Commentary & Deal Flow

Reoffer: 5yr: MS+22bp / 99.625 / 3.458%
Benchmark: 5yr: OBL 2 ½ 16-Apr-31 @ 97.59 / B+39.4bp / HR 108%

Tranche 1 (5yr): Final books above €2.1bn. Peak book above €2.1bn

Launched: 5yr: €750m @ MS+22bp - Books over €2bn (incl. €280m JLMs) pre-rec
Book Update: Books above €1.75bn (incl. €180m JLM)
Guidance: 5yr: MS+28a

• Issuer: Banco de Sabadell, S.A.
• LEI: SI5RG2M0WQQLZCXKRM20
• BBG Ticker: SABSM
• Issue Type: Cédulas Hipotecarias (European Premium Mortgage Covered Bonds). ECB eligible, LCR Level 1, beneficial treatment under CRR Art.129 and Solvency II and ECBC Covered Bond Label Compliant
• Issuer Ratings: Baa1 (sta) / A- (pos) / A- (sta) / A(low) (sta) (Moody's/S&P/Fitch/DBRS)
• Expected Issue Rating: Aaa (Moody's) / AAA (DBRS)
• Rating Split: Issuer: Baa1/A-/A-/A(low) (Moody's/S&P/Fitch/DBRS), Issue: Aaa/AAA (Moody's/DBRS)
• Form: Reg S dematerialised book entry form (anotaciones en cuenta)
• Size: €750m
• Re-offer: 99.625% / 3.458% yld / MS+22bps
• Benchmark: OBL 2 ½ 16-Apr-31 + 39.4bps / PX BID: 97.59% / HR: 108%
• Pricing Date: 3-Sep-26
• Settlement Date: 10-Sep-26 (T+5)
• Maturity Date: 10-Sep-31 (5 year soft bullet)
• Extended Maturity Date: 10-Sep-32, if the Final Maturity Date is extended, as per article 15 of the Spanish Royal Decree-law 24/2021
• Coupon: 3.375%
• Coupon Dates: Annually paid on each 10 September, commencing on 10-Sep-27
• Coupon Calculation: Fixed, Annual, Act/Act, ICMA (Unadjusted)
• Listing: AIAF (Madrid) / Spanish Domestic
• Denominations: €100,000 + €100,000
• Documentation: Spanish language Base Prospectus (Folleto Base) registered with the CNMV on 9-Jul-26 and Spanish language Universal Registration Document (Documento de Registro Universal) registered with the CNMV on 21-May-26
• Governing Law: Spanish law
• ISIN: ES0413860943
• Joint Bookrunners: Banco Sabadell, Barclays, Nomura, Santander (B&D), Societe Generale and UniCredit
• Target Market: Manufacturer target market (EU 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 DISC disclosure document has been prepared as the Notes are not available to retail in the EEA or the UK.
• Hedge Ratio: 108% vs OBL 2 ½ 16-Apr-31
• Hedge Deadline: 16:30 CET / 15:30 UKT
• Schedule: Books open for today's business
• Books Subject Deadline: 11.15 UKT / 12.15 CET
• Timing: PRICED – TOE 15.38 UKT / 16.38 CET – FTT: 16.00 UKT / 17.00 CET
• Advertisement: The Base Prospectus, the Universal Registration Document are available, and the Final Terms, when published, will be available on the websites of the Issuer and/or of the CNMV (www.cnmv.es)