Commentary & Deal Flow

Guidance: 5yr: MS+100bp+/-2 WPIR - Books > €2.1bn

IPTs: 5yr: MS+130/135bp

• Issuer: M&G European Property Fund SICAV-FIS
• Issuer LEI: 549300FLN5QWVQGRGQ35
• Issuer Rating: A- Stable outlook by Fitch
• Issue Rating (expected): A by Fitch
• Format of the Notes: Senior Unsecured, Reg S, Bearer, Green
• Size: €500m
• Maturity: 10-Sep-31 (5-year)
• Coupon: Fixed, Annual, Act/Act (ICMA)
• ISIN: XS3498808651
• Docs: EMTN (Base Listing Particulars dated 26-Aug-26) / English Law / €100k x €1k / Global Exchange Market of Euronext Dublin / MWC / CoC Put at 100% / Clean-Up call (75%) / 3m Par-Call / Tax Call
• Financial Covenants: Incurrence of additional Debt subject to compliance, on a pro forma basis, with:
  • Debt to Total Assets ≤ 0.60x
  • Secured Debt to Total Assets ≤ 0.40x
  • Fixed Charge Coverage Ratio ≥ 1.5x
  • Total Unencumbered Assets to Unsecured Debt ≥ 1.5x
• Use of Proceeds: An amount equal to the net proceeds of the issue of the Notes will be applied, in whole or in part, towards financing and/or refinancing Eligible Green Projects in accordance with the Green Finance Framework.
• Joint Bookrunners: ABN AMRO, BBVA, HSBC, ING (B&D)
• ESG Structurer: HSBC
• Marketing: URL: www.netroadshow.com / Entry Code: MEP26 (not case-sensitive) / Direct Link: www.netroadshow.com/nrs/home/#!/?show=26f307a9
• Selling Restriction: Reg S Cat 2; TEFRA D. Additional selling restrictions in accordance with the Base Listing Particulars, including restrictions on transfers and resales to U.S. persons and applicable AIFMD marketing restrictions. Sales into Canada only to accredited investors that are permitted clients, subject to compliance with applicable Canadian securities laws.
• Target Market: The manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as the Notes will not be made available to retail investors in the EEA or the UK.
• Advertisement Language: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Pricing Supplement will be made available on the Issuer's website.
• Timing: Books Open — Today's Business
• Books Subject: 12.25 UKT / 13.25 CET
• Settle: 10-Sep-26 (T+5)