• In sharp contrast to the ‘pre-Labor Day’ primary markets in the US, the European primary markets once again stepped it up another notch. Financials again led the number of trades by some margin, if not the volume, which was dominated by SSA supply.
• On Wednesday, € IG delivered a sizable €14.9bn from 14 issuers (2 x Corp, 9 x FIG & 3 x SSA).
• Sterling (£) was active once more pricing £1.5bn from 2 issuers (2 x FIG).
• Non-domestic Swiss Francs priced just the one trade today for Chf125m from 1 issuer (1 x SSA).
• The only portion of the market that was silent today was US$ Reg S with zero supply.
• A stand out feature of the day was that of the 9 unsecured tranches across Corp, FIG & SSA issues today, 7 of them had ESG credentials.
• Half way through this short week, we have hit €23.55bn of Corp, FIG & SSA supply in € IG. That is 66.3% of the €35.5bn forecast for the week. Sterling supply WTD, at £3bn, is double the forecast.
• Given the amount of ESG related issuance today, we wanted to take a closer look at the asset class. As a result, today’s “Talking Point” (below) looks at ESG issuance volumes & patterns for Corp’s, FIG & SSA’s during September of last year. 
• Brent crude had softened throughout the session, but remains at elevated levels, currently trading at c.$95.14 (from $95.31 this morning).
• European equity bourses have continued their sell-off from yesterday, with the FTSE, CAC 40 & the Dax all down by -0.22%, -0.52% & -0.2% respectively.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €1.55bn
    • Avg. tranche size €517m
    • Avg. IPT to Pricing -33.33
    • Avg. cover X 3.2
  • FIG
    • Total IG: €5.8bn
    • Avg. tranche size €644m
    • Avg. IPT to Pricing -6 (covered)
    • Avg. IPT to Pricing -23.5 (unsecured)
    • Avg. cover X 2.85
  • SSA
    • Total IG: €7.55bn
    • Avg. tranche size €2.517bn
    • Avg. IPT to Pricing -2.67
    • Avg. cover X 6.91

Talking Point

• The table below sets out € IG ESG issuance volumes in September 2025 across Corp, FIG & SSA. Total ESG supply for the month came in at €30.2bn, with Green & EuGB format accounting for the vast majority of that at €26.6bn or approximately 88% of total ESG volume for that month.
• Green & EuGB issuance was distributed across all 3 sectors, with FIG contributing the largest share at €11.55bn, followed by Corp at €8.25bn & SSA at €6.8bn. Participation across all 3 sectors points to the green bond format functioning as a routine funding tool rather than one reserved for specific issuer types or market conditions.
• Sustainable issuance was modest at €2.1bn in total, concentrated in SSA at €1.50bn & FIG at €0.6bn, with no Corp contribution. Social & SDG format added a further €1.5bn, again split between FIG at €1bn & SSA at €500m.
• Sustainability Linked & Other formats recorded zero issuance across all 3 sectors for the month.
• The absence of Sustainability Linked supply is notable & reflects a format that has struggled to maintain momentum in the € IG market, with issuers largely gravitating toward use-of-proceeds structures through 2025.

Euro IG (today)

• Kingspan Securities (Ireland) DAC (exp. Issue ratings of BBB / BBB by S&P & Fitch). Having mandated on the 31st of August the borrower brought their anticipated dual-tranche, Inaugural Green, Reg S, Guaranteed Senior Unsecured, Fixed Rate. The 4yr, €300m (exp) came with IPTs of MS+100 area; & the 7yr, €500m (exp) came with IPTs of MS+125 area. The 4yr grew slightly, sizing at €350m with guidance of MS+65 area (+/-2 WPIR). The 7yr stayed at €500m, with guidance at MS+95 area (+/-2 WPIR). Books for both tranches were above €2.3bn (pre-rec). Final terms were the 4yr at MS+63, the yr at MS+95. Books were above €2.05bn & €1.7bn respectively (pre-rec, at guidance). Final books on the 4yr were €1.65bn & €1.45bn for the 7yr. 
  • This is their first issue in the public € markets since October 2024 when they priced a €750m, 7yr at MS+120; 30bps tighter than IPTs from a book of €3bn.
• Bureau Veritas SA (exp. Issue rating of A3 by Moody’s) announced an 8yr, € benchmark, senior unsecured offering with IPTs of MS+120 area. Books were >€2.25bn & IPTs were revised to MS+90 area (+/-3 WPIR). Size set at €700m. Books were over €1.8bn (pre-rec) at the tight end of guidance. Spread set at MS+87. Final books closed at €1.4bn.
  • BV last came to the market on the 24th of September last year with a €700m, 8yr offering at MS+83; 32bps tighter than IPTs from a €1.7bn book. In 2024, they brought 2 trades; a €500m, 7yr in November at MS+88, & a €500m, 12yr in May also at MS+88.

• Norddeutsche Landesbank - Girozentrale (exp. Issue rating of Aaa by Moody’s) was first out the gate with their anticipated 7yr Covered Bond (Hypothekenpfandbrief). The transaction was announced as €750m (wng) with guidance in the area of MS+30. Books were above €1.65bn (inc. €150m JLMs). Books above €1.7bn (inc. €150m JLMs). Spread set at MS+24.
  • Today’s print is the 3rd Covered issue from NordLB in 2026, the last on June 8th, being a €750m, 3yr at MS+10;  6bps tighter than guidance from a book of €1.85bn. The other, on January 9th, was a €750m, 7yr at MS+24; 7bps tighter than guidance from a €2.4bn book.
• Hamburg Commercial Bank AG (exp. Issue rating of Aa3 by Moody’s), brought their anticipated 3yr fixed rate €500m (wng) Ship Covered Bond (Ship Pfandbrief, German Law, European Covered Bond Premium Label). Guidance on the trade was in the area of MS+33. Books were called over €2bn (inc. €425m JLMs). Final Terms €500m at MS+25, with books >€2.7bn (inc. €435m JLMs).
  • The borrower has been more used to issuing senior offerings in the public markets in recent years. This is their first covered trade since June 2023, when they priced a €500m, 4.6yr trade at MS+20, in line with guidance.
• Eika Boligkreditt AS (exp. Issue rating of Aaa by Moody’s) brought their anticipated €500m (wng), 10yr Norwegian Covered Bond, backed by prime Norwegian residential mortgages. The deal will have a 10yr maturity. Books above €1.25bn (inc. €125m JLMs). Final terms were €500m at MS+32, with books above €1.32bn (inc. €125m JLMs, pre-rec). Final books sharpened to above €1.2bn (inc. €125m JLMs).
  • A prolific issuer of covered issues, they last came to market with a €500m, 8.1yr at MS+30; 5bps tighter than guidance from a book of €815m. The most recent 10yr, like todays deal, was in March of last year when they priced a €500m deal at MS+54; 6bps tighter than guidance from a book of €1.9bn.
• Banco Santander Totta S.A. (exp. Issue ratings of Aaa / AAA by Moody’s & DBRS) brought a fresh 3yr, €500m (wng), Obrigações Cobertas - European Covered Bond (Premium). Guidance on the notes was in the area of MS+21. Books >€2bn (inc. €375m JLMs).
  • Santander issues across multiple asset classes from multiple entities. Totta is their entity for Portugal, using Portuguese residential assets in its covered trades. The last Totta covered issue was on the 9th of April this year when they priced a €750m, 7yr at MS+34; 3bps tighter than guidance from a book of €1.2bn.
• Oberbank AG (exp. Issue rating of AAA by S&P) brought their anticipated 8yr, €300m (wng) fixed-rate, Mortgage Covered Bond (Hypothekenpfandbrief). Guidance on the notes was in the area of MS+36. Books in excess of €500m (inc. €125mn JLMs). Spread set at MS+33. Books closed in excess of €375m (inc. €125m JLMs).
  • For the last 8yrs the borrower has never issued a covered deal larger than €250m, so todays deal is notable in that respect. This is also their first offering in 2026, having last issued a 10yr, €250m covered back in Feb 2025 at MS+57; 7bps tighter than guidance from a modest book of €690 - but still healthy cover of 2.76.
• Israel Discount Bank Ltd (rated Baa1 / BBB+ / A- by Moody’s, S&P & Fitch), having mandated on the 31st of August, brought their 5yr, € benchmark, Covered Bond, backed by 100% Israeli residential mortgages. Guidance on the issue was in the area of MS+73. Books >€1.5bn (inc. €325m JLMs). Books grew to >€1.6bn (inc. €325m JLMs) & spread set at MS+67. Offering investors a NIC of 7bps. Books ended over €1.3bn (inc. €325m JLMs) & the trade sized at €500m.
  • This is the borrower's inaugural covered & € trade, having last visited the public markets in January 2023 with a senior unsecured, $800m, 5yr at T+190.
• UBS Group AG (exp. Issue ratings of A2 / A- / A+ by Moody’s, S&P & Fitch) brought a dual-currency (€ & £) offering. The € component was a 11NC10 fixed-to-fixed offering with IPTs of MS+140 area. Books were >€6.25bn, & spread set at MS+112, sizing at €1.75bn. Final books were over €6.5bn.
  • This is only the 2nd senior unsecured offering from this specific entity in 2026, the last being a dual-tranche offering on the 7th of January. This deal was a similar structure with a €1.5bn, 5NC4 at MS+73; 32bps tighter than IPTs from a €4.2bn book, & a €1.5bn, 11NC10 at MS+103; 32bps tighter than IPTs from a €4bn book. 
• Volksbank Wien AG (exp. Issue rating of Baa2 by Moody's), announced their anticipated €500m (wng), 6NC5 Green Senior Non-Preferred with IPTs of MS+150 to +155. Books above €1bn (exc. JLMs). Spread set at MS+130, when books hit over €1.45bn (exc. JLMs, pre-rec). Final terms were €500m at MS+130, with final books above €1.25bn (exc. JLMs).
  • This is Volksbanks 1st Senior non-preferred issue. Its last foray into the public € markets was via a senior preferred, €500m, 6NC5, fixed-to-floating priced at MS+135; 15bps tighter than IPTs from a €730m book.
• Banca Monte dei Paschi di Siena S.p.A. (exp. Issue ratings of Ba2 / BB / BBH by Moody’s, Fitch &  DBRS) brought a €500m (wng), Green, 10.5NC5.5, Subordinated Callable Fixed Rate Resettable Tier 2 offering. IPTs on the trade were in the area of MS+165. Books were >€1.2bn (pre-rec) & the deal launched €500m at MS+145. Books closed above €950m.
  • This is MPS’s first green bond since their senior preferred, €500m, 6.25NC5.25 offering in November last year, priced at MS+90; 30bps tighter than IPTs from a book of €2.4bn. MPS last issued a Tier 2, with a €500m, 10NC5 in June last year pricing at MS+215.

• The European Investment Bank (exp. Issue ratings of Aaa / AAA / AAA / AAA by Moody’s, S&P, Fitch & Scope) brought their anticipated 5yr Climate Awareness EARN Benchmark due 16th February 2032. Guidance on the trade was in the area of MS+9. Book called first in excess of €42bn (inc. €2.5bn JLMs). Size set at €5bn, & spread set at MS+6. Books closed in excess of €46.5bn (inc. €2.5bn JLMs).
  • This is EIB’s 7th benchmark € trade in 2026, with 2 of those having Green credentials. The last offering on June 2nd, was a €5bn, 10yr Green issue pricing at MS+22; 2bps tighter than guidance from a massive book of €35bn. Their last € 5yr was a floater, & their last 5yr fixed was a €5bn on Jan 27th which priced at MS+7; 2bps tighter than guidance from a book of €55.5bn.
• Development Bank of Japan Inc. (rated A1/ A by Moody’s & S&P), having mandated yesterday DBJ brought their €550m (wng) fixed rate, 4yr Sustainability Bond (transaction, subject to market conditions. Reg S only. Guidance on the trade is in the area of MS+28. Books were in excess of €4.3bn (inc. €200m JLMs). Revised Guidance at MS+25 area (+/-2 WPIR) & size set at €550m. Books closed in excess of €5.3bn (inc. €200m JLMs). Books closed in excess of €5.6bn (inc. €200m JLMs) & the trade priced €550m at MS+23.
  • This marks DBJ’s 20th Sustainability Bond, yet their 1st public € this year. Their last € offering was a €600m, 4yr from August 2025 which priced at MS+33; 4bps tighter than IPTs from a book of €5.1bn.
• Agence Centrale des Organismes de Securite Sociale (rated Aa3 / A+ / A+ by Moody’s, S&P & Fitch), brought their anticipated 2yr Fixed rate Social € benchmark due 9th September 2028. Guidance on the notes was in the area of OAT interp.+15 area (equivalent at the time of announcement to MS+11 & ESTR+43. Spread set at OAT interp.+15, with books in excess of €2bn (inc. €225m JLMs). Size set at €2bn, from a book of €2.5bn (inc. €225m JLMs).
  • This is their 3rd public € offering this year & all have been Social bonds. The last, on June 9th, was a €1.75bn 2yr at OAT+15; in line with guidance from a book of €2bn. Prior to that, in March, was a €1.5bn 2yr also at OAT+15; 3bps tighter than guidance with a €2.65bn book.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• UBS Group AG (exp. Issue ratings of A2 / A- / A+ by Moody’s, S&P & Fitch) brought a dual-currency (€ & £) offering. The £ component was a 6NC5 fixed-to-floating offering with IPTs in the area of UKT+115. Books were over £2.6bn & spread set at UKT+98, sizing at £1bn. Final books were over £2.7bn.
• A very rare visitor to the £ market, not having issued since October 2021.
• Rothesay Life Plc (exp. Issue ratings of Baa1 / BBB+ by Moody’s & Fitch) announced a £ benchmark, 10.5yr Tier 2 offering with IPTs of Gilts +170 to +175. Books first called over £1bn & stayed at that level (pre-rec) when spread set UKT+160, & the deal sized at £500m. Final books were c.£940m.
  • They last issued a Sterling issue on May 9th 2023, with a subordinated, Tier 2, £500m 10yr which priced at Gilts +375; 25bps tighter than IPTs from a book of £1.45bn.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• The North American Development Bank (exp. Issue ratings of Aa1/ AA by Moody’s & Fitch), having mandated at the end of August, NADB brought their planned 8yr with an initial size of Chf100m (min) with guidance of SARON MS+47 to +52. Spread set at MS+50. Upped to Chf125m.
  • Today's trade is their first Swiss Franc trade since October 2024 when they priced a Chf140m 6yr Green issue at SARON MS+60, in line with guidance.

Week-to-date volumes:

US$ Reg S (today)

• None

Pending Deals & Mandates

Euro (€)

• 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. The company remains focused on a new €500m (wng) 5.5yr Reg S transaction. Timing as soon as tomorrow (Thurs 3rd Sep), subject to market conditions.
• 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.

• 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.
• 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.
• 2nd September: DZ Hyp AG (exp. Issue ratings of Aaa / AAA by Moody’s & S&P), mandated CACIB, Deutsche Bank, DZ Bank, Helaba, Standard Chartered Bank AG & Swedbank to lead manage its forthcoming €500m (wng) Mortgage Pfandbrief (Hypothekenpfandbrief) with a maturity in June 2031 (short 5yr). The issue will be part of the European Covered Bond Premium Segment. The transaction will be launched in the near future, subject to market conditions.
• 2nd September: CCF Holding (exp. Issue rating of Baa3 by Moody’s), mandated Goldman Sachs Bank Europe SE as Sole Lead Manager to arrange a series of investor calls, commencing on Wednesday 2nd September. An inaugural €200m (wng) 2yr Senior Preferred RegS Bearer transaction may follow in the near future, subject to market conditions.

• 2nd September: TenneT Netherlands B.V. (exp. issue ratings of Aaa / AAA by Moody’s & S&P),  mandated BNP Paribas & Deutsche Bank as Global Coordinators & Joint Lead Managers, & ABN Amro, HSBC, ING & UniCredit as Joint Lead Managers to lead manage a new € Fixed Rate, Reg S, Registered, 0% RW, HQLA Level 1, dual-tranche Green transaction, comprising of a € Benchmark 7yr & €1bn (wng) 15yr. Launch is expected in the near future, subject to market conditions.
• 2nd September: Municipality Finance Plc (exp. Issue ratings of Aa1 / AA+ by Moody's & S&P), mandated Danske Bank, DZ Bank JP Morgan & SEB to joint lead manage its upcoming € denominated Green Bond RegS Registered benchmark, due 14 September 2031 (5yr). The proceeds of the issue of the Notes will be used by the Issuer in accordance with the Municipal Guarantee Board Act, as amended. In addition, an amount equal to the proceeds of the issue of the Notes will be used and earmarked in accordance with the Issuer's Green Bond Framework dated August 2025. The transaction will be launched in the near future, subject to market conditions.
• 2nd September: Bpifrance (rated Aa3 / A+ by Moody's & Fitch), the French Agency entrusted with the permanent mission of promoting the financing & development of companies operating in France, & in particular of SMEs, has mandated BofA Securities, HSBC, La Banque Postale, Morgan Stanley & Nomura to arrange a series of fixed-income investors call starting 3 September. A new Long 4yr Social Bond € benchmark RegS, Bearer transaction maturing on 25 March 2031 will follow under Bpifrance's Social Financing Framework, Reg S Bearer Dematerialised, subject to market conditions. Guarantee: Irrevocable, first demand, unconditional & autonomous guarantee from EPIC Bpifrance. The deal is expected from the 7th of September, 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

RICED: North American Development Bank CHF 125m 8yr Sr Unsec; SARON MS+50bp

IGC European Market: Deal Flow - SSA

Reoffer: 8yr: SARON MS+50bp / 100 / 1.125%
Benchmark: 8yr: Govt + 76.8bp

Tranche 1 (8yr): Peak book north of CHF 100mm

Launched: 8yr: CHF 125m @ SARON MS+50bp
Spread set at: 8yr: MS+50bp - Books north of CHF 100mm
IPTs: 8yr: SARON MS+47/52

• Issuer: North American Development Bank
• Ticker: NADB
• Issuer Domicile: Supranational
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Bonds
• Ranking: Senior unsecured
• Issuer Rating: Aa1/AA (Moody's/Fitch)
• Instrument Rating (exp): Aa1/AA (Moody's/Fitch)
• Issue Size: CHF 125m
• Coupon: 1.125% p.a. (30/360, following unadj.)
• Maturity: 8 years (29-Sep-26 to 29-Sep-34)
• Spread/Yield: SARON MS+50 // YTM 1.125% // Govt + 76.8
• Issue Price: 100%
• ISIN / Valor: CH1604760905 / 160.476.090
• Lead Manager(s): Deutsche Bank
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 2a)
• Documentation: Standalone
• FinSA Prospectus: No prospectus required in accordance with Art. 37(1) (h.) FinSA
• Governing Law: Swiss law
• Covenants: Pari Passu, Negative pledge, Cross Default, each in accordance with the Terms of the Bonds
• SIX Listing: 25-Sep-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: U.S. Persons, United States of America, EEA, the United Kingdom and general selling restrictions
• Target Market: Manufacturer target market (MiFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.

PRICED: Banco Santander Totta €500m 3yr CB; MS+14bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+14bp / 99.952% / 3.392%
Benchmark: 3yr: OBL 04/29 (DE000BU25026) @ 97.747% / B+38.2bp / HR: 115%

Final Books €2.3bn (incl €375m JLM's). Peak book > €2.3bn (incl €375m JLM's)

Spread set at: 3yr: MS+14bp - Books > €2.3bn (incl €375m JLM's)
Book Update: Books > €2.0bn (incl €375m JLM's)
Guidance: 3yr: MS+21a

• Issuer: Banco Santander Totta S.A.
• LEI: 549300URJH9VSI58CS32
• Issuer Ratings: Baa1 (Positive) / A (Stable) / A+ (Stable) / A (Stable) (Moody's / S&P / Fitch / DBRS)
• Expected Issue Ratings: Aaa / AAA (Moody's / DBRS)
• Notes: Obrigações Cobertas - European Covered Bond (Premium)
• Form: Reg S, Nominative dematerialised book entry form
• Currency / Size: EUR 500m
• Coupon: 3.375% Fixed, Annual, Act/Act (ICMA) Following Unadjusted
• Settlement: 9-Sep-26 (T+5)
• Maturity Date: 9-Sep-29
• Extended Maturity Date: 9-Sep-30
• Spread: MS + 14bps & OBL 04/29 (DE000BU25026) + 38.2bps (97.747%) HR: 115%
• Reoffer: 99.952% (3.392%)
• Denominations: €100k + €100k
• Listing: Euronext Lisbon
• Governing Law: Portuguese law
• Docs: Banco Santander Totta, S.A. €15bn Portuguese Covered Bond Programme approved by the CMVM on 21-May-26 and supplemented from time to time
• Global Coordinator: Santander
• Joint Lead Managers: BMO Capital Markets, DZ Bank, Natixis, UBS Investment Bank and Santander
• ISIN: PTBSRWOM0026
• Timing: Priced. TOE: 13:21 CET / 12:21 UKT FTT: 13:40 / 12:40
• Fees: The Joint Lead Managers will be paid a fee in connection to the transaction. Details of the fee may be available to investors upon request from your usual contact sales.
• Target Market: The manufacturer target market under MiFID II and UK MiFIR product governance is eligible counterparties and professional clients only, and all distribution channels to such investors are appropriate. No PRIIPs key information document has been prepared in the EEA and no disclosure document required under the FCA Product Disclosure Sourcebook has been prepared in the UK. Accordingly, the Covered Bonds are not intended to be offered, sold or otherwise made available to retail investors in the EEA or the UK
• Advertisement: The Base Prospectus and any applicable Supplements, when published, will be available on the CMVM (https://www.CMVM.pt).

PRICED: Norddeutsche Landesbank €750m 7yr CB; MS+24bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+24bp / 99.609 / 3.564%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 96.205 / B+34.6bp / HR 102%

Allocations 7yr: Final book > €1.1bn (incl. €150m JLM). Peak book above €1.7bn (incl. €150m JLM)

Launched: 7yr: €750m @ MS+24bp - Orderbooks above €1.7bn (incl. €150m JLM)
Spread set at: 7yr: MS+24bp
Book Update: Orderbooks above €1.65bn (incl. €150m JLM)
Guidance: 7yr: MS+30a

• Issuer: Norddeutsche Landesbank - Girozentrale
• Ticker: NDB
• LEI: DSNHHQ2B9X5N6OUJ1236
• Issue Rating: exp. Aaa (Moody's)
• Issue Type: Mortgage Covered Bond (Hypothekenpfandbrief)
• Label: European Covered Bond (Premium)
• Law / Format: German / Reg S Bearer
• Coupon: 3.5%, annual, Act/Act ICMA
• Size: €750m
• Ranking: Covered Bond
• Settlement: 11-Sep-26 (T+7)
• Maturity: 12-Sep-33 (7yr)
• Reoffer Price: 99.609 equals to MS+24bp
• Reoffer Yield: 3.564%
• Reoffer: MS+24bp / 99.609 / 3.564%
• Benchmark: DBR 2.6 15-Aug-33 @ 96.205 / B+34.6bp / HR 102%
• Denominations: 1,000 + 1,000
• Listing: Hanover Stock Exchange (Regulated Market)
• Documentation: Under NORD/LB's EUR 25bn Programme for the Issuance of Debt Instruments dated 8-May-26, supplemented 13-May-26
• Joint Leads: Credit Agricole CIB, DZ Bank, Helaba, ING, NORD/LB and UniCredit (B&D)
• ISIN/WKN: DE000NLB57X5 / NLB57X
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the Notes
• MiFID: Target market: professional, retail and eligible counterparties as defined in MiFID II (all channels for distribution of the bonds are appropriate)
• Timing: Priced, TOE 13:33 CET, FTT 13:45 CET

Covered
7yr (Sept 2033) @ MS+30a
Implied Spread for fresh 7yr @ MS+25
Priced at MS+24
NIC of -1

PRICED: Hamburg Commercial Bank €500m 3yr CB; MS+25bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+25bp / 99.678 / 3.490%

Benchmark: 3yr: OBL 2.1 12-Apr-29 @ 97.770 / B+ 49.0bp / HR 115%

Final Books: €2.5bn (incl. €435m JLM). Peak Books: >€2.7bn (inc €435m JLM)

Launched: 3yr: €500m @ MS+25bp - Books >€2.7bn (inc €435m JLM)
Book Update: Books >€2bn (incl. €425m JLM)
Guidance: 3yr: MS+33a

• Issuer: Hamburg Commercial Bank AG
• LEI: TUKDD90GPC79G1KOE162
• Issue Type: Ship Covered Bonds (Ship Pfandbriefe), European Covered Bond Premium Label
• Expected Rating: Aa3 (Moody's)
• Format: Reg S, TEFRA D, Bearer, CGN
• Volume: €500m
• Maturity Date: 11-Sep-29 (3 years)
• Trade Date: 02-Sep-26
• Settlement Date: 11-Sep-26 (T+7)
• Reoffer: MS+25bp / 99.678 / 3.490%
• Benchmark: OBL 2.1 12-Apr-29 #189 @ 97.770 / B+ 49.0bp / HR 115%
• Coupon: 3.375%, Fixed, Annual, Act/Act ICMA, Unadjusted, Following
• ISIN / WKN: DE000HCB0CN5 / HCB0CN
• Listing / Clearing: Hamburg Regulated Market / Clearstream Europe AG, Frankfurt
• Denomination: €1k
• Governing Law: German Law
• Eligibility (Expected): ECB Repo, LCR L1
• Programme: €15,000,000,000 Debt Issuance Programme dated 08-May-26, as supplemented on 26-Aug-26
• Joint Lead Managers: Barclays, BBVA, Danske Bank, Deutsche Bank, Jefferies and Natixis (B&D)
• Product Governance / EEA MiFID II: The target market for the Pfandbriefe is eligible counterparties, professional clients and retail clients, each as defined in MiFID II (all distribution channels for eligible counterparties and professional clients, non-advised sales only for retail clients) having (1) basic knowledge and/or experience with financial products, (2) a medium term investment horizon, (3) general capital formation/asset optimization as investment object, (4) no or only minor loss bearing capacity and (5) a low risk tolerance. No EEA or UK PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been or will be prepared
• 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 and the Final Terms, when published, will be available at: www.hcob-bank.de/basisprospekte
• Timing: Priced | ToE 13:54 CET / 12:54 UKT | FTT 14:10 CET / 13:10 UKT

PRICED: European Investment Bank €5bn Long 5yr Sr Unsec; MS+6bp

IGC European Market: Deal Flow - SSA

Reoffer: Long 5yr: MS+6bp / 99.596 / 3.335%
Benchmark: Long 5yr: OBL 2.9 10-Aug-31 #194 @ 98.960 / 3.121% / +21.4bp / 106% HR

Long 5yr: Final books > €46.5bn (incl. €2.5bn JLM interest)

Launched: Long 5yr: €5bn @ MS+6bp - Book in excess of €42bn (incl. €2.5bn JLM interest)
Guidance: Long 5yr: MS+9a

• Issuer: European Investment Bank (EIB)
• Exp. Issue Rating: Aaa/AAA/AAA/AAA (Moody's/S&P/Fitch/Scope, all stable)
• Status: Senior unsecured, 0% RW
• Format: EARN - Reg S, Category 1, Registered Form
• Size: €5bn
• Settlement: 09-Sep-26 (T+5)
• Maturity: 16-Feb-32
• Coupon: 3.25%, Annual, ACT/ACT, short first coupon to be paid on 16-Feb-27
• Reoffer: MS+6bp / 99.596 / 3.335%
• Benchmark: OBL 2.9 10-Aug-31 #194 @ 98.960 / 3.121% / +21.4bp / 106% HR
• Leads: Citi (B&D/DM), HSBC, Societe Generale and UBS
• Listing/Denom: Luxembourg Stock Exchange's Regulated Market / €1k+€1k
• Governing Law: Luxembourg Law
• Timing: PRICED. TOE 14:00 CET. FTT Immediately
• ISIN: EU000A4E0ET7 / Common Code: 349677296
• Target Market: The manufacturer target markets (MIFID II product governance) as assessed by the lead managers are Retail / Professional / Eligible Counterparties (all distribution channels)
• Advertisement: The final Prospectus, when published, will be available at https://www.luxse.com/issuer/BEI/23931
• CAB Framework: Available at CAB Framework 2024 (incl. European Green Bond Factsheet) https://www.eib.org/en/investor-relations/publications/all/cab-framework-2024

PRICED: ACOSS €2bn 2yr Social Sr Unsec; OAT+15bp

IGC European Market: Deal Flow - SSA

Reoffer: 2yr: OAT+15bp / 99.859 / 3.324%

Final Books €2.5bn (including €225m JLM interest)

Launched: 2yr: €2bn @ OAT+15bp - Books €2.5bn (including €225m JLM interest)
Spread set at: 2yr: OAT+15bp - Books in excess of €2bn (including €225m JLM interest)
Guidance: 2yr: OAT+15a

• Issuer: Agence Centrale des Organismes de Sécurité Sociale (ACOSS)
• Ticker: ACOSSL
• LEI: 9695004688W2B6R2E206
• Issuer Rating: Aa3 (Neg) / A+ (Sta) / A+ (Sta) (Moody's/S&P/Fitch)
• Risk Weighting: 0%
• LCR Status: HQLA Level 1 classification
• Format: Senior Unsecured, neuMTN, NGN, Not Listed, ECB eligible
• Size: €2bn
• Coupon: 3.25% Fixed, Annual ACT/ACT
• Settlement: 9-Sep-26 (T+5)
• Maturity: 9-Sep-28
• Spread: +15bps vs interp. FRTR 0.75% May-28 (MID 96.069 / 3.131%) & FRTR 2.4% Sep-28 (MID 98.47 / 3.180%)
• Reoffer: 99.859 / 3.324%
• Docs: Issuer's Negotiable European Medium Term Note Programme dated 5-Jun-26
• Law: French law
• Listing: Not Listed
• Denoms: €200k x €200k
• Bookrunners: BNP, CACIB, JPM, Natixis, SG (B&D)
• Timing: Priced, TOE 14:04 CET, FTT immediately
• Target Market: Manufacturers' target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
• Use of Proceeds: Proceeds of the transaction are used alongside the issuer's "Social Bond Framework"

PRICED: Eika Boligkreditt €500m 10yr CB; MS+32bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: MS+32bp / 99.219 / 3.72%

Benchmark: 10yr: DBR 3% 8-Aug-36 @ 96.956 / B+35.6bp / HR 100%

Final Books: Final Books above €1.2bn (incl. €125m JLM interest). Peak book above €1.32bn (pre-reconciliation) (incl. €125m JLM interest)

Launched: 10yr: €500m @ MS+32bp - Books above €1.32bn (incl. €125m JLM interest) - pre-rec

Book Update: Books above €1.25bn (incl. €125m JLM)

Guidance: 10yr: MS+38a

• Issuer: Eika Boligkreditt AS (EIKBOL)
• LEI: 549300T7MMTBQXCJOQ79
• Expected Ratings: Aaa (Moody's)
• Status of the Notes: Norwegian Covered Bonds backed by residential Norwegian mortgages (European Covered Bond (Premium) and ECBC Covered Bond Label compliant), ECB repo & LCR Level 1B eligible
• Format: Bearer - New Global Note (NGN) form
• Issue Size: €500m
• Ranking: Covered Bond
• Pricing Date: 2-Sep-26
• Settlement Date: 9-Sep-26 (T+5)
• Maturity Date: 9-Sep-36 (soft bullet)
• Coupon: 3.625% p.a., fixed, annual, act/act ICMA, unadjusted following
• Reoffer: MS+32bp / 99.219% / 3.72%
• Benchmark: DBR 3% 8-Aug-36 + 35.6bp (@96.956 - HR 100%)
• Day Count: Act/Act ICMA, unadjusted following
• Governing Law: English and, as to Condition 2 of the Terms and Conditions, Norwegian Law
• Documentation: Under the Issuer's €20bn Euro Medium Term Covered Note Programme dated 16-Oct-25, as amended or supplemented from time to time
• Listing: Euronext Dublin Regulated Market
• Denominations: €100,000 + €1,000
• ISIN: XS3498888661
• Joint Bookrunners: Credit Agricole CIB, Danske Bank, Erste Group, LBBW, Nordea (B&D/DM)
• Timing: Priced - TOE 14.15 CEST / FTT 14.35 CEST / 13.35 UKT
• Target Market: Manufacturer Target Market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not available to retail in the EEA or the UK
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Advertisement: The Prospectus, any supplements thereto, and the Final Terms (when published) will be available at: https://www.eikbol.no/investor-relations/emtcn-and-final-terms

Covered
10yr (Sept 2036) @ MS+38a
Implied Spread for fresh 8yr @ MS+33
Priced at MS+32
NIC of -1

PRICED: Oberbank AG €300m 8yr CB; MS+33bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+33bp / 99.679 / 3.672%
Benchmark: 8yr: DBR 2.6 15-Aug-34 @ 95.40 / B+40.6bp / HR 102%

8yr: Final Books €375m (incl. €125m JLM interest). Peak books in excess of €500m (incl. €125m JLM interest)

Launched: 8yr: €300m @ MS+33bp - Orderbooks in excess of €500m (incl. €125m JLM interest)
Spread set at: 8yr: MS+33bp
Guidance: 8yr: MS+36a

• Issuer: Oberbank AG
• Ticker: OBERBK
• LEI: RRUN0TCQ1K2JDV7MXO75
• Issuer Rating: A- (stable) by Standard & Poors
• Exp. Issue Rating: AAA by Standard & Poors
• Issuer Type: Mortgage Covered Bond (Hypothekenpfandbrief), European Covered Bond (Premium)
• Format: Reg S (bearer form)
• Issue Size: €300m
• Settlement: 11-Sep-26 (T+7)
• Maturity: 11-Sep-34
• Maturity Type: Soft Bullet
• Ext. Maturity Date: 11-Sep-35
• Coupon: 3.625% Fixed, annual, Act/Act ICMA, unadjusted
• Reoffer: MS+33bp / 99.679 / 3.672%
• Benchmark: DBR 2.6 15-Aug-34 @ 95.40 / B+40.6bp / HR 102%
• Denominations: €100,000 + €100,000
• Listing/Law: Vienna Stock Exchange – Official Market (Amtlicher Handel) / Austrian Law
• Joint Bookrunners: DekaBank, DZ Bank, Erste Group, Helaba (B&D)
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs key information document (KID) has been prepared.
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in relation to the transaction.
• Advertisement: Oberbank's Debt Issuance Programme, Base Prospectus dated 17-Dec-25 as supplemented is available on the following: (https://www.oberbank.at/documents/20195/21719/wp_Basisprospekt2025_2.pdf)
• ISIN/WKN: AT0000A3X198 / A4E0H3
• Timing: Priced, TOE: 14.25 CET / FTT: 14.40 CET

Covered
8yr (Sept 2034) @ MS+36a
Implied Spread for fresh 8yr @ MS+32
Priced at MS+33
NIC of +1

PRICED: Bureau Veritas €700m 8yr Sr Unsec; MS+87bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+87bp / 99.386 / 4.217%
Benchmark: 8yr: DBR 2.6% 15-Aug-34 @ 95.34 / B+94.2bp

8yr: Final Books €1.4bn. Peak book above €1.8bn (pre-reconciliation)

Launched: 8yr: €700m @ MS+87bp - Books >€1.8bn (pre-rec, at tight end of guidance)
Guidance: 8yr: MS+90a (+/-3 WPIR) - Books >€2.25bn
IPTs: 8yr: MS+120a

• Issuer: Bureau Veritas SA (Ticker: BVIFP / Country: FR)
• LEI: 969500TPU5T3HA5D1F11
• Issuer Rating: A3 stable by Moody's
• Exp. Rating: A3 by Moody's
• Format: Senior, Unsecured, Reg S (Cat2) Bearer Dematerialised Notes
• Settlement: 09-Sep-26 (T+5)
• Maturity: 09-Sep-34 (8-year)
• Size: €700m
• Reoffer: MS+87 / 99.386 / 4.217%
• Reference Benchmark: 94.2bps vs DBR 2.6% 15-Aug-34 @ 95.34 / 3.275% (HR: 99%)
• Coupon: 4.125%, Fixed, Annual, Act/Act ICMA
• Denoms: €100,000 + €100,000
• ISIN: FR001401ARS3
• Docs: EMTN Programme / French Law / Euronext Paris / CoC / Clean-Up Call @ 75% / 3mth Par Call / MWC (B+15bps)
• Selling Restrictions: As per Base Prospectus dated 11-May-26
• Sales to Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• UoP: General Corporate Purposes including refinancing of upcoming maturities
• Global Coordinators: BofA Securities (B&D) / HSBC / Société Générale
• Active Bookrunners: Barclays / Commerzbank / NatWest / UniCredit
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No Sales to EEA and UK Retail. No PRIIPs KID has been prepared as not available to EEA and UK Retail.
• Advertisement Language: The Base Prospectus dated 11-May-26 and any supplements are available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (https://group.bureauveritas.com/investors/financial-information/debt-information). The Final Terms, when available, will be published on the website of the Issuer (https://group.bureauveritas.com/investors/financial-information/debt-information).
• Timing: PRICED. TOE: 14.32 UKT. FTT 15.00 UKT

8yr (Sept 2034) @ MS+120a
Implied Spread for fresh 8yr @ MS+85
Priced at MS+87
NIC of +2

PRICED: Rothesay Life £500m 10.5yr T2; UKT+160bp

IGC European Market: Deal Flow - General

Reoffer: 10.5yr: UKT+160bp / 100 / 7.001%
Benchmark: 10.5yr: UKT 4 5/8 03-Jul-37 (GB00BVP99905) bid=94.715 mid=94.745 / 5.283% / HR 97%

Tranche 1 (10.5yr): Final Books c. £940m. Peak book > £1bn (pre-rec)

Launched: 10.5yr: £500m @ UKT+160bp - Books > £1bn (pre-rec)
Spread set at: 10.5yr: UKT+160bp - Books > £1bn (pre-rec)
Book Update: Books > £1bn
IPTs: 10.5yr: UKT+170/175bp

• Issuer: Rothesay Life Plc
• Ticker: ROTHLF
• LEI: MFQO711J5UPYBWXSPG12
• Issuer (Financial Strength) Ratings: A2 (stable) Moody's / A+ (stable) Fitch
• Expected Issue Ratings: Baa1 (Moody's) / BBB+ (Fitch)
• Instrument: Fixed Rate Subordinated Tier 2 Notes ("Notes")
• Form: Registered
• Principal Amount: £500m
• Reoffer: UKT + 160bps / 100 / 7.001% Ann. (6.883% SA equiv.)
• Reference Benchmark: UKT 4 5/8 03-Jul-37 (GB00BVP99905) bid=94.715 mid =94.745, 5.283%, HR 97%
• Status and Subordination: The Notes will constitute direct, unsecured and subordinated obligations of the Issuer and rank pari passu and without any preference among themselves. In the event of (A) the winding-up of the Issuer (other than an Approved Winding-up) or (B) the appointment of an administrator of the Issuer where the administrator has given notice that it intends to declare and distribute a dividend or (C) the liquidation or dissolution of the Issuer or any procedure similar to that described in sub-paragraph (A) or (B) occurring in respect of the Issuer (including, if applicable, any special insolvency procedure or special administration procedure pursuant to any applicable regime for the recovery and resolution of insurance firms and their affiliates) which has the effect of a winding-up or liquidation of the Issuer, the rights and claims of holders of the Notes will rank:
  • junior to the claims of Senior Creditors of the Issuer (including holders of Tier 3 Notes);
  • at least pari passu with all other subordinated obligations of the Issuer which constitute, or would but for any applicable limitation on the amount of such capital constitute, Tier 2 Capital and all obligations which rank, or are expressed by their terms to rank, pari passu therewith; and
  • in priority to the claims of holders of: (a) all obligations of the Issuer which constitute, or would but for any applicable limitation on the amount of such capital constitute, Tier 1 Capital of the Issuer (and all obligations which rank, or are expressed by their terms to rank, pari passu therewith), and (b) all classes of share capital of the Issuer
• Solvency Condition: Other than in a winding-up (other than an Approved Winding-up) or administration of the Issuer or any other similar event or procedure which has the effect of a winding-up or liquidation of the Issuer, all payments under or arising from the Notes shall be conditional upon the Issuer being solvent (as such term is defined in the Conditions (as defined below)) at the time for payment by the Issuer, and no amount shall be due or payable under or arising from the Notes (including any damages awarded for breach of obligations thereunder) unless and until the Issuer could make such payment and still be solvent immediately thereafter (the "Solvency Condition"). Any payment which is not paid due to operation of the Solvency Condition will be deferred and will be payable as further provided in Condition 5(e) or Condition 6(b)as the case may be
• Waiver of Set-off: Subject to applicable law, no holder of a Note or the Trustee on its behalf may exercise, claim or plead any right of set-off, compensation, counterclaim or retention in respect of any amount owed to it by the Issuer in respect of, or arising under or in connection with the Notes and each Noteholder shall, by virtue of being the holder of any Note (or any beneficial interest therein), be deemed, to the extent permitted under applicable law, to have waived all such rights of set-off, compensation, counterclaim or retention
• Settlement Date: 09-Sep-26 (T+5)
• Maturity: 10.5 years
• Maturity Date: 09-Mar-37
• Issuer Call Option: Subject to Condition 6(b), the Solvency Condition and no Regulatory Deficiency Redemption Deferral Event having occurred and the pre-conditions to Redemption, Substitution, Variation or Purchase set out in Condition 6(j), at par at any time from (and including) 09-Sep-36 to (but excluding) the Maturity Date (6 month par call), in whole, but not in part
• Mandatory Insurance Group Parent Entity Substitution: Applicable in accordance with Condition 12(b)
• Coupon: 6.9932% per annum, Actual/Actual ICMA, payable annually in arrear, (short first coupon)
• Interest Payment Dates: 9 March in each year, commencing on 09-Mar-27 (short first coupon)
• Business Days: London
• Redemption price: 100%
• Mandatory Interest Deferral: The Issuer is required, subject to Condition 5(g), to defer any payment of interest on the Notes on each Mandatory Interest Deferral Date (being an Interest Payment Date in respect of which a Regulatory Deficiency Interest Deferral Event has occurred and is continuing or would occur if payment of interest were made on such Interest Payment Date). Any interest so deferred will together with any other interest in respect thereof not paid on an earlier Interest Payment Date, for so long as it remains unpaid, constitute "Arrears of Interest". Arrears of Interest will not themselves bear interest
• Optional Deferral of Interest: Not applicable
• Payment of Arrears of Interest by the Issuer: Arrears of Interest may, subject to certain conditions set out in Condition 5(e), be paid in whole or in part at any time at the election of the Issuer upon notice to Noteholders, and will in any event become due and payable by the Issuer, subject to certain conditions set out in Condition 5(e), upon the earliest of the dates set out in Condition 5(e)
• Non-deferral: The Issuer shall not be required to defer a payment of interest (including any Arrears of Interest) on a Mandatory Interest Deferral Date or any other date if the Issuer has received written permission from the Relevant Regulator (and the Relevant Regulator not having withdrawn its written permission) for the payment of the relevant interest (and/or Arrears of Interest) payment and satisfied the other conditions to payment as provided in Condition 5(g)
• Redemption Deferral: The Issuer is required to defer any scheduled redemption of the Notes (whether at maturity or if it has given notice of early redemption in the circumstances described in Conditions 6(c), 6(d), 6(e), 6(f) and 6(i)) or purchase of the Notes pursuant to Condition 6(h) if:
  • a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or would occur if the Notes were redeemed or purchased and the Issuer has not received prior written permission for the relevant redemption from the Relevant Regulator as contemplated in Condition 6(b)(i)(A);
  • the Notes cannot be redeemed or purchased in compliance with the Solvency Condition; and/or
  • the Relevant Regulator does not consent to, or give its permission for, the redemption (to the extent that consent or permission is then required by the Relevant Regulator or the Relevant Rules) or the Relevant Regulator objects to the redemption or such redemption otherwise cannot be effected in compliance with the Relevant Rules on such date
• Redemption, Substitution, Variation, Purchase and Options: Subject to Condition 6(b), the Solvency Condition and no Regulatory Deficiency Redemption Deferral Event having occurred and the pre-conditions to Redemption, Substitution, Variation or Purchase set out in Condition 6(j), redemption at the Issuer's option, at par and in full, upon the occurrence of a Tax Event, Capital Disqualification Event (full or partial exclusion from Tier 2 Capital) or Ratings Methodology Event (or if a Capital Disqualification Event or a Ratings Methodology Event will occur within the forthcoming period of six months), or if 75% or more of the Notes originally issued have been repurchased and cancelled (Issuer Clean-up Call). Subject to certain conditions including the pre-conditions to Redemption, Substitution, Variation or Purchase set out in Condition 6(j), upon the occurrence of a Tax Event, Capital Disqualification Event or Ratings Methodology Event (or if a Capital Disqualification Event or a Ratings Methodology Event will occur within the forthcoming period of six months), the Issuer may, at any time, (without the consent or approval of the Noteholders) either substitute all (but not some only) of the Notes for, or vary the terms of the Notes so that they remain or become, Qualifying Tier 2 Securities or Rating Agency Compliant Securities (as applicable)
• Pre-conditions to Redemption, Substitution, Variation or Purchase: Any redemption, substitution, variation or purchase of the Notes will, if and to the extent then required by the Relevant Rules, be conditional upon: (i) the Issuer being in continued compliance with the Regulatory Capital Requirements (if any) applicable to them; (ii) the Issuer having complied with all relevant legal or regulatory requirements, including (to the extent then required by the Relevant Regulator or the Relevant Rules) rules on notification to, or approval, permission or consent or the provision of non-objection from, the Relevant Regulator (and the Relevant Regulator not having withdrawn its approval, permission, consent or, as the case may be, non-objection); and (iii) compliance with certain other applicable requirements of the Relevant Rules regarding redemption, purchase, substitution or variation (as the case may be) of the Notes, as further set out in the Conditions
• Enforcement: No acceleration rights outside of (A) a winding-up (other than an Approved Winding-up) of the Issuer or (B) an administration of the Issuer or (C) the liquidation or dissolution of the Issuer or any procedure similar to that described in (A) or (B)
• Documentation: Information Memorandum dated 24-Jun-26 in respect of the £3,000,000,000 Euro Medium Term Note Programme, as supplemented by the Supplement dated 01-Sep-26 (the "Supplement"), including the "Terms and Conditions of the Tier 2 Notes" therein (the "Conditions"). Defined terms used herein and not otherwise defined have the meaning given in the Conditions
• Denominations: £100,000 + £1,000
• Governing Law / Listing: English law / Euronext Dublin (Global Exchange Market)
• Target Market: 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 PRIIPs KID/CCI Product Summary has been prepared as the Notes are not available to retail investors in the EEA or the UK
• Selling Restrictions: US Reg S, Cat 2, UK and the EEA – no sales to retail investors / Italy – no sales / Canada, Hong Kong, Japan / Singapore - Accredited Investors and Institutional Investors only / See also the Information Memorandum
• ISIN / Common Code: XS3495734744 / 349573474
• Timing: TOE 14.35 UKT / FTT 15.00 UKT
• Information Memorandum: This announcement is not a prospectus for the purposes of Regulation (EU) 2017/1129, the Public Offers and Admissions to Trading Regulations 2024 and the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook, and no such prospectus is required to be (or will be) prepared in connection with the Notes. No investment decision should be taken on the basis of the information contained in this announcement. Investors should not subscribe for or purchase the Notes except on the basis of information in the Information Memorandum, as supplemented (including the section 'Risk Factors' therein). The Information Memorandum and the Supplement have been and the Pricing Supplement for the Notes, when prepared will be made available on the website of the Issuer at: https://www.rothesay.com/about-us/financials/bondholder-information/
• Use of Proceeds: The net proceeds of the issue are expected to be used to fund general commercial and corporate activities of the Group
• Joint Lead Managers: Barclays (B&D), BNP Paribas, Lloyds, and Santander
• Settlement: Euroclear / Clearstream
• 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

PRICED: Israel Discount Bank Ltd. €500m 5yr CB; MS+67bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+67bp / 99.683 / 3.946%
Benchmark: 5yr: OBL Apr-31 @ 97.41 / B+84.0bp / HR 107%

Tranche 1 (5yr): Final books > €1.3bn (incl. €325m JLM). Peak book > €1.6bn (incl. €325m JLM)

Launched: 5yr: €500m @ MS+67bp - Books > €1.3bn (incl. €325m JLM)
Spread set at: 5yr: MS+67bp - Books > €1.6bn (incl. €325m JLM)
Book Update: 5yr: Books >€1.5bn (incl €325m JLM interest)
Guidance: 5yr: MS+73a

• Issuer: Israel Discount Bank Ltd.
• Guarantor: Discount Assets – Covered Bonds Ltd.
• LEI: 549300XWZ7BG5G23OF51
• Expected Issue Ratings: Aa3 / AA- (Moody's / Fitch)
• Issue Type: Covered Bond
• Form of Covered Bond: Reg S, Registered. Global Covered Bond
• Currency: €
• Size: €500m
• Reoffer: 99.683 / MS+67bp / 3.946%
• Benchmark: 84.0bp vs OBL Apr-31 @ 97.41 / HR 107%
• Settlement Date: 10-Sep-26 (T+6)
• Maturity Date: 10-Sep-31
• Extended Maturity Date: 10-Sep-32
• Coupon: 3.875% Fixed, Annual Actual/Actual (ICMA)
• Business Day Convention: Following (unadjusted)
• Redemption: 100%
• Business Day: Tel-Aviv, T2
• Denomination: €100k +1k up to and including €199K
• Global Coordinator: Barclays Bank PLC
• Joint Bookrunners: Barclays Bank PLC, BofA Securities, Citi (B&D), Deutsche Bank, Goldman Sachs International
• Listing: Tel Aviv Stock Exchange (TASE-UP)
• ISIN: IL0012436585
• Delivery: TASECH. Book entry interests credited through TASECH and TASE Members
• Governing Law: English Law; certain Transaction Documents are governed by Israeli law, as described in the supplemented Prospectus
• Documentation: In accordance with the Issuer's €1.5 billion Global Covered Bond Programme, with the supplemented prospectus dated 27-Aug-26
• Selling Restrictions: There are restrictions on the offer, sale and transfer of any Tranche of Covered Bonds in the United States, the EEA, the UK and Israel. No initial sales of the Covered Bonds are allowed to investors incorporated in Israel. Other restrictions may apply in connection with the offering and sale of a particular Series of Covered Bonds as further set out in the Prospectus
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients (all distributions channels). No EU PRIIPs KID or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared, as the Covered Bonds are not intended to be offered, sold, distributed or otherwise made available to EEA retail investors or UK retail investors
• Timing: PRICED – TOE 14:42 UKT / 15:42 CET FTT 15:00 UKT / 16:00 CET

Covered
5yr (Sept 2031) @ MS+73a
Implied Spread for fresh 5yr @ MS+60
Priced at MS+67
NIC of +7

PRICED: Volksbank Wien AG €500m 6NC5 SNP FXD/FRN; MS+130bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+130bp / 99.693 / 4.570%
Benchmark: 6NC5: Obl 2.5 Apr-31 @ 97.440 (HR: 105%) / B+147.1bp

Tranche 1 (6NC5): Final book above €1.25bn (Excl. JLM). Peak book above €1.45bn (excl. JLM) pre-rec

Launched: 6NC5: €500m @ MS+130bp - Books above €1.45bn (excl. JLM) pre-rec
Book Update: 6NC5: Orderbooks above €1bn (Excl. JLMs)
IPTs: 6NC5: MS+150/155bp

• Issuer: Volksbank Wien AG
• Issuer LEI: 529900D4CD6DIB3CI904
• LT Deposit Rating/ LT Issuer Default Rating: A2 (negative) by Moody's/ BBB (stable) by Fitch
• LT Senior Unsecured Debt Rating: A3 (negative) by Moody's
• Expected Issue Ratings: Baa2 by Moody's
• Status: The Notes constitute direct and unsecured obligations of the Issuer and shall qualify as eligible liabilities (within the meaning of Article 72a (1) lit a and Article 72b CRR) of the Issuer for the MREL Requirement, provided that in the event of normal insolvency proceedings (bankruptcy proceeding) of the Issuer, claims under the Notes rank: junior to all other present or future unsecured and unsubordinated instruments or obligations of the Issuer which do not meet the criteria for debt instruments pursuant to § 131(3)(1) to (3) BaSAG; pari passu: (i) among themselves; and (ii) with all other present or future non-preferred senior instruments or obligations of the Issuer which meet the criteria for debt instruments pursuant to § 131(3)(1) to (3) BaSAG (other than senior instruments or obligations of the Issuer ranking or expressed to rank senior or junior to the Notes); and senior to all present or future claims under: (i) ordinary shares and other Common Equity Tier 1 instruments pursuant to Article 28 CRR of the Issuer; (ii) instruments of participation capital pursuant to § 23 (4) and (5) BWG in the version prior to the entry into force of the CRR of the Issuer; Additional Tier 1 instruments pursuant to Article 52 CRR of the Issuer; Tier 2 instruments pursuant to Article 63 CRR of the Issuer; and (v) all other subordinated instruments or obligations of the Issuer.
• Form: Bearer Notes, digital Global Note
• Re-offer: MS+130 bps // 99.693 // 4.570%
• Benchmark: Obl 2.5 Apr-31 @97.440 (HR: 105%) // B+147.1bps
• Size: EUR 500m
• Trade/Pricing Date: 02-Sep-26
• Settlement Date: 09-Sep-26 (T+5)
• Optional Redemption Date / Interest Rate Change Date: 09-Sep-31
• Maturity Date: 09-Sep-32
• Early Redemption at the Option of the Issuer: Notice of redemption at least 5 Business Days prior to Optional Redemption Date (subject to conditions set out in the Prospectus)
• Interest: From and including the Settlement Date to but excluding the Interest Rate Change Date: 4.500% per annum, payable annually, commencing on 09-Sep-27 act/act (ICMA) / following / unadjusted. From and including the Interest Rate Change Date to but excluding the Maturity Date: 3-month Euribor plus 1.300% per annum, payable quarterly, commencing on 09-Dec-31 act/360 / modified following / adjusted.
• Business Days: T2
• No set-off: No Noteholder may set off any claims arising under the Notes against any claims that the Issuer may have against it
• Early Redemption for Regulatory Reasons or Reasons of Taxation: Notice of redemption not less than 30 days' nor more than 60 days' (subject to conditions set out in the Prospectus)
• Denoms / Listing / Law: €100k+€100k / Vienna Stock Exchange – Official Market (Amtlicher Handel) / Austrian
• Clearing and Settlement: OeKB CSD GmbH / Euroclear / Clearstream
• ISIN: AT000B122460
• Documentation: Volksbank Wien's base prospectus relating to the Debt Issuance Programme dated 19-May-26 (the "Prospectus")
• Use of Proceeds: Financing and/or re-financing, in part or in full, new or existing eligible loans providing distinct environmental benefits (Eligible Green Categories), as further described in the Sustainability Bond Framework
• Selling restrictions: As set out in the Prospectus
• Target Market: Client category: eligible counterparties and professional clients only. No sales to retail in EEA or the United Kingdom. No EU PRIIPs KID or disclosure document required by the FCA Product Disclosure Sourcebook (“DISC”) will be prepared.
• Advertisement: The Base Prospectus and any supplements thereto will be available at: https://www.volksbankwien.at/ boersen_und_maerkte/basisprospekt_eng.page??main=
• Joint Lead Managers: ABN AMRO, Danske Bank (B&D), Erste Group Bank, Morgan Stanley, Natixis, Raiffeisen Bank International
• Timing: Priced // TOE: 14:51UKT // FTT: 15:00UKT

Senior Non-Preferred
NC5yr (Sept 2032) @ MS+150-155
Implied Spread for fresh NC5yr @ MS+125
Priced at MS+130
NIC of +5

PRICED: Banca Monte dei Paschi di Siena S.p.A. €500m 10.5NC5.5 Sub; MS+145

IGC European Market: Deal Flow - General

Reoffer: 10.5NC5.5: MS+145bp / 99.509 / 4.734%
Benchmark: 10.5NC5.5: DBR 0 15-Feb-32 @ 84.560 / B+160.9bp / HR 106%

10.5NC5.5: Final Books above €950m. Peak book > €1.2bn (pre-rec)

Launched: 10.5NC5.5: €500m @ MS+145bp
IPTs: 10.5NC5.5: MS+165a

• Issuer: Banca Monte dei Paschi di Siena S.p.A. (Ticker: MONTE)
• LEI: J4CP7MHCXR8DAQMKIL78
• Issue Type: Subordinated Callable Fixed Rate Resettable (Tier 2 capital for regulatory capital purposes)
• Issuer Rating: Baa3 (positive) / BBB- (watch positive) / BBB (positive) (Moody’s / Fitch / DBRS)
• Exp. Issue Rating: Ba2 / BB / BBH (Moody’s / Fitch / DBRS)
• Status of the Notes: Subordinated Notes as per Condition 2 (c) of the Terms and Conditions of the Notes in the Base Prospectus (intended to qualify as Tier 2 Capital, as further defined in Condition 5 (d) of the Terms and Conditions of the Notes in the Base Prospectus). No Negative Pledge, no Set-Off
• Format: Bearer and dematerialised
• Selling Restrictions: Reg S, Category 2, TEFRA not applicable
• Currency: €
• Size: €500m
• Re-offer: MS+145bps | 4.734% | 99.509
• Benchmark: DBR 0 15-Feb-32 (BID: 84.560) +160.9bps | HR 106%
• Pricing Date: 2-Sep-26
• Settlement / Issue Date: 9-Sep-26 (T+5)
• Maturity Date: 9-Mar-37
• First Reset Date: 9-Mar-32
• Issuer Call: As per Condition 5 (c) of the Terms and Conditions of the Notes of the Base Prospectus, applicable. At par, subject to the prior consent of the Competent Authority
• Optional Redemption Dates: Any date during the three-month period commencing 9-Dec-31 to the First Reset Date
• Redemption Amount Payable on the Maturity Date: Par
• Coupon: From and including the Issue Date to but excluding the First Reset Date the Coupon shall be [•]% fixed rate p.a. payable annually in arrears on each Interest Payment Date. If the Notes are not redeemed or purchased and cancelled on or before the First Reset Date, the interest payable on the Notes from and including the First Reset Date to but excluding the Maturity Date shall be reset to a fixed rate equal to the relevant Mid Swap Rate plus the First Margin. Benchmark Discontinuation provisions apply
• Interest Payment Dates: 9 March in each year, commencing on 9-Mar-27 (short first coupon)
• Day count Fraction: Actual/Actual (ICMA)
• Business Days: Milan and T2
• Use of Proceeds: An amount equivalent to the net proceeds will be used to finance and/or refinance, in whole or in part, new or existing Eligible Green Projects according to the Issuer’s ESG Framework, dated June 2024. The Framework is available on the Issuer’s website at: https://www.gruppomps.it/static/upload/mps/mps---green-social-and-sustainability-bond-framework-2024.pdf
• Redemption for Regulatory Reasons: At par. Applicable as per Condition 5 (d) of the Terms and Conditions of the Notes of the Base Prospectus, in whole but not in part, at their Early Redemption Amount referred to in Condition 5 (g) of the Terms and Conditions of the Notes of the Base Prospectus with interest accrued to (but excluding) the date fixed for redemption, subject to the prior consent of the Competent Authority
• Redemption for Tax Reasons: At par. Applicable as per Condition 5 (b) of the Terms and Conditions of the Notes in the Base Prospectus, in whole but not in part at their Early Redemption Amount referred to in Condition 5 (g) of the Terms and Conditions of the Notes in the Base Prospectus with interest accrued to (but excluding) the date fixed for redemption, subject to the prior consent of the Competent Authority
• Clean-up Redemption Option: Applicable as per Condition 5 (f) of the Terms and Conditions of the Notes in the Base Prospectus. If 75% of the initial aggregate nominal amount of the Notes have been redeemed or purchased and cancelled, the Issuer may redeem outstanding Notes in whole but not in part, at par, subject to the prior consent of the Competent Authority
• Non-Viability Loss Absorption: Contractual acknowledgement of Statutory Loss Absorption Powers
• Variation: Upon a Capital Event, a Tax Event and/or Alignment Event, the Issuer may, subject to receiving any consent required from, the Competent Authority and/or as appropriate the Relevant Resolution Authority (without any requirement for the consent or approval of the holders of the Notes), at any time vary the Terms of the Notes so that they remain or, as appropriate, become Qualifying Subordinated Notes. Condition 11 applies
• Denomination: €200,000 and integral multiples of €1,000 in excess thereof
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Clearing: Euronext Securities Milan (Monte Titoli)
• Governing Law: Italian law
• Target Market / PRIIPs: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or the UK
• Documentation: Issued off the Banca Monte dei Paschi di Siena SpA €50,000,000,000 Debt Issuance Programme, dated 22-May-26, as supplemented on 28-Aug-26 (the “Base Prospectus”)
• Global Coordinator: Mediobanca
• Joint Lead Managers: Barclays, BofASE, Crédit Agricole CIB, Mediobanca, Santander, UBS Europe SE, UniCredit (B&D)
• ISIN / Common Code: IT0005730202 / [●]
• Advertisement: The Base Prospectus and any supplements are available at: https://gruppomps.it/investor-relations/programmi-di-emissione-e-prospetti/emtn-programme.html and the Final Terms, when published, will be available at the same link
• Timing: TOE 14h51 UKT | FTT 15h15 UKT / 16h15 CET

PRICED: Kingspan Securities (Ireland) DAC €850m 4yr & 7yr Green Sr Unsec; MS+63bp & MS+95bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+63bp / 99.971 / 3.883% 7yr: MS+95bp / 99.863 / 4.273%
Benchmark: 4yr: DBR 0 15-Aug-30 @ 88.86 / B+84.4bp / HR 107% 7yr: DBR 2.6 15-Aug-33 @ 96.16 / B+104.7bp / HR 99%

Tranche 1 (4yr): Final Books €1.65bn. Peak book above €2.3bn (pre-rec)
Tranche 2 (7yr): Final Books €1.45bn. Peak book above €2.3bn (pre-rec)

Launched:
4yr: €350m @ MS+63bp - Books above €2.05bn (pre-rec)
7yr: €500m @ MS+95bp - Books above €1.7bn (pre-rec)
Spread set at: 4yr: MS+63bp 7yr: MS+95bp
Guidance: 4yr: MS+65bp (+/-2bps WPIR) - Books above €2.3bn (pre-rec) 7yr: MS+95bp (+/-2bps WPIR) - Books above €2.3bn (pre-rec)
IPTs: 4yr: MS+100a 7yr: MS+125a

• Issuer: Kingspan Securities (Ireland) DAC (Ticker: KSPID Country: IE)
• Guarantors: Kingspan Group plc (the 'Parent', Country: IE), Kingspan Holdings (Irl) Limited, Kingspan Securities Limited, Kingspan Holdings (Overseas) Limited, Kingspan Holdings (North America) Limited, Kingspan Holdings Limited, Kingspan International Finance Unlimited Company, Kingspan Holdings Panels US, Inc
• LEI of Issuer: 635400FJSIQEIEFQMV55
• LEI of Parent: 635400HM7V74SUB9OG75
• Parent Ratings: BBB (stable) / BBB (stable) (S&P/Fitch)
• Expected Issue Ratings: BBB/BBB (S&P/Fitch)
• Format: Senior Unsecured, Reg S, Green, Bearer, NGN
• Settlement: 9-Sep-26 (T+5)
• Tenor:
  • 4yr: 4-year
  • 7yr: 7-year
• Size:
  • 4yr: €350m
  • 7yr: €500m
• Maturity:
  • 4yr: 9-Sep-30
  • 7yr: 9-Sep-33
• Reoffer:
  • 4yr: MS+63 / 99.971 / 3.883%
  • 7yr: MS+95 / 99.863 / 4.273%
• Benchmark:
  • 4yr: DBR 0 15-Aug-30 @ 88.86 / B+84.4bp / HR 107%
  • 7yr: DBR 2.6 15-Aug-33 @ 96.16 / B+104.7bp / HR 99%
• Coupon:
  • 4yr: 3.875%, Fixed, Ann, ACT/ACT (ICMA)
  • 7yr: 4.25%, Fixed, Ann, ACT/ACT (ICMA)
• Par Call:
  • 4yr: Yes, 1 month
  • 7yr: Yes, 3 month
• Optional Redemption: Change of Control Put (at Par) / Clean Up Call (75%) / MWC (B+15 on 4yr ; B+20 on 7yr)
• ISIN / Common Code:
  • 4yr: XS3486650495 / 348665049
  • 7yr: XS3486650651 / 348665065
• Docs / Denoms: €3.0bn EMTN Programme dated 6-Mar-26 and supplemented on 7-Aug-26 and 28-Aug-26 / Global Exchange Market of Euronext Dublin / English Law / €100k+1k
• Clearing: Euroclear and Clearstream, Luxembourg
• Business Days: T2
• Selling Restrictions: Reg S Cat 2, TEFRA D; no sales into the US as set out more fully in the Base Listing Particulars. Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• UoP: 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
• Bookrunners: BNP Paribas, BofA Securities Europe SA, ING and UniCredit (B&D)
• Sole ESG Structuring Coordinator: ING
• Target Market: Manufacturer target market (MiFID II and MiFIR product governance) is MiFID II/ MiFIR Professionals & Eligible Counterparties only (all distribution channels). No EEA PRIIPs key information document (“KID”) or UK PRIIPs KID/ CCI product summary has been prepared as the Notes are not available to retail in the EEA or the United Kingdom
• Advertisement: This communication is an advertisement. The Base Listing Particulars dated 6-Mar-26 and the supplements dated 7-Aug-26 and 28-Aug-26 are available, and the pricing supplement, when published, will be available, at: www.euronext.com/en/markets/dublin. The Green Finance Framework and Second Party Opinion area available on the Issuer’s website: https://www.kingspangroup.com/en/investors/debt-investors/
• Timing: TOE: 16.01 LDN (4yr) / 16.03 LDN (7yr) / FTT: 16.30 LDN

Green
4yr (Sept 2030) @ MS+100a
Implied Spread for fresh 4yr @ MS+66
Priced at MS+63
NIC of -3

Green
7yr (Sept 2033) @ MS+125a
Implied Spread for fresh 7yr @ MS+102
Priced at MS+93
NIC of -9

PRICED: Development Bank of Japan Inc. €550m 4yr Sust Sr Unsec; MS+23bp

IGC European Market: Deal Flow - SSA

Reoffer: 4yr: MS+23bp / 99.614 / 3.48%
Benchmark: 4yr: OBL 2.4 18-Apr-30 #191 @ 97.804 / B+43.3bp

Tranche 1 (4yr): Final Books in excess of €5.6bn (incl. €200m JLM). Peak book in excess of €5.6bn (incl. €200m JLM)

Launched: 4yr: €550m @ MS+23bp - Books closed in excess of €5.3bn (incl. €200m JLM)
Spread set at: 4yr: MS+23bp
Rev Guidance: 4yr: MS+25a - Books are in excess of €4.30bn (incl. €200m JLM)
Guidance: 4yr: MS+28a

• Issuer: Development Bank of Japan Inc. ("DBJ")
• Issuer Ratings: A1 (stable) (Moody's) / A (stable) (S&P)
• Ranking: Senior Unsecured
• Format: Reg S (Registered form)
• Size: €550m
• Maturity: 9-Sep-30 (4yr)
• Settlement: 9-Sep-26
• Coupon: 3.375%, Fixed, Annual (Act/Act ICMA)
• Reoffer Price / Yield: 99.614%, 3.480% annual
• Reoffer Spread: MS+23bp / OBL 2.4% 18-Apr-30 #191 +43.3bps (Ref: 97.804% / 3.047%)
• Denominations: €100k x €1k
• Billing & Delivery: Mizuho
• Listing: Luxembourg (Euro MTF)
• Bookrunners: Daiwa / Barclays / BNP Paribas / Mizuho (B&D)
• ISIN: XS3465635830
• Timings: TOE 15:51 UKT / 16:51 CET - FTT : 16:15 UKT / 17:15 CET
• Gov Law: English law
• Target Market: Eligible counterparties and professional investors only (all distribution channels), No PRIIPs or UK PRIIPs KID (key information document) has been prepared
• Documentation: Global Medium Term Note Programme
• ECB Eligibility: The Notes are intended to be held in a manner which would allow Eurosystem eligibility
• Use of Proceeds: The net proceeds will be allocated to finance or refinance existing and/or future projects or businesses which meet the Eligibility Criteria as defined in the Final Terms.

PRICED: UBS Group AG £1bn 6NC5 & €1.75bn 11NC10 Sr Unsec; UKT+98bp & MS+112bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: UKT+98bp / 100 / 5.697% 11NC10: MS+112bp / 100 / 4.521%
Benchmark: 6NC5: UKT 0.25% 31-Jul-31 / HR 110% (ISIN: GB00BMGR2809) 11NC10: DBR 3 15-Aug-36 @ 96.82 / B+114.1bp / HR 97%

Tranche 1 (6NC5): Final Books >£2.7bn
Tranche 2 (11NC10): Final Books €6.5bn+

Launched:
6NC5: £1bn @ UKT+98bp - Books >£2.6bn
11NC10: €1.75bn @ MS+112bp - Books >€6.25bn
IPTs: 6NC5: UKT+115a 11NC10: MS+140a

• Issuer: UBS Group AG
• Issuer LEI: 549300SZJ9VS8SGXAN81
• Issuer Rating: A2 (stable) / A- (stable) / A+ (stable) (Moody's / S&P / Fitch)
• Expected Issue Rating: A2 / A- / A+ (Moody's / S&P / Fitch)
• Ranking: Senior Unsecured, Unsubordinated (TLAC)
• Form of Securities: Reg S, Category 2. Uncertificated securities (einfache Wertrechte)
• Size:
  • 6NC5: £1bn
  • 11NC10: €1.75bn
• Maturity Date:
  • 6NC5: 8-Sep-32
  • 11NC10: 8-Sep-37
• Optional Redemption Date:
  • 6NC5: 8-Sep-31
  • 11NC10: 8-Sep-36
• Coupon:
  • 6NC5: 5.697% (annual), Act/Act (ICMA) until Optional Redemption Date. If not redeemed, resets to reset margin + 1yr GBP SONIA MS rate, fixed annually, Act/Act (ICMA)
  • 11NC10: 4.521% FXD Ann Act/Act (ICMA) until Optional Redemption Date. If not redeemed, resets to reset margin + 1yr EUR MS rate, FXD Ann Act/Act (ICMA)
• Reoffer:
  • 6NC5: UKT+98bp / 100 / 5.697%
  • 11NC10: MS+112bp / 100 / 4.521%
• Yield: 5.697% (YTW) (6NC5)
• Benchmark: DBR 3 15-Aug-36 @ 96.82 / B+114.1bp / HR 97% (11NC10)
• Reference Gilt: UKT 0.25% 31-Jul-31 / HR 110% (ISIN: GB00BMGR2809) (6NC5)
• Early Redemption:
  • 6NC5: Issuer Call on the Optional Redemption Date, or anytime upon occurrence of an Ineligibility or Tax Event; at par
  • 11NC10: Issuer Call on the Optional Redemption Date, or anytime upon occurrence of an Ineligibility or Tax Event; at par
• Hedge Deadline:
  • 6NC5: 16:10 UKT
  • 11NC10: 16:20 UKT | 17:20 CET
• Settlement Date: 8-Sep-26 (T+4)
• Denominations:
  • 6NC5: £200,000 + £1,000
  • 11NC10: €200k + €1k
• Listing: SIX Swiss Exchange
• Governing Law: Swiss
• Clearing: SIX SIS, with further clearing through Euroclear/Clearstream
• UK MiFIR / MiFID II Target Market: Manufacturer target market is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the United Kingdom (the "UK") Financial Conduct Authority Product Disclosure Sourcebook has been prepared as not available to retail investors in the European Economic Area (the "EEA") or the UK.
• Sole Global Coordinator and Bookrunners: UBS Investment Bank (B&D)
• Bookrunners: Commerzbank, NORD/LB, Swedbank (11NC10 only)
• Documentation:
  • 6NC5: In accordance with the Issuer's Senior Debt Programme Base Prospectus dated 27-Apr-26 (the "Base Prospectus"), as supplemented by the supplements dated 29-Apr-26, 5-May-26 and 29-Jul-26 (together, the "Prospectus"). SIX Exchange Regulation AG, in its capacity as a review body pursuant to article 52 of the Swiss Financial Services Act of 15-Jun-18, as amended (the "FinSA") (in such capacity, the "Swiss Review Body"), has approved the Base Prospectus as a base prospectus within the meaning of article 45 of the FinSA as of 27-Apr-26. The Pricing Supplement relating to the relevant Notes, which will constitute the final terms within the meaning of article 45(3) of the FinSA, will be filed with the Swiss Review Body and published in accordance with the FinSA. Copies of the Prospectus (including the documents incorporated by reference therein) are, and copies of the Pricing Supplements relating to the Notes will be, available from the Issuer at UBS AG, Investment Bank, Swiss Prospectus Switzerland, P.O. Box, 8098 Zurich, Switzerland (voicemail: +41 44 239 47 03; fax: +41 44 239 69 14; email: swissprospectus@ubs.com). Capitalised terms used and not defined herein have the meanings given to them in the Prospectus and/or the relevant Pricing Supplement.
  • 11NC10: In accordance with the Issuer's Senior Debt Programme Base Prospectus dated 27-Apr-26 (the "Base Prospectus"), as supplemented by the supplements dated 29-Apr-26, 5-May-26 and 29-Jul-26 (together, the "Prospectus"). SIX Exchange Regulation AG, in its capacity as a review body pursuant to article 52 of the Swiss Financial Services Act of 15-Jun-18, as amended (the "FinSA") (in such capacity, the "Swiss Review Body"), has approved the Base Prospectus as a base prospectus within the meaning of article 45 of the FinSA as of 27-Apr-26. The Pricing Supplement relating to the relevant Notes, which will constitute the final terms within the meaning of article 45(3) of the FinSA, will be filed with the Swiss Review Body and published in accordance with the FinSA. Copies of the Prospectus (including the documents incorporated by reference therein) are, and copies of the Pricing Supplements relating to the Notes will be, available from the Issuer at UBS AG, Investment Bank, Swiss Prospectus Switzerland, P.O. Box, 8098 Zurich, Switzerland (voicemail: +41 44 239 47 03; fax: +41 44 239 69 14; email: swissprospectus@ubs.com). Capitalised terms used and not defined herein have the meanings given to them in the Prospectus and/or the relevant Pricing Supplement.
• Schedule: Books open, pricing today
• Books Subject: 12:30 UKT
• Timing: PRICED. ToE 16:49 UKT | 17:49 CET
• FTT: 07:30 UKT 03-Sep-26 | 08:30 CET 03-Sep-26
• ISIN:
  • 6NC5: CH1598620024
  • 11NC10: CH1598620016

HoldCo FTF
NC10yr (Sept 2036) @ MS+140a
Implied Spread for fresh NC10yr @ MS+110
Priced at MS+112
NIC of +2

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• Details correct at time of posting