Commentary & Deal Flow

5NC4: Final Books >€1.2bn. Peak book >€1.2bn

Launched: 5NC4: €325m @ MS+90bp - Books >€1.1bn (pre-rec)
Book Update: Books above €1bn (excl. JLM)
IPTs: 5NC4: MS+110/115bp

• Issuer: Argenta Spaarbank SA/NV
• LEI: A6NZLYKYN1UV7VVGFX65
• Ticker: ARGSPA Corp
• ISIN: BE6377154834
• Issue Ratings: Exp. BBB (S&P)
• Format: Senior Non-Preferred, Reg S, Dematerialised
• Size: €325m
• Ranking: Senior Non-Preferred
• Maturity Date: 10-Sep-31
• Optional Redemption Date: 10-Sep-30
• Call Option: Applicable. At par on 10-Sep-30 ("Optional Redemption Date")
• Coupon: Fixed rate, Annual, Act/Act (ICMA) from and including the Settlement Date to, but excluding, the Optional Redemption Date. Reset from and including the Optional Redemption Date to, but excluding, the Maturity date, to the prevailing 1-year single mid-swap rate plus the Margin (equal to the Reoffer Spread to Pricing Benchmark) (no step-up)
• Ranking: The Notes are issued pursuant to the provisions of Article 389/1, 2° of the Belgian Banking Law and are direct, unconditional, senior and unsecured obligations of the Issuer and rank (i) pari passu, without any preference among themselves and with all other Senior Non-Preferred Obligations of the Issuer, present and future, (ii) senior to the Subordinated Notes of the Issuer and other present and future claims otherwise ranking junior to Senior Non-Preferred Obligations and (iii) junior to present and future claims of (a) any unsubordinated creditors of the Issuer that are not creditors in respect of Senior Non-Preferred Obligations of the Issuer, and (b) all other present and future claims as may be preferred by laws of general application or otherwise ranking in priority to Senior Non-Preferred Obligations, subject to the further terms set out in Condition 6(b) of the Conditions
• Early Redemption: Upon the occurrence of a MREL Disqualification Event (if all or part of the outstanding nominal amount of Notes does not or will not qualify as MREL-Eligible Instruments under the Applicable MREL Regulations), the Issuer may redeem all (but not some only) of the Notes, at their MREL Disqualification Event Early Redemption Amount, together with accrued interest (if any), subject to the further terms set out in condition 3 (f) of the Conditions
• Tax Event (including Tax Deductibility Event): Applicable, subject to the further terms set out in Condition 3 (e) of the Conditions
• Sub & Var: If at any time a MREL Disqualification Event Occurs, the Issuer may at any time either substitute all (but not some only) of the Notes for, or vary the terms of the Notes so that they remain, Qualifying Securities
• Events of Default: None, except in the event of a dissolution or liquidation of the Issuer (if default is made in the payment of principal or interest and such default continues for a period of 30 days or more after the due day, a holder may initiate proceedings for dissolution or liquidation of the Issuer)
• No Set-Off: Subject to applicable law, no Noteholder shall be entitled to exercise or claim any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Issuer arising under or in connection with the Notes. Each Noteholder shall, by virtue of its subscription, purchase or holding of such Note, be deemed to have waived all such rights of set-off, compensation or retention
• 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 or UK disclosure document required by DISC has been prepared as not available to retail in the EEA or the UK. No sales to retail clients in the EEA or the UK
• Selling Restrictions: US, EEA, UK, Japan, Switzerland, Italy and Belgium, as more fully set out in the Base Prospectus
• Listing: Luxembourg Stock Exchange, Regulated Market (Professional Segment)
• Documentation: Argenta Spaarbank's €5bn EMTN Programme base prospectus dated 17-Oct-25 (the "Base Prospectus")
• Bail-In: Each Noteholder acknowledges and accepts to be bound by potential bail-in powers by the Relevant Resolution Authority (under Belgian Banking Law)
• Denominations / Governing Law: €100,000 + €100,000 / Belgian
• Joint Lead Managers: ABN AMRO (B&D) / BNP Paribas / Mizuho
• 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
• Use of Proceeds: The notes use the designation 'European Green Bond' or 'EuGB' in accordance with Regulation (EU) 2023/2631 (the "EU Green Bond Regulation"). An amount equivalent to the proceeds of the Notes will be used to finance and/or refinance the Economic Activities specified in the applicable Final Terms in accordance with the European green bond factsheet dated 19-Nov-25 (the "Factsheet"), prepared by the Issuer in accordance with the EU Green Bond Regulation. The Factsheet is publicly available on the Issuer's Website at https://www.argenta.eu/investor-relations/debt-issuance/green-bonds.html
• Benchmark (Hedge): OBL 2.4 18-Apr-30 / HR 108%
• Hedge Deadline: 14:25 UKT / 15:25 CET
• Timing: Today's business
• Settle: 10-Sep-26 (T+5)
• Marketing: https://www.argenta.eu/content/dam/argenta-eu-site/financial-information/2026/2026-H1-Argenta_InvestorPresentation.pdf
• Advertisement: This communication is not a prospectus. The Base Prospectus, is published and available, and the Final Terms, when published, will be available at: https://www.bourse.lu/issuer/ArgentaSpaarBan/37173