• As telegraphed today delivered a healthy day's supply, with a strong slant towards financials, notably covereds. All currencies in the European markets were represented & all sectors & issuer types were active.
• € IG delivered €8.15bn from 13 issuers (5 x Corp, 6 x FIG & 2 x SSA).
• The Sterling (£) market was also active pricing £1.5bn from 3 issuers (1 x Corp & 2 x FIG).
• Not to be outdone, non-domestic Swiss Francs priced Chf170m from 1 issuer (1 x FIG).
• Completing the group, US$ Reg S yielded $1.5bn from 1 issuer (1 x FIG).
• Going into this shortened week, expectations had been for c.€35.5bn of Corp, FIG & SSA supply in €’s. We’ve hit 23% of that forecast today, with a substantial - FIG heavy - pipeline going into tomorrow (see below). Supply in Sterling has already hit the mid-point average forecast for the week of £1.5bn.
• The “Talking Point” (below) looks at £ IG issuance volumes for the first week of September across the past 5 years. 
• Brent crude has headed noorth throughout todays session, currently trading at c.$92.37 (from $90.84 this morning).
• European equity bourses have felt selling pressures all day, with the FTSE, CAC 40 & the Dax all down by -0.44%, -0.57% & -1.24% respectively.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €2.55bn
    • Avg. tranche size €510m
    • Avg. IPT to Pricing -32.1
    • Avg. cover 2.95 X
  • FIG
    • Total IG: €4.35bn
    • Avg. tranche size €621m
    • Avg. IPT to Pricing -7.3 (covered)
    • Avg. IPT to Pricing -30 (unsecured)
    • Avg. cover 3.24 X
  • SSA
    • Total IG: €1.75bn
    • Avg. tranche size €875m
    • Avg. IPT to Pricing -2.5
    • Avg. cover 5.26 X

• Pipeline: The European IG pipeline currently has 16 trades in €’s, £ & Swiss Francs.
  • 3 x € Corp (1 x dual-tranche, 1 x triple-tranche)
  • 8 x € FIG (6 x covered - one not until w/o 7th Sept)
  • 3 x € SSA
  • 1 x £ SSA (w/o 7th Sept)
  • 1 x Chf SSA

Talking Point

• The table sets out £ IG issuance volumes for the first week of September across the past 5 years. The data tells a more volatile story than the € data from yesterday, with total volumes ranging from just £2.45bn in 2021 to £18.88bn in 2025, a near eightfold increase over the period.
• The 2025 volume of £18.88bn is the highest in the table by a significant margin & is heavily driven by SSA issuers, which accounted for 78.15% of the total. This SSA dominance is a feature shared with 2024 & 2023, where SSA’s represented 59.93% & 62.87% of volume respectively, suggesting that the first week of September in the £ market has increasingly become an SSA-led window over the past 3yrs, most likely reflecting the UK Debt Management Office's active use of the syndicated gilt market in the post-summer reopening period.
• 2022 & 2021 present a strikingly different picture. SSA recorded zero issuance in the first week of September in both years, with volume instead concentrated entirely in FIG, which accounted for 92.96% of the 2022 total & 65.31% of the 2021 total. Corp issuance was minimal in both years, with the exception of 2021 where it accounted for 34.69% of a very modest £2.45bn total.
• The contrast between the earlier & more recent years in the table points to a structural shift in how the £ market opens after the summer, with SSA supply now setting the tone in a way that was not the case in 2021 & 2022. Whether that reflects a change in DMO issuance strategy, a shift in investor demand or simply the growth in overall £ IG volumes over the period is worth examining in more detail. Interesting to note that today (the 1st of September), has already yielded £250m from 1 x Corp & £1.25bn from 2 x FIG issuers.

Euro IG (today)

• Koninklijke KPN N.V. (exp. Issue ratings of BB+ / BB+ by S&P & Fitch), brought a €500m (wng), Perpetual NC5.25 subordinated Hybrid offering with IPT’s in the range of 5.125% to 5.25%. Size set at €500m, with a final yield of 4.75%, from a book in excess of €2.8bn. Final books sharpened to over €2.5bn.
  • This is the 2nd public € trade in 2026 for the borrower having issued a €500m, 8.5yr on the 3rd of February, pricing at MS+80; 37.5bps tighter than IPTs from a book of €1.9bn. They also issued a sole trade in 2025, a €800m, 10yr at MS+115; 35bps tighter than IPTs from a book of €2.85bn.
• PACCAR Financial Europe B.V. (exp. Issue ratings of A1 / A+ by Moody’s & S&P) announced a €300m (wng), 3yr, senior unsecured offering with IPTs in the area of MS+70. Books were first above €1.05bn (pre-rec). Spread aet at MS+40, & size set at €300m. Final books were over €950m.
  • The 2nd public € offering of the year for PACCAR, having last printed a €300m, 3yr on May 7th, pricing at MS+40; 35bps tighter than IPTs from a final book of €875m. They also issued twice in 2025, both 3yr prints. One for €300m & the other for €350m.
• Autostrade per l’Italia S.p.A. (exp. Issue ratings of Baa3 / BBB / BBB by Moody’s, S&P & Fitch) announced a € benchmark, long 7yr (10th December 2033), senior unsecured issue. IPTs on the trade were MS+135 to +140. Books were over €2.3bn, when spread set at MS+108. The deal sized at €750m when books at that final spread were over €1.7bn. Books sharpened to €1.4bn prior to pricing.
  • It has been a while since we saw this borrower in the public markets, last issuing in February, 2024 with a €750m, long 8yr, senior unsecured offering at MS+160.
• La Poste (exp. Issue ratings of A / A+ by S&P & Fitch), brought its anticipated €500m (exp), 5yr Senior, Unsecured, RegS Bearer Dematerialised Notes issue. IPTs on the issue were in the area of MS+90. Final Terms were €500m at MS+65, with books over €1.4bn (pre rec). Final books were over €1.15bn.
  • Today’s deal is the first time the La Poste entity has issued a liquid, public € offering since the 5th of June, 2023, when it priced a senior unsecured, dual-tranche deal consisting of a €650m, 7yr at MS+85; 27.5bps tighter than IPTs from a €1.275bn book of €1.4bn; & a €850m, 12yr at MS+110; 27.5bps tighter than IPTs from a book of €1.8bn.
• East Japan Railway Company (exp. Issue ratings of A1 / A+ by Moody’s & S&P), announced a senior unsecured, Reg S only, €500m (wng), 9yr Green issue with IPTs of MS+110 area. Books were first called above €2.5bn (pre-rec) & guidance came in at MS+80 (+/- 2bps WPIR). Size was already set at €500m. Final terms were €500m, at MS+78 & books closed at €1.6bn (pre-rec), good at the tight end of guidance.
  • This is the borrower's first trade of 2026, having last issued a dual-tranche / dual-currency senior unsecured offering on the 26th of August last year. They priced a £300m, 20yr at Gilts +65; 5bps tighter than guidance from a £800m book. The other tranche being a €850m, 12yr at MS+95; 5bps tighter than guidance from a book of €1.85bn.

• Compagnie de Financement Foncier (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, S&P & Scope) was first to announce this morning, coming with a 10yr € benchmark, Obligations Foncieres - ECB Eligible - Reg S Bearer, Covered bond. Guidance on the trade was in the area of MS+60. Books rose to above €1.75bn (inc. €150m JLMs). Spread set at MS+54, when books were >€1.9bn (inc. €150m JLMs). Final terms were €1bn at MS+54; 6 tighter than guidance. Books were at €1.6bn (incl. €150m JLMs) good at reoffer, with final books good at reoffer tightening to >€1.5bn (inc. €150m JLMs). Zero NIC.
  • Today’s print is the 3rd time the borrower has tapped the public € markets in 2026. The last offering was a dual-tranche covered on June the 29th, where they priced a €750m, 3yr at MS+17; 7bps tighter than guidance from a book of €1.8bn; & a €500m, 8yr at MS+45; 6bps tighter than guidance from a book of €1bn. The trade prior to that was a €600m, 10yr on the 5th of May, pricing at MS+51; 8bps tighter than guidance from a book of €3.7bn.
• Nationale-Nederlanden Bank N.V. (exp. Issue rating of AAA by S&P) brought a 5yr, €500m (wng), European Covered Bond. Guidance on the offering was in the area of MS+25. Books above €1.9bn (inc. €315m JLMs). Size set at €500m, as spread set at MS+18, while books were above €2.4bn (inc. €315m JLMs pre-rec). Final book were above €2.5bn (inc. €315m JLMs) good at reoffer.
  • This is the 2nd covered issue by the borrower this year, having last printed a €500m, 7yr on May 11th. That trade priced at MS+26; 7bps tighter than guidance from a book of €2.5bn.
• Sparkasse - Cassa di Risparmio di Bolzano S.p.A. (exp. Issue rating of AA+ by Fitch) came with its anticipated €250m (wng) short 5yr (31st Jul 2031) RegS Bearer, soft-bullet Obbligazioni Bancarie Garantite Europee - European Covered Bond (Premium). The notes are backed by 100% Italian residential mortgages. Guidance on the notes was in the area of MS+48. Books first called over €1bn (inc. €55m JLMs). Books rose to above €1.5bn (inc. €55m JLMs) & spread set at MS+38. Final books at reoffer were above €2.2bn (incl. €55m JLMs).
  • This is the inaugural issue for the borrower. The relatively small issue size will affect the premium required versus comps offered up from Unicredit, Mediobance, Banco BPM & others.
• Hypo Vorarlberg Bank AG (exp. Issue rating of Aaa by Moody’s) mandated yesterday & came with its anticipated €500m (wng), 7yr, fixed-rate Mortgage Covered Bond (Hypothekenpfandbrief) transaction. Guidance on the notes was in the area of MS+33. Books were over €1bn (exc. JLMs), climbing to >€1.25bn (inc. €155m JLMs). Spread set at MS+27. Final books good at reoffer were >€1.1bn (inc. €155m JLMs).
  • Outside of heavily discounted domestic offerings this is the first public € Covered offering from the bank since its €500m, 4yr in 2023, which it priced at MS+27; 4bps tighter than guidance from a book of €850m.
• Erste Group Bank AG (exp. Issue ratings of A1 / A+ / A by Moody’s, S&P & Fitch) brought a fresh dual-tranche senior-preferred offering. IPTs on the 3yr were in the area of MS+70; while IPTs on the 7yr were in the area of MS+100. Combined books were called above €3bn (exc. JLMs) - slightly skewed to the 3yr. The 3yr sized at €750m & set at MS+37 from books >€2.5bn (incl. €40m JLMs, pre-rec). The 7yr sized at €750m & set at MS+70 from books >€2bn (incl. €50m JLMs, pre-rec). Final books for the 3yr were >€1.2bn (inc. €40m JLMs). Final books for the 7yr were >€1bn (inc. €50m JLMs).
  • The borrower is prolific in the € markets having issued AT1’s, multiple covereds & a senior non-preferred throughout 2026. Today’s Snr-preferred is the 4th such trade this year (subsidiaries aside) having last printed a €750m, 5yr fixed-to-float on May 7th at MS+62; 23bps tighter than IPTs from a book of €1.1bn. Prior to that was a €750m, 6.25yr at MS+62; 28bps tighter than IPTs from a book of €1.5bn.
• Eurobank SA (exp. Issue ratings of Baa1 / BBB- / BBB by Moody’s, S&P & Fitch) announced a € benchmark, 7NC6 Green, senior preferred offering with IPTs of MS+125 area. Books over €1.75bn. The deal launched for €600m at MS+98 with a book of over €2bn (pre-rec). Books closed above €1.35bn.
  • This is the borrower's 3rd visit to the public € markets in 2026. The last being a €700m, 6yr senior-preferred offering on May the 18th, where it priced at MS+97; 28bps tighter than IPTs from a €2.7bn book. Prior to that was a €400m, 11.25yr Tier 2 at MS+160.

• Asfinag (Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft), (rated Aa1 / AA+ by Moody's & S&P), 100% owned & explicitly & unconditionally guaranteed by the Republic of Austria, brought its anticipated 5yr, €500m (wng), Fixed Rate RegS Bearer offering. Guidance on the trade was in the area of MS+11. Spread set at MS+7, when books were in excess of €3.1bn (inc. €300m JLMs). Books closed in excess of €3.5bn (inc. €300m JLMs) & the trade priced on those terms.
  • Today’s print is Asfinag’s first public offering in 2026, having last come to the market on the 16th of September 2025, when they priced a dual-tranche trade consisting of a €500m, 4.5yr at MS+19; 5bps tighter than guidance from a book of €5.8bn; & a €1bn, long 10yr at MS+49; 4bps tighter than guidance with a book of €5.9bn.
• The German State of Hesse (rated AA+ / AAA by S&P & Scope), having mandated yesterday, brought its € benchmark fixed rate Landesschatzanweisung 5yr. Guidance on the offering was in the area of MS+10. Books first called in excess of €2.9bn (inc. €400m JLMs), rising to €3.2bn (inc. €425m JLMs). Spread set at MS+9 & size also set at €1.25bn. Orderbooks closed in excess of €4.4bn (inc. €425m JLMs).
  • A prolific issuer, this is the 5th public € offering from Land Hessen so far this year. The last 2 deals have both been 7yr prints; a €1bn in June at MS+17; 1bp tighter than guidance from a book of €1.95bn. & a €500m FRN, also in June priced at 6mth € flat. The closest in tenor to today's trade was their 4.5yr, ¡bn from the 1st of April, that priced at MS+10; flat to guidance from a €1.3bn book.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Hammerson Plc (exp. Issue ratings of Baa1 / A- by Moody’s & Fitch) announced a short 7yr (8th June 2033), senior unsecured offering with IPTs of Gilts +125 to +130. Books were in excess of £1.1bn & guidance came in at Mid Gilts +110 area (+/- 3 WPIR). Size set at £250m. Books were in excess of £875m, at tight end of guidance (pre-rec). Spread set at Mid Gilts +107. Final books were over £820m.
  • This issue is the first since its upgrade from Moody’s to Baa1 on the 27th of August. Hammerson issued a €350m, 5 year back on June 1st, pricing at MS+110; 37.5bps tighter than IPTs from a book of €1.4bn. Its last visit to the Sterling market was in October 2024, when it priced a £400m, 12yr at Gilts +183; 32bps tighter than IPTs from a book of £2.4bn. Since then the credit has also had an upgrade from Fitch from BBB+.

• BPCE SA (exp. Issue ratings of Baa2 / BBB / BBB+ by Moody’s, S&P & Fitch) announced their 2nd trade of the morning, with a £ benchmark, long 11NC6 (maturity 8th December 2037), Tier 2 Capital Subordinated Resettable Fixed Rate Note. IPTs on the issue were in the area of mid Gilts +180. Books were first called over £1bn. Size set at £400m at a spread of UKT+160. Books were over £1.6bn. Final books were over £1.4bn & the deal priced £400m at G+160.
  • A frequent visitor to the public € markets, BPCE typically issues senior non-preferred trades & has done so multiple times throughout 2026. This is their first subordinated trade since the 7th of January, when it priced a €750m 11NC6, fixed rate reset trade at MS+145; 35bps tighter than IPTs from a massive book of €9.4bn.
• Canadian Imperial Bank of Commerce (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) brought a £ benchmark, 5yr FRN Covered bond, with guidance in the area of SONIA+60; backed by Canadian prime residential mortgages. Books first called over £1.5bn, rising to >£1.75bn. Spread set at SONIA+55. Size set at £850m. Final books were over £1.7bn.
  • This is CIBC’s first £ print in 2026, having last issued a £1.25bn 3yr on the 5th of September last year. This was also an FRN at SONIA +55; 7bps tighter than guidance with a book of £3.1bn.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• BPCE SA (exp. Issue ratings of A+ / A2 / A+ by S&P, Moody’s & Fitch), announced a senior preferred, 8yr, with an initial minimum size of Chf100m. Early price indications were SARON MS+87 to +92. The trade grew to Chf150m when price set at MS+90. The trade priced at Chf170m.
  • This is the 2nd Swiss Franc trade from BPCE this year, having priced a Chf215m 6yr senior non-prefered trade at MS+108 back on March 11th; 0.5bp tighter than initial guidance.

Week-to-date volumes:

US$ Reg S (today)

• Santander UK Plc (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, S&P & Fitch) announced a US$ benchmark, UK Regulated Covered Bond backed by 100% prime UK residential mortgages. The 3yr trade came with guidance in the area of SOFR MS+42. Books surpassed $2bn (exc. JLMs). Books were over $2.2bn (exc. JLMs, pre-rec). Spread set at SOFR MS+40. Books rose to over $2.4bn (exc. JLMs, pre-rec). Spread set at SOFR MS+40 & size set at $1.5bn. Final books were over $2.5bn (exc. JLMs).
  • The borrower is a frequent visitor the the $ market, & issued a €2bn dual tranche senior non-preferred on the 18th of August, however, this is their first Covered bond offering in $’s since December 2nd, 2024, when they priced a $1bn, 3yr at MS+60; 3bps tighter than guidance from a book of $1.75bn. Like today's deal, the asset pool was UK residential mortgages.

Pending Deals & Mandates

Euro (€)

• 31st August: Kingspan Securities (Ireland) DAC (exp. Issue ratings of BBB / BBB by S&P & Fitch), a world leader in high-performance insulated building solutions & bespoke critical infrastructure, mandated BNP Paribas, BofA Securities, ING & UniCredit as Joint Bookrunners to arrange a series of fixed income investor calls on Tuesday, 1st September. BofA Securities will be coordinating logistics. ING is acting as Sole ESG Structuring Coordinator. A dual-tranche, Inaugural Green, Reg S, Guaranteed Senior Unsecured, Fixed Rate 4yr, €300m (exp) & 7yr, €500m (exp) offering issued out of Kingspan Securities (Ireland) DAC will follow, subject to market conditions. The net proceeds will be used to finance and/or refinance a portfolio of eligible projects that meet the eligibility criteria set forth in the Green Finance Framework dated October 2024.
• 1st September: The Sage Group plc (exp. Issue rating of BBB+ by S&P), appointed BofA Securities, HSBC, J.P. Morgan & NatWest to arrange a series of fixed income investor calls commencing Tuesday 1st September. A €500m fixed rate senior unsecured Reg S transaction with an expected 5.5yr tenor, offered under the Issuer’s EMTN Programme & guaranteed by Sage Treasury Company Limited, will follow, subject to market conditions. Use of Proceeds will be General Corporate Purposes including the refinancing of the outstanding €500m 3.820% Notes due February 2028.
• 1st September: 3M Company (rated A3 / BBB+ / A- by Moody’s, S&P & Fitch), a global diversified technology & manufacturing company, mandated Deutsche Bank, BofA Securities, Citigroup, & J.P. Morgan to organize a series of European fixed income investor calls to be scheduled on Tuesday, September 1st & Wednesday, September 2nd. Deutsche Bank is coordinating logistics. A € denominated, multi-tranche, senior unsecured, SEC-registered transaction consisting of 2yr, 5yr, & 8yr fixed rate notes, expected to be €500 million per tranche, is expected to follow, subject to market conditions.

• 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.
• 31st August: Israel Discount Bank Ltd (rated Baa1 / BBB+ / A- by Moody’s, S&P & Fitch), a leading full service financial institution in Israel, mandated Barclays as Sole Structuring Advisor & Global Coordinator & Barclays, BofA Securities, Citi, Deutsche Bank & Goldman Sachs International as Joint Bookrunners to arrange a series of fixed income investor calls commencing today, Monday 31st August 2026. An inaugural Reg S Registered 5yr € benchmark fixed rate structured Covered bond offering backed by 100% Israeli residential mortgages may follow in the near future, subject to market conditions.
• 1st September: Volksbank Wien AG (exp. Issue rating of Baa2 by Moody's), mandated ABN Amro, Danske Bank, Erste Group, Morgan Stanley, Natixis & Raiffeisen Bank International (Sole Sustainability Structurer) to arrange a series of fixed income investor calls on 1st September. A €500m (wng), 6NC5 Green Senior Non-Preferred offering may follow in the near future, subject to market conditions. 
• 1st September: Hamburg Commercial Bank AG (exp. Issue rating of Aa3 by Moody’s), mandated Barclays, BBVA, Danske Bank, Deutsche Bank, Jefferies & Natixis as Joint Lead Managers to arrange a series of fixed income investor calls commencing 1st September. The issuer is available for investor calls upon request. A RegS Bearer 3yr fixed rate €500m (wng) Ship Covered Bond (Ship Pfandbrief, German Law, European Covered Bond Premium Label) transaction is expected to be launched in the near future, subject to market conditions.
• 1st September: M&G European Property Fund (exp. Issue rating of A by Fitch), a leading European diversified real estate fund, mandated ABN Amro, BBVA, HSBC, & ING as Active Bookrunners to arrange a series of fixed income investor calls commencing Tuesday, 1st September. ING is coordinating logistics. A € denominated, 5yr, RegS, bearer, Senior Unsecured, Green bond offering will follow, subject to market conditions.
• 1st September: Norddeutsche Landesbank - Girozentrale (exp. Issue rating of Aaa by Moody’s) mandated Credit Agricole, DZ Bank, Helaba, ING, NordLB & UniCredit as Joint Lead Managers for its upcoming € denominated benchmark Mortgage Covered Bond (Hypothekenpfandbrief). The transaction will be under the label “European Covered Bond (Premium)”. The deal is expected to be launched in the near future, subject to market conditions.
• 1st September: Eika Boligkreditt AS (exp. Issue rating of Aaa by Moody’s) mandated Credit Agricole CIB, Danske Bank, Erste Group, LBBW & Nordea as Joint Bookrunners for its upcoming €500m (wng) Covered Bond transaction, backed by prime Norwegian residential mortgages. The deal will have a 10yr maturity. The transaction is expected to be launched in the near future, subject to market conditions.
• 1st September: Oberbank AG (exp. Issue rating of AAA by S&P) mandated DekaBank, DZ Bank, Erste Group & Helaba as Joint Lead Managers for its upcoming 8yr, €300m (wng) fixed-rate, Mortgage Covered Bond (Hypothekenpfandbrief). The issue will be labelled as European Covered Bond (Premium), will be in RegS, Bearer format. The transaction will be launched in the near future, subject to market conditions.

• 1st September: Agence Centrale des Organismes de Securite Sociale (rated Aa3 / A+ / A+ by Moody’s, S&P & Fitch), in charge of France’s Social Security scheme's cash operations & the financing of short & mid-term deficits, mandated BNP Paribas, Credit Agricole CIB, J.P. Morgan, Natixis & Societe Generale as Joint Lead Managers for a new € denominated 2yr FXD neuMTN Social Benchmark (Not Listed) due 9th September 2028. The transaction will be launched in the near future, subject to market conditions.
• 1st September: Development Bank of Japan Inc. (rated A1/ A by Moody’s & S&P), mandated Daiwa Capital Markets Europe, Barclays, BNP Paribas & Mizuho as JLM’s for its coming € benchmark senior unsecured fixed rate, 4yr DBJ Sustainability Bond (the Issuer's 20th Sustainability Bond) transaction, subject to market conditions. Reg S only.
• 1st September: The European Investment Bank (rated Aaa / AAA / AAA by Moody’s, S&P & Fitch) mandated Citi, HSBC, Societe Generale & UBS to lead manage a new 5yr Climate Awareness EARN Benchmark due 16th February 2032. The transaction (RegS, Registered, Cat1) will be launched in the near future, 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.

Swiss Franc (Chf)

• 31st August: The North American Development Bank (aka NADB) (exp. Issue ratings of Aa1/ AA by Moody’s & Fitch), mandated Deutsche Bank as Sole Bookrunner for a potential CHF benchmark offering which may follow in the near future, subject to market conditions.

Transaction Details

PRICED: BPCE CHF 170m 8yr SP; SARON MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: SARON MS+90bp / 100 / 1.5175%
Benchmark: 8yr: Govt +114.8bp

Launched: 8yr: CHF 170m @ SARON MS+90bp
Spread set at: 8yr: SARON MS+90bp - Books close at 11.00 CET
Guidance: 8yr: SARON MS+87/92bp

• Issuer: BPCE SA (BBG: BPCEGP)
• Issuer Ratings: A+ (st.) / A1 (st.) / A+ (st.) (S&P / Mdy / Fitch)
• Exp. Instrument Ratings: A+ / A2 / A+ (S&P / Mdy / Fitch)
• Issuer Domicile: France
• Format: New Foreign Public Fixed Rate Bond
• Ranking: Senior Preferred
• Issue Size: CHF 170m
• Coupon: 1.5175% (30/360; following unadj.)
• Tenor: 8.00 years
• Payment Date: 25-Sep-26
• Maturity: 25-Sep-34
• Issue Price: 100
• Pricing: SARON MS +90.0 bps / YTM 1.5175% / Govt +114.8 bps
• ISIN/Valor: CH1581468225 / 158146822
• Lead Manager(s): Zürcher Kantonalbank / BNP / DB / Natixis (JLNB)
• Listing: SIX Swiss Exchange, as of 24-Sep-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Under the Issuer’s EUR 70,000,000,000 Euro Medium Term Note Programme, base prospectus dated 14-Nov-25, as supplemented from time to time
• FIDLEG/FinSA Prospectus: Prospectus will be available at a later stage in accordance with art. 51 FinSA
• Governing Law: French
• Covenants: PP
• Denomination: CHF 5'000 and multiples thereof
• Selling Restrictions: USA, US Persons, EEA, UK, France, Italy, Belgium, Japan, Hong Kong, PRC, Singapore, in particular
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.

PRICED: ASFINAG €500m 5yr Sr Unsec; MS+7bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+7bp / 99.75 / 3.305%
Benchmark: 5yr: OBL 2.9 31 #194 @ 99.115 / B+21.8bp / HR 98%

Tranche 1 (5yr): Final books in excess of €3.5bn (incl. €300m JLM)

Launched: 5yr: €500m @ MS+7bp - Books in excess of €3.1bn (incl. €300m JLM)
Spread set at: 5yr: MS+7bp
Rev Guidance: 5yr: MS+9a - Books in excess of €2.7bn (incl. €300m JLM)
Guidance: 5yr: MS+11a

• Issuer: ASFINAG (Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft)
• Issue Rating: Aa1 (Neg) / AA+ (Sta) (Moody's / S&P)
• Guarantor: Unconditionally and irrevocably guaranteed by the Republic of Austria, governed by Austrian Law
• Format: Reg S, Bearer (TEFRA D)
• Size: €500m
• Maturity: 8-Sep-31
• Settlement: 8-Sep-26 (T+5)
• Coupon: 3.25% Fixed, Annual, Act/Act ICMA
• Spread: MS+7bp
• Reoffer: 99.75 / 3.305%
• DBR ref: +21.8bp vs. OBL 2.9 31 #194 (99.115 / HR: 98%)
• Governing Law: Austrian law. The Master guarantee of the Republic of Austria is governed by, and shall be construed in accordance with Austrian law.
• Denoms: €100k / 100k
• Target Market: Eligible counterparties and professional clients only (all channels for distribution), each as defined in MIFID II and UK MiFIR.
• Listing: Regulated Market of the Luxembourg Stock Exchange and Official List (Amtlicher Handel) of the Vienna Stock Exchange
• Documentation: Off the issuer’s € 12,000,000,000 Guaranteed Euro Medium Term Note Programme dated 21-Jul-26
• ISIN: XS3496782338
• Joint Leads: Danske Bank / MS (B&D) / SG / UniCredit
• Timing: Priced. TOE: 12:17 UKT / 13:17 CET | FTT immediately
• Availability of Documents: The Alleviated Base Prospectus dated 21-Jul-26 is available and the Final Terms, when published, will be available at: https://www.bourse.lu/issuer/AutoSchnellFin/53901

PRICED: Sparkasse - Cassa di Risparmio di Bolzano €250m Short 5yr CB; MS+38bp

IGC European Market: Deal Flow - General

Reoffer: Short 5yr: MS+38bp / 99.525 / 3.609%

Benchmark: Short 5yr: DBR 0 15-Feb-31 @ 87.58 / B+58.5 / HR 116%

Short 5yr: Final books at reoffer above €2.2bn (incl. €55m JLM). Peak book above €2.2bn

Launched: Short 5yr: €250m @ MS+38bp - Books above €1.5bn (incl. €55m JLM) pre-rec

Spread set at: Short 5yr: MS+38bp

Book Update: Books above €1bn (incl. €55m JLM)

Guidance: Short 5yr: MS+48a

• Issuer: Sparkasse - Cassa di Risparmio di Bolzano S.p.A.
• Ticker: CASBOL
• Issuer LEI: 8156003A4FB445454553
• Guarantor: SPK OBG S.r.l.
• Issue Type: Mortgage Covered Bond (Obbligazioni Bancarie Garantite Europee), European Covered Bond label (Premium), backed by 100% Italian residential mortgages
• Format: Reg S, Bearer and dematerialised
• Eligibility: ECB Eligible, LCR Level 2A, beneficial treatment under CRR Art.129 & Solvency II & ECBC Covered Bond Label Compliant
• Expected Issue Rating: AA+ (Fitch)
• Issue Size: €250m
• Settlement Date: 8-Sep-26 (T+5)
• Maturity Date: 31-Jul-31, soft bullet with 12 months extension
• Extended Maturity: 31-Jul-32
• Reoffer: MS+38bp / 99.525 / 3.609%
• Benchmark: DBR 0 15-Feb-31 @ 87.58 / B+58.5 / HR 116%
• Coupon: 3.5% per annum payable annually in arrear, Act/Act (ICMA), following, unadjusted
• First Coupon Payment Date: 31-Jul-27 (short first coupon)
• Use of Proceeds: General Corporate purposes
• ISIN: IT0005730160
• Listing: Luxembourg Stock Exchange's Regulated Market
• Denominations: €100,000 + integral multiples of €1,000
• Governing Law: Italian Law
• Documentation: Issued off Cassa di Risparmio di Bolzano S.p.A. €3bn Covered Bond Programme unconditionally and irrevocably guaranteed as to payments of interest and principal by SPK OBG S.r.l. and under the Base Prospectus dated 3-Jul-26 as supplemented on 21-Aug-26
• MIFID II Target Market: 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 the EEA
• Joint Bookrunners: Erste Group, Raiffeisen Bank International, UniCredit (B&D)
• Timing: TOE 13:33 CET / FTT 14:00 CET
• Hedge Deadline: 13.10 CET
• Advertisement: The Base Prospectus, any Supplements are, and the Final Terms will be, available at: CassaRisBolzano - Max. EUR 3,000,000,000.- Covered Bond (Obbligazioni Bancarie Garantite) Programme 2026 (New Programme) | LuxSE
• Investor Presentation: https://dealroadshow.finsight.com/e/CASSADIRISPARMIO2026

Covered

Short 5yr (31st Jul 2031) @ MS+48a

Implied Spread for fresh July 2031 @ MS+31

Priced at MS+38
NIC of 7

PRICED: Hypo Vorarlberg Bank AG €500m 7yr CB; MS+27bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+27bp / 99.683 / 3.552%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 96.45 / B+37.5bp / HR 101%

7yr: Final book good at reoffer > €1.1bn (incl. €155m JLM). Peak book over €1.25bn (incl. €155m JLMs)

Launched: 7yr: €500m @ MS+27bp - Book > €1.25bn (incl. €155m JLMs)
Book Update: Book over €1bn (excl. JLM)
Guidance: 7yr: MS+33a

• Issuer: Hypo Vorarlberg Bank AG (Ticker: VORHYP)
• Legal Entity Identifier: NS54DT27LJMDYN1YFP35
• Issuer Ratings: A3 (Negative) by Moody's
• Expected Issue Ratings: Aaa (Moody's)
• Issue Type: Hypothekenpfandbriefe (Mortgage Pfandbriefe) / European Covered Bond (Premium)
• Size: EUR 500,000,000
• Form: Reg S Bearer
• Tenor: 7-year
• Reoffer: MS+27bps | 3.552% | 99.683%
• Benchmark: DBR 2.6 15-Aug-33 +37.5bps @96.45, HR 101%
• Pricing Date: 1-Sep-26
• Settlement Date: 8-Sep-26 (T+5)
• Maturity Date: 8-Sep-33
• Maturity Type: Soft Bullet
• Extended Maturity Date: 8-Sep-34
• Coupon: 3.500% Fixed, annual, Act/Act ICMA, unadjusted following
• Rate of Interest and Coupon Dates for the Extended Period: 3-months EURIBOR +27bps per annum from the Maturity Date (including) to the Extended Maturity Date (excluding), payable quarterly in arrear on 8-Dec-33, 8-Mar-34, 8-Jun-34 and 8-Sep-34 with the first interest payable on 8-Dec-33
• Interest Payment Dates: 8 September of every year, commencing on 8-Sep-27
• Events of Default: Applicable as per Condition 9(b) of the Terms and Conditions
• Clearing System: OeKB / Euroclear / Clearstream
• Global Note: Digital Global Note
• Denomination: EUR 100,000 x EUR 100,000
• Governing Law: Austrian Law
• Eurosystem Eligibility: Intended
• Selling Restrictions: General, U.S. (Reg S, Non-TEFRA), EEA and UK, as further set out in the Prospectus dated 15-Jul-26
• Documentation: Hypo Vorarlberg Bank AG’s EUR 8bn Debt Issuance Programme (dated 15-Jul-26). The Prospectus incl any supplements are available and the Final Terms of the Notes, once published, will be available on the website of the Issuer: https://www.hypovbg.at/investor-relations/emissionsprospekte
• ISIN / WKN: AT0000A3X0F3
• Target Market/PRIIPs: Manufacturer Target Market (MIFID II product governance) is eligible counterparties and professional clients (all distribution channels). No PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook ("DISC") has been prepared as not available to retail in EEA and UK.
• Joint Lead Managers: ABN AMRO, DekaBank, DZ BANK, Erste Group, Raiffeisen Bank International, UniCredit
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Priced: TOE: 14:51 CET | FTT: 15:10 CET

Covered

7yr (Sept 2033) @ MS+33a

Implied Spread for fresh 7yr @ MS+25

Priced at MS+27
NIC of +2

PRICED: Federal State of Hesse €1.25bn 5yr Sr Unsec; MS+9bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+9bp / 99.691 / 3.318%

Benchmark: 5yr: OBL 2.9 10-Aug-31 @ 99.140 / B+23.6bp

5yr: Final Books €4.4bn (incl. €425m JLM). Peak books in excess of €4.4bn (incl. €425m JLM)

Launched: 5yr: €1.25bn @ MS+9bp - Orderbooks in excess of €3.2bn (incl. €425m JLM interest)

Spread set at: 5yr: MS+9bp

Book Update: Orderbooks in excess of €2.9bn (incl. €400m JLM interest)

Guidance: 5yr: MS+10a

• Issuer: Federal State of Hesse
• Ticker: HESSEN
• Issuer Rating: AA+ (stable) S&P / AAA (stable) Scope
• Status: Landesschatzanweisung (Senior, Unsecured, Unsubordinated, RW 0%)
• Size: €1.25bn
• Maturity: 10-Sep-31
• Settlement: 10-Sep-26 (T+7)
• Reoffer: MS+9bp / 99.691% / 3.318%
• Benchmark Reference: OBL 2.9 10-Aug-31 +23.6bps (99.140% / 3.082% / HR 98%)
• Coupon: 3.25% Fixed, annual, Act/Act ICMA
• Law/List/Denoms: German / Frankfurt / 1k
• Joint Leads: DekaBank, Deutsche Bank, ING, J.P. Morgan, Nordea, TD Securities (B&D)
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II / UK MiFIR)
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is retail, eligible counterparties and professional clients (all distribution channels)
• ISIN/WKN/Series: DE000A1RQFH0 / A1RQFH / 2608
• Timing: PRICED. TOE 14:50 CET, FTT immediately

PRICED: Nationale-Nederlanden Bank N.V. €500m 5yr CB; MS+18bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+18bp / 99.837 / 3.411%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 97.633 / B+35.8bp

5yr: Final book above €2.5bn (incl. €315m JLM interest) good at reoffer. Peak book above €2.5bn (incl. €315m JLM interest)

Launched: 5yr: €500m @ MS+18bp - Book above €2.4bn (incl. €315m JLM interest) pre-rec
Spread set at: 5yr: MS+18bp
Book Update: Books above €1.9bn (incl. €315m JLM)
Guidance: 5yr: MS+25a

• Issuer: Nationale-Nederlanden Bank N.V.
• Issuer Legal Entity Identifier (LEI): 724500BICUQ0LF1AH770
• Guarantor: NN Covered Bond Company B.V.
• Issue Ratings: AAA (S&P)
• Status: Dutch Legislative Covered Bonds
• EU Harmonisation Label: European Covered Bond (Premium)
• Use of Proceeds: General corporate purposes
• Size: €500m
• Spread: MS+18bps
• Price: 99.837%, 3.411%
• Bund ref: OBL 2.5% 16-Apr-31, 97.633% (spread 35.8bps)
• Settlement Date: 08-Sep-26 (T+5)
• Maturity Date: 08-Sep-31 – 5yr soft bullet
• Extended Maturity Date: 08-Sep-32
• Coupon: 3.375%, Fixed Annual
• Coupon payment dates: 8th of September in each year commencing on 08-Sep-27 up to and including the Maturity DateThe 8th day of each month from the Maturity Date up to and including the Extended Due for Payment Date
• Coupon during Extended Maturity: 1 month Euribor + 18 bp, per annum, monthly in arrear, from 08-Sep-31 until 08-Sep-32
• Day Count Fraction until the Maturity Date: Actual/Actual (ICMA)
• Business Day Convention until the Maturity Date: Following Business Day Convention, unadjusted
• Day Count Fraction during Extended Maturity: Actual/360
• Business Day Convention during Extended Maturity: Modified Following Business Day Convention, adjusted
• ISIN: NL0015074CE2
• Denomination: €100k + €100k
• Listing: Euronext Amsterdam
• Governing Law: Dutch Law
• Lead Managers: ABN Amro Bank N.V. (B&D), Helaba, J.P. Morgan, Natixis and Rabobank
• Co-leads: BayernLB and NordLB
• Documentation: Issued under the Nationale-Nederlanden Bank N.V. EUR 12,500,000,000 Covered Bond Programme dated 20-May-26.
• Security Format: New Global Note (NGN) bearer form, Reg S, Tefra D
• Target market: MiFID II / UK MiFIR professionals/ECPs-only – 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 CCI product summary has been prepared as not available to retail in EEA or in the UK
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Timing: Priced. TOE 14.58 CET, FTT 15.20 CET

Covered
5yr (Sept 2031) @ MS+25a

Implied Spread for fresh 5yr @ MS+20

Priced at MS+18
NIC of -2

PRICED: BPCE SA £400m Long 11NC6 T2; UKT+160bp

IGC European Market: Deal Flow - General

Reoffer: Long 11NC6: UKT+160bp / 99.523 / 6.346%
Benchmark: Long 11NC6: UKT 4.250% 06-Jul-32 (ISIN: GB0004893086) @ 97.519 Mid / 97.499 Bid / 4.746% s.a. / HR:103%

Tranche 1 (Long 11NC6): Final Books £1.4bn. Peak book >£1.6bn

Launched: Long 11NC6: £400m @ UKT+160bp - Books >£1.6bn
Book Update: Books >£1bn
IPTs: Long 11NC6: G+180a

• Issuer: BPCE SA
• LEI: 9695005MSX1OYEMGDF46
• Status of the Notes: Tier 2 Capital Subordinated Resettable Fixed Rate Notes (the "Notes")
• Form of the Notes: Dematerialised Bearer Notes / Reg S
• Issuer's ratings: A1 (Stable) by Moody's / A+ (Stable) by S&P / A+ (Stable) by Fitch
• Expected Notes' Ratings: Baa2 (Moody's) / BBB (S&P) / BBB+ (Fitch)
• Size: £400m
• Maturity Date: 08-Dec-37
• Optional Redemption Date: 08-Dec-32
• Settlement Date: 08-Sep-26 (T+5)
• Reoffer: UKT+160bps / 99.523 / 6.346% s.a.
• Reference Gilt: UKT 4.250% 06-Jul-32 (ISIN: GB0004893086) / HR:103% / 97.519 Mid / 97.499 Bid / 4.746% s.a.
• Rate of Interest: 6.346 per cent. per annum payable semi-annually in arrear from and including the Issue Date to but excluding the Optional Redemption Date. If the Notes are not redeemed or purchased and cancelled on the Optional Redemption Date, the interest payable on the Notes from and including the Optional Redemption Date to but excluding the Maturity Date will be equal, per annum, to (a) the SONIA Mid-Swap Rate plus (b) the Margin (184.5bps)
• Coupon: 6.346%, Semi-Annual Fixed
• Coupon Payment Dates: 8 June and 8 December of each year according to the Business Day Convention and commencing on 08-Dec-26 (short first)
• Clean-Up Redemption Option: Not Applicable
• Early Redemption Events: The Issuer may, at its option, redeem all (but not some only) of the outstanding Notes at their Early Redemption Amount, together with accrued interests (if any) upon the occurrence of a Capital Event, an MREL/TLAC Disqualification Event or a Tax Event (either a Withholding Tax Event, a Gross-Up Event or a Tax Deductibility Event (each as defined in the Base Prospectus)), in each case, subject to certain conditions being met, including, inter alia, regulatory permission if required (as further detailed in the Base Prospectus).
• Documentation: EMTN under the Issuer's EUR 70,000,000,000 Euro Medium Term Note Programme dated 14-Nov-25, as supplemented from time to time (the "Base Prospectus")
• Selling restrictions: As set out in the Base Prospectus; Reg S Compliance Category 2; TEFRA Not Applicable.
• Target Market / Product Governance: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) and no disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in the EEA or in the UK.
• Governing Law: French Law
• Day Count Basis: Actual / Actual, ICMA
• Business Day convention: Following, Unadjusted basis
• Business Day Centre: London, T2
• Redemption price: 100%
• Denominations: £100k + £100k
• Listing: Euronext Paris
• Settlement: Euroclear France
• Global Coordinator: Natixis
• Joint- Lead Managers: BBVA, BMO Capital Markets, Mizuho, Natixis (B&D) and NatWest
• ISIN: FR001401AQD7
• Timing: Priced. TOE 14:00 LDN / FTT 14:30 LDN
• Fees: The Joint Lead Managers will be paid a fee in connection with the transaction. Details of the fee may be available to investors upon request.
• Advertisement: This communication is an advertisement and is not a prospectus. The Final Terms relating to the Notes, when published, will be available on the Issuer's website (www.groupebpce.com) and on the website of the Autorité des Marchés Financiers (www.amf-france.org).
• Note: PLEASE NOTE THAT £ PRICING WAS VS MID GILTS AS PER ICMA GUIDELINES, BUT HEDGES WILL BE EXECUTED VS THE DM TRADER'S BID SIDE

PRICED: Compagnie de Financement Foncier €1bn 10yr CB; MS+54bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: MS+54bp / 99.666 / 3.916%
Benchmark: 10yr: DBR 3 15-Aug-36 @ 97.14 / B+57.5bp (HR 99%)

Tranche 1 (10yr): Final books good at reoffer at €1.5bn+ (incl. €150m JLM). Peak book > €1.9bn (incl. €150m JLM and pre-rec)

Launched: 10yr: €1bn @ MS+54bp - Books at €1.6bn (incl. €150m JLM) good at reoffer
Spread set at: 10yr: MS+54bp - Books > €1.9bn (incl. €150m JLM and pre-rec)
Book Update: Books are above €1.75bn (incl. €150m JLM)
Guidance: 10yr: MS+60a

• Issuer: Compagnie de Financement Foncier (CFF Corp)
• LEI: DKGVVH5FKILG8R13CO13
• Issue Type: Obligations Foncieres - ECB Eligible - Reg S Bearer - ECBC Covered Bond Label / CRDIV Compliant
• Ratings: Aaa / AAA / AAA (Moody's / S&P / Scope)
• Maturity Date: 08-Sep-36 (Soft Bullet)
• Settlement Date: 08-Sep-26 (T+5)
• Size: €1bn
• Reoffer: MS+54bps, 99.666%, 3.916% and +57.5bps vs DBR 3 15-Aug-36 (px: 97.14% HR 99%)
• Coupon: 3.875% Fixed, Annual Act/Act ICMA
• Business Day Convention: Following, Unadjusted basis
• Redemption Price: 100%
• Governing Law: French Law
• Documentation: Under the €125bn EMTN Programme and its supplements
• Denomination: €100k + €100k
• Listing: Euronext Paris and Luxembourg
• Use of Proceeds: The net proceeds of the issue of the Notes will be used for the Issuer's general corporate purposes
• Selling Restrictions: As set out in the Base Prospectus
• MiFID II/UK MiFIR product governance: MiFID II / UK MiFIR – professionals / ECPs-only / No PRIIPs KID and no disclosure document required by the FCA Product Disclosure Sourcebook (DISC) – Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) and no disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in the EEA or in the UK.
• JLM: CaixaBank, Commerzbank, DZ BANK, HSBC (DM), Natixis (B&D), Nordea, Nykredit, Raiffeisen Bank International
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• ISIN: FR001401AQT3
• Timing: Priced - TOE 15.24 CET / 14.24 UKT / FTT 15.35 CET / 14.35 UKT
• Advertisement: The Base Prospectus, any supplements thereto, and the Final Terms (when published) are available at https://foncier.fr/prospectus-emtn/

Covered

10yr (Sept 2036) @ MS+60a

Implied Spread for fresh 10yr @ MS+54

Priced at MS+54
NIC of 0

PRICED: Koninklijke KPN N.V. €500m PerpNC5.25 Sub; 4.75%

IGC European Market: Deal Flow - General

Reoffer: PerpNC5.25: 4.75% / 99.451
Benchmark: PerpNC5.25: DBR 0 Aug-31 @ 86.223 / +170.9bps

Tranche 1 (PerpNC5.25): Final Books > €2.5bn. Peak book > €2.8bn

Launched: PerpNC5.25: €500m @ 4.75% - Books > €2.8bn
IPTs: PerpNC5.25: 5.125%-5.250%

• Issuer: Koninklijke KPN N.V. (Ticker: KPN, Country: NL)
• LEI: 549300YO0JZHAL7FVP81
• Issuer Ratings: BBB (stable) / BBB (positive) (S&P / Fitch)
• Offering Format: Reg S, Bearer, Subordinated note, Hybrid, CGN
• Expected Issue Ratings: BB+ / BB+ (S&P / Fitch)
• Expected Equity Credit: S&P: 50% (until First Reset Date) / Fitch: 50%
• Status: Direct, unsecured and subordinated obligations, senior to ordinary and preference shares of the Issuer, pari passu with Parity Obligations (including € outstanding hybrids)
• Settlement Date: 9-Sep-26 (T+6)
• Maturity: Perpetual NC5.25
• Size: €500m
• Re-offer: Final Yield: 4.75% | 99.451 | Reset 151.6bps
• Reference DBR: DBR 0 Aug-31 (86.223 bid) + 170.9bps
• First Call Date: 9-Sep-31 (Year 5.0)
• First Reset Date: 9-Dec-31 (Year 5.25)
• Optional Par Redemption: At any time between the First Call Date and the First Reset Date and on every annual Interest Payment Date thereafter at par
• Special Event Redemption: (a) At par (plus accrued and deferred interest) upon a Substantial Repurchase Event (75% clean-up call), Change of Control, or Withholding Tax Event (b) At 101% prior to the First Call Date and at par thereafter (plus accrued and deferred interest) upon a Rating Event, Tax Deduction Event, or Accounting Event
• Change of Control Event: If the Issuer does not elect to redeem the Securities following the occurrence of a Change of Control Event, the then prevailing Interest Rate, and each subsequent Interest Rate shall be increased by 5 percentage points with effect from (and including) the date on which the Change of Control Event occurred
• Make-Whole Redemption: At any time other than i) during the period from and including the First Call Date to and including the First Reset Date and ii) upon any subsequent Interest Payment Date, at the Make-whole Redemption Amount (higher of: (i) par; and (ii) present value of remaining cash flows to Make-Whole Redemption Date, discounted at bunds + Make-Whole Margin - B+25)
• Interest: 4.625% fixed rate until the First Reset Date. Rate resets on the First Reset Date and every 5 years thereafter to the € 5yr Mid-swaps + Initial Credit Spread + relevant step-up
• Interest Payment Dates: Annually in arrears on 9 December of each year, commencing 9-Dec-26, short first coupon
• Optional Interest Deferral: At the issuer’s discretion in whole or in part; cumulative and compounding (cash settled)
• Mandatory Settlement of Deferred Interest: Deferred interest is cumulative and compounded. Any outstanding Arrears of Interest become payable in full upon certain shareholder distributions and other compulsory settlement events, the first subsequent non-deferred Interest Payment Date, redemption or repurchase of the Securities, or liquidation of the Issuer. Subject to customary carve-outs
• Reset Dates: First Reset Date and every fifth anniversary thereafter
• Reset Reference Rate: 5-year € mid-swap rate displayed on Reuters screen ICESWAP2/EURSFIXA under "FIXED VS. 6M EURIBOR" at 11:00 a.m. Frankfurt time on the relevant Interest Determination Date. Benchmark replacement provisions apply upon a Benchmark Event
• Step-Ups: +25bps from 9-Dec-36 in year 10.25; additional +75bps from 9-Dec-51 in year 25.25
• Replacement Provision: Intention-based (non-binding), subject to customary carve-outs
• Exchange / Variation: Subject to certain conditions, the Issuer may exchange the Securities for new securities or vary the terms of the Securities without any consent of the Holders upon the occurrence of a Tax Deduction Event, an Accounting Event, a Rating Event or a Withholding Tax Event
• Denominations: €100,000 and integral multiples of €1,000 thereafter up to and including €199,000
• Listing: Global Exchange Market of Euronext Dublin (GEM)
• ISIN / Common Code: XS3485542800 / 348554280
• Use of Proceeds: The Issuer intends to use an amount equal to the net proceeds of the Offering for general corporate purposes, including, but not limited to the refinancing of the €500m 6.000% Perpetual Capital Securities, first callable in Sep-27 (ISIN: XS2486270858)
• Documentation: Standalone; Preliminary Offering Circular dated 1-Sep-26 and the Final Offering Circular expected to be dated 7-Sep-26 (together, the “Offering Circular”)
• Governing Law: English law (save for certain provisions relating to subordination which shall be governed by Dutch law)
• MiFID II Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared
• Selling Restrictions: The United States, the EEA, the UK, Japan and Italy. Regulation S (Category 2), TEFRA D rules apply
• Structuring Advisors: Barclays, ING (B&D)
• Joint Bookrunners: Barclays, Deutsche Bank, ING (B&D), IMI-Intesa Sanpaolo, Rabobank, Santander, SEB
• Timing: ToE: 14h21 UKT | FTT 15h00 UKT / 16h00 CET

PRICED: PACCAR Financial Europe €300m 3yr Sr Unsec; MS+40bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+40bp / 99.748 / 3.59%

Benchmark: 3yr: OBL 2.1 12-Apr-29 #189 @ 97.88 / B+63.6bp | HR 115%

3yr: Final Books > €950m. Peak book above €1.05bn (pre-rec)

Launched: 3yr: €300m @ MS+40bp - Books above €1.05bn (pre-rec)

IPTs: 3yr: MS+70bp area

• Issuer: PACCAR Financial Europe B.V. (Ticker: PCAR, Country: NL)
• Keep Well Provider: PACCAR Inc.
• Issuer Rating: A1 stable (Moody's) / A+ stable (S&P)
• Expected Issue Rating: A1 (Moody's) / A+ (S&P)
• Format: Reg S Bearer, Senior, unsecured, NGN
• Settlement: 09-Sep-26 (T+6)
• Tenor: 3yr FXD
• Size: €300m
• Maturity: 09-Sep-29
• Reoffer: MS+40bp / 3.59% / 99.748
• Benchmark: OBL 2.1 12-Apr-29 #189 (@ 97.88) + 63.6bp | HR 115%
• Coupon: 3.5% Fixed, Annual, ACT/ACT (ICMA)
• Documents: Issued off EMTN Programme dated 06-May-26 / English Law
• Listing: Euro MTF Market of the Luxembourg Stock Exchange
• Denomination: €100,000 + €1,000
• Selling Restrictions: US - Reg. S Compliance Category 3 TEFRA D; EEA (no sales to retail), United Kingdom (no sales to retail), The Netherlands, Japan, Kingdom of Spain, Singapore
• LEI (Issuer): Q47A62EK6GMSID3Y8C39
• ISIN: XS3491333772
• UoP: General Corporate Purposes
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all applicable distribution channels). No EEA PRIIPs or UK CCI product summary will be prepared as the notes are not available to retail in the EEA or the UK respectively.
• Marketing: An investor presentation will be available atwww.netroadshow.com| Entry code: PCARSEP26 | Direct link:www.netroadshow.com/nrs/home/#!/?show=534331d1
• Joint Bookrunners: Barclays, BNP Paribas, ING (B&D), Societe Generale
• Advertisement: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The programme Information Memorandum and any pricing supplement, when published, will be available athttps://www.luxse.com/programme/Programme-PaccarFinEurope/14657
• Timing: Priced. TOE: 14.39 UKT | FTT: 15.00 UKT

PRICED: Eurobank S.A. €600m 7NC6 Green SP Fixed Rate Reset; MS+98bp

IGC European Market: Deal Flow - General

Reoffer: 7NC6: MS+98bp / 99.448 / 4.231%
Benchmark: 7NC6: DBR 1.7 15-Aug-32 @ 92.480 / B+112.7bp

Tranche 1 (7NC6): Final books above €1.35bn. Peak book > €2bn (pre-rec)

Launched: 7NC6: €600m @ MS+98bp - Books > €2bn (pre-rec)
Book Update: 7NC6: Books > €1.75bn
IPTs: 7NC6: MS+125a

• Issuer: Eurobank S.A. (EUROB)
• LEI: 213800KGF4EFNUQKAT69
• Issuer Ratings: Baa1 negative (Moody's) / BBB- positive (S&P) / BBB stable (Fitch) / BBBH stable (Morningstar DBRS)
• Expected Issue Ratings: Baa1 (Moody's) / BBB- (S&P) / BBB (Fitch) / BBBH (Morningstar DBRS)
• Description: EUR Fixed Rate Callable Green Senior Preferred Instruments due September 2033 (the "Instruments")
• Status: Direct, unconditional, unsubordinated and unsecured obligations of the Issuer
• Waiver of Set-off: Applicable
• Contractual Recognition of Statutory Loss Absorption Powers: Each Holder acknowledges and agrees to be bound by the exercise of any Statutory Loss Absorption Powers by the Relevant Resolution Authority
• Currency: €
• Size: €600m
• Format: 7-Year Non Call 6-Year, Bearer, NGN
• Pricing Date: 1-Sep-26
• Settlement Date/Issue Date: 8-Sep-26 (T+5)
• Issuer Call and Optional Redemption Date: The Issuer may, subject to Condition 5.13, redeem all (but not some only) of the Instruments on 8-Sep-32 ("Optional Redemption (Call) Date") at the principal amount ("Early Redemption Amount (Call)") together with any accrued and unpaid interest
• Maturity Date: 8-Sep-33
• Reset Date: 8-Sep-32
• Reset Determination Date: The date falling two Business Days prior to the Reset Date
• Business Days: T2
• Re-offer: MS+98bp / 4.231% / 99.448
• Benchmark: DBR 1.7 15-Aug-32 @ 92.480 / B+112.7bp
• Coupon: Fixed rate of 4.125% p.a. payable annually in arrear on each Interest Payment Date up to and including the Reset Date; reset with effect from the Reset Date to a fixed rate equal to the sum of the 1-year mid-swap rate prevailing at the Reset Determination Date plus the Reset Margin (no step-up)
• Interest Payment Dates: On 8 September each year, commencing on 8-Sep-27
• Day Count Fraction: Act/Act (ICMA) unadjusted / following
• Final Redemption Amount: 100% of Principal Amount
• Use of Proceeds: The net proceeds from the issue of the Notes will be used to finance or re-finance, in whole or in part, Eligible Green Assets, in each case as determined by the Issuer in accordance with the Eligible Green Assets set out in the Green Bond Framework available on Eurobank's website (https://www.eurobank.gr/en/group/investor-relations/debt-investors/green-bond-framework) and in effect at the time of issuance of the Green Bonds
• Clean-up Call: Applicable. Subject to Condition 5.13, if the Clean-up Call Minimum Percentage (or more) of the principal amount outstanding of the Instruments originally issued have been redeemed or purchased and subsequently cancelled, the Issuer may, at any time and in its sole discretion, redeem, purchase or procure the purchase of the Instruments in whole (but not in part) at the Clean-up Call Option Amount, together with any accrued and unpaid interest to but excluding the redemption date
• Clean-up Call Minimum Percentage: 75%
• Clean-up Call Option Amount: 100%
• Early Redemption: If an MREL Disqualification Event has occurred and is continuing at any time from and including the Issue Date, or due to a change in taxation laws there is an imposition of additional amounts, the Instruments may be redeemed at the option of the Issuer at any time in whole, but not in part, at the principal amount ("Early Redemption Amount (MREL Disqualification Event)" and "Early Redemption Amount (Tax)", respectively), together with any accrued and unpaid interest, subject to Condition 5.13
• Events of Default: Restricted Default Events apply
• Substitution and Variation: If an MREL Disqualification Event occurs or in order to ensure the effectiveness and enforceability of Condition 17, the Issuer may substitute the Instruments, or vary the terms of such Instruments (including, without limitation, changing the governing law of Condition 17), so that the relevant Instruments once again become or remain Qualifying Senior Preferred Instruments, subject to Condition 5.13, provided that such variation or substitution does not give rise to any right of the relevant Issuer to redeem the varied or substituted Instruments
• Minimum Denomination / Increment: €100,000 and integral multiples of €1,000 in excess thereof
• Listing: Luxembourg Stock Exchange (Euro MTF)
• Governing Law: English law, save for Condition 3, Condition 17 and Condition 18, which shall be governed by, and construed in accordance with, the laws of the Hellenic Republic
• Target Market (MiFID II/UK MiFIR)/PRIIPs: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or the UK
• Documentation: €10,000,000,000 EMTN Programme for the Issuance of Debt Instruments dated 20-Oct-25, as supplemented on 19-Dec-25, 11-Mar-26, 12-May-26 and 27-Aug-26, with standard conditions precedent as per EMTN Programme
• Distribution: Reg S, Category 2, Tefra D rules apply, no communications with or into the US or Canada (excluding Alberta, British Columbia and Ontario)
• Settlement: Euroclear / Clearstream
• Stabilisation: ICMA/FCA
• Sole Green Structurer: HSBC
• Bookrunners: Barclays (B&D), Commerzbank AG, HSBC, Natixis, Societe Generale
• ISIN / Common Code: XS3489639370 / 348963937
• Advertisement: The Offering Circular and any Supplements relating to the Notes are available at https://www.eurobank.gr/en/group/investor-relations/debt-investors/emtn-programme/euro-medium-term-note-programme. The Final Terms, when published, will be available at https://www.luxse.com/issuer/Eurobank/100320
• Green Bond Framework / SPO:
  • Green Bond Framework: https://www.eurobank.gr/-/media/eurobank/omilos/enimerosi-ependuton/enimerosi-metoxon-eurobank/pistotikoi-titloi/green-bond-framework/green-bond-framework-july-2026.pdf
  • SPO: https://www.eurobank.gr/-/media/eurobank/omilos/enimerosi-ependuton/enimerosi-metoxon-eurobank/pistotikoi-titloi/green-bond-framework/eurobank-spo-july-2026.pdf
• Link: www.netroadshow.com/nrs/home/#!/?show=5c185ef1 or visit www.netroadshow.com and enter the entry code: Eurobank2026
• Timing: ToE 14h50 UKT | FTT 15h15 UKT / 16h15 CET

Senior Preferred Green
NC6yr (Sept 2029) @ MS+125a

Implied Spread for fresh NC6yr @ MS+95

Priced at MS+98
NIC of +3

PRICED: Erste Group Bank AG €1.5bn 3yr & 7yr SP; MS+37bp & MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+37bp / 99.849 / 3.554% 7yr: MS+70bp / 99.417 / 3.972%
Benchmark: 3yr: OBL 2½ 29 #190 @ 98.61 / B+58.0bp 7yr: DBR 2.6 15-Aug-33 @ 96.47 / B+79.8bp

Tranche 1 (3yr): Final books >€1.2bn (incl. €40m JLM). Peak book >€2.5bn (incl. €40m JLM interest), pre-rec
Tranche 2 (7yr): Final books >€1bn (incl. €50m JLM). Peak book >€2bn (incl. €50m JLM interest), pre-rec

Launched:
3yr: €750m @ MS+37bp - Books > €2.5bn (incl. €40m JLM interest), pre-rec
7yr: €750m @ MS+70bp - Books > €2bn (incl. €50m JLM interest), pre-rec
Book Update: Combined books above €3bn ex JLM (slightly skewed to 3yrs)
IPTs: 3yr: MS+70a 7yr: MS+100a

• Issuer: Erste Group Bank AG
• Ticker: ERSTBK
• LEI: PQOH26KWDF7CG10L6792
• Issuer Ratings: Aa3/A+/A (positive/positive/stable) (Moody's/S&P/Fitch)
• Expected Issue Ratings: A1/A+/A (Moody's/S&P/Fitch)
• Status: The Notes constitute direct, unsecured and unsubordinated obligations of the Issuer and are intended to qualify as eligible liabilities instruments (Preferred Senior Notes). Exclusion of set-off, no acceleration rights.
• Format: Reg S, Bearer Notes, Digital Global Note
• Size:
  • 3yr: €750m
  • 7yr: €750m
• Settlement Date: 7-Sep-26 (T+4)
• Maturity Date:
  • 3yr: 7-Sep-29
  • 7yr: 7-Sep-33
• Reoffer:
  • 3yr: MS+37bp / 99.849 / 3.554%
  • 7yr: MS+70bp / 99.417 / 3.972%
• Benchmark:
  • 3yr: OBL 2½ 29 #190 + 58.0bp (98.61)
  • 7yr: DBR 2.6 15-Aug-33 + 79.8bp (96.47)
• Coupon:
  • 3yr: 3.500% per annum, payable annually, commencing on 7-Sep-27 act/act (ICMA) / following / unadjusted
  • 7yr: 3.875% per annum, payable annually, commencing on 7-Sep-27 act/act (ICMA) / following / unadjusted
• Business Days: T2 and Clearing Systems
• Documentation: Erste Group Bank AG's Multi Issuer EMTN Programme, consisting of the Securities Note dated 28-Nov-25 and the Registration Document dated 10-Jun-25, as supplemented
• Denoms/Listing/Law: EUR 100,000 + EUR 100,000 / Vienna (Official Market) / Austrian Law
• ISIN:
  • 3yr: AT0000A3X172
  • 7yr: AT0000A3X180
• Clearing: Euroclear / Clearstream / OeKB
• Selling Restrictions: Reg S, and as further set out in the Multi Issuer EMTN Programme
• Manufacturer Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU or FCA Product Disclosure Sourcebook (DISC) disclosure document has been prepared as not available to retail in the EEA or in the UK
• 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 the Final Terms, when published, will be available at: https://www.erstegroup.com/en/about-us/erste-group-issues/prospekte/anleihen
• Global Coordinator: Erste Group
• Joint Bookrunners:
  • 3yr: Barclays, BayernLB, Danske Bank, DZ BANK, Erste Group (B&D), Scotiabank and UniCredit
  • 7yr: Barclays, BayernLB, Danske Bank, DZ BANK, Erste Group (B&D), Jyske Bank, Scotiabank and UniCredit
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the Notes.
• Timing: Priced, TOE: 3yr - 16:08 CET / 7yr - 16:10 CET // FTT: 16:35 CET

Senior Preferred
3yr (Sept 2029) @ MS+70a

Implied Spread for fresh 3yr @ MS+30

Priced at MS+37
NIC of +7

Senior Preferred
7yr (Sept 2033) @ MS+100a

Implied Spread for fresh 7yr @ MS+60

Priced at MS+70
NIC of +10

PRICED: La Poste €500m 5yr Sr Unsec; MS+65bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+65bp / 99.45 / 3.873%
Benchmark: 5yr: OBL 2.5 Apr-31 #193 @ 97.64 / B+82.2bp / HR 107%

5yr: Final Books >€1.15bn. Peak book >€1.4bn (pre-reconciliation)

Launched: 5yr: €500m @ MS+65bp - Books >€1.4bn (pre rec)
IPTs: 5yr: MS+90a

• Issuer: La Poste
• Ticker: FRPTT
• Country: FR
• Issuer LEI: 9695000YG7TR7PAP0L59
• Issuer Ratings: A (Stable) S&P / A+ (Stable) Fitch
• Exp. Issue Ratings: S&P: A / Fitch: A+
• Format of notes: Senior, Unsecured, Reg S Bearer Cat 2, Dematerialised
• Pricing Date: 1-Sep-26
• Settlement Date: 8-Sep-26 (T+5)
• Currency: EUR
• Tranche: 5 Year Fixed
• Maturity: 8-Sep-31
• Size: €500m
• Reoffer: MS+65bp / 3.873% Yield Annual / 99.45 Price
• Coupon: 3.75% Fixed, Annual, ACT/ACT
• Reference Benchmark: 82.2bp v OBL 2.5 Apr-31 #193 @ 97.64 / HR 107%
• ISIN Code: FR001401AQR7
• Documentation: EMTN Programme dated 23-Apr-26 / French Law / €100+100k / Euronext Paris / 3m Par-Call / Clean-up Call (80%)
• Make-Whole Call: 10bp vs FRTR 1.5 May-31
• Use of Proceeds: General Corporate Purposes
• Active Bookrunners: Crédit Agricole CIB, Commerzbank, HSBC (B&D), ING, La Banque Postale, Mizuho
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients (all distribution channels) only. No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Advertisement: The Base Prospectus is available at www.amf-france.org and the Final Terms when published will also be available at www.amf-france.org
• Timing: TOE: 15.15 UKT | FTT: 15.40 UKT

5yr (Sept 2031) @ MS+90a

Implied Spread for fresh 5yr @ MS+55

Priced at MS+65
NIC of +10

PRICED: Hammerson £250m Short 7yr Sr Unsec; G+107bp

IGC European Market: Deal Flow - General

Reoffer: Short 7yr: G+107bp / 99.296 / 6.011%

Benchmark: Short 7yr: UKT 4.125% 07-Mar-33 @ 95.978 / HR 103%

Short 7yr: Final Books £820m+. Peak book in excess of £1.1bn (pre-rec)

Launched: Short 7yr: £250m @ G+107bp - Books in excess of £875m (at tight end of guidance, pre-rec)

Spread set at: Short 7yr: G+107bp - Books in excess of £875m (at tight end of guidance, pre-rec)

Guidance: Short 7yr: G+110a +/- 3bp WPIR - Books in excess of £1.1bn

IPTs: Short 7yr: G+125/130bp

• Issuer: Hammerson PLC (Ticker: "HMSOLN", Country: GB)
• Issuer LEI: 213800G1C9KKVVDN1A60
• Issuer Ratings: Baa1 (stable) / A- (stable) (Moody's / Fitch)
• Expected Note Ratings: Baa1 / A- (Moody's / Fitch)
• Format: Reg S, Bearer, Cat 2, TEFRA D, NGN
• Ranking: Senior, Unsecured
• Settlement: 08-Sep-26 (T+5)
• Maturity: 08-Jun-33 (Short 7-year)
• Size: £250m
• Reoffer: G+107bp / 99.296 cash px / 5.923% s.a. / 6.011% ann.
• Call Options: 3-month par call, MWC G+20bp
• Put Options: Change of Control Put (Restructuring Event) at Par applicable, as per the Programme
• Covenants: Consolidated Net Borrowings ≤ 1.75x Adjusted Capital and Reserves Secured Borrowings ≤ 0.5x Adjusted Capital and Reserves (subject to certain deductions and exceptions) Both as more fully described in the Programme
• Denominations: £100k+£1k
• Reference Benchmark: UKT 4.125% 07-Mar-33 @ 95.978 mid / 95.953 bid (HR 103%)
• ISIN: XS3489989866
• Coupon: 5.875% Fixed, Annual, Short First, ACT/ACT (ICMA)
• Documentation: Under the Issuer's £5,000,000,000 EMTN Programme dated 24-Apr-26, as supplemented
• Selling Restrictions: Yes (US: RegS, Cat 2, TEFRA D; UK; EEA)
• Use of Proceeds: General Corporate Purposes, including the potential repayment of existing indebtedness
• 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 investors only (all distribution channels). No EU PRIIPs Regulation key information document or DISC/CCI Regulations disclosure document has been prepared as the Notes are not available to retail investors in the EEA or the UK
• Active Bookrunners: Barclays, ICBC, Lloyds, MUFG
• B&D: Barclays
• Clearing: Euroclear / Clearstream, Luxembourg
• Stabilisation: ICMA Standard
• Marketing: URL:https://dealroadshow.finsight.comEntry Code: HMSOLN26 Direct Link:https://dealroadshow.finsight.com/e/HMSOLN26
• Advertisement: The Base Prospectus, along with the Final Terms, once published, will be available at:https://data.fca.org.uk/#/nsm/nationalstoragemechanism
• Timing: PRICED. TOE 15.33 UKT FTT 15.55 UKT

PRICED: Canadian Imperial Bank of Commerce £850m 5yr CB Floating; SONIA+55bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: SONIA+55bp / 100.00

5yr: Final Books >£1.7bn. Peak book >£1.75bn (pre-reconciliation)

Launched: 5yr: £850m @ SONIA+55bp - Books >£1.75bn

Spread set at: 5yr: SONIA+55bp - Books >£1.75bn

Book Update: Orderbook in excess of £1.5bn

Guidance: 5yr: SONIA+60a

• Issuer: Canadian Imperial Bank of Commerce
• Ticker: CM
• Issuer LEI: 2IGI19DL77OX0HC3ZE78
• Guarantor: CIBC Covered Bond (Legislative) Guarantor Limited Partnership
• Format: Reg S, Bearer, NGN
• Issue Type: Canadian legislative covered bond backed by Canadian prime residential mortgages
• Expected Issue Ratings: Aaa/AAA (Moody's/Fitch)
• Size: £850m
• Trade Date: 01-Sep-26
• Settlement Date: 09-Sep-26 (T+5)
• Final Maturity Date: 09-Sep-31 (5 years, soft bullet)
• Coupon: Floating, SONIA +55bps, Compounded Daily SONIA, 5-day observation lag, Quarterly, Act/365F
• Reoffer: SONIA+55bps
• Reoffer Price: 100.00
• Denomination: £100k + £1k
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Law: Province of Ontario and Canada
• Documentation: Issued under the CAD60bn Global Covered Bond Programme pursuant to the Base Prospectus of the Issuer dated 06-Aug-26
• Joint Lead Managers: CIBC Capital Markets (B&D), HSBC, Lloyds Bank Corporate Markets, NatWest and TD Securities
• Fees: The JLMs will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
• ISIN: XS3496762819
• Timing: Priced. TOE 15:35 UKT | FTT 15:55 UKT
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs KID OR UK CCI disclosure document (as required by the FCA Product Disclosure Sourcebook (DISC)) as not available to EU or UK retail investors.
• Advertisement: The Base Prospectus dated 06-Aug-26, is available, and the Final Terms, when published, will be available via:https://www.cibc.com/en/about-cibc/investor-relations/debt-information/legislative-covered-bond/information.html

PRICED: Autostrade per l'Italia €750m Long 7yr Sr Unsec; MS+108bp

IGC European Market: Deal Flow - General

Reoffer: Long 7yr: MS+108bp / 99.327 / 4.363%
Benchmark: Long 7yr: DBR 2.6 15-Aug-33 @ 96.44 / B+118.4bp / HR 101%

Final Books: In excess of €1.4bn. Peak book in excess of €2.3bn

Launched: Long 7yr: €750m @ MS+108bp - Books > €1.7bn good at final spread
Spread set at: Long 7yr: MS+108bp - Books > €2.3bn
IPTs: Long 7yr: MS+135/140bp

• Issuer: Autostrade per l'Italia S.p.A. (ASPI)
• Ticker: ATOSTR
• Country: Italy
• Issuer LEI code: 815600149448CEB9B230
• Issuer Rating (S/F): BBB (positive) / BBB (stable)
• Exp. Issue Rating (M/S/F): Baa3 / BBB / BBB
• Format: Senior, Unsecured, Reg S Bearer (TEFRA rules may apply. No communications with or into the U.S. or Canada (excluding Ontario)
• Size: €750m
• Settlement: 8-Sep-26 (T+5)
• Maturity: 10-Dec-33
• Reoffer: MS+108bp / 99.327 / 4.363%
• Benchmark: DBR 2.6 15-Aug-33 @ 96.44 / B+118.4bp / HR 101%
• Coupon: 4.25% Fixed (Annual), Act/Act, Short First
• UoP: General Corporate Purposes
• Listing: Electronic bond market (MOT) of Borsa Italiana S.p.A. (Regulated Market)
• Clearing: Euroclear/Clearstream
• Documentation: EMTN programme dated 17-Dec-25 and supplemented on 4-Aug-26
• Governing Law: English Law
• Optional Redemption: Relevant Event Put / MWC B+20bp / Clean-up Call (80%) / 3m par call
• Denomination: €100k + €1k
• ISIN: XS3496775985
• Joint Bookrunners: Barclays, BNP Paribas, CaixaBank, Crédit Agricole CIB, Goldman Sachs International, IMI-Intesa Sanpaolo, ING, J.P. Morgan (B&D), Mediobanca, Morgan Stanley, MUFG, Santander, UniCredit
• Selling Restrictions: As per Base Prospectus dated 17-Dec-25
• Target Market: Manufacturer target market (EU MIFID II and UK MIFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs key information document and/or CCI disclosure document has been prepared as not available to retail in EEA or in the UK
• 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 Borsa Italiana S.p.A. at https://www.borsaitaliana.it
• Timing: TOE: 16:58 CET / FTT: 17:15 CET
• HR: 101% vs DBR 2.6 15-Aug-33
• Hedge Deadline: 15:45 UKT / 16:45 CET

PRICED: East Japan Railway Company "JR East" €500m 9yr Green Sr Unsec; MS+78bp

IGC APAC Market: Deal Flow - GeneralIGC European Market: Deal Flow - General

Reoffer: 9yr: MS+78bp / 100 / 4.117%
Benchmark: 9yr: DBR 2.6% Aug-35 @ 94.76 / 3.285% / B+83.2bp (HR 100%)

Final Books €1.2bn. Peak book above €2.5bn (pre-rec)

Launched: 9yr: €500m @ MS+78bp - Books closed €1.6bn (pre-rec, good at tight end of guidance)
Guidance: 9yr: MS+80bp (+/-2 WPIR) - Books above €2.5bn (pre-rec)
IPTs: 9yr: MS+110a

• Issuer: East Japan Railway Company "JR East"
• Ticker: EJRAIL
• Country: JN
• LEI number: 353800SENYJ2DSM6PS44
• Issuer Ratings: A1 stable/A+ stable (Moody's/S&P)
• Expected Notes Ratings: A1/A+ (Moody's/S&P)
• Status/Format: Senior Unsecured, Reg S only, Registered Notes
• Issue Size: €500m
• Maturity Date: 08-Sep-35
• Settlement Date: 08-Sep-26 (T+7)
• Coupon: 4.117%, Fixed, Annual, Act/Act (ICMA)
• Reoffer: MS+78bp / 100 / 4.117%
• Benchmark: DBR 2.6% Aug-35 @ 94.76 / 3.285% (HR 100%)
• Denominations: €100k + €1k
• ISIN: XS3471560519
• Listing: Euro MTF Market of the Luxembourg Stock Exchange
• Docs: Issuer's Euro Medium Term Note Programme
• Governing Law: English Law
• Use of Proceeds: The net proceeds, or an amount equal to the net proceeds, of the issuance of the Notes will be used exclusively to finance or re-finance, in whole or in part, existing and/or future Eligible Projects (as defined in the Final Terms), and the use of proceeds satisfies the EU Taxonomy criteria.
• Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Joint Bookrunners: Barclays (B&D)/BofA/Daiwa/J.P. Morgan/Nomura
• Timing: PRICED / ToE: 16.02 UKT / FTT: 16.20 UKT

PRICED: Santander UK US$1.5bn 3yr CB; SOFR MS+40bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: SOFR MS+40bp / 4.654% / 100
Benchmark: 3yr: UST 4.25% 15-Aug-29 (US91282CRG86) @ 99-16+ / 4.426% / T+22.8bp / HR 102%

3yr: Final Books US$2.5bn+ excl. JLM. Peak book US$2.4bn+ excl. JLM (pre-rec)

Launched: 3yr: US$1.5bn @ SOFR MS+40bp - Book US$2.4bn+ excl. JLM (pre-rec)
Spread set at: 3yr: SOFR MS+40bp - Book US$2.2bn+ excl. JLM (pre-rec)
Guidance: 3yr: SOFR MS+42a

• Issuer: Santander UK plc
• LEI: PTCQB104N23FMNK2RZ28
• Ticker: SANUK
• Guarantor: Abbey Covered Bonds LLP
• Series: 98
• Form of Notes: Reg S / TEFRA D / Registered / NGN Format
• Format: UK Regulated Covered Bond backed by 100% prime UK residential mortgages
• Expected Issue Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch)
• Size: US$1.5bn
• Reoffer: SOFR MS+40bp / 4.654% / 100
• Benchmark: UST 4.25% 15-Aug-29 (US91282CRG86) @ 99-16+ / 4.426% / T+22.8bp / HR 102%
• Pricing Date: 01-Sep-26
• Settlement Date: 09-Sep-26 (T+5)
• Final Maturity Date: 12-Sep-29 (3 years, soft bullet)
• Coupon: 4.654% Fixed, Semi-Annual, 30/360 (not adjusted), long first coupon
• Denomination: US$200k + US$1k
• Listing / Governing Law: London Stock Exchange (Main Market) / English
• Documentation: Santander UK plc €35,000,000,000 Global Covered Bond Programme prospectus dated 17-Mar-26 and Supplemental Prospectuses dated 01-May-26, 08-May-26, 05-Jun-26, 22-Jul-26 and 07-Aug-26 (together, the "Base Prospectus")
• Global Coordinator: Santander
• Joint Lead Managers: BMO Capital Markets, RBC Capital Markets, Santander (B&D), Standard Chartered Bank, TD Securities
• Fee: The JLMs will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
• ISIN: XS3492392488
• Timing: Priced. TOE 15:48 UKT / FTT 16:20 UKT
• Target Market: MiFID II /UK MiFIR professionals/ECPs-only / No EU PRIIPs KID or UK disclosure document – Manufacturer target market (EU MiFID II / UK MiFIR) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document has been prepared as not available to retail in the EEA or UK
• Advertisement: The Base Prospectus is available, and the Final Terms, when published, will also be available via: https://www.santander.co.uk/about-santander/investor-relations/santander-uk-covered-bonds

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