Commentary & Deal Flow

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