Supervisory Regulations; or (ii) the Relevant Supervisory Authority has notified the Issuer that it has determined, in view of the financial condition of the Issuer and/or the SGAM, that in accordance with the then Applicable Supervisory Regulations, the Issuer must take specified action in relation to payments under the Notes, in each case without taking into account any Prior Approval of the Relevant Supervisory Authority being granted on an exceptional basis with respect to the payment of interest on, or the redemption or purchase of, the Notes. For the avoidance of doubt, a Regulatory Deficiency will be deemed to have occurred when the Issuer or SGAM fails to meet the solvency capital requirement or minimum capital requirement (both as defined in the Solvency II Directive).
• Arrears of Interest: Any interest in respect of the Notes which has not been paid on a Mandatory Deferral Interest Payment Date will be deferred and shall constitute Arrears of Interest and shall be payable as provided below, it being specified that Noteholders shall not receive any additional interest or compensation for the mandatory deferral of payment. All Arrears of Interest may, subject to the fulfilment of the Conditions to Payment, at the option of the Issuer, be paid in whole or in part at any time but all Arrears of Interest in respect of all Notes for the time being outstanding shall become due and payable in full (whether or not the Conditions to Payment have been fulfilled) on whichever is the earliest of: the next Interest Payment Date which is not a Mandatory Deferral Interest Payment Date; or the date of any redemption of the Notes in accordance with the provisions relating to redemption of the Notes; or the date upon which a judgment is made for the voluntary or judicial liquidation (liquidation amiable or liquidation judiciaire) of the Issuer or the Issuer is liquidated for any other reason or the sale of the whole of the business (cession totale de l'entreprise) subsequent to the opening of a judicial recovery procedure of the Issuer. Arrears of Interest shall not themselves bear interest.
• Optional Redemption from the First Call Date: Issuer redemption right to redeem the Notes, in whole but not in part, at the Base Call Price on the First Call Date or on any Interest Payment Date falling thereafter, subject to Conditions to Redemption and Purchase and to the Prior Approval of the Relevant Supervisory Authority. The Base Call Price is equal to the Principal Amount of the Notes together with (to the extent that such interest has not been deferred in accordance with the Conditions) any accrued and unpaid interest up to the Redemption Date.
• Early Redemption and Purchase: At the Base Call Price, in whole but not in part, for Taxation Reasons (Gross-up Event, Withholding Tax Event and Tax Deductibility Event), Rating Reasons, Regulatory Reasons, or Clean-up Redemption (75% threshold), subject, in each case, to Conditions to Redemption and Purchase and to the Prior Approval of the Relevant Supervisory Authority.
• Conditions to Redemption and Purchase: The Notes may not be redeemed or purchased pursuant to any of the redemption provisions referred to above if: (i) a Regulatory Deficiency has occurred and is continuing on the due date for redemption or such redemption or purchase would itself cause a Regulatory Deficiency, except, only in respect of breach of the Solvency Capital Requirement of the Issuer and/or the SGAM if (a) the Relevant Supervisory Authority has exceptionally waived the suspension of redemption or purchase, (b) the Notes have been exchanged for or converted into another Tier 2 Own Funds of at least the same quality of the Issuer and/or the SGAM and (c) the Minimum Capital Requirement of the Issuer and/or the SGAM is complied with after the redemption or purchase (the Conditions to Redemption and Purchase); or (ii) an Insolvent Insurance Affiliate Winding-up has occurred and is continuing on the date due for redemption or purchase (to the extent required under the Applicable Supervisory Regulations in order for the Notes to be treated under the Applicable Supervisory Regulations as Tier 2 Own Funds of the Issuer and/or the SGAM) except to the extent permitted under the Applicable Supervisory Regulations and with the Prior Approval of the Relevant Supervisory Authority. Notwithstanding any other provision therein, the Notes may only be redeemed or purchased to the extent provided in the prevailing Applicable Supervisory Regulations. Should a Regulatory Deficiency or an Insolvent Insurance Affiliate Winding-up occur after a notice for redemption has been given to the Noteholders, such redemption notice would become automatically void and notice thereof would be given promptly by the Issuer.
• Documentation: Preliminary Information Memorandum dated 25-Aug-26 and final Information Memorandum expected to be dated 28-Aug-26 (the Information Memorandum)
• Governing Law: French Law
• Selling Restrictions: There are restrictions on the offer and sale of the Notes and the distribution of offering material, including in the United States of America, the EEA, the United Kingdom and France (as more fully described in the Information Memorandum).
• Target Market: Manufacturer target market (EU MiFID II product governance and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in the EEA or in the UK.
• Global Coordinator: Crédit Agricole CIB
• Joint Bookrunners: BNP Paribas, Commerzbank, Crédit Agricole CIB (B&D), Natixis
• Structuring Adviser: Banque Hottinguer
• Timing Line: Priced - TOE 15.35UKT // FTT 15.50UKT / 16.50CET

Tier 2 FTF
16yr (Sep 2042) @ MS+170a

Implied Spread for fresh 16yr @ MS+150
Priced at MS+145
NIC of -5

PRICED: TenneT GmbH & Co KG €2.6bn 30.25NC5.25 Sub & 30.5NC8.5 Sub; 4.375% & 4.8%

IGC European Market: Deal Flow - General

Reoffer: 30.25NC5.25: 4.375% / 99.442 30.5NC8.5: 4.8% / 99.685
Benchmark: 30.25NC5.25: DBR 0 Aug-32 @ 86.77 / B+147.7bp 30.5NC8.5: DBR 2.6% Aug-34 @ 96.534 / B+170.3bp

30.25NC5.25: Final Books €2.5bn. Peak book > €6.7bn (Combined peak in excess of €14bn pre-rec)
30.5NC8.5: Final Books €4.25bn. Peak book > €7.3bn (Combined peak in excess of €14bn pre-rec)

Launched:
30.25NC5.25: €1.2bn @ 4.375% - Books > €6.7bn
30.5NC8.5: €1.4bn @ 4.8% - Books > €7.3bn
Book Update: Combined books in excess of €14bn (pre-rec)
Book Update: Books > €11bn
IPTs: 30.25NC5.25: 4.875%a 30.5NC8.5: 5.375%a

• Issuer: TenneT GmbH & Co KG (“TenneT Germany”, Ticker: TENNGR, Country: DE)
• Issuer LEI: 894500W0C55HJG1HFU36
• Issuer Ratings: Moody’s: Baa1 (stable), S&P: BBB+ (stable), Fitch: BBB+ (stable)
• Exp. Instrument Ratings (Moody's / Fitch): Moody’s: Baa2 / Fitch: BBB
• Expected Equity Credit: S&P Intermediate Equity Content (50%) until respective First Reset Dates / Moody’s Basket M (50%) / Fitch (50%)
• Status & Subordination: Unsecured and subordinated obligations of the Issuer ranking:
  (a) senior to any present or future securities or other instruments of the Issuer (or issued by a Subsidiary and guaranteed by or otherwise assumed by the Issuer) under which obligations rank or are expressed to rank junior to the Notes, and any shares or partnership interests of any class of the Issuer ("Junior Obligations");
  (b) pari passu among themselves and with any present or future securities or other instruments of the Issuer (or issued by a Subsidiary and guaranteed by or otherwise assumed by the Issuer) under which obligations rank or are expressed to rank pari passu with the Notes ("Parity Obligations"); and
  (c) junior to all Senior Obligations of the Issuer, so that in the event of the winding-up, dissolution, liquidation or insolvency of the Issuer, or in the event of composition or other proceedings for the avoidance of insolvency of the Issuer, no amounts shall be payable in respect of the Notes until the claims of all creditors of such Senior Obligations of the Issuer shall have first been satisfied in full. For the avoidance of doubt "Senior Obligations" means (i) all present and future unsubordinated obligations of the Issuer within the meaning of § 38 InsO; (ii) all present and future statutorily subordinated obligations of the Issuer within the meaning of § 39(1) nos. 1–5 InsO; and (iii) all other present and future subordinated obligations of the Issuer which rank senior to the obligations of the Issuer under the Notes pursuant to mandatory statutory provisions or as expressly provided for by the terms of the relevant instrument. Senior Obligations include the Shareholder Loan and Project Related Loan Agreements from TenneT Netherlands B.V.

All as defined in the Base Prospectus. Prohibition of set-off by Noteholders.

• Form of Notes: EuGB, Reg S, Bearer, Cat 2; Classical Global Note; Notes are initially represented by a Temporary Global Note which is exchangeable for a Permanent Global Note
• Size:
  • 30.25NC5.25: €1.2bn
  • 30.5NC8.5: €1.4bn
• Term:
  • 30.25NC5.25: 30.25NC5.25
  • 30.5NC8.5: 30.5NC8.5
• Maturity:
  • 30.25NC5.25: 03-Dec-56
  • 30.5NC8.5: 03-Mar-57
• ISIN:
  • 30.25NC5.25: XS3457412750
  • 30.5NC8.5: XS3457412834
• Par Call:
  • 30.25NC5.25: During the period starting 3 months prior to First Reset Date and ending on the First Reset Date and on any Interest Payment Date thereafter
  • 30.5NC8.5: During the period starting 3 months prior to the First Reset Date and ending on the First Reset Date and on any Interest Payment Date thereafter
• Re-Offer %:
  • 30.25NC5.25: 4.375% Ann. Yield to Reset / 99.442%
  • 30.5NC8.5: 4.800% Ann. Yield to Reset / 99.685%
• Initial Credit Spread:
  • 30.25NC5.25: +128.9bps
  • 30.5NC8.5: +161.2bps
• Benchmark:
  • 30.25NC5.25: DBR 0 Aug-32 (86.77 / 2.898% / B+147.7bps)
  • 30.5NC8.5: DBR 2.6% Aug-34 (96.534 / 3.097 / B+170.3bps)
• MwC:
  • 30.25NC5.25: B+25bps
  • 30.5NC8.5: B+25bps
• ToE:
  • 30.25NC5.25: 15.58 UKT
  • 30.5NC8.5: 16.00 UKT
• Settlement Date:
  • 30.25NC5.25: 03-Sep-26 (T+7)
  • 30.5NC8.5: 03-Sep-26 (T+7)
• First Optional Redemption Date:
  • 30.25NC5.25: 03-Sep-31
  • 30.5NC8.5: 03-Dec-34
• First Reset Date:
  • 30.25NC5.25: 03-Dec-31
  • 30.5NC8.5: 03-Mar-35
• Day Count Fraction: Act/Act (ICMA)
• Business Day Convention: Unadjusted following
• Business Days for Payments: T2 and Clearing System
• Interest (p.a.):
  • 30.25NC5.25: 4.250% fixed rate until the First Reset Date. Rate reset on the First Reset Date and every 5 years thereafter to the then prevailing Reference Rate + Initial Spread + relevant Step-up, payable annually in arrear on 03-Dec of each year, commencing on 03-Dec-26 (short first coupon)
  • 30.5NC8.5: 4.750% fixed rate until the First Reset Date. Rate reset on the First Reset Date and every 5 years thereafter to the then prevailing Reference Rate + Initial Spread + relevant Step-up, payable annually in arrear on 03-Mar of each year, commencing on 03-Mar-27 (short first coupon)
• First Step-Up Date:
  • 30.25NC5.25: 03-Dec-36
  • 30.5NC8.5: 03-Mar-40
• Second Step-Up Date:
  • 30.25NC5.25: 03-Dec-51
  • 30.5NC8.5: 03-Mar-55
• Step-ups: 25 bps on First Step-up date, additional 75 bps (100 bps cumulative) on Second Step-up date
• Change of Control Step-up margin: 500 bps step-up if the Issuer does not elect to redeem the Notes following a Change of Control Event.
• Interest Deferral: Cash cumulative optional deferral on any interest payment date. Deferred interest will not bear interest.
• Deferred Interest Payment: The Issuer may pay Deferred Interest Payments, in whole or in part, at any time. Mandatory Settlement of Deferred Interest Payment (whole but not in part) on (i) a Compulsory Settlement Event, (ii) the next scheduled Interest Payment Date if the Issuer elects to pay interest on the Notes, (iii) upon payment of a dividend on any Parity Obligation, (iv) discretionary payment on any Parity Obligation, (v) the fifth anniversary of initial deferral, (vi) the date on which the Notes are redeemed or (vii) the Issuer becomes subject to winding-up (all subject to customary carve-outs).
• Compulsory Settlement Event: Compulsory Settlement Event in accordance with § 3(7)(d) of the Terms and Conditions of the Notes, means any of the following events: (i) the ordinary shareholder meeting or general meeting (as applicable) of the Issuer resolves on the payment of any dividend, other distribution or other payment on any share of any class or partnership interests of the Issuer; (ii) the Issuer or any Subsidiary pays any dividend, interest, other distribution or other payment in respect of any Junior Obligations; or (iii) the Issuer or any Subsidiary redeems, repurchases or otherwise acquires (in each case directly or indirectly) any Junior Obligations; in each case subject to the carve-outs set out in § 3(7)(d) of the Terms and Conditions (including for mandatory payments, stock option programmes and Intra-Group Payments).
• Special Event Redemption: (a) At par (plus accrued and deferred interest) at any time if the minimal outstanding aggregate principal amount of the Notes is equal to or less than 25%, Change of Control Event, Gross-up Event; (b) At 101% prior to the First Optional Redemption Date and at par thereafter (plus accrued and deferred interest) upon a Rating Agency Event, Income Tax Deduction Event.
• Make-Whole Call Option: Make-Whole call until the First Optional Redemption Date (remaining cash flows to be discounted at government benchmark plus the Make-Whole Redemption Margin, being set at the lower of (i) 15% re-offer spread vs government benchmark rounded up to the nearest 5bps and (ii) 50bps).
• Replacement Provision: Intention-based (non-binding) and subject to customary carve-outs
• Specified Denomination: €100,000 + €100,000
• Documentation: Issued under the base prospectus dated 13-Apr-26 as supplemented on 03-Jul-26 and 20-Aug-26 (the “Base Prospectus”) relating to the TenneT GmbH & Co. KG’s EUR 35,000,000,000 Debt Issuance Programme (the “Programme”)
• Listing: Luxembourg Stock Exchange (Regulated Market) and expected to be displayed on LGX (Luxembourg Green Exchange)
• Governing Law: German Law
• 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 16-Apr-26. The Notes are issued (i) in accordance with the EU Green Bond Regulation, and the European Green Bond Factsheet of the Issuer as assessed by the Pre-Issuance Review, and (ii) in compliance with the ICMA Green Bond Principles (2025), and the Green Finance Framework of the Issuer as assessed by the Second Party Opinion. The European Green Bond Factsheet, Pre-Issuance Review, Green Finance Framework and Second Party Opinion are available on the Issuer's website at: https://www.tennet-ir.eu/en/green-financing. None of these documents or web pages form part of the offer.
• Target Market: Manufacturer target market (EU MiFID II product governance and UK MiFIR product governance rules) is professional clients and eligible counterparties (all distribution channels). No EEA PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared as not available to retail investors in EEA, the UK or elsewhere.
• Selling Restrictions: As per the selling restrictions in the Base Prospectus. Reg S (Cat 2), TEFRA D (no communication with/into the US), Canada – offers/sales into Ontario only, subject to compliance with applicable law.
• Joint Hybrid Structurer: Deutsche Bank, ING
• Sole Sustainability Structurer: ING
• Active Bookrunners: Crédit Agricole CIB, Deutsche Bank, ING (B&D), Mizuho, Morgan Stanley, Santander
• Timing: Priced / FTT at 16.45 UKT

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• Details correct at time of posting