• The strong momentum in primary persisted with another extremely active session.
• € IG priced a further €15.05bn, from 16 issuers (6 x Corp, 7 x FIG & 3 x SSA), via 21 tranches. This brought the week-to-date number to a whopping €37.1bn.
• Sterling IG was also active with £1.5m from 2 issuers (1 x FIG & 1 x SSA) via 2 tranches.
• Chf IG was once again active with 1 issuer pricing Chf150m via 1 tranche (1 x Tier 2)
• The US$ Reg S market was the only space to see no supply today.
• The “Talking Point” (below) takes a look at the IPT to pricing trends since the beginning of the year. Today we look at the Sterling market for Corporates & unsecured financials (tomorrow SSA’s & Covered issuance).
• Brent crude softened during most of today's session, though has headed north in recent hours currently trading at c.$87.96 (from $87.07 this morning).
• European equity bourses have had another session in the green, with the FTSE, Dax & CAC 40 all higher by 0.10%, 0.30%, & 0.51% respectively (as we go to press).
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €4.7bn
    • Avg. tranche size €522m
    • Avg. IPT to Pricing -33.83
    • Avg. cover 3.78 X
  • FIG
    • Total IG: €6.6bn
    • Avg. tranche size €733m
    • Avg. IPT to Pricing -6 (covered)
    • Avg. IPT to Pricing -33.6 (unsecured)
    • Avg. cover 2.88 X
  • SSA
    • Total IG: €3.75bn
    • Avg. tranche size €1.25bn
    • Avg. IPT to Pricing -2.3
    • Avg. cover 3.98 X
• Pipeline: The European IG pipeline currently has only 2 trades in both €’s & £.
  • 1 x € FIG (1 x covered)
  • 1 x £ SSA (w/o 7th Sept)

Talking Point

• Today we look at the IPT to pricing trends in the Sterling market since the beginning of the year. Below are Corporates & unsecured financials (tomorrow we look at SSA’s & Covered issuance).
• While differentials are more pronounced in the Corporate sector by virtue of the range of credits, the trend is once again for a narrowing trend since the beginning of the year.
  • For context, & moving against the trend, today’s 6 Corporate trades averaged a tightening from IPTs of 33.8bps, with investors displaying a strong appetite for both new & established credits.
• For unsecured financials the tightening trend line is clearer over the Summer months.
  • For context, & - like Corporates - moving against the trend, today’s 2 unsecured trades averaged a tightening from IPTs of 33.6bps; mindful that one of the issues was a Hybrid print.

Euro IG (today)

• Alcon Finance Corporation (exp. Issue ratings of Baa1 / BBB+ by Moody’s & S&P) brought its anticipated 7yr, senior, unsecured, €500m (wng) issue with IPTs in the area of MS+115. Books were over €3.4bn (pre-rec) & final terms were €500m at MS+80; 35bps tighter than IPTs. Final books were over €3.1bn.
  • The Swiss eye care & ophthalmic medical devices has been out of the public markets since 2022, when Alcon Finance BV issued a €500m, 6yr at MS+100; 27.5bps tighter than IPTs from a book of €1.6bn. At the time the issue was rated Baa2 / BBB by Moody’s & S&P.
• Sodexo SA (exp. Issue ratings of Baa1 / BBB by Moody’s & S&P), brought its expected dual-tranche, having been conducting investor calls since Monday. Both 6 & 10yr tranches were announced as €500m (exp). The Reg S Bearer, senior unsecured notes came with respective IPTs of MS+125 area & MS+160 area. Combined books were >€4.1bn (split >€2bn & >€2.1bn respectively). Final terms for the 6yr were €600m at MS+95; & €500m at MS+125 for the 10yr. Final books were >€1.75bn for the 6yr & >€1.6bn for the 10yr.
  • Sodexo is a US food services & facilities management company & last came to the public bond markets in mid-May, with a dual tranche US$1.1bn senior unsecured trade. Its last visit to Europe was back in July 2020, when it priced a €1bn dual-tranche. A €500m, 3.5yr priced at MS+90, & a €500m 8yr priced at MS+130. At the time the borrower was rated as A- by S&P.
• Castellum AB (exp. Issue rating of Baa2 by Moody’s), brought its anticipated €300m (exp.) Reg S, Bearer, senior, unsecured 3yr with IPTs in the area of MS+115. Books were above €1.9bn (pre-rec) when guidance came in at MS+85 area. Size set at €300m as expected. Books were over €1.9bn (pre-rec at guidance), & spread set at MS+78. Final books were in excess of €950m.
  • The Nordic borrower is prolific in the SEK market & last visited the € market in September of 2024, when they priced a €500m, 6yr issue at MS+175; 50-bps tighter than IPTs, from a book of €4.5bn. 
• Cofiroute (exp. Issue rating of A- by S&P) brought a €500m (wng), long 6yr (2nd February 2033). The senior unsecured notes came with IPTs in the area of MS+110. Guidance came in at MS+80 area when books were over €2.2bn (pre-rec). Size was confirmed at €500m. Spread set at MS+75; 35bps tighter than IPTs & offering investors a NIC of 5bps. Books, pre-rec & at guidance, were above €2bn. Final books were >€1.3bn.
  • The French private toll road operator last came to the public markets on the 27th of February last year when it priced a €650m, 8yr at MS+90; 35bps tighter than IPTs from a book of €1.8bn.
• Veolia Environment SA (exp. Issue ratings of Baa1 / BBB by Moody’s & S&P) announced a dual tranche senior-unsecured offering. Both tranches were expected to size at €500m. The 4yr came with IPTs of MS+90, while the 8yr came with IPTs of MS+120 to +125. Collective books were north of €3.4bn (evenly split €1.75bn/€1.65bn). Spreads set for the 4yr at MS+60 (expect €500 to €600m); & for the 8yr at MS+90 (expect €500 to €600m). Final terms were €650m at MS+60 for the 4yr & €500m at MS+90 for the 8yr. Books closed at €1.65bn & €1.15bn respectively (pre-rec & good at set spreads). Final books were in turn €1.55bn & €1.05bn.
  • The French borrower is prolific in the € markets & this is the 3rd multi-tranche offering of 2026. We had a €1bn, 5 & 10yr on the 1st of April; & a €2.5bn 5 & 12yr on the 7th of January.
• Interparking SA (exp. Issue rating of BBB by S&P), announced its anticipated € denominated, senior unsecured, dual-tranche transaction (both tranches expected to be €500m). A 5yr came with IPTs in the area of MS+125; while an 8yr came with IPTs in the area of MS+155. Sizes set at €650m for the 5yr & €500m for the 8yr. Guidance came in at MS+95 area & MS+125 area respectively. In the same order books were >€3.4bn & €2.95bn. Final terms were €650m at MS+90 for the 5yr with a book of >€3.4bn (pre-rec & good at guidance); & €500m at MS+120 with a book of >€3.1bn (pre-rec & good at guidance).
  • This is a debut deal for the Belgium-based leading car park operator.

• Bank of Montreal (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, Fitch & DBRS) announced a 3yr FRN Covered issue backed by Canadian residential mortgages. Guidance on the trade was in the area off 3mth Euribor+28. Books first called over €1.75bn (inc. €215m JLMs). Final terms were €750m at 3mth Euribor+22 from a book over €2bn (inc. €215m JLMs); final book was over €2.15bn with the same JLM interest..
  • A frequent visitor to both the US$ & Sterling markets with covered bonds, today’s trade is the first such trade in €’s since its dual-tranche €2bn, offering on the 28th of May. The deal comprised of a €1bn, 3yr at MS+13; 7bps tighter than guidance with a book of €1.9bn; & a €1bn, 7yr at MS+31; 6bps tighter than guidance with a book of €1.6bn. These € trades were part of a larger issue, which included a 3 tranche $ trade for a combined $2.75bn. BMO also issued a €1.5bn, 5yr covered in January at MS+24; 10bps tighter than guidance from an impressive book of €6.45bn.
• UniCredit Bank GmbH  (exp. Issue rating of Aaa by Moody’s) announced its anticipated Hypothekenpfandbrief (Mortgage Pfandbrief), aka Covered Bond. The 6yr, € benchmark offering came with guidance in the area of MS+28. Books first said to be over €1.7bn (inc. €250m JLMs), climbing slightly to €1.75bn when spread set at MS+23 & size was called at €1bn. Final books were €1.675bn at re-offer (inc. €250m JLMs).
  • This is the 7th covered issue by the borrower in 2026 (exc. Czech sub). It is, however, the 5th Aaa covered offering by the Bank AG & GmbH entities, with Unicredit Spa Covereds rated Aa2. The last AG print was on June the 18th. This was a €750m, 6yr (like today's deal). This priced at MS+27; 5bps tighter than guidance on the back of a €1.1bn book.
• Sparebanken Norge Boligkreditt AS (exp. Issue rating of Aaa by Moody’s) announced a 7yr, Green, Norwegian Covered bond with guidance in the area of MS+29. Books were first over €1.65bn (inc. €150m JLMs), rising to over €1.7bn (pre-rec). Spread set at MS+23. Size set at €750m. Final books were above €1.55bn (inc. €150m JLMs).
  • Today’s print is the second covered issue from Norge in 2026, having last printed a €1bn, 5yr at MS+24 on the 8th of April. This trade came 5bps tighter than guidance from a book of €1.35bn.
• United Overseas Bank Limited (exp. Issue ratings of Aaa / AAA by Moody’s & S&P) brought a dual-tranche Covered bond, backed by 100% SGD denominated Singaporean residential mortgage loans. Both tranches were €500m (wng), with guidance on the 2yr in the area of MS+15, & the 5yr in the area of MS+30. Combined Books were first called at above €3.9bn (inc. €200m JLMs) - equal skew. Combined books were above €4.25bn (pre-rec & inc. €200m JLMs) - split €2.25bn (inc. €100m JLMs) for the 2yr; & €2bn (inc. €100m JLMs) for the 5yr. Final terms in the same order were €500m at MS+7 & €500m at MS+24. Books at re-offer were €2bn for the 3yr & €1.9bn for the 5yr.
  • An established issuer in multiple markets, currencies & asset classes, today’s deal is the first covered issuance in €’s since its €850m, 5yr from the 24th of November last year, which priced at MS+30; 4bps tighter than guidance from a book of €1.2bn.
• Bank Leumi le-Israel B.M. (exp. Issue rating of Aa3 / AA- by Moody’s & Fitch), brought its anticipated Covered, 3yr € benchmark, backed by 100% Israeli residential mortgages. Guidance on the notes was in the area of MS+60. Books over €1.5bn, rising to >€1.65bn (inc. €165m JLMs). Spread set at MS+55, 5bps tighter than IPTs. Books grew to over €2bn (inc. €165m JLMs). Spread set at MS+55; 5bps tighter than IPTs & offering investors a NIC of 2bps. Deal size set at €750m. Final book at re-offer of €2.1bn (inc. €165m JLMs).
  • The borrower’s last visit to the public € markets was also a covered issue. It priced a €750m, 5yr at MS+68 on the 13th of January; 10bps tighter than initial guidance, from a book of €4.5bn.
• Deutsche Börse AG (exp. Issue rating of A by S&P) announced a €600m (wng), 26NC6 Hybrid offering with IPTs in the range of 4.625% to 4.75%. Final terms were €600m at 4.20% when books were called at >€2.9bn (pre-rec).
  • The borrower frequently issues senior unsecured notes, having last priced a €650m, 5yr in March at MS+65. They have issued hybrid notes before, notably with a €600m, 27yr in June 2020.
• The Bank of Nova Scotia (exp. Issue ratings of A2 / A- / AA- by Moody’s, S&P & Fitch) brought a dual-tranche senior issue. The € benchmark tranches were both Fixed-to-Floating structures. The 4NC3 came with IPTs of MS+85 area; & an 8NC7 came with IPTs of MS+115 area. Combined books called first at >€3bn (skew to the shorter). Combined books were over €4.45bn (pre-rec). The 4NC3 size was expected to be €1bn, at MS+58, with a book of >€2.65bn; the 8NC7’s expected size was €500m at MS+90 from a book of >€1.75bn. Final terms on the 4NC3 were €1.25bn at MS+58 from a book of >€2.2bn; & for the 8NC&, €500m at MS+90 from a book of >€1.25bn. Books closed at >€1.9bn & >€1.2bn respectively.
  • All the public € deals for BNS in 2026 have been covered. This is the first unsecured public print since its senior-unsecured dual-tranche on the 26th of February last year. A €750m 3yr FRN priced at 3mth Euribor+75; 25bps tighter than IPTs & a €750m 8yr at MS+110; 25bps tighter than IPTs. 

• The Federal State of Saarland (rated AAA by Fitch), having mandated yesterday, announced its 8yr, €500m (wng) FRN Landesschatzanweisung. Guidance on the trade was in the area of 6mth Euribor +17. Books were above €830m (inc. €225m JLMs), rising to over €1bn (inc. €235m JLMs). Spread set at 6mth Euribor+16 for €500m. Final books were €1.15bn (inc. €285m JLMs).
  • This is the borrower's second visit to the public markets in 2026, having last issued a €500m, 7yr on the 13th of May at MS+18; 1bp tighter than guidance from a book of €1.65bn. In 2025 Land Saarland brought a 6 & 10yr trade, both for €500m. The 6yr was also a floater like today’s trade, which priced at 6mth Euribor+26, pricing in line with guidance at the time.
• 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), brought its anticipated 7yr, € benchmark. Guidance on the deal was in the area of MS+36. Books were over €6bn (inc. €400m JLMs). Size set at €1.25bn & spread set at MS+33. Final books closed in excess of €7bn (inc. €400m JLMs).
  • This is CDP’s first € deal in 2026, having last issued a €1bn, 10yr at MS+59; 3bps tighter than guidance from a large book of €9bn. The credit also issues in US$, CAD & AUD.
• UNEDIC, (rated Aa3 / A+ / AA- by Moody’s, S&P & Scope) the French unemployment insurance agency, brought its anticipated 2yr, Social, €2bn (wng) offering. Guidance on the notes was in the area of OAT+30. Books were in excess of €6.6bn (inc. €1.25bn JLMs). Spread set at OAT interp (mid) +10. Size set as expected at €2bn. Final books closed in excess of €8.3bn (inc. €1.25bn JLMs) & the deal priced for €2bn at OAT+10.
  • This is the 4th Social benchmark by the borrower in 2026. The 3 prior deals raised a collective €8bn. All senior unsecured, we had a €1.5bn, 15yr in May; a €3bn, 6yr in April & a €3.5bn 10.75yr in March.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• CMC Markets plc, (exp. Issue rating of BB+ by Fitch), announced its anticipated £250m (wng), 10NC5 Tier 2 transaction. Senior ratings for the borrower are BBB- by Fitch. IPTs on the notes came in at 7.25% to 7.375%. Books were over £425m, & final terms were £250m at 7.125%; 19bps tighter than the midpoint of IPTs. Final order books were >£310m.
  • This is the inaugural public bond offering for the UK-listed global fintech & financial services provider.

• World Bank - International Bank for Reconstruction and Development (exp. Issue ratings of Aaa / AAA by Moody’s & S&P) brought a fixed rate Sustainable Development Bond. The Long 5yr, Global issue (maturity 15th November 2032) came with guidance of SONIA MS+37 area. Spread set at SONIA MS+36, when books were above £1.7bn (inc. €225m JLMs). Size at that point was still TBD. Books nudged higher to >£1.8bn (inc. £225m JLMs). Size set at £1.25bn, from a final book above £1.9bn (inc. £225m JLMs).
  • Only yesterday IBRD issued a 10yr, €3bn SDB in €’s.  The last time it issued a £ SDB note was a £1bn, 5.5yr on the 26th of March this year, pricing at SONIA +36; 1bp tighter than Guidance with a £2bn book.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• Deutsche Bank Aktiengesellschaft, Frankfurt am Main (exp. Issue ratings of Baa3 / BBB- / BBB by Moody’s, S&P & Fitch) announced a 10NC5 Tier 2 offering. Initial size was TBD, with initial guidance of SARON MS+135 to 140. First minimum size came in at Chf150m. Spread set at MS+138.
  • DB is no stranger to the Swiss Franc market, however, this is the first time we have seen them in this market in any size since its Chf335m 6NC5 senior non-preferred from January 2025, which priced at MS+130. A Tier 2 issue in this market is rare for DB & a first according to our records.

Week-to-date volumes:

US$ Reg S (today)

• None.

Pending Deals & Mandates

Euro (€)

• 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.

Sterling (£)

• 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: Bank of Montreal €750m 3yr CB FRN; 3mEURIBOR+22bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: 3mEURIBOR+22bp / 100

Tranche 1 (3yr): Final Books €2.15bn+ (incl. €215m JLM)

Launched: 3yr: €750m @ 3mEURIBOR+22bp - Orderbooks > €2bn (incl. €215m JLM)
Book Update: Orderbooks > €1.75bn (incl. €215m JLM)
Guidance: 3yr: 3mEURIBOR+28a

• Issuer: Bank of Montreal
• LEI: NQQ6HPCNCCU6TUTQYE16
• Guarantor: BMO Covered Bond Guarantor Limited Partnership
• Expected Ratings: Aaa/AAA/AAA by Moody’s / Fitch / DBRS
• Instrument: Euro Floating Rate Canadian Legislative Covered Bond, backed by Canadian residential mortgages
• Form: Reg S Category 2, Registered, TEFRA not applicable
• Size: €750m
• Maturity: 4-Sep-29 (Soft Bullet)
• Settlement: 4-Sep-26
• Reoffer: 3-month EURIBOR + 22bps area / 100.00
• Coupon: 3-month EURIBOR + 22bps per annum, payable quarterly in arrear, Actual/360
• Interest Payment Dates: Quarterly, on 4-Mar, 4-Jun, 4-Sep and 4-Dec in each year commencing on the Interest Payment Date falling nearest to 4-Dec-26
• Denominations: €100,000 x €1,000
• Business Day Convention: Modified Following Business Day Convention
• Business Days: Toronto, London, New York and T2
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Listing: London Main Market
• Documentation: Issued under the Issuer’s U.S.$50,000,000,000 Global Registered Covered Bond Program dated 10-Sep-25 and supplemented 15-Dec-25, 3-Mar-26, 27-May-26 and 25-Aug-26 (the “Prospectus”)
• Advertisement: The Prospectus is, and the applicable Final Terms (when published) will be, available on: https://www.bmo.com/home/about/banking/investor-relations/fixed-income-investors/covered-bonds/registered-covered-bond#
• Selling Restrictions: No Sales into Italy. Canadian sales not permitted. Prohibition of Sales to EEA and UK Retail Investors applicable. Singapore Sales to Institutional Investors and Accredited Investors only, and as otherwise described in the Prospectus and the Final Terms
• Target Market: MiFID II / UK MiFIR professional clients / ECPs-only
• Joint Lead Managers: ABN, BMO (B&D), Crédit Agricole, LBBW, NORD/LB, SEB
• Fees: Joint Lead Managers will be paid a fee in connection to the transaction
• ISIN/ Common Code: XS3487864236 / 348786423
• Timing: Priced TOE:14.27 LDN / FTT 14.45 LDN
• Stabilization: FCA/ICMA

Covered
3yr (Sep 2029) @ 3mE+28a

Implied Spread for fresh 3yr @ 3mE+22

Priced at 3mE+22
NIC of 0

PRICED: UniCredit Bank GmbH €1bn 6yr CB; MS+23bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+23bp / 99.561 / 3.332% Benchmark: 6yr: DBR 1.7 Aug-32 @ 93.25 / B+38.1bp / HR 103%

6yr: Final Books over €1.675bn (incl. €250m JLMs). Peak book over €1.75bn (incl. €250m JLMs - pre rec)

Launched: 6yr: €1bn @ MS+23bp - Books over €1.75bn (incl. €250m JLMs - pre rec) Book Update: Books over €1.7bn (incl. €250m JLMs) Guidance: 6yr: MS+28a

• Issuer: UniCredit Bank GmbH (Ticker: HVB)
• LEI: 2ZCNRR8UK830BTEK2170
• Issue Type: Hypothekenpfandbrief (Mortgage Pfandbrief)
• Label: EU harmonisation label European Covered Bond (Premium)
• Format: Reg S, Bearer
• Issue Rating: Aaa by Moody's exp.
• Issue size: €1bn
• Coupon: 3.25%, Fixed, annual, Act/Act ICMA
• Value Date: 02-Sep-26 (T+5)
• Maturity: 02-Sep-32
• Reoffer: 99.561%, 3.332%, MS+23bps
• Benchmark: DBR 1.7 Aug-32 + 38.1bps (Cash 93.25%, HR 103%)
• Leads: BayernLB, CIBC Capital Markets, DZ BANK, Erste Group, LBBW, Nykredit, and UniCredit (B&D)
• Listing: Munich
• Target market: Manufacturer target market (EU 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 DISC disclosure document has been prepared as the Notes are not available to retail in the EEA or the UK.
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Denoms/Law: 1k + 1k, German
• ISIN/WKN: DE000HV2A2U7 / HV2A2U
• Timing: TOE 14.03CET, FTT 14.30CET
• Advertising: The base Prospectus is available at:https://www.onemarkets.de/de/rechtliches/basisprospekte.html

Covered
6yr (Sep 2032) @ MS+28a

Implied Spread for fresh 7yr @ MS+23

Priced at MS+23
NIC of  0

PRICED: Sparebanken Norge Boligkreditt €750m 7yr Green CB; MS+23bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+23bp / 99.263 / 3.370%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 97.277 / B+33 / HR 100%

7yr: Final Books above €1.55bn (incl. €150m JLMs). Peak book above €1.7bn (incl. €150m JLMs)

Launched: 7yr: €750m @ MS+23bp - Books above €1.6bn pre-rec (incl. €150m JLMs)
Spread set at: 7yr: MS+23bp - Books above €1.7bn (incl. €150m JLMs)
Book Update: Books over €1.65bn (incl. €150m JLMs)
Guidance: 7yr: MS+29a

• Issuer: Sparebanken Norge Boligkreditt AS
• Legal Entity Identifier: 5967007LIEEXZX6AO004
• Expected Issue Ratings: Aaa (Moody's)
• Format: Reg S, NGCB, Bearer, LCR Level 1B and ECB repo eligible
• Legislation: Norwegian Covered Bonds backed by prime Norwegian residential mortgages
• Status: European Covered Bond (Premium), ECBC Covered Bond Label compliant
• Currency: €
• Size: €750m
• Reoffer: MS+23bp / 99.263 / 3.370%
• Benchmark: DBR 2.6 15-Aug-33 @ 97.277 / B+33 / HR 100%
• Use of Proceeds: To finance or re-finance, in part or in full, new and/or existing residential green buildings, pursuant to the Issuer's Green Bond Framework, which is available on the website of the Issuer alongside the second party opinion
• Launch date: 26-Aug-26
• Settlement Date: 02-Sep-26 (T+5)
• Maturity Date: 02-Sep-33 (7-year, soft bullet)
• Extended Maturity Date: 02-Sep-34
• Interest Payment Dates: Annually on 2 September each year commencing on 02-Sep-27 up to (and including) the Maturity Date, subject to Business Day Convention
• Coupon: Fixed 3.250% annually
• Day Count Fraction: Act/Act (ICMA)
• Business Day Convention: Following, unadjusted
• Denominations: €100,000 + €1,000 increments
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in respect of the placement of the securities
• Documentation: Issuer's €25bn Covered Bond Programme dated 01-Jun-26
• Selling Restrictions: Per the Base Prospectus. TEFRA D Rules apply, no communications with or into the US or Canada (excluding Ontario)
• Listing / Law: Luxembourg Stock Exchange / English law, except that the provisions of the Covered Bonds under Condition 2 of the Terms and Conditions will be governed by, and construed in accordance with, Norwegian law
• ISIN / Common Code: XS3487836705 / 348783670
• Clearing: Euroclear / Clearstream, Luxembourg
• 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 DISC disclosure document has been prepared as not available to retail in EEA or the UK
• Joint Bookrunners: BMO Capital Markets, Commerzbank, HSBC (B&D), LBBW, SEB, Société Générale
• Timing: TOE 14:43 CEST / FTT 15:00 CEST
• Advertisement: The Prospectus, any supplements and the Final Terms (when published) will be available at https://www.spv.no/om-oss/investor-relations/boligkreditt/emtn-programme-and-final-terms

Covered
7yr (Sep 2033) @ MS+29a

Implied Spread for fresh 7yr @ MS+22

Priced at MS+23
NIC of +1

PRICED: Federal State of Saarland €500m 8yr Sr Unsec; 6mE+16bp

IGC European Market: Deal Flow - SSA

Reoffer: 8yr: 6mE+16bp / 99.928

8yr: Final books above €1.15bn (incl. €285m JLM)

Launched: 8yr: €500m @ 6mE+16bp - Books above €1bn (incl. €235m JLM)
Spread set at: 8yr: 6mE+16bp
Book Update: Books above €830m (incl. €225m JLM)
Guidance: 8yr: 6mE+17a

• Issuer: Federal State of Saarland
• Ticker: SAARLD Govt
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Issuer Rating: AAA (Fitch)
• Size: €500m
• Settlement: 01-Sep-26 (T+4)
• Maturity: 01-Sep-34 (8 years)
• Coupon: 6mE+15bp, semi annual, act/360 (mod. following, adjusted)
• Interest Pay Dates: Interest payments on 01-Sep & 01-Mar each year, subject to adjustment in accordance with the Business Day. First coupon on 01-Mar-27
• Reoffer: 6mE+16bp / 99.928%
• Joint Leads: DekaBank, DZ Bank, Helaba(B&D), J.P. Morgan
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
• Denoms/Listing: €1k/Frankfurt
• ISIN/WKN: DE000A383U58 / A383U5
• Timing: Priced / TOE 12.34 CET / FTT Immediately

PRICED: CDP Financial Inc. €1.25bn 7yr Sr Unsec; MS+33bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+33bp / 99.364 / 3.479% Benchmark: 7yr: DBR 2.6% 15-Aug-33 + 43.1 bps (3.048% , HR: 100%)

7yr: Final books closed in excess of €7bn (incl. €400m JLM interest)

Launched: 7yr: €1.25bn @ MS+33bp - Orderbooks in excess of €6bn (incl. €400m JLM interest) Guidance: 7yr: MS+36a

• Issuer: CDP Financial Inc.
• Ticker: CADEPO
• Guarantor: Caisse de dépôt et placement du Québec ("La Caisse")
• Issuer's LEI: 549300OXMGVYFCBFV096
• Issuer Ratings: Aaa/AAA/AAA/AAA (Moody's/S&P/Fitch/DBRS)
• Format: 144A / 3c7 / Reg S
• Size: €1.25bn
• Ranking: Sr Unsec
• Settlement: 02-Sep-26 (T+5)
• Maturity: 02-Sep-33 (7 years)
• Coupon: 3.375%, Fixed, Annual, Act/Act ICMA
• Spread: MS + 33 bps
• Reoffer: 99.364, 3.479%
• Benchmark: DBR 2.6% 15-Aug-33 + 43.1 bps (3.048% , HR: 100%)
• Law: State of New York
• Listing: Irish Stock Exchange plc trading as Euronext Dublin, unregulated market (GEM)
• Docs: Issuer's Senior Notes Programme
• ISIN: XS3487744172 (Reg S) / XS3487744339 (144A)
• Denoms: Euro 250K + 1K
• Bookrunners: Barclays, BofA Securities, Natixis, RBC Capital Markets (B&D) and Scotiabank
• Timing: TOE 14:33 UKT / 15:33 CET, FTT immediately
• Target Market: The manufacturer target market (MIFID II/MIFIR product governance) is eligible counterparties and professionals
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The final terms will be available onhttps://live.euronext.com/en/product/bonds-detail/23894/overview

PRICED: Alcon Finance Corporation €500m 7yr Sr Unsec; MS+80bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+80bp / 99.543 / 3.951%
Benchmark: 7yr: DBR 2.6% 15-Aug-33 @ 97.170 / HR 98%
Hedge Deadline: 14:25 UKT / 15:25 CET

Tranche 1 (7yr): Final Books > €3.1bn. Peak book over €3.4bn (pre rec)

Launched: 7yr: €500m @ MS+80bp - Books over €3.4bn (pre rec)
IPTs: 7yr: MS+115a

• Issuer: Alcon Finance Corporation (Ticker: ALCSW, Country: US)
• Issuer LEI: 549300CUZUI9VU7XNK42
• Guarantor: Alcon Inc.
• Guarantor LEI: 549300LDT5AP8S0NBM78
• Guarantor Rating: Baa1 (stable outlook) by Moody's / BBB+ (stable outlook) by S&P
• Expected Issue Ratings: Baa1 by Moody's / BBB+ by S&P
• Format: Senior Unsecured, Reg S, Registered Form, NSS, Global Certificate
• Size: €500m WNG
• Tenor: 7yr
• Settlement: 2-Sep-26 (T+5)
• Maturity: 2-Sep-33
• Reoffer: MS+80bp / 99.543 / 3.951%
• Benchmark: DBR 2.6% 15-Aug-33 @ 97.170 (HR 98%)
• Coupon: 3.875% Fixed (Annual, Act/Act ICMA, Following, unadjusted)
• Documentation: Stand-alone Offering Memorandum / Euro MTF Lux Listing / English Law / CoC / Clean-up Call (80%) / 3m Par Call / Make Whole Call / Tax Call
• Denomination: €100,000 + €1,000
• Selling Restrictions: Regulation S, Category 2; TEFRA not applicable. Restrictions apply, including in the United States, the EEA, the UK, Canada, Hong Kong, Japan, Singapore (institutional and accredited investors only) and Switzerland. As set out in the Issuer’s preliminary Offering Memorandum.
• Use of Proceeds: The net proceeds of the issue of the Notes will be used by the Issuer for its general corporate purposes, which may include the refinancing, in whole or in part, of the existing debts of the Group. The net proceeds of the issue of the Notes will be used outside Switzerland unless use in Switzerland is permitted according to the practice of the Swiss Federal Tax Administration without resulting in a reclassification of the Notes as an issuance subject to Swiss withholding tax.
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No ID under the EU PRIIPs Regulation or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as the Notes are not available to retail investors in the EEA or in the UK.
• Joint Bookrunners: BNP Paribas (B&D), Deutsche Bank, Goldman Sachs International, ING, SMBC
• Clearing: Euroclear Bank SA/NV / Clearstream Banking SA
• ISIN / Common Code: XS3455206352 / 345520635
• Marketing: Visit https://dealroadshow.finsight.com and enter passcode ALCON26
• Advertisement: The final stand-alone offering memorandum, when published, will be available at https://www.luxse.com/
• Stabilisation: Relevant stabilisation regulations including ICMA/FCA will apply
• Timing: Priced. TOE: 14:47 UKT / 15:47 CET FTT: 15:15 UKT / 16:15 CET

PRICED: CMC Markets £250m 10NC5 T2 Fixed Rate Reset; UKT+267.7bp

IGC European Market: Deal Flow - General

Reoffer: 10NC5: UKT+267.7bp / 100.00 / 7.125%
Benchmark: 10NC5: UKT 0.250% 31-Jul-31 @ 81.61 / UKT+267.7bp

10NC5: Final Orderbook £310m+. Peak book £425m+

Launched: 10NC5: £250m @ 7.125% - Books £425m+
IPTs: 10NC5: 7.250%-7.375% (s/a)

• Issuer: CMC Markets plc (debt ticker: "CMCXLN")
• Legal Entity Identifier: 213800VB75KAZBFH5U07
• Instrument: £250m 7.125 per cent. Tier 2 Capital Notes due 2036 (the "Notes")
• Issuer Rating: BBB- by Fitch (stable outlook)
• Instrument Rating (Expected): BB+
• Size: £250m
• Tenor: 10NC5
• Issue Date: 3-Sep-26 (T+5)
• Maturity Date: 3-Sep-36
• Reset Date: 3-Sep-31
• Re-offer: 100.00 / 7.125% S/A / UKT+267.7bp
• Reference Benchmark: UKT 0.250% due 31-Jul-31
• Reference Spot: 81.61
• Reset Margin: +267.7bp
• Initial Rate of Interest: 7.125 per cent. per annum payable semi-annually in arrear on 3 March and 3 September in each year from (and including) the Issue Date to (but excluding) the Reset Date
• Issuer's Call Option: The Issuer may, in its sole discretion but subject to certain conditions elect to redeem all, but not some only, of the Notes on the Reset Date at their principal amount, together with any unpaid interest accrued to (but excluding) the date fixed for redemption
• Clean-up Call: If 75% or more of the aggregate principal amount of the Notes originally issued (including any tap issues) has been purchased by the Issuer or by others for the Issuer's account and cancelled, then the Issuer may, subject to certain conditions, elect to redeem at any time all, but not some only, of the Notes at their principal amount, together with any accrued and unpaid interest thereon to (but excluding) the date fixed for redemption
• Redemption Due to Capital Disqualification Event or a Tax Event: The Issuer may, in its sole discretion but subject to certain conditions elect to redeem all (but not some only) of the Notes at any time following the occurrence of a Capital Disqualification Event or a Tax Event, in each case at their principal amount together with unpaid interest accrued to but excluding the relevant redemption date
• Substitution and Variation: Issuer may, upon occurrence of a Tax Event or a Capital Disqualification Event, either substitute all (but not some only) of the Notes for, or vary the terms of the Notes so that or provided that (as the case may be) they remain or, as appropriate, become, Qualifying Tier 2 Securities, subject to certain conditions (including, if and to the extent then required under the prevailing Regulatory Capital Requirements, the Issuer obtaining prior Supervisory Permission for such substitution)
• Use of Proceeds: The net proceeds of the issue of the Notes will be used by the Issuer for general corporate purposes
• Day Count Fraction: Actual / Actual (ICMA)
• Business Day Convention: Following, Unadjusted
• Business Days (for payment purposes): London
• Denominations: £100,000 and integral multiples of £1,000 in excess thereof
• Governing Law: English Law
• Listing: London Stock Exchange (International Securities Market)
• Form of Notes: Registered form
• ISIN/Common Code: XS3485571577 / 348557157
• Selling Restrictions: United States (Regulation S, Cat 2). TEFRA not applicable; EEA, United Kingdom and as further described in the Admission Particulars. Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law; other restrictions apply – see Base Prospectus)
• Target Market & PRIIPs: 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 CCI disclosure document has been prepared as not available to retail in EEA or the United Kingdom
• Joint Bookrunners: Barclays Bank PLC, BofA Securities (B&D), NatWest
• Documentation: Issued under the Issuer's £500,000,000 Euro Medium Term Note Programme Base Admission Particulars dated 30-Jul-26
• Advertisement: The Base Admission Particulars are available on the Issuer's website at https://assets.ctfassets.net/qjd94rsxb7ou/2uyLdhUmPefCYoE7LissWM/0aa837368fa7d38f51555fda1cba96ca/CMC-EMTN-Establishment-2026-Base-Admission-Particulars.pdf
• Timing: ToE: 13:19 (UKT) / FTT 13:35 (UKT)

PRICED: Deutsche Bank Aktiengesellschaft CHF 150m 10NC5 T2; SARON MS+138

IGC European Market: Deal Flow - General

Reoffer: 10NC5: SARON MS+138bp / 100 / 1.7325%
Benchmark: 10NC5: Govt / +154.8bp

Launched: 10NC5: CHF 150m @ SARON MS+138bp
Spread set at: 10NC5: MS+138bp - New Min. Size: 150m
Guidance: 10NC5: SARON MS+135/140bp

• Issuer: Deutsche Bank Aktiengesellschaft, Frankfurt am Main (Ticker: DB)
• Issuer Domicile: Germany
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes / Reg S (Cat. 2), Bearer
• Securities: Subordinated Tier 2 Notes issued under the Issuer’s EUR 80bn Debt Issuance Programme described in the Securities Notes dated 03-Jun-26 and the Registration Document dated 05-May-26 and as supplemented
• Status: Tier 2 own funds (within the meaning of CRR); subordinated to the claims of other unsubordinated creditors of the Issuer and, under German legislation implementing Art. 48 (7) BRRD contractually subordinated obligations of the Issuer which do not qualify as own funds
• Issuer Rating: A1 (stable) / A (positive) / A+ (positive) (Moody's / S&P / Fitch)
• Instrument Rating (exp): Baa3 / BBB- / BBB (Moody's / S&P / Fitch)
• Issue Size: CHF 150mm
• Spread/Yield: SARON MS +138.0 // YTM 1.7325% // Govt + 154.8
• Coupon: From (and including) the Settlement Date to (but excluding) the Reset Date: 1.7325% p.a. (30/360, following unadj.). From (and including) the Reset Date at a rate p.a. of 1.38% (the “Margin”) above the 5-year-SARON-Midswap-Rate, determined on the second Business Day prior to the Reset Date. The Margin represents the initial credit spread over SARON mid swap for the period until the Reset Date as of the pricing date and does not include a step-up. A Rate Replacement provision and customary fallback provisions will apply to the 5-year-SARON-Midswap-Rate.
• Early Redemption & Reset Date: The Issuer may redeem the Securities in whole, but not in part, on 16-Sep-31 (the Reset Date), with the prior approval of the competent supervisory authority, upon not less than 5 and not more than 60 days' prior notice at the Redemption Amount.
• Maturity: 10NC5 (16-Sep-26 to 16-Sep-36)
• Redemption for Regulatory Reasons: The Issuer may redeem the Securities in whole, but not in part, at any time, with the prior approval of the competent supervisory authority, upon not less than 5 and not more than 60 days' prior notice at the Redemption Amount, if there is a change in the regulatory classification of the Securities that would be likely to result in (i) their exclusion in full or in part from the Issuer’s own funds under the CRR (other than as a consequence of an amortisation in accordance with Article 64 CRR) or (ii) a reclassification as a lower quality form of the Issuer’s own funds than as of the Issue Date, provided that the conditions in Article 78(4)(a) CRR are met.
• Issue Price: 100.000%
• ISIN / Valor: CH1602654332 / 160.265.433
• Redemption Amount: 100% of Principal Amount at Maturity Date and upon Early Redemption and Redemption for Regulatory Reasons
• Additional Call Features: Clean-up Call (75%)
• Resolution Measures: Prior to any insolvency or liquidation of the Issuer, under bank resolution laws applicable to the Issuer from time to time, the competent resolution authority may write down (including to zero) the obligations of the Issuer under the Securities, convert them into equity (e.g. ordinary shares of the Issuer) or apply any other resolution measure, including (but not limited to) any transfer of such obligations to another entity, an amendment of the Conditions or a cancellation of the Securities.
• Lead Manager(s): Deutsche Bank
• Co-Manager(s): Raiffs, ZKB
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Set-off right: None
• Documentation: EUR 80,000,000,000 Debt Issuance Programme, dated 03-Jun-26, as supplemented
• FinSA Prospectus: The Base Prospectus and supplements thereto have been filed with SIX for automatic acceptance pursuant to article 54(2) of the FinSA
• Governing Law: German law
• Covenants: Pari Passu
• SIX Listing: 14-Sep-26
• Denomination: CHF 100,000 and multiples thereof
• Selling Restrictions: As per the Issuer’s Debt Issuance Programme dated 03-Jun-26; USA and US persons, UK, EEA (incl. Austria, Belgium, Czech Republic, France, Ireland, Italy, Netherlands, Poland, Spain), Australia, Canada, Hong Kong, Israel, Japan, Singapore and Taiwan.
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.

PRICED: Deutsche Börse AG €600m 26NC6 Sub; 4.200%

IGC European Market: Deal Flow - General

Reoffer: 26NC6: 4.200% / 100
Benchmark: 26NC6: DBR 1.7 15-Aug-32 @ 93.15 / B+123.0bp

Tranche 1 (26NC6): Peak book > €2.9bn (pre-rec)

Launched: 26NC6: €600m @ 4.200% - Books > €2.9bn (pre-rec)
IPTs: 26NC6: 4.625/4.750%

• Issuer: Deutsche Börse AG, Frankfurt am Main, Germany (Ticker: DBOERS / Country: GER)
• Issuer Rating: AA- (stable) (S&P)
• Exp. Instrument Rating: A (S&P)
• Exp. Equity Credit: S&P Intermediate Equity Content (50% Equity Credit, until the First Reset Date)
• Status: Direct, unsecured and subordinated obligations. Ranking senior only to Junior Instruments; pari passu among themselves and with Parity Instruments; junior to all present and future other obligations of the Issuer, whether subordinated or unsubordinated, subject to mandatory law and the terms of the relevant instrument.
• Format: Reg S Bearer
• Specified Currency: €
• Size: €600,000,000
• Settlement Date: 02-Sep-26 (T+5)
• Tenor: 26NC6
• Maturity Date: 02-Sep-52
• First Optional Redemption Date: 02-Jun-32
• First Reset Date: 02-Sep-32
• Reoffer: 4.200% / 100
• Initial Margin: ms+107.7
• Timing: TOE: 14:55 UKT/ 15:55 CET. FTT: 15:30 UKT/ 16:30 CET
• Benchmark: DBR 1.7 15-Aug-32 + 123.0 (93.15)
• Interest: 4.200% p.a. fixed rate to the First Reset Date, payable annually in arrear. Thereafter resets every 5 years at the prevailing 5-year Mid Swap Rate + Initial Margin + applicable step-up.
• Interest Payment Dates: 2 September of each year, commencing on 02-Sep-27
• First Step-up Date: 02-Sep-32 (the First Reset Date)
• Step-up: 25bps
• Interest Deferral: Optional at the Issuer’s discretion, in whole or in part (cumulative and non-compounding)
• Settlement of Deferred Interest: Deferred Interest may be paid, in whole or in part, at the Issuer’s discretion at any time; and must be paid in whole but not in part upon: (i) resolution of payment of any dividend, other distribution or other payment on any class of the Issuer’s shares; (ii) payment, redemption or repurchase of Junior Instruments (other than ordinary shares); (iii) payment of current, non-deferred accrued interest on the Notes; (iv) payment of any dividend, other distribution or other payment in respect of any Parity Instruments; (v) redemption or repurchase of Parity Instruments; (vi) winding-up, liquidation or dissolution of the Issuer. All subject to customary carve-outs.
• Issuer Call Option: In whole, but not in part, on any Business Day during the 3-month period from and including the First Optional Redemption Date to and including the First Reset Date, and on each Interest Payment Date thereafter, at par plus accrued interest and any outstanding Deferred Interest.
• Make-Whole Redemption: In whole, but not in part, at any time prior to but excluding the First Optional Redemption Date, at the higher of (i) par or (ii) the present value of the principal and remaining scheduled interest payments to the First Optional Redemption Date, discounted at the Benchmark Yield + 0.20%, plus accrued interest and any outstanding Deferred Interest.
• Early Redemption Events: Rating Agency Event / Income Tax Deduction Event: 101% of the Specified Denomination before the First Optional Redemption Date; at par thereafter, plus accrued interest and any outstanding Deferred Interest. Gross-up Event / Minimal Outstanding Aggregate Principal Amount (≤25% outstanding): at par. In each case, plus accrued interest and any outstanding Deferred Interest.
• Change of Control: Issuer call in whole, but not in part, at par plus accrued interest, outstanding Deferred Interest Payments and any Additional Amounts. If not redeemed, step-up of 500bps.
• Replacement Language: Applicable
• Specified Denomination: €100,000 + €100,000
• Governing Law: German
• Listing: Frankfurt Stock Exchange / Luxembourg Stock Exchange (Official List)
• Documentation: Base Prospectus dated 30-Apr-26, as supplemented, and the related Final Terms will be, when published, available on the website of the Luxembourg Stock Exchange (https://www.luxse.com).
• Business Day: T2
• Day Count Fraction: Actual/Actual (ICMA)
• Sole Structuring Advisor and Global Coordinator: Citi
• Active Joint Lead Managers: Citi (B&D), Goldman Sachs Bank Europe SE, HSBC
• Use of Proceeds: General corporate purposes including the refinancing of existing debt.
• Selling Restrictions: As set out in the Base Prospectus dated 30-Apr-26, as supplemented.
• MiFID II Target Market / PRIIPs: Eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID and no UK DISC disclosure document; not available to EEA or UK retail investors.
• ISIN: DE000A5GS5N4
• Legal Entity Identifier (LEI): 529900G3SW56SHYNPR95

Hybrid
NC6yr (Sep 2032) @ 4.625/4.750%

Implied Spread for fresh 3yr @  4.25%

Priced at 4.20%
NIC of -2

PRICED: Castellum AB €300m 3yr Sr Unsec; MS+78bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+78bp / 99.755 / 3.838%
Benchmark: 3yr: DBR 0 15-Aug-29 @ 92.08 / B+101.5bp

Tranche 1 (3yr): Final Books in excess of €950m. Peak book above €1.9bn (pre-reconciliation, at guidance)

Launched: 3yr: €300m @ MS+78bp - Books above €1.9bn (pre-reconciliation, at guidance)
Spread set at: 3yr: MS+78bp - Books above €1.9bn (pre-reconciliation, at guidance)
Guidance: 3yr: MS+85a - Books above €1.9bn (pre-reconciliation)
IPTs: 3yr: MS+115a

• Issuer: Castellum AB
• Issuer LEI: 549300GU5OHTR1T5IY68
• Issuer Rating: Baa2, Stable Outlook (Moody’s)
• Issue Rating: Baa2 (Moody’s) (exp.)
• Status: Senior Unsecured
• Form: Reg S, Bearer, New Global Notes
• Trade Date: 26-Aug-26
• Settlement Date: 3-Sep-26 (T+5)
• Maturity Date: 3-Sep-29 (3-years)
• Size: €300m
• Reoffer: MS+78bp / 99.755 / 3.838%
• Benchmark: DBR 0 15-Aug-29 @ 92.08 / +101.5bp / HR 105%
• Coupon: 3.75%, FXD, Ann., Act/Act (ICMA)
• Documentation: Castellum AB’s €3,000,000,000 EMTN Programme dated 3-Jul-26, as supplemented on 24-Aug-26 (as so supplemented, the “Base Prospectus”)
• Governing Law: English Law
• Clearing: Euroclear and Clearstream
• Business Days: T2 (Additional Financial Centre(s): London)
• Listing: Euronext Dublin, Regulated Market
• Denominations: €100k + 1k
• Call Options: 1-month Par Call, Make-whole Call (partial) @ B+15bp, Tax Call (at par), Clean-Up Call (75%)
• CoC: Yes (at par, as stipulated in the Base Prospectus)
• Neg. Pledge: Yes, in relation to Relevant Indebtedness (as stipulated in the Base Prospectus)
• Fin. Covenants:
  • Consolidated Solvency Ratio shall not exceed 65% (incurrence)
  • Secured Solvency Ratio shall not exceed 45% (incurrence)
  • Consolidated Coverage Ratio shall not be less than 1.5x (maintenance) (please refer to the definitions in the Base Prospectus)
• UoP: General corporate purposes
• Sell. Restrictions: As per the Base Prospectus (Reg S, Compliance Category 2; TEFRA D)
• JLMs: BNP Paribas (B&D), Danske Bank, Nordea, Svenska Handelsbanken, Swedbank
• ISIN / CC: XS3485509262 / 348550926
• 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 PRIIPs key information document (KID) or FCA Product Disclosure Sourcebook (DISC) disclosure document has been prepared as the bonds are not available to retail in EEA or the UK
• Timing: TOE 14:50 UKT / 15:50 CEST – FTT 15:05 UKT / 16:05 CEST
• Marketing: URL: https://dealroadshow.finsight.com, Entry Code: PAMPAS26 Direct Link: https://dealroadshow.finsight.com/e/PAMPAS26
• 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 and any Supplements are available and the Final Terms, when published, will be available on the website of Euronext Dublin at: https://www.euronext.com/en/markets/dublin

PRICED: Veolia Environnement €1.15bn 4yr & 8yr Sr Unsec; MS+60 & MS+90

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+60bp / 100 / 3.678% 8yr: MS+90bp / 100 / 4.088%
Benchmark: 4yr: DBR 0% Aug-30 @ 89.4 / B+81.1bp (HR 106%) 8yr: DBR 2.6% Aug-34 @ 96.41 / B+97.2bp (HR 98%)

4yr: Final Book €1.55bn. Peak book €1.75bn
8yr: Final Book €1.05bn. Peak book €1.65bn

Launched: 4yr: €650m @ MS+60bp - Books closed €1.65bn (pre-rec, good at set spreads) 8yr: €500m @ MS+90bp - Books closed €1.15bn (pre-rec, good at set spreads)
Spread set at: 4yr: MS+60bp 8yr: MS+90bp - Books north of €3.4bn (evenly split €1.75bn/€1.65bn)
IPTs: 4yr: MS+90a 8yr: MS+120/125bp

• Issuer: Veolia Environnement SA (Ticker: VIEFP / Country: FR)
• Issuer LEI: 969500LENY69X51OOT31
• Issuer Ratings: Baa1 stable / BBB stable (Moody's / S&P)
• Expected Issue Ratings: Baa1 / BBB (Moody's / S&P)
• Format: Senior, Unsecured, Reg S (Cat 2), Bearer Dematerialized
• Settlement: 02-Sep-26 (T+5)
• Maturity:
  • 4yr: 02-Sep-30
  • 8yr: 02-Sep-34
• Size:
  • 4yr: €650m
  • 8yr: €500m
• Reoffer:
  • 4yr: 100.000% / MS+60 / 3.678% yield / B+81.1
  • 8yr: 100.000% / MS+90 / 4.088% yield / B+97.2
• Coupon:
  • 4yr: 3.678%, Fixed, Annual, ACT/ACT
  • 8yr: 4.088%, Fixed, Annual, ACT/ACT
• Ref Bmk:
  • 4yr: DBR 0% Aug-30 @ 89.4(HR 106%)
  • 8yr: DBR 2.6% Aug-34 @ 96.41(HR 98%)
• Docs: EMTN Programme / Euronext Paris / French Law / Clean-up (@ 75%) / 3m Par Call / €100k + 100k
• Make-Whole Call:
  • 4yr: B+15 bps
  • 8yr: B+15 bps
• ISIN:
  • 4yr: FR001401AOY8
  • 8yr: FR001401AOX0
• ToE:
  • 4yr: 15.03 UKT
  • 8yr: 15.02 UKT
• UoP: General Corporate Purposes
• Listing: Euronext Paris (Regulated Market)
• Sales to Canada: Sales into Ontario, Alberta, British Columbia only, subject to compliance with applicable law
• Global Coordinators: BofA (B&D), Mizuho
• Active Bookrunners: BofA (B&D), BBVA, CaixaB, CIC, JPM, Mizuho, SCB
• Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors 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 Restrictions: As set out in the Base Prospectus dated 30-Mar-26
• Timing: PRICED / FTT 15.30 UKT

PRICED: Cofiroute €500m 6yr Sr Unsec; MS+75bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+75bp / 99.962 / 3.885%
Benchmark: 6yr: DBR 2.3 15-Feb-33 TWIN @ 95.80 / B+86.2bp

6yr: Final books > €1.3bn. Peak book above €2.2bn (pre rec)

Launched: 6yr: €500m @ MS+75bp - Book above €2bn (pre rec) at guidance
Spread set at: 6yr: MS+75bp - Book above €2bn (pre rec) at guidance
Guidance: 6yr: MS+80a - Book above €2.2bn (pre rec)
IPTs: 6yr: MS+110a

• Issuer: Cofiroute (Ticker: DGFP, Country: FR)
• Issuer LEI: 213800CP8292W9E8LJ69
• Issuer Rating: A- (Stable) by S&P
• Expected Issue Rating: A- by S&P
• Pricing Date: 26-Aug-26
• Settlement: 2-Sep-26 (T+5)
• Format: Senior Unsecured, Reg S Bearer Cat 2, Dematerialised Notes
• Maturity: 2-Feb-33 (long 6-year)
• Size: €500m
• Reoffer: 99.962 / MS+75 / 3.885%
• Coupon: 3.875% Fixed, Annual, Act/Act ICMA, Short First
• Benchmark: DBR 2.3 15-Feb-33 TWIN @ 95.80 / 3.023% (DBR+86.2bp / HR: 99%)
• Make-Whole Call: B+15bp
• ISIN: FR001401AO88
• Docs: EMTN Programme / CoC (Put) / 3m Par Call / Clean-Up call (75%) / Luxembourg Listing / French law / MWC
• Clearing: Euroclear / Clearstream
• Denoms: €100k + 100k
• UoP: General corporate purposes
• Global Coordinators: Crédit Agricole CIB, HSBC
• Active Bookrunners: Crédit Agricole CIB, HSBC (B&D), IMI-Intesa Sanpaolo, ING, J.P. Morgan, SMBC, UniCredit
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restrictions: As set out in the Base Prospectus dated 16-Jul-26
• Advertisement: The Base Prospectus and the Final Terms, when available, will be published on the website of the Luxembourg Stock Exchange (www.luxse.com)
• TOE / FTT: 15.02 UKT / 15.30 UKT

L 6yr (Sep 2032) @ MS+110a

Implied Spread for fresh L 6yr @ MS+75

Priced at MS+75
NIC of 0

PRICED: Bank Leumi le-Israel B.M. €750m 3yr CB; MS+55bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+55bp / 100 / 3.609%
Benchmark: 3yr: OBL 2.1 12-Apr-29 #189 @ 98.16 / B+77.4bp / HR 113%

Tranche 1 (3yr): Final book at reoffer €2.1bn (inc. €165m JLM). Peak book €2.1bn (inc. €165m JLM)

Launched: 3yr: €750m @ MS+55bp - Books in excess of €2bn (inc. €165m JLM)
Spread set at: 3yr: MS+55bp - Books in excess of €1.65bn (inc. €165m JLM)
Book Update: Books in excess of €1.5bn (excl. JLM)
Guidance: 3yr: MS+60a

• Issuer: Bank Leumi le-Israel B.M.
• Guarantor: Leumi C.B. Ltd
• LEI: 7JDSZWRGUQY2DSTWCR57
• Expected Issue Ratings: AA- / Aa3 (Fitch / Moody’s)
• Issue Type: Structured Covered Bond
• Form of Covered Bond: Reg S, Registered. Global Covered Bond registered in the name of a nominee and credited through the TASECH and the TASE Members on or about the Issue Date
• Currency: EUR
• Size: €750m
• Reoffer: MS+55bps / 100 / 3.609%
• Benchmark: OBL 2.1 12-Apr-29 #189 +77.4bps (98.16) / HR 113%
• Settlement Date: 03-Sep-26 (T+6)
• Maturity Date: 03-Sep-29
• Extended Maturity Date: 03-Sep-30
• Coupon: 3.609%, per annum payable annually
• Business Day Convention: Following
• Redemption: 100%
• Business Day: T2
• Day Count Fraction: Actual / Actual (ICMA)
• Denomination: €100k +1k up to and including €199,000
• Co-Arrangers: Barclays Bank PLC, Natixis
• Global Coordinators: Barclays Bank PLC, Natixis
• Joint Lead Managers: Barclays Bank PLC, J.P. Morgan (B&D), Natixis, UBS Investment Bank
• Listing: Tel Aviv Stock Exchange (TASE-UP)
• ISIN: IL0012463050
• Delivery: TASECH. Book entry interests credited through TASECH and TASE Members
• Governing Law: English Law; certain Transaction Documents are governed by Israeli law, as described in the supplemented Prospectus
• Documentation: In accordance with the Issuer’s EUR 3 billion Global Covered Bond Programme from 12-Jan-26, with the supplemented Prospectus dated 20-Aug-26
• Selling Restrictions: There are restrictions on the offer, sale and transfer of any Tranche of Covered Bonds in the United States, the EEA, the UK and Israel. No initial sales of the Covered Bonds are allowed to investors incorporated in Israel. Other restrictions may apply in connection with the offering and sale of a particular Series of Covered Bonds as further set out in the supplemented Prospectus.
• TASE-UP transfer restrictions: All transactions involving the Covered Bonds conducted on TASE-UP or placed by a broker acting in its capacity as a TASE Member must be by and between institutional investors, including Qualifying Investors, in accordance with the restrictions described in the supplemented Prospectus.
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients (all distributions channels). No EU PRIIPs KID or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared, as the Covered Bonds are not intended to be offered, sold, distributed or otherwise made available to EEA retail investors or UK retail investors
• Timing: Priced - TOE 15:36 UKT / FTT 15:55 UKT

Covered
3yr (Sep 2029) @ MS+60a

Implied Spread for fresh 3yr @ MS+53

Priced at MS+55
NIC of +2

PRICED: United Overseas Bank €1bn 2yr & 5yr CB; MS+7bp & MS+24bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: MS+7bp / 100 / 3.118% 5yr: MS+24bp / 100 / 3.342%
Benchmark: 2yr: DBR 0.25% Aug-28 @ 95.227 / B+33.8bp 5yr: DBR 0% Aug-31 @ 86.678 / B+42bp

Tranche 1 (2yr): Final Books ~€2bn at reoffer. Peak book €2.25bn (incl. €100m JLMs)
Tranche 2 (5yr): Final Books ~€1.9bn at reoffer. Peak book €2bn (incl. €100m JLMs)

Launched: 2yr: €500m @ MS+7bp - Books €2.25bn (incl. €100m JLMs) 5yr: €500m @ MS+24bp - Books €2bn (incl. €100m JLMs)
Book Update: Combined Books above €3.9bn (incl. €200m JLMs) - equal skew
Guidance: 2yr: MS+15a 5yr: MS+30a

• Issuer: United Overseas Bank Limited
• LEI: IO66REGK3RCBAMA8HR66
• Guarantor: Glacier Eighty Pte. Ltd.
• Type: Singapore Covered Bond backed by 100% SGD denominated Singaporean residential mortgage loans regulated under MAS Notice 648 pursuant to the Banking Act in Singapore, ECBC Covered Bond Label Compliant
• Exp. Issue Ratings: Aaa / AAA (Moody's / S&P)
• Issuer Ratings: Aa1 (stable) / AA- (stable) (Moody's / S&P)
• Format: Reg S (Cat 2), Registered, TEFRA not applicable
• Size:
  • 2yr: €500m
  • 5yr: €500m
• Settlement: 08-Sep-26
• Maturity:
  • 2yr: 08-Sep-28
  • 5yr: 08-Sep-31
• ISIN:
  • 2yr: XS3489296072
  • 5yr: XS3489296403
• Reoffer:
  • 2yr: MS+7bp / Yld 3.118% / Px 100
  • 5yr: MS+24bp / Yld 3.342% / Px 100
• Benchmark:
  • 2yr: DBR 0.25% Aug-28 33.8bp (@95.227% - HR 105%)
  • 5yr: DBR 0% Aug-31 + 42bp (@86.678% - HR 109%)
• Coupon:
  • 2yr: 3.118%, fixed, Annual, ACT/ACT (ICMA), unadjusted
  • 5yr: 3.342%, fixed, Annual, ACT/ACT (ICMA), unadjusted
• Listing / Denoms: SGX-ST / €100k + 1k
• Clearing: Euroclear/Clearstream
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs key information document (KID)/CCI product summary has been prepared as not available to retail investors in EEA or in the UK.
• Governing Law: English Law (bond and swap documents) and Singapore Law (asset documents)
• Joint Lead Managers: BMO Capital Markets (B&D), BNP Paribas, Commerzbank, DZ Bank, Standard Chartered Bank and United Overseas Bank
• Documentation: Issued under the U.S.$ 15bn Global Covered Bond Programme dated 20-Mar-26, as supplemented
• Timing:
  • 2yr: Priced - TOE 15:30 UKT / 16:30 CET and FTT 15:50 UKT / 16:50 CET
  • 5yr: Priced - TOE 15:32 UKT / 16:32 CET and FTT 15:50 UKT / 16:50 CET

Covered
2yr (Sep 2028) @ MS+15a

Implied Spread for fresh 2yr @ MS+9

Priced at MS+7
NIC of -2

Covered
5yr (Sep 2031) @ MS+30a

Implied Spread for fresh 5yr @ MS+22

Priced at MS+24
NIC of +2

PRICED: The Bank of Nova Scotia €1.75bn 4NC3 & 8NC7 Sr Unsec; MS+58bp & MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 4NC3: MS+58bp / 100 / 3.637% 8NC7: MS+90bp / 100 / 4.049%
Benchmark: 4NC3: OBL 2.5 29 #190 @ 99.000 / B+79.9bp / HR 96% 8NC7: DBR 2.6 15-Aug-33 @ 97.210 / B+99.8bp / HR 98%

Tranche 1 (4NC3): Final books >€1.90bn. Peak book >€2.65bn
Tranche 2 (8NC7): Final books >€1.20bn. Peak book >€1.75bn
Combined Books: Closed at c.€3.15bn

Launched:
4NC3: €1.25bn @ MS+58bp - Books >€2.20bn
8NC7: €500m @ MS+90bp - Books >€1.25bn
Spread set at: 4NC3: MS+58bp - Books >€2.65bn 8NC7: MS+90bp - Books >€1.75bn
Book Update: Combined Books > €3bn (skew to short)
IPTs: 4NC3: MS+85a 8NC7: MS+115a

• Issuer: The Bank of Nova Scotia
• LEI code: L3I9ZG2KFGXZ61BMYR72
• Program rating for Senior debt: A2 / A- / AA- / AA(low) (Moody’s/S&P/Fitch/DBRS)
• Exp Issue Ratings: A2 / A- / AA- (Moody’s/S&P/Fitch)
• Format: Senior Notes, Reg S, Category 2, Registered form (Not NSS as not ECB eligible)
• Ranking: The Notes will constitute deposit liabilities of the Issuer under the Bank Act (Canada) ranking pari passu with all present and future deposit liabilities of the Issuer except as otherwise prescribed by law and subject to the exercise of bank resolution powers under the Canada Deposit Insurance Corporation Act (the “CDIC Act”) and without any preference amongst themselves.
• Size:
  • 4NC3: €1.25bn
  • 8NC7: €500m
• Settlement: 03-Sep-26 (T+5)
• Maturity:
  • 4NC3: 06-Sep-30
  • 8NC7: 06-Sep-34
• Optional Redemption Date:
  • 4NC3: 06-Sep-29
  • 8NC7: 06-Sep-33
• Coupon:
  • 4NC3: 3.637% Fixed, Annual, ACT/ACT ICMA until the Optional Redemption Date. If not redeemed, Floating, EURIBOR 3 Month, Quarterly in arrears, ACT/360, until the Maturity Date. Annually on 06-Sep each year, commencing on 06-Sep-27 up to and including the Optional Redemption Date. Long first coupon, with the first coupon date of 06-Sep-27.
  • 8NC7: 4.049% Fixed, Annual, ACT/ACT ICMA until the Optional Redemption Date. If not redeemed, Floating, EURIBOR 3 Month, Quarterly in arrears, ACT/360, until the Maturity Date. Annually on 06-Sep each year, commencing on 06-Sep-27 up to and including the Optional Redemption Date. Long first coupon, with the first coupon date of 06-Sep-27.
• Business Day Convention: Following, Unadjusted until the Optional Redemption Date; If not redeemed, Modified following, Adjusted until the Maturity Date
• Business Day Days: London, New York, Toronto, and TARGET2
• Documentation: Issued under the Issuer’s EMTN Programme using the Issuer’s Base Prospectus dated 07-Jul-26, as supplemented (together, the “Base Prospectus”)
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof up to and including €199,000
• Listing: London Stock Exchange’s Regulated Market
• ISIN:
  • 4NC3: XS3489324114
  • 8NC7: XS3489353998
• Clearing: Euroclear / Clearstream
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Selling restrictions: Regulation S Category 2; TEFRA rules not applicable. Canadian sales not permitted. Prohibition of Sales to EEA and UK Retail Investors applicable. No sales into Italy. Singapore Sales to Institutional Investors and Accredited Investors only.
• Bail-in: The Notes are Bail-inable Notes, subject to conversion in whole or in part – by means of a transaction or series of transactions and in one or more steps – into common shares of the Issuer or any of its affiliates under subsection 39.2(2.3) of the CDIC Act and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes. For a description of Canadian bank resolution powers and the consequent risk factors attaching to Bail-inable Notes, reference is made to the Base Prospectus
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only/No PRIIPs KID - 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 and the UK.
• Bookrunners: Barclays, Deutsche Bank, ING, Natixis, LBBW, Lloyds Bank Corporate Markets, Societe Generale Corporate & Investment Banking, Scotiabank
• Billing & Delivery / DM:
  • 4NC3: Natixis
  • 8NC7: Barclays
• Timing:
  • 4NC3: ToE 15h38 UKT | FTT 16h00 UKT
  • 8NC7: ToE 15h39 UKT | FTT 16h00 UKT
• Stabilisation: FCA/ICMA
• Advertisement: The Base Prospectus is available on the website of the London Stock Exchange and the Final Terms, when published, will be available on the website of the London Stock Exchange (www.londonstockexchange.com).

FTF
4yr (Sep 2030) @ MS+85a

Implied Spread for fresh 4yr @ MS+56

Priced at MS+58
NIC of +2

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

Implied Spread for fresh 8yr @ MS+90

Priced at MS+90
NIC of 0

PRICED: UNEDIC €2bn 2yr Social Sr Unsec; OAT+10bp

IGC European Market: Deal Flow - SSA

Reoffer: 2yr: OAT+10bp / 99.855 / 3.076%
Benchmark: FRTR 0 ¾ 25-May-28 / 96.335 / 2.941% and FRTR 2.4 24-Sep-28 / 98.839 / 2.984% (97.1% HR)

2yr: Final books in excess of €8.3bn (incl. €1.25bn JLM)

Launched: 2yr: €2bn @ OAT+10bp - Books in excess of €6.6bn (incl. €1.25bn JLM)
Guidance: 2yr: OAT+13a

• Issuer: UNEDIC
• Guarantee: Explicit, Unconditional & Irrevocable Guarantee of the Republic of France
• Rating: Aa3 (Neg) / A+ (Sta) / AA- (Neg) (Moody's / S&P / Scope)
• Risk Weighting: 0%
• LCR Status: HQLA Level 1 classification
• Format: Bearer, Dematerialised, Reg S Fixed Rate Notes
• Size: €2bn
• Coupon: 3% Fixed, Annual ACT/ACT
• Reoffer: OAT+10bp / 99.855 / 3.076%
• Benchmark: FRTR 0 ¾ 25-May-28 / 96.335 / 2.941% and FRTR 2.4 24-Sep-28 / 98.839 / 2.984% (97.1% HR)
• Settlement: 02-Sep-26 (T+5)
• Maturity: 02-Sep-28
• Docs: EMTN programme
• Law: French law
• Listing: Euronext Paris
• Deno: €100k x €100k
• ISIN: FR001401AOR2
• LEI: 969500V3L9W19NIA5E82
• Bookrunner: Barclays, BNP, JPM (B&D/DM), Natixis, SG
• Timing: Priced 13.28 UKT / 14.28 CET, FTT immediately
• Target Market: The manufacturer target markets (MIFID II / UK MIFIR product governance) as assessed by the lead managers are eligible counterparties and professionals (all distribution channels)
• Advertisement: When published, the Information Memorandum ("Document d'Information") and Final Terms ("Conditions Définitives") are available on https://unedic.org/en/investors
• Use of Proceeds: An amount equal to the proceeds from the issue of the Notes will be exclusively used by Unédic to carry out its missions that meet the eligibility criteria described in Unédic Social Bond framework
• Investor Presentation: https://www.unedic.org/storage/uploads/2026/07/31/2026-08-unedic-investor-presentation_uid_6a6cae398a310.pdf
• Social Bond Documentation: https://www.unedic.org/en/investors/social-bonds

PRICED: Interparking €1.15bn 5yr & 8yr Sr Unsec; MS+90bp & MS+120bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+90bp / 99.475 / 3.993% 8yr: MS+120bp / 99.947 / 4.383%
Benchmark: 5yr: DBR 0 15-Aug-31 @ 86.66 / 2.926% (B+106.7bp / HR: 106%) 8yr: DBR 2.6 15-Aug-34 @ 96.41 / 3.116% (B+126.7bp / HR: 97%)

Tranche 1 (5yr): Final books €3bn. Peak book > €3.4bn (pre-rec, good at guidance)
Tranche 2 (8yr): Final books €2.9bn. Peak book > €3.1bn (pre-rec, good at guidance)

Launched:
5yr: €650m @ MS+90bp - Book > €3.4bn (pre-rec, good at guidance)
8yr: €500m @ MS+120bp - Book > €3.1bn (pre-rec, good at guidance)
Spread set at: 5yr: MS+90bp 8yr: MS+120bp
Guidance: 5yr: MS+95a - Book > €3.4bn 8yr: MS+125a - Book > €2.95bn
IPTs: 5yr: MS+125a 8yr: MS+155a

• Issuer: Interparking SA (Ticker: INTPSA, Country: BE)
• Guarantor: Servipark International SA
• Issuer LEI: 529900FNDVTQJOVVPZ19
• Issuer Ratings: BBB stable outlook by S&P
• Expected Issue Rating: BBB by S&P
• Format: Reg S (Cat.2), Dematerialised, Senior Unsecured
• Pricing Date: 26-Aug-26
• Settlement: 02-Sep-26 (T+5)
• Maturity:
  • 5yr: 02-Sep-31
  • 8yr: 02-Sep-34
• Size:
  • 5yr: €650m
  • 8yr: €500m
• Reoffer:
  • 5yr: 3.993 / MS+90 / 99.475%
  • 8yr: 4.383 / MS+120 / 99.947%
• Coupon:
  • 5yr: 3.875%, Fixed, Annual, Act/Act ICMA
  • 8yr: 4.375%, Fixed, Annual, Act/Act ICMA
• Benchmark:
  • 5yr: DBR 0 15-Aug-31 @ 86.66 / 2.926% (B+106.7bp / HR: 106%)
  • 8yr: DBR 2.6 15-Aug-34 @ 96.41 / 3.116% (B+126.7bp / HR: 97%)
• MWC:
  • 5yr: B+20bp
  • 8yr: B+20bp
• Par Call:
  • 5yr: 3-month
  • 8yr: 3-month
• ISIN:
  • 5yr: BE0390371434
  • 8yr: BE0390372440
• Docs: EMTN / Belgian Law / Euronext Growth Brussels (unregulated market)
• Early Redemption: MWC / Clean-up call @75%
• Denoms: €100k + €100k
• UoP: GCP, including (without limitation) the repayment of the existing €1.1bn bridge facility in connection with acquisition of Saba
• Global Coordinator: BNP Paribas (B&D), Santander
• Active Bookrunners: BBVA, Belfius, ING, Société Générale
• Passive Bookrunners: Caixabank, Commerzbank, IMI-Intesa Sanpaolo, KBC
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID) or UK KID/CCI product summary has been prepared as not available to retail in EEA or the UK
• Advertisement: The Base Information Memorandum dated 20-Aug-26 is available on the Issuer website: https://www.interparking.com/en/investor-relations/. The Pricing Supplements will be available on the Issuer's website when published.
• Timing: Priced / TOE 15.40 UKT / 15.41 UKT / FTT at 16.00 UKT

PRICED: Sodexo SA €1.1bn 6yr & 10yr Sr Unsec; MS+95 & MS+125

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+95bp / 99.629 / 4.071% 10yr: MS+125bp / 99.968 / 4.504%
Benchmark: 6yr: DBR 1.7 Aug-32 @ 93.13 / B+109.7bp / HR 101% 10yr: DBR 3 Aug-36 @ 98.11 / B+128bp / HR 95%

Tranche 1 (6yr): Final Books >€1.75bn. Peak book >€2.0bn
Tranche 2 (10yr): Final Books >€1.6bn. Peak book >€2.1bn

Launched:
6yr: €600m @ MS+95bp - Books > €2.0bn
10yr: €500m @ MS+125bp - Books > €2.1bn
IPTs: 6yr: MS+125a 10yr: MS+160a

• Issuer: Sodexo SA
• Ticker: SWFP
• Country: FR
• LEI: 969500LCBOG12HXPYM84
• Issuer Ratings: Baa1 neg / BBB stb / BBB+ neg (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa1 / BBB (Moody's/S&P)
• Rating Split: Issuer: Baa1 neg / BBB stb / BBB+ neg (Moody's/S&P/Fitch), Issue: Baa1 / BBB (Moody's/S&P)
• Form of notes: New Global Notes, Reg S (Cat 2), TEFRA D
• Pricing Date: 26-Aug-26
• Settlement Date: 2-Sep-26 (T+5)
• Maturity Date:
  • 6yr: 2-Sep-32
  • 10yr: 2-Sep-36
• Size:
  • 6yr: €600m
  • 10yr: €500m
• Reoffer:
  • 6yr: MS+95bps / 4.071% / 99.629
  • 10yr: MS+125bps / 4.504% / 99.968
• Benchmark:
  • 6yr: DBR 1.7 Aug-32 (93.13) + 109.7bp | HR 101%
  • 10yr: DBR 3 Aug-36 (98.11) + 128bp | HR 95%
• Par Call:
  • 6yr: 3-month
  • 10yr: 3-month
• ISIN:
  • 6yr: XS3450004703
  • 10yr: XS3450005692
• Coupon:
  • 6yr: 4% Fixed, Annual, Act/Act ICMA
  • 10yr: 4.5% Fixed, Annual, Act/Act ICMA
• Docs: Standalone / Euronext Paris / English law / MWC (B+20 on both tranches) / Squeeze-out Call Option (75%) / Change of Control Put (at par) / Euro 100,000 + 1,000
• UoP: Group's general corporate purposes, including the upcoming redemption of the Group's outstanding EUR800,000,000 0.750 per cent. Bonds due April 2027 (XS1505132602).
• Joint GloCos: BNP Paribas (B&D) and ING
• Joint Lead Managers: BNP Paribas (B&D), CIC CIB, Goldman Sachs Bank Europe SE, ING, Natixis, Société Générale
• Target Market: Relevant stabilisation regulations including FCA/ICMA will apply. Manufacturer target market (MIFID II 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 has been prepared as not available to retail in the EEA or in the UK.
• Timing: TOE: 15.56 LDN (6yr) - 15.57 LDN (10yr) / FTT : 16.30 LDN
• Advertisement: The final prospectus, when published, will be available on the website of the AMF (http://www.amf-france.org) and the Issuer (https://www.sodexo.com)

PRICED: World Bank £1.25bn Long 6yr Sr Unsec; SONIA MS+36bp

IGC European Market: Deal Flow - SSA

Reoffer: Long 6yr: SONIA MS+36bp / 99.933 / 4.766%
Benchmark: Long 6yr: UKT 4 ¼ 7-Jun-32 @ 98.175 / UKT+9.9bp

Tranche 1 (Long 6yr): Final book above £1.9bn (incl. £225m JLM)

Launched: Long 6yr: £1.25bn @ SONIA MS+36bp - Final book above £1.9bn (incl. £225m JLM)
Book Update: Books above £1.8bn (incl. £225m JLM)
Spread set at: Long 6yr: SONIA MS+36bp - Books above £1.7bn (incl. £225m JLM)
Guidance: Long 6yr: SONIA MS+37a

• Issuer: World Bank (International Bank for Reconstruction and Development)
• Ticker: IBRD Corp
• Issue Rating: Aaa/AAA (Moody's/S&P)
• Format: Global (SEC Exempt) Registered Note. Sustainable Development Bond
• Size: £1.25bn
• Settlement: 4-Sep-26 (T+6)
• Maturity: 15-Nov-32
• Reoffer: SONIA MS (A,A/365) + 36bps / 4.766% Ann /4.711% S/A / 99.933
• Coupon: 4.75% Annual, ACT/ACT, short first on 15-Nov-26
• Benchmark: UKT 4 ¼ 7-Jun-32 + 9.9 bps (98.175 / yield 4.612%)
• Denoms: £1k + £1k
• Docs: Global Debt Issuance Facility
• Listing: Luxembourg Stock Exchange
• Leads: Barclays, Citi and Santander (DM/B&D)
• SEC Exemption: The Notes are not required to be registered with the U.S. Securities Act of 1933. Accordingly, no registration statement has been filed with the US Securities and Exchange Commission
• UOP: Bond proceeds support the World Bank’s sustainable development activities in member countries. World Bank’s latest Sustainable Development Bond Impact Report is https://worldbank.org/sdb-impact-report for examples of such eligible projects, programs, and activities. IBRD’s Sustainable Development Bond Framework is: https://worldbank.org/ibrd-sdb-framework
• Advertisement: The final prospectus, when published, will be available at https://treasury.worldbank.org/IBRDfunding
• Target Market: For MIFID II/UK MiFIR purposes, all target markets and all distribution channels are eligible
• ISIN: XS3487947957
• Timing: Priced - TOE 16:08 UKT - FTT immediately

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