Commentary & Deal Flow

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