Commentary & Deal Flow

IPTs: 18m: 3mE+55a 4yr: MS+75/80bp 8yr: MS+105a 11yr: MS+120a

• Issuer: GSK Capital B.V.
• Ticker: GSK
• Country: NL
• Issuer LEI: 549300ZGXDBU2ZV6RP76
• Guarantor: GSK plc (Country: GB)
• Guarantor LEI: 5493000HZTVUYLO1D793
• Guarantor Ratings:* A2 (stable) / A (stable) (Moody’s / S&P)
• Expected Issue Ratings:* A2 / A (Moody’s / S&P)
• Format: Senior, Unsecured, Reg S, Bearer, NGN
• Settlement: 07-Sep-26 (T+6)
• Maturity:
  • 18m: 07-Mar-28
  • 4yr: 07-Sep-30
  • 8yr: 07-Sep-34
  • 11yr: 07-Sep-37
• Size: € Benchmark (each tranche)
• ISIN / Common Code:
  • 18m: XS3480669517 / 348066951
  • 4yr: XS3480671174 / 348067117
  • 8yr: XS3480671331 / 348067133
  • 11yr: XS3480671505 / 348067150
• Benchmark Bund:
  • 18m: -
  • 4yr: DBR 0% Aug-30
  • 8yr: DBR 2.6% Aug-34
  • 11yr: DBR 4% Jan-37
• Coupon:
  • 18m: Floating, Quarterly, Actual/360
  • 4yr: Fixed, Annual, ACT/ACT (ICMA)
  • 8yr: Fixed, Annual, ACT/ACT (ICMA)
  • 11yr: Fixed, Annual, ACT/ACT (ICMA)
• Documentation: EMTN Programme, Offering Memorandum dated 03-Aug-26, International Securities Market of the London Stock Exchange, English Law
• Denominations: €100k + €1k
• Early Redemption:
  • 18m: -
  • 4yr: Make Whole Call, 1-month Par Call, Clean-Up Call (75%)
  • 8yr: Make Whole Call, 3-month Par Call, Clean-Up Call (75%)
  • 11yr: Make Whole Call, 3-month Par Call, Clean-Up Call (75%)
• Use of Proceeds: Repayment of facility related to acquisition of Nuvalent, Inc. and general corporate purposes, including the refinancing of existing debt
• Marketing: https://www.netroadshow.com/ / www.netroadshow.com/nrs/home/#!/?show=83dc7e29 (Deal Code: nashville2026)
• Target Market / EEA PRIIPs / UK CCI: The 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 disclosure document has been prepared as the notes will not be made available to retail investors in the EEA or the UK
• Clearing: Euroclear and Clearstream, Luxembourg
• Global Coordinators: BNP Paribas (B&D), BofA Securities
• Active Bookrunners: BNP Paribas (B&D), BofA Securities, HSBC, Santander, Standard Chartered Bank
• Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Selling Restrictions: As set out in the EMTN Offering Memorandum, Reg S, TEFRA D, no sales to EEA Retail or UK Retail
• Timing: Books open, Today's business