• After a busy 3 days primary markets in Europe took a relative breather today with € IG a more moderate €4.6bn, from 3 issuers (2 x Corp & 1 x FIG), via 6 tranches. Bringing the week-to-date total to €41.7bn.
• Sterling IG was once again active with £400m from 1 issuer (1 x FIG) via 1 tranche.
• Both Chf IG & US$ Reg S remained quiet.
• 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 SSA’s & Covered issuance.
• Brent crude prices rose during the session to today currently trading at c.$88.73 (from $87.26 this morning).
• European equity bourses have broadly been flat to weaker, with the FTSE & CAC 40 both lower by 0.71% & 1.64% respectively; only the Dax is marginally higher by 0.12%.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €4.1bn
    • Avg. tranche size €820m
    • Avg. IPT to Pricing -29.1
    • Avg. cover 3.26 X
  • FIG
    • Total IG: €500m
    • Avg. tranche size €500m
    • Avg. IPT to Pricing NA (covered)
    • Avg. IPT to Pricing -27.5 (unsecured)
    • Avg. cover 4.20 X
  • SSA
    • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing NA
    • Avg. cover  NA

• Pipeline: The European IG pipeline currently has 2 trades in both €’s & £.
  • 1 x € FIG (1 x covered - w/o 7th Sept)
  • 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 SSA & Covered issues.
• We are naturally dealing with far fewer transactions in the £ space than €’s, however, the SSA’s have consistently been in the flat to 2bp tightening range for most of the year, with data in June skewed slightly by KEXIM & British Columbia prints.
  • For context, the sole SSA issue in £ IG this week tightened by 1bp from guidance.
• For covered issuance since the beginning of the year there is a clear ceiling of 5bps from guidance to pricing. 

Euro IG (today)

• GSK Capital B.V. (exp. Issue ratings of A2 / A by Moody’s & S&P, brought a multi-tranche senior unsecured, € benchmark trade. IPTs came in as follows: 18mth FRN at 3mth Euribor +55 area; 4yr at MS+75 to +80; 8yr at MS+105 area & an 11yr at MS+120 area. Combined books were announced as being north of €12bn, & spreads were set at 3mthEuribor+30, MS+47, MS+75 & MS+90 respectively. Guidance for an expected size was simultaneously given at €750m to €1bn for each of the 4 tranches, with a maximum total size of €3.5bn. The total transaction deal size was confirmed at €3.5bn at launch as being €850m, €1bn, €850m & €800m respectively & with combined books closing in excess of €12.1bn; split €2.1bn, €2.8bn, €3.6bn & €3.6bn respectively, pre-rec & good at guidance.
  • Today’s offering is the first public € trade since its dual-tranche in November of 2024. On that occasion GSK priced a €700m, 7yr at MS+72; 33bps tighter than IPTs from a €2bn book; & a €600m, 12yr at MS+97; 33bps tighter than IPTs from a book of €1.6bn. Prior to that we have to go back to 2022, when they again issued a dual-tranche, 5 & 10yr for a combined €1.2bn; priced at MS+35 & +55 respectively.

• Glencore Capital Finance DAC (exp. Issue ratings of A3 / BBB+ by Moody’s & S&P) announced a € benchmark, 8yr, senior unsecured trade with IPTs in the area of MS+140. Spread was set at MS+110, backed by books in excess of €2bn. Launch saw a size of €600m, with books closing at over €1.75bn. 
  • The last public € offering from Glencore was on the 29th of September 2025, when it priced a €500m, 7yr at MS+115; 30bps tighter than IPTs from a €1.05bn book. Prior to that was a €750m, 6.69yr trade on May the 28th (2025), which priced at MS+145; 35bps tighter than IPTs from a book of €2.4bn.

• Piraeus Bank S.A. (exp. Issue rating of Baa2 by Moody’s) announced a €500m (wng), senior preferred 6NC5 with IPTs in the range of MS+115 to +120. Final terms were set late morning at MS+90, with size already set at €500m, supported by a book of over €2.5bn. Final books were over €2.1bn & the trade priced at MS+90.
  • Today’s deal is the bank's first public offering in 2026, having issued 2 senior preferreds last year (both Green bonds). The most recent, on the 25th of November, was a €500m 6NC6 priced at MS+98; 27bps tighter than IPTs. Prior to that Piraeus issued a €500m, 3.5NC2.5 on the 27th of May 2025. This priced at MS+115; 30bps tighter than IPTs from a book of €3.7bn.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Fédération des caisses Desjardins du Québec (aka: CCDJ) (exp. Issue ratings of A1 / A- / AA- by Moody’s, S&P & Fitch) brought a £ benchmark, 5yr senior unsecured trade with IPTs of UKT+100 area. Books were first called over £1bn (inc. £25m JLMs), rising to £1.1bn when spread set at UKT+85. Size also firmed up at £400m. Final books were over £950m.
  • This is CCDJ’s first Sterling print since the 24th of November last year, when it priced a £500m, 5yr covered at MS+60; 3bps tighter than guidance from a €770m book. Their last unsecured £ deal was on October 1st, 2025, when they priced a £400m, 5yr at UKT+90; 12.5bps tighter than the midpoint of the IPT range, from a book of £1.15bn.

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 (€)

• 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: Piraeus Bank €500m 6NC5 SP Fixed Rate Reset; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+90bp / 99.902 / 4.022%
Benchmark: DBR 0 15-Aug-31 / B+106.7bp / spot: 86.56 / HR 107%

Final Books €2.1bn. Peak book over €2.5bn (pre-rec)

Final Terms: 6NC5: €500m @ MS+90bp - Books over €2.5bn
IPTs: 6NC5: MS+115/120bp

• Issuer: Piraeus Bank S.A. (the "Issuer")
• Issuer LEI: 213800OYHR1MPQ5VJL60
• Issuer Rating: Baa2 (Stable) / BBB- (Stable) / BBB- (Positive) by Moody's / S&P / Fitch
• Expected Rating of the Notes: Baa2 Moody's
• Issue Type: Senior Preferred Fixed Rate Reset Notes due 2032 (the "Notes")
• Format and Form of the Notes: 6-Year Non-Call 5-Year, Reg S Bearer, NGN, TEFRA D Rules apply
• Status of the Notes: Subject to any mandatory provisions of law, the Senior Preferred Notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and will rank: (A) pari passu without any preference among themselves; and (B) at least pari passu with all other present and future unsecured and unsubordinated obligations of the Issuer (save for such obligations as may be preferred (with a higher ranking) by mandatory provisions of applicable law) in terms of ranking compared with the Notes; and (C) in priority to Junior Liabilities (to Senior Preferred Notes).
• Waiver of Set-Off: Subject to applicable law, no holder may exercise or claim any right of set-off or similar remedy in respect of any amount owed to it by the Issuer arising under or in connection with the Notes or thereto and each holder shall, by virtue of its subscription, purchase or holding of any Note, be deemed to have waived irrevocably all such rights.
• Acknowledgement of Statutory Loss Absorption Power: Each Noteholder acknowledges, accepts, consents and agrees to be bound by the effect of the exercise of any Statutory Loss Absorption Power by the Relevant Resolution Authority
• Currency: EUR
• Issue Size: €500m
• Pricing Date: 27-Aug-26
• Settlement Date: 03-Sep-26 (T+5)
• Coupon: 4% Annual, Act/Act (ICMA) unadjusted
• Reset Margin: 90 basis points
• Reoffer: MS+90bp / 99.902 / 4.022%
• Benchmark: DBR 0 15-Aug-31 / B+106.7bp / spot: 86.56 / HR 107%
• Optional Redemption: The Issuer may redeem all (but not some only) of the Notes on the Reset Date at their principal amount, together with any accrued but unpaid interest, subject to the Conditions to Substitution, Variation, Redemption and Purchase of Senior Preferred Notes
• Clean-up Call Option: If the Clean-up Call Minimum Percentage (75%) of the principal amount outstanding of the Notes originally issued has been redeemed or purchased and subsequently cancelled, the Issuer may, from (and including) the Issue Date, subject to Conditions to Substitution, Variation, Redemption and Purchase of Senior Preferred Notes, at any time redeem all (but not some only) of the Notes then outstanding at the Clean-up Call Option Amount together with unpaid interest accrued to but excluding such date fixed for redemption
• Clean-up Call Option Amount: Par
• Maturity Date: 03-Sep-32 (6-year)
• Reset Date: 03-Sep-31 (5-year)
• Interest: From (and including) the Issue Date to (but excluding) the Reset Date: Fixed rate of 4% p.a. payable annually in arrear on each Interest Payment Date. The rate will be reset on the Reset Date to a fixed rate equal to the 1-year Mid-Swap rate prevailing at the Reset Determination Date plus the Reset Margin (no step-up)
• Interest Payment Dates: 03-Sep each year, commencing on 03-Sep-27
• Business Days: T2
• Day Count Fraction: Actual / Actual (ICMA), unadjusted / following
• Final Redemption: Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on the Maturity Date at par together with any accrued and unpaid interest thereon
• Redemption for Tax and Regulatory Reasons: The Issuer may redeem at any time all (but not some only) of the Notes, subject to the Conditions to Substitution, Variation, Redemption and Purchase of Senior Preferred Notes, at par together with any accrued and unpaid interest thereon: for tax reasons (Condition 6(b)); or if an MREL Disqualification Event occurs (Condition 6(d)) at any time from and including the Issue Date.
• Events of Default: Restricted Events of Default apply
• Substitution and Variation: Subject to the Conditions to Substitution, Variation, Redemption and Purchase of Senior Preferred Notes, at any time if an MREL Disqualification Event has occurred and is continuing (Condition 6(d)), or a tax event has occurred and is continuing (Condition 6(b)), or to ensure the effectiveness and enforceability of the Statutory Loss Absorption Power by the Relevant Resolution Authority (including, without limitation, substitution of all (but not some only) of the Notes or varying the terms of such Notes (including, without limitation, changing the governing law of Condition 18 (Statutory Loss Absorption), so that the Notes remain or, as appropriate, become Qualifying Notes)
• Use of Proceeds: General corporate and financing purposes and ongoing compliance with MREL requirement
• Listing: Luxembourg Stock Exchange – Euro MTF
• Clearing: Euroclear and Clearstream, Luxembourg
• Denominations: €100k + €1k
• Governing Law: English law, except that Conditions 18 and 21 are governed by and shall be construed in accordance with Greek law
• Documentation: €25,000,000,000 EMTN Programme dated 06-Nov-25 and as supplemented on 26-Jun-26 and 20-Aug-26, with standard CPs as per the EMTN Programme
• Selling Restrictions: See Documentation
• MiFID/UK MiFIR Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is Eligible Counterparties and Professional clients only (all distribution channels).
• Joint Bookrunners: BNP Paribas, Goldman Sachs Bank Europe SE, J.P. Morgan, Natixis (B&D), Santander, UBS Investment Bank SE
• B&D: Natixis
• Settlement: Euroclear / Clearstream
• Stabilisation: ICMA/FCA (Goldman Sachs Bank Europe SE as Stabilization Manager)
• Investor Presentation: Direct Link: www.netroadshow.com/nrs/home/#!/?show=c966956a Link: www.netroadshow.com Entry Code: TPEIR2026 (not case-sensitive)
• ISIN / Common Code: XS3444075413 / 344407541
• Reference Benchmark: DBR 0 15-Aug-31 / HR 107%
• Hedge Deadline: 14.15 UKT / 15.15 CET
• Timing: TOE: 14:36 Ldn / 15:36 CET. FTT: 14:50 Ldn / 15:50 CET

PRICED: CCDJ £400m 5yr Sr Unsec; UKT+85bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: UKT+85bp / 100 / 5.342% s.a.
Benchmark: 5yr: UKT 0 ¼ 31-Jul-31 @ 81.447 mid / 81.427 bid / 4.492% s.a. / HR 111%

5yr: Final Books >£950m (incl. £25m JLM). Peak book >£1.1bn (incl. £25m JLM)

Launched: 5yr: £400m @ UKT+85bp - Books >£1.1bn (incl. £25m JLM)
Book Update: Books >£1bn (incl. £25m JLM)
IPTs: 5yr: UKT+100a

• Issuer: Fédération des Caisses Desjardins du Québec
• LEI Number: 549300B2Q47IR0CR5B54
• Ticker: CCDJ
• Format: Regulation S, Bearer Form (Classic Global Note)
• Type: Senior Bail-inable Unsecured
• Expected Issue Ratings: A1/A-/AA- (Moody's/S&P/Fitch)
• Size: £400m
• Tenor: 5-year
• Settlement: 04-Sep-26 (T+5)
• Maturity: 04-Sep-31
• Reoffer: UKT+85bp / 100 / 5.342% s.a.
• Benchmark: UKT 0 ¼ 31-Jul-31 @ 81.447 mid / 81.427 bid / 4.492% s.a. / HR 111%
• Hedge Deadline: 14:30 LDN
• Coupon / Day-Count Fraction: 5.342% Fixed, Semi-annual, Actual/Actual (ICMA)
• 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 PRIIPs key information document (KID)/CCI Product Summary has been prepared as not available to retail in EEA or the UK.
• Denomination: £100,000 and integral multiples of £1,000 in excess thereof up to (and including) £199,000
• Governing Law: Province of Québec and the federal laws of Canada applicable therein
• Listing: Euronext Dublin (Regulated Market)
• Clearing System: Euroclear and Clearstream, Luxembourg
• Bookrunner: BMO Capital Markets (B&D)
• Joint Lead Managers: Lloyds, Natixis & NatWest
• Redemption: TLAC Disqualification Event or Canadian Tax Law/Regulation Change; subject to AMF approval if redemption breaches minimum TLAC; 30-60 days' notice
• Canadian Bail-In Provisions: The Notes are Bail-inable and subject to the resolution powers (the "Resolution Powers") of the Autorité des marchés financiers (Québec) (the "AMF"), including the bail-in powers under, among others, the second paragraph of section 40.50 of the Deposit Institutions and Deposit Protection Act (Québec), and the regulations thereunder
• Documentation: Medium Term Notes issued under the Issuer's €15,000,000,000 Global Medium Term Note Programme Base Prospectus dated 19-Dec-25, as supplemented by the 1st base prospectus supplement dated 23-Mar-26 and the 2nd base prospectus supplement dated 18-May-26 (together, the "Base Prospectus"), as well as the corresponding final terms for this specific issue of Notes. By means of future incorporation by reference, the Base Prospectus now also incorporates (i) the MD&A and the audited combined financial statements of Desjardins Group for the year ended 31-Dec-25 (together with the accompanying notes and the auditors report thereon), as well as (ii) the MD&A and the condensed interim combined financial statements of Desjardins Group as at and for the three- and six-month periods ended 30-Jun-26, respectively, which have each been published since the date of the Base Prospectus and which are available at: www.desjardins.com/ca/about-us/investor-relations/index.jsp
• ISIN / Common Code: XS3485570173 / 348557017
• Timing: Priced. TOE 14:48 LDN / FTT 15:10 LDN
• Sales into Canada: In Canada, any offer or sale of the Notes by a non-Canadian dealer in reliance on the "international dealer" exemption under applicable Canadian securities laws may only be made to non-individual "permitted clients" within the meaning of such laws.
• Other Sales Restrictions: Regulation S (Category 2), TEFRA D and as otherwise described in the Base Prospectus. Prohibition of Sales to EEA Retail Investors and UK Retail Investors applicable. Prohibition of Sales to Belgian consumers applicable. Singapore Sales to Institutional Investors and Accredited Investors only applicable. No sales into Italy.
• Stabilization: FCA/ICMA
• Advertisement: The Base Prospectus, as supplemented, and applicable Final Terms (when published) will be available on: https://www.desjardins.com/ca/about-us/investor-relations/fixed-income-investors/bail-in-senior-debt/index.jsp

PRICED: Glencore Capital Finance DAC € €600m 8yr Sr Unsec; MS+110bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+110bp / 100 / 4.314%
Benchmark: 8yr: DBR 2.600% 15-Aug-34 @ 96.19 / B+116.5bp / HR 98%

Launched: 8yr: €600m @ MS+110bp - Books > €1.75bn (closed)
Spread set at: 8yr: MS+110bp - Books above €2bn
IPTs: 8yr: MS+140a

• Issuer: Glencore Capital Finance DAC (Ticker: GLENLN, Country: IE)
• Issuer LEI: 213800HCUCI1HC7X6Q34
• Guarantors: Glencore plc, Glencore International AG, Glencore (Schweiz) AG
• Issuer Ratings: A3 (stable) / BBB+ (stable) (Moody's/S&P)
• Expected Note Ratings: A3/BBB+ (Moody's/S&P)
• Format: Reg S (Category 2), Bearer, New Global Note (NGN) Senior, Unsecured
• Size: €600m
• Reoffer: MS+110bp / 100 / 4.314%
• Benchmark: DBR 2.600% 15-Aug-34 @ 96.19 / B+116.5bp / HR 98%
• Coupon: 4.314% Annual, ACT/ACT (ICMA)
• Settlement Date: 3-Sep-26 (T+5)
• Maturity Date: 3-Sep-34
• Documentation: EMTN Programme base prospectus dated 13-May-26 (the "Base Prospectus") as supplemented on 18-Aug-26 (the "First Supplement"), €100k + €1k, Luxembourg Listing, English Law
• Selling Restrictions: As per the Base Prospectus
• Canadian Sales: Yes, via exemption
• Optional Redemption: 3-month par call, Make-Whole call, Residual Call (75%)
• Make-Whole Call: B+20bp
• Use of Proceeds: General corporate purposes, other than related to thermal coal mining
• Target Market: Manufacturer target market (EEA MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or 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 in the UK.
• ISIN: XS3385597557
• Active Bookrunners: BBVA / HSBC (B&D) / Standard Chartered Bank
• Clearing: Euroclear / Clearstream, Luxembourg
• Advertisement: The Base Prospectus and the First Supplement are available on the Luxembourg Stock Exchange https://www.luxse.com/issuer/GlenCapFin/100829 and the Final Terms, when published, will also be available on the same website
• TOE: 14:52 UKT
• Timing: FTT at 15:15 UKT

PRICED: GSK Capital B.V. €3.5bn 18m FRN & 4yr & 8yr & 11yr Sr Unsec; 3mE+30bp & MS+47bp & MS+75bp & MS+90bp

IGC European Market: Deal Flow - General

Reoffer:
18m: 3mE+30bp / 100
4yr: MS+47bp / 99.751 / 3.568%
8yr: MS+75bp / 99.42 / 3.961%
11yr: MS+90bp / 99.246 / 4.212%

Benchmark:
4yr: +65.7bp vs DBR 0% Aug-30 TWIN @ 89.27 / 2.911% (HR: 106%)
8yr: +80.9bp vs DBR 2.6% Aug-34 @ 96.17 / 3.152% (HR: 99%)
11yr: +93.8bp vs DBR 4% Jan-37 @ 106.27 / 3.274% (HR: 96%)

18m FRN: Final Books €1.95bn. Peak book €2.3bn (pre-rec)
4yr: Final Books €2.60bn. Peak book €2.8bn (pre-rec, good at guidance)
8yr: Final Books €3.60bn. Peak book €3.6bn (pre-rec, good at guidance)
11yr: Final Books €3.40bn. Peak book €3.6bn (pre-rec, good at guidance)

Launched:
18m: €850m @ 3mE+30bp - Final books €2.1bn (pre-rec, good at guidance). Peak book €2.3bn
4yr: €1bn @ MS+47bp - Final books €2.8bn (pre-rec, good at guidance)
8yr: €850m @ MS+75bp - Final books €3.6bn (pre-rec, good at guidance)
11yr: €800m @ MS+90bp - Final books €3.6bn (pre-rec, good at guidance)
Guidance: Total books north of €12bn. Total size €3-3.5bn (max).
18m: 3mE+30# - Books €2.3bn (Expect €750m-1bn)
4yr: MS+47# - Books €2.75bn (Expect €750m-1bn)
8yr: MS+75# - Books €3.55bn (Expect €750m-1bn)
11yr: MS+90# - Books €3.4bn (Expect €750m-1bn)
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
• Size: 18m: €850m | 4yr: €1bn | 8yr: €850m | 11yr: €800m
• Reoffer:
  • 18m: 3mE+30bp / 100
  • 4yr: MS+47bp / 3.568% / 99.751
  • 8yr: MS+75bp / 3.961% / 99.42
  • 11yr: MS+90bp / 4.212% / 99.246
• Benchmark:
  • 18m: -
  • 4yr: +65.7bp vs DBR 0% Aug-30 TWIN @ 89.27 / 2.911% (HR: 106%)
  • 8yr: +80.9bp vs DBR 2.6% Aug-34 @ 96.17 / 3.152% (HR: 99%)
  • 11yr: +93.8bp vs DBR 4% Jan-37 @ 106.27 / 3.274% (HR: 96%)
• Hedge Deadline: 15.25 UKT / 16.25 CET
• TOE:
  • 18m: 15.38 UKT
  • 4yr: 15.37 UKT
  • 8yr: 15.36 UKT
  • 11yr: 15.35 UKT
• FTT: 16.15 UKT
• Coupon:
  • 18m: 3mE+30bp, Floating, Quarterly, Actual/360
  • 4yr: 3.500% Fixed, Annual, ACT/ACT (ICMA)
  • 8yr: 3.875% Fixed, Annual, ACT/ACT (ICMA)
  • 11yr: 4.125% Fixed, Annual, ACT/ACT (ICMA)
• Maturity:
  • 18m: 07-Mar-28
  • 4yr: 07-Sep-30
  • 8yr: 07-Sep-34
  • 11yr: 07-Sep-37
• ISIN / Common Code:
  • 18m: XS3480669517 / 348066951
  • 4yr: XS3480671174 / 348067117
  • 8yr: XS3480671331 / 348067133
  • 11yr: XS3480671505 / 348067150
• 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 (B+10bp), 1-month Par Call, Clean-Up Call (75%)
  • 8yr: Make Whole Call (B+15bp), 3-month Par Call, Clean-Up Call (75%)
  • 11yr: Make Whole Call (B+15bp), 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
• 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
• Settlement: 07-Sep-26 (T+6)

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