• Heading into this truncated week, expectations for € IG supply were c.€35.5bn across Corp, FIG & SSA. We have hit c.96% of the weeks’ forecast, shy by just €1.575bn, having seen 41 different issuers price 46 tranches.
• Against supply expectations SSA’s have outperformed WTD (€12.8bn v’s €10.5bn), with the corporate sector underperforming having delivered only €6.35bn versus expectations of €12.5bn.
• Sterling has far exceeded forecasts for the week with £3.75bn vs expectations of £1.5bn.
• Today’s € IG delivered another prolific session pricing €10.375bn from 14 issuers (3 x Corp, 9 x FIG & 2 x SSA) via 17 tranches.
• Sterling (£) was active once more pricing £750m from 1 issuer (1 x FIG) via 1 tranche.
• Non-domestic Swiss Francs saw a tap for Chf130m from 1 issuer (1 x SSA) via 1 tranche.
• US$ Reg S had zero issues.
• ESG trades were again conspicuous with 4 trades (2 x FIG & 2 SSA - inc. 1 dual-tranche).
• Today’s “Talking Point” (below) looks at the 10 largest € IG Corp deals to have been priced in September over the last decade.
• Brent crude continued its upward trajectory, currently trading at c.$96.63 (from $94.43 this morning).
• European equity bourses are mixed following the recent sell-offs, with both the FTSE & the Dax staging a modest recovery up slightly by +0.62% & +0.49% respectively, while the CAC 40 is lower by -0.12%.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €2.25bn
    • Avg. tranche size €450m
    • Avg. IPT to Pricing -39.7
    • Avg. cover X 3.33
  • FIG
    • Total IG: €4.625bn
    • Avg. tranche size €514m
    • Avg. IPT to Pricing -6 (covered)
    • Avg. IPT to Pricing -22.9 (unsecured)
    • Avg. cover X 3.11
  • SSA
    • Total IG: €3.5bn
    • Avg. tranche size €1.167bn
    • Avg. IPT to Pricing -3
    • Avg. cover X 7.79

• Pipeline: The European IG pipeline currently has only 3 trades in €’s & Sterling.
  • 1 x € FIG (1 x covered - w/o 7th Sept)
  • 1 x € SSA (1 social - w/o 7th Sept)
  • 1 x £ SSA (Gilt - w/o 7th Sept)

Talking Point

• The table below sets out the 10 largest € IG Corp deals to have priced in September over the last 10yrs, a window that has consistently attracted some of the most significant corporate trades as issuers return from the summer.
• 2019 dominates the table, with 4 of the top 10 transactions pricing in that year alone, making it the single most active September over the period.
• US medical device group, Medtronic, is the only issuer to appear twice in the top 10, ranking =1st with a €6.25bn 6-tranche in 2020 & =7th with a €3.5bn 4-tranche in 2022.
• Reverse Yankees account for a significant portion of the table, with Medtronic twice, Thermo Fisher, Abbott & Enel together occupying 5 of the 10 positions. The pattern points to the structural appeal of the € market for US & US-listed corporates, with September consistently proving one of the preferred execution windows for large reverse yankee transactions.
• Healthcare is the dominant sector, with Medtronic, Thermo Fisher & Abbott accounting for 4 out of the top 10.
• The most recent entry in the table is Capgemini at =4th, with a €4bn 4-tranche last year.

Euro IG (today)

• The Sage Group plc (exp. Issue rating of BBB+ by S&P), brought its anticipated €500m (wng), fixed rate senior unsecured Reg S, 5.5yr (10th March 2032) deal. IPTs were MS+135 to +140, with guidance coming in later at MS+110 area (+/- 5bps WPIR), when books were north of €2.6bn. Books closed at that same amount (pre-rec), good at the tight end of guidance. Final books were over €2.65bn & the trade priced for €500m at MS+105. 
  • Sage last issued a €500m, 7yr, senior unsecured on the 18th of February, pricing at MS+125; 30bps tighter than IPTs from a book of €4.2bn. Prior to that the borrower tapped the Sterling market with a £300m, 12yr in February 2025, pricing then at Gilts +95. Looking back further there was a €500m, 5yr in February 2023 at MS+85; 37.5bps tighter than IPTs from a €2.85bn book.
• 3M Company (exp. Issue ratings of A3 / BBB+ / A- by Moody’s, S&P & Fitch), brought its expected € denominated, multi-tranche, senior unsecured, SEC-registered transaction consisting of 2yr, 5yr, & 8yr fixed rate notes. Each tranche was announced as €500m (wng). IPTs were MS+170 area, MS+100 area & MS+120 to +125 respectively. Keeping in that order guidance came in at MS+40, MS+70 & MS+90, all of which being +/- 2bps (WPIR). The trade priced each tranche for €5000m, at MS+38, MS+68 & MS+88 respectively.
  • 3M have not raised capital in the public markets for over a decade. Last pricing a senior unsecured, €1bn dual-tranche, 5 & 15 year back in 2016. The trade is not said to be M&A related, & appears to be opportunistic funding.
• Compass Group Plc (exp. Issue rating of A2 by Moody’s), announced a small €150m (exp) tap of their existing senior unsecured notes dated 15th January 2035. IPTs were MS+95 to +100. Books were first called above €375m (pre-rec) & guidance came in at MS+80 to +82 (WPIR). The tap sized at €250m, bringing the new outstanding amount to €1bn. Books settled at over €340m (at terms) with the trade launching at MS+80.
  • Prior to the tap the outstanding Jan 35’s had a face value of €750m (originally issued 8th January of this year). The 35’s were the long tranche of a dual-tranche offering. At the time the 9yr priced at MS+80; 35bps tighter than IPTs with a book of €2.75bn. The other 3yr tranche was also sized at €750, pricing at MS+38; 37bps tighter than IPTs, with a book of €2.5bn. Proceeds from this initial trade at the time were both GCP & to refinance all, or part of its acquisition of Vermaat.

• DZ Hyp AG (exp. Issue ratings of Aaa / AAA by Moody’s & S&P), was first to announce this morning with their expected €500m (wng) Mortgage Pfandbrief (Hypothekenpfandbrief) issue. The short 5yr (30th June 2031) will be part of the European Covered Bond Premium Segment. Guidance on the trade was in the area of MS+20. Books first called above €2bn (inc. €455m JLMs). Books were above €2.5bn (inc. €455m JLMs) & spread set at MS+13. Post-rec books were €1.92bn (inc. €455m JLMs).
  • This is the 4th covered issue by the borrower so far in 2026. The most recent (2nd of June) was a €1bn, 10yr which priced at MS+30; 6bps tighter than guidance from a €3.4bn book. Prior to that was a trade closer in maturity to today's deal, with a €1bn, 5.25yr at MS+24; 4bps tighter than guidance from a book of €2.04bn.
• Banco de Sabadell S.A. (exp. Issue ratings of Aaaa / AAA by Moody’s & DBRS) announced a € benchmark, 5yr, soft bullet Mortgage Covered Bond with guidance MS+28 area. Books above €1.75bn (inc. €180m JLMs). Final terms were for €750m at MS+22, backed by books of over €2bn (inc. €280 JLMs, pre-rec). Final books were above €2.1bn.
  • Their last issue was also a covered print, with a €500m, 6.75yr on the 12th of January, pricing atMS+28; 10bps tighter than guidance from a book of €4.85bn. Prior to that they issued a €500m, unsecured, 6.5NC5.5 senior non-preferred issue. That trade priced at MS+105; 25bps tighter than IPTs from a book of €1.5bn. 
• Credit Agricole Public Sector SCF (exp. Issue ratings of Aaa / AAA by Moody’s & S&P) announced a €750m (max), Reg S, Bearer, European Covered Bond (Premium), 6yr, with guidance of MS+40 area. Books >€1.2bn (inc. €40m JLMs). The deal launched for €500m at MS+35, with books above €1.25bn (inc. €140m JLMs, pre-rec). 
  • Today's trade is their 3rd covered deal of 2026, with the last print on the 3rd of June, with a €750m, 10yr pricing at MS+50; 6bps tighter than guidance from a book of €1.1bn. Prior to that, on the 7th of January, they priced a €750m, 7yr at MS+41; 9bps tighter than guidance from a book of €5.5bn.
• Raiffeisen Schweiz Genossenschaft (exp. Issue ratings of A / A by S&P & Fitch), announced a €500m (wng), 8NC7 Fixed-to-Fixed Rate Bail-in issue, with IPTs in the area of MS+125. Books first called above €1.5bn. Final terms were for €500m at MS+97, backed up by books of over €2.25bn (pre-rec). Final books were above €2.4bn & the deal priced €500m at MS+97.
  • The Swiss banking group is a frequent visitor to the public Swiss Franc market, though less frequent in the public € markets. Today’s deal is their first € deal since their senior, €500m, 8yr trade back in August 2024. More relevant to today’s deal was their €500m, 5.5yr, senior bail-in issued on April 25th, 2023. On that occasion the trade priced at MS+170; 10bps tighter than IPTs from a book of €900m.
• Commerzbank AG (exp. Issue ratings of Ba1 / BB by Moody’s & S&P) announced an Additional Tier 1, Perpetual NC April 2034 issue. The €750m (max) trade carried IPTs in the area of 6.625%. Books were first released at above €3bn, rising to over €3.5bn. The trade sized at the maximum €750m, with the coupon set at 6.25% (priced at par), some 12.5bps tighter than IPTs. Final books at re-offer were €3bn.
  • This is their 1st AT1 print since their €750m, PerpNC7.5 which priced at 6.625% (MS+423.5) on the 27th of May last year.
• Argenta Spaarbank SA/NV (exp. Issue rating of BBB by S&P), announced a €325m (wng), 5NC4 EuGB senior non-preferred issue with IPTs of MS+110 to +115. Books were first called above €1bn (exc. JLM). The deal launched for €325m at MS+90, with books greater than €1.1bn (pre-rec). Final books grew further still to over €1.2bn.
  • This is their 3rd visit to the public € markets in 2026, & their 2nd senior non-preferred. On the 21st of January they priced a €500m, 8NC7, SNP, Green bond, which priced at MS+108; 32bps tighter than IPTs from a book size of €3.1bn. On that occasion the deal went straight to launch from IPTs.
• Swiss Life Finance II AG (Liechtenstein) (exp. Issue rating of A- by S&P), brought a €600m (wng), 20NC10 RegS Subordinated Capital Securities issue. IPTis were in the area of MS+170. Books first called in excess of €1.5bn. Final books were above €1.25bn & the deal priced €600m at MS+143.
  • Other group entities are frequent borrowers in both the € & Chf markets. This specific entity last issued a €500m, 20NC10, Tier 2 on the 24th of September 2024. That trade priced at MS+183; 37bps tighter than IPTs from a book of €1.45bn.
• CCF Holding (exp. Issue rating of Baa3 by Moody’s), brought their anticipated €200m (wng), 2yr Senior Preferred, RegS Bearer transaction. IPTs on the trade were in the area of MS+90. Final terms set for €200m at MS+75, on the back of a book in excess of €400m. The final orderbook was over €320m.
  • This is CCF’s inaugural offering.
• M&G European Property Fund (exp. Issue rating of A by Fitch). Having mandated on Tuesday M&G announced their €500m (wng), 5yr, RegS, bearer, Senior Unsecured, Green bond with IPTs at MS+130 to +135. Guidance tightened to MS+100 (+/-2 WPIR), when books were over €2.1bn. The trade sized at €500m. The trade launched for that size at MS+100, from a book of over €1.45bn good at guidance. Books tightened to over €1.35bn.
  • There are no outstandings for the borrower, which is a REIT managed by M&G Real Estate, the property investment arm of the UK financial services giant M&G plc.

• TenneT Netherlands B.V. (exp. issue ratings of Aaa / AAA by Moody’s & S&P), having mandated yesterday, brought their Fixed Rate, senior unsecured, Reg S, Registered, dual-tranche Green transaction, comprising of a € Benchmark 7yr with guidance of MS+18 area; & €1bn (wng) 15yr with guidance of MS+40. For the 7yr books were above €6.5bn (inc. €450m JLMs) & for the 15yr above €8.5bn (inc. €425m JLMs). The trades sized at €1.5bn & €1bn respectively, with spreads fixed in turn at MS+15 & MS+37. Final books were above €7.9bn (inc. €375m JLMs) for the 7yr, & above €10bn (inc. €425m JLMs) for the 15yr.
  • Tennet Netherlands last issued a €2bn, Green, 10yr senior unsecured issue on the 25th of March, pricing at MS+27; 4bps tighter than guidance from a book of €6.8bn. Tennet GmbH & Co AG, last issued a €2.6bn, dual-tranche subordinated EuGB last month, & a €3.5bn multi-tranche, senior unsecured EuGB in July.
• Municipality Finance Plc (exp. Issue ratings of Aa1 / AA+ by Moody's & S&P), brought their anticipated €1bn (wng), Green, RegS Registered, 5yr. Guidance on the notes was in the area of MS+11. Books rose quickly to above €4.8bn (inc. €250mn JLMs), & guidance was revised to MS +9 area. Books rose further to over €7.2bn (inc. €250m JLMs) & the trade launched at MS+8. Final books closed above €8.1bn (inc. €250mn JLMs).
  • A frequent borrower in multiple currencies (Chf, SU$, US$, €, NOK & £ alone so far this year). The last € print was a €1bn, 7.5yr, on the 17th of February, that priced at MS+21; 4bps tighter than guidance from a large book of €9.5bn.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• HSBC Holdings plc (exp. Issue ratings of A3 / A- / A+ by Moody's, S&P & Fitch) brought a 9NC8 SEC Registered, senior unsecured, Hold Co, £ benchmark, fixed-to-floating issue. IPTs on the trade were in the area of UKT+120. The deal launched for £750m at UKT+103.
  • This is HSBC Holdings first Sterling print of 2026, having last brought a £750m, 8NC7, fixed-to-floating, Reg S, Hold Co trade on May the 15th of 2025. That trade priced at Gilts+145; 15bps tighter than IPTs. 

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• Nederlandse Waterschapsbank N.V. (exp. Issue ratings of Aaa / AAA by Moody’s & S&P), waited until mid morning to announce a tap of their existing, senior unsecured 0.735%, 6th June 2035 issue. Initial size of Chf100m with price initially touted at SARON MS+27. Size grew to Chf115m, finally pricing Chf130m.
  • The original bond was priced on the 12th of May last year for Chf120m at SARON MS+31. Since then the borrower has tapped the public Swiss Franc market 6 times for a collective Chf570m with maturities ranging from 10 to 20 years.

Week-to-date volumes:

US$ Reg S (today)

• None

Pending Deals & Mandates

Euro (€)

• 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.

• 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

PRICED: Nederlandse Waterschapsbank CHF 130m 8.75yr Sr Unsec; SARON MS+27

IGC European Market: Deal Flow - SSA

Reoffer: 8.75yr: SARON MS+27 / 98.515 / 0.9133%
Benchmark: 8.75yr: Govt + 52.1

Launched: 8.75yr: CHF 130m @ SARON MS+27
Spread set at: 8.75yr: SARON MS+27 - Books to close at 11:45am CET
Guidance: 9yr: SARON MS+27

• Issuer: Nederlandse Waterschapsbank N.V.
• Ticker: NEDWBK
• Issuer Domicile: The Netherlands
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Social Notes
• Ranking: All Notes will constitute unsecured and unsubordinated obligations of the Company and will rank pari passu without any preference among themselves and with all other present and future unsecured and unsubordinated obligations of the Company, save for those preferred by mandatory provisions of the law.
• Issuer Rating: AAA/AAA (Moody's/S&P)
• Instrument Rating (exp): Aaa/AAA (Moody's/S&P)
• Issue Size: CHF 130mm (new total size: CHF 250mm)
• Coupon: 0.735% p.a. (30/360, following unadj.)
• Maturity: 8 years 252 days (24-Sep-26 to 06-Jun-35)
• Spread/Yield: SARON MS +27.0 // YTM 0.9133% // Govt + 52.1
• Issue Price: 98.515%
• ISIN / Valor: CH1605365068 / 160.536.506
• Accrued Interest: 108 days
• Original ISIN / Valor: CH1415780126 / 141.578.012
• Lead Manager(s): Deutsche Bank
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 2a)
• Documentation: Off the Issuer's EUR 75,000,000,000 Debt Issuance Program dated 24-Apr-26 as supplemented from time to time
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: Law of the Netherlands
• Covenants: PP, NP
• SIX Listing: 22-Sep-26
• Use of Proceeds: The proceeds of the Notes will be utilized for lending to Social Housing Organizations in the Netherlands according to the Issuer’s Social Bond Framework.
• Social Bond Framework: https://nwbbank.com/application/files/9517/5328/1899/NWB_Bank_Social_Bond_Framework_2025.pdf
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: As per EMTN programme. Prohibitions of sales to EEA and/or UK retail investors apply
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels), subject to applicable selling restrictions. Public Offering in Switzerland only.

PRICED: Municipality Finance €1bn 5yr Green Sr Unsec; MS+8bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+8bp / 99.668 / 3.323%
Benchmark: 5yr: OBL 2.9 Oct-31 / 99.09 / B+23bp / HR 98%

5yr: Final books above €8.1bn (incl. €250m JLM). Peak book above €8.1bn (incl. €250m JLM)

Launched: 5yr: €1bn @ MS+8bp - Books above €7.2bn (incl. €250m JLM)
Rev Guidance: 5yr: MS+9a - Books above €4.8bn (incl. €250m JLM)
Guidance: 5yr: MS+11a

• Issuer: Municipality Finance PLC
• Ticker: KUNTA
• Issuer LEI: 529900HEKOENJHPNN480
• Issuer Ratings: Aa1/AA+ (Moody's - stable / S&P - neg. outlook)
• Format: Senior, Unsecured, Reg S, Registered
• Size: €1bn
• Settlement Date: 10-Sep-26 (T+5)
• Maturity: 14-Sep-31
• Coupon: 3.250% p.a., Act/Act ICMA, long first coupon on 14-Sep-27
• Reoffer: 99.668 / 3.323% / MS+8bp
• Benchmark: +23bp vs. 2.9% OBL Oct-31 (99.09) - HR 98%
• Ranking: Senior Unsecured
• Denominations: €100,000 × €1,000
• Documentation: Issuer's Debt Issuance Programme
• Listing: Nasdaq Helsinki Stock Exchange (Regulated market)
• Settlement: Euroclear/Clearstream
• Governing Law: English
• ISIN: XS3500110997
• Bookrunners: Danske Bank, DZ Bank, J.P. Morgan (B&D/DM), SEB
• Timing: PRICED - TOE 12:49 LDN / 13:49 CET - FTT immediately
• UoP: 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
• Target Market: The manufacturer target market (MIFID II / UK MiFIR product governance) as assessed by the lead managers is eligible counterparties and professionals (all distribution channels)
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Advertisement: The MTN Programme Offering Circular is available at: https://www.kuntarahoitus.fi/wp-content/uploads/2026/05/EUR-50b-MTN-Programme-Offering-Circular-2026.pdf

PRICED: CCF Holding €200m 2yr SP; MS+75bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: MS+75bp / 99.938 / 3.908%
Benchmark: 2yr: BKO 2.7% Sep-28 @ 99.499 / B+ 95.5bp / HR 98%

Final orderbook: €320m+. Peak Books €400m+

Launched: 2yr: €200m @ MS+75bp - Books €400m+
IPTs: 2yr: MS+90a

• Issuer: CCF Holding
• LEI: 969500ULNMJWJWCKM704
• Expected Rating of the Notes: Baa3 (Moody's)
• Status of the Notes: Senior Preferred
• Issue Amount: €200m
• Form of the Notes: Dematerialised Reg S Bearer
• Trade Date: 3-Sep-26
• Settlement Date: 10-Sep-26 (T+5)
• Maturity Date: 10-Sep-28 (2yr)
• Reoffer: 99.938 / MS+75bp / 3.908%
• Benchmark: 95.5bp vs BKO 2.7% Sep-28 @ 99.499 / HR 98%
• Interest Payment Date(s): 10 September in each year, commencing on 10-Sep-27 up to (and including) the Maturity Date
• Coupon: 3.875% Annual Act/Act ICMA, Following Business Day Convention (unadjusted)
• Business Days: T2 and Paris
• Redemption Basis: 100%
• Sole Lead Manager: Goldman Sachs Bank Europe SE
• Use of Proceeds: General Corporate Purposes
• ISIN / Common Code: FR001401ASU7 / 350011366
• Denominations: €200k x €200k
• Listing: Euronext Growth
• Governing Law: French Law
• Clearing System(s): Euroclear France, Euroclear / Clearstream
• Documentation: As per the Issuer's Preliminary Offering Memorandum dated 2-Sep-26
• 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 clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs disclosure document /CCI product summary
• Timing: PRICED – TOE 14:04 LDN / 15:04 CET FTT 14:30 LDN / 15:30 CET

PRICED: The Sage Group plc €500m 5.5yr Sr Unsec; MS+105bp

IGC European Market: Deal Flow - General

Reoffer: 5.5yr: MS+105bp / 100 / 4.285%
Benchmark: 5.5yr: DBR 0% Feb-32 @ 84.78 / B+120.4bp / HR: 107%

Tranche 1 (5.5yr): Final Books €2.65bn+. Peak book €2.65bn+

Launched: 5.5yr: €500m @ MS+105bp - Books closed €2.6bn (pre-rec, good at tight end of guidance)
Guidance: 5.5yr: MS+110a - Books north of €2.6bn
IPTs: 5.5yr: MS+135/140bp

• Issuer: The Sage Group plc
• Issuer LEI: 2138005RN5XYLTF8G138
• Guarantor: Sage Treasury Company Limited
• Guarantor LEI: 2138006TSK7BN1MDC772
• Issuer Rating: BBB+ Stable (S&P)
• Exp. Issue Rating: BBB+ (S&P)
• Ranking/Format: Senior, Unsecured, Reg S Bearer, NGN, TEFRA D rules apply (no communications with or into the U.S.)
• Size: €500m
• Settlement: 10-Sep-26 (T+5)
• Maturity: 10-Mar-32 (5.5 year)
• Reoffer: MS+105 / 100 / 4.285%
• Reference Benchmark: 120.4bps vs DBR 0% Feb-32 @ 84.78 / 3.081% (HR: 107%)
• Coupon: 4.2805% Fixed, Annual, ACT/ACT (ICMA), Short First
• Denoms: €100k x 1k
• Early Redemption: 3-month Par Call / MWC (B+20bps) / CoC (100%) / Clean-Up Call (80%)
• Documentation: EMTN Base Prospectus dated 5-Feb-26, as supplemented by the Supplement dated 28-Aug-26
• Listing: London Stock Exchange (Main Market)
• Governing Law: English Law
• Clearing: Euroclear and/or Clearstream, Luxembourg
• ISIN: XS3491327378
• UoP: General Corporate Purposes including the refinancing of the outstanding €500m 3.820% Notes due February 2028
• Joint Bookrunners: BofA (B&D), HSBC, JPM, NatWest
• Selling Restrictions: US: Regulation S (Category 2) only; TEFRA D and as per Base Prospectus
• Canadian Sales: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• UK MiFIR Target Market/PRIIPs: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or CCI Product Summary has been prepared as the Notes are not available to retail investors in the EEA or the UK.
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA will apply.
• Advertisement: This communication is an advertisement and does not comprise a prospectus for the purposes of the Prospectus Rules: Admission to Trading on a Regulated Market Sourcebook. The Base Prospectus is available at https://www.rns-pdf.londonstockexchange.com/rns/9614R_1-2026-2-5.pdf and the Supplement dated 28-Aug-26 is available at https://www.rns-pdf.londonstockexchange.com/rns/6613S_1-2026-8-28.pdf. The Final Terms, when published, will be available at www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
• Timing: PRICED. ToE: 14.07 UKT / FTT: 14.45 UKT

5.5yr (Mar 2032) @ MS+135/140
Implied Spread for fresh 5.5yr @ MS+100
Priced at MS+105
NIC of 5

PRICED: Crédit Agricole Public Sector SCF €500m 6yr CB; MS+35bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+35bp / 99.464 / 3.601%
Benchmark: 6yr: DBR 1.7 15-Aug-32 @ 92.542 / B+50.7bp / HR 104%

Tranche 1 (6yr): Peak book above €1.25bn (incl. €140m JLM interest) - pre-rec

Launched: 6yr: €500m @ MS+35bp - Books above €1.25bn (incl. €140m JLM interest) - pre-rec
Book update: Books above €1.2bn (incl. 40mn JLM interest)
Guidance: 6yr: MS+40a

• Issuer: Crédit Agricole Public Sector SCF
• LEI: 969500CN2FOU71HFHW51
• Type: Obligations Foncières- ECB Eligible –ECBC Covered Bond Label (Premium)/European Covered Bond (Premium) -10% RW
• Exp. Ratings: Aaa/AAA (Moody's/S&P)
• Form of the Covered Bonds: Reg S Bearer Dematerialised Covered Bonds
• Issue Size: €500m
• Maturity: 14-Sep-32 – 6Y soft bullet
• Settlement: 14-Sep-26 (T+7)
• Coupon: 3.5% Fixed Annual, Act/Act ICMA
• Reoffer: MS+35bp / 99.464 / 3.601%
• Benchmark: DBR 1.7 15-Aug-32 @ 92.542 / B+50.7bp / HR 104%
• List/Law/Denoms: Paris / French / €100k+100k
• ISIN: FR001401ATK6
• Documentation: The terms set out in this Term Sheet are subject entirely to the terms and conditions set forth in the final terms (referred to in this Term Sheet as the "Final Terms") and the base prospectus dated 3-Jul-26 and any supplement thereto, in connection with the Euro 10,000,000,000 EMTN Programme for the issue of Obligations Foncières (the "Base Prospectus", together with the Final Terms, the "Covered Bonds Documentation").
• EU MiFID II / UK MiFIR Target Market: Professional clients/ECPs-Only (each as defined according to EU MiFID II and/or in the COBS and the UK MiFIR as applicable).
• Fees: The Banks 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.
• Global Coordinator: Crédit Agricole CIB
• Joint Bookrunners: Crédit Agricole CIB, DZ Bank AG, KBC, Nord/LB, Raiffeisen Bank International, Santander and Swedbank
• Timing: Priced TOE: 15:20 CET | FTT: 15:45 CET
• Advertisement: Base Prospectus dated 3-Jul-26 as supplemented is available on the following https://www.credit-agricole.com/en/pdfPreview/210828

Covered
6yr (Sep 2032) @ MS+40a
Implied Spread for fresh 6yr @ MS+30
Priced at MS+35
NIC of +5

PRICED: DZ HYP AG €500m Short 5yr CB; MS+13bp

IGC European Market: Deal Flow - General

Reoffer: Short 5yr: MS+13bp / 99.597 / 3.344%
Benchmark: Short 5yr: OBL 2.9% 08-Oct-31 (DE000BU25075) @ 99.195 / B+27.4bp & OBL 2.5 Apr-31 (DE000BU25067) @ 97.665 / B+29.8bp

Short 5yr: Final Books €1.92bn (post-reconciliation) (incl. €455m JLM). Peak book above €2.5bn (pre-reconciliation) (incl. €455m JLM)

Spread set at: Short 5yr: MS+13bp - Books above €2.5bn (incl. €455m JLM)
Book Update: Books above €2bn (incl. €455m JLM interest)
Guidance: Short 5yr: MS+20a

• Issuer: DZ HYP AG
• Ticker: DZHYP <Corp> <GO>
• Issue Type: Mortgage Pfandbrief, European Covered Bond (Premium)
• Format: Reg S, bearer Tefra C
• Expected Issue Rating: Aaa/AAA (Moody's/S&P)
• Size: €500m
• Coupon: 3.25% fixed, annual act/act ICMA 251, short first cpn
• Value Date: 10-Sep-26 (T+5)
• Maturity Date: 30-Jun-31
• Reoffer: 99.597 / 3.344%yld / MS +13bps
• Benchmark: +27.4bps vs. OBL 2.9% 08-Oct-31 (DE000BU25075), cash 99.195 & +29.8bps vs. OBL 2.5 Apr-31 (DE000BU25067), cash 97.665
• Leads: CACIB, Deutsche Bank, DZ BANK (B&D), Helaba, Standard Chartered Bank AG, Swedbank
• Listing: Hamburg Stock Exchange (Regulated market)
• Denoms/Law: €1k + 1k, German
• ISIN/WKN/Series: DE000A4DFKV8 / A4DFKV8 / 1290
• Target Market: The target market for the bonds is eligible counterparties, professional clients and retail clients, each as defined in MiFID II & UK MiFIR (all channels for distribution of the bonds are appropriate).
• Advertisement: The Prospectus dated 11-May-26 is available at https://www.luxse.com/programme/Programme-DZHyp/12937 and the Final Terms, when published, will be available at https://www.dzhyp.de/en/investor-relations/informations-for-investors/debt-issuance-programme/
• Public offer restrictions: Public offer (retail) may be made in Luxembourg and Germany during the Offer Period on 9 and 10-Sep-26. Elsewhere in the EEA subject to any national restrictions on offers in such EEA states, offers to qualified investors (as defined in the Prospectus Regulation) may be made. See Prospectus and Final Terms for further details.
• Timing: Priced, TOE 15:26 CET / FTT 16:00 CET

Covered
S 5yr (Jun 2031) @ MS+20a
Implied Spread for fresh S 5yr @ MS+13
Priced at MS+13
NIC of 0

PRICED: Argenta Spaarbank €325m 5NC4 EuGB SNP; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 5NC4: MS+90bp / 99.609 / 4.108%
Benchmark: 5NC4: OBL 2.4 18-Apr-30 #191 (DE000BU25042) @ 97.935 / B+109.8bp / HR 108%

Tranche 1 (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
• ISIN: BE6377154834
• Issue Ratings: Exp. BBB (S&P)
• Format: Senior Non-Preferred, Reg S, Dematerialised
• Size: €325m
• Settlement: 10-Sep-26 (T+5)
• Maturity Date: 10-Sep-31
• Optional Redemption Date: 10-Sep-30
• Call Option: Applicable. At par on 10-Sep-30 ("Optional Redemption Date")
• Coupon: 4%, 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
• Timing: Priced. ToE 14:36 UKT / 15:36 CET | FTT 14:55 UKT / 15:55 CET
• 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

Senior Non-Preferred EuGB
NC4yr (Sep 2030) @ MS+110/115
Implied Spread for fresh NC4yr @ MS+80
Priced at MS+90
NIC of +10

PRICED: Swiss Life Finance II AG €600m 20NC10 Sub; MS+143bp

IGC European Market: Deal Flow - General

Reoffer: 20NC10: MS+143bp / 99.61 / 4.8%
Benchmark: 20NC10: DBR 3 15-Aug-36 @ 97.09 / B+145.2bp / HR 95%

Tranche 1 (20NC10): Final books above €1.25bn. Peak book in excess of €2bn (pre-rec)

Launched: 20NC10: €600m @ MS+143bp - Orderbook in excess of €2bn (pre-rec)
Book update: Orderbook in excess of €1.5bn
IPTs: 20NC10: MS+170a

• Issuer: Swiss Life Finance II AG (Liechtenstein)
• Guarantor I: Swiss Life AG
• Guarantor II: Swiss Life Holding AG
• Instrument: Callable Subordinated Capital Securities
• Guarantor I Rating: A+ (S&P / stable)
• Guarantor II Rating: A- (S&P / stable)
• Expected Issue Rating: A- (S&P)
• Format: Reg S (Cat. 2), uncertificated securities (Wertrechte), Tier 2
• Status: The Bonds constitute direct, subordinated and unsecured obligations of the Issuer, guaranteed (on a subordinated basis by the Guarantors – see "Status of the Guarantees" below), ranking junior to claims of any Issuer Senior Creditors, pari passu with the claims of the holders of any Issuer Parity Instruments and senior to the claims of the holders of any Issuer Junior Instruments
• Status of the Guarantees: Subordinated guarantees issued by Guarantors I and II, respectively
• Reoffer: 99.61 / MS+143 / 4.8% yld
• Benchmark: +145.2bps vs DBR 3 15-Aug-36 (97.09 px), HR 95%
• Issue Amount: €600m
• Settlement Date: 10-Sep-26 (T+5)
• First Reset Date: 10-Sep-36, annual thereafter
• Maturity / Term: 10-Sep-46, at par subject to no Solvency Event occurring or being caused to occur as a result of the redemption
• Coupon structure: 4.75% per annum, payable annually in arrear on 10 September each year, commencing on 10-Sep-27 until (and including) the First Reset Date, then resets every 5 years at the Subsequent Fixed Interest Rate
• Subsequent Fixed Interest Rate: Sum of 5y EUR mid-market swap rate plus Initial Margin plus 100bps step-up
• Initial Margin: 143bps
• Optional Redemption: At the First Reset Date and on any Interest Payment Date thereafter, in whole but not in part, at par plus any accrued interest plus any Deferred Interest, subject to further conditions
• Special Early Redemption: Upon the occurrence of a Tax Event, a Rating Agency Event or a Regulatory Event at par plus any accrued interest plus any Deferred Interest, subject to further conditions
• Clean-up redemption: At any time after the Issue Date at par plus any accrued interest plus any Deferred Interest, if 80% or more of the initial aggregate principal amount of the Bonds has been redeemed, or purchased and cancelled, subject to further conditions
• Optional deferral of interest payments: Interest payments on the Bonds are deferrable, in whole but not in part, at the option of the Issuer on an Optional Interest Payment Date, subject to prior notice to bondholders and no Compulsory Interest Payment Event having occurred in relation to a distribution, redemption, repayment, repurchase or any other acquisition for purposes of cancellation of junior or parity securities of the Issuer or a Guarantor in the preceding 6 months
• Solvency deferral of interest: Mandatory deferral if (i) a Guarantor does not have appropriate funds to cover the Required Solvency Margin, (ii) Issuer and/or a Guarantor has reasonable grounds for concerns to be unable to pay its debt owed to its creditors as they fall due, (iii) Issuer and/or a Guarantor has reasonable grounds for concern to be overindebted, or (iv) upon FINMA request (all constituting a "Solvency Event")
• Business Days: Zurich, Vaduz, T2
• Business Day Method / Day Count: Following (unadjusted), 30/360
• Selling Restrictions: The Bonds are subject to restrictions on their offering, sale and delivery both generally and specifically, inter alia, in the United States and to U.S. persons, the European Economic Area and the United Kingdom, as set out in the Preliminary Prospectus
• Documentation: Preliminary Prospectus dated 2-Sep-26
• Governing Law: Swiss Law (except for Issuer's subordination clause which is governed by Liechtenstein law)
• Denominations: €100k + 1k
• Clearing Systems / Listing: SIX SIS Ltd / SIX Swiss Exchange
• Use of Proceeds: The net proceeds of the Bonds will be used for general corporate purposes, including potential future debt refinancing
• ISIN / Common Code: CH1598620032 / [•]
• LEI: 549300YS5BXPRDMWHH23
• Joint Lead Managers: Deutsche Bank, Natixis and UBS (B&D)
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU 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 EEA, the UK or elsewhere
• Timing: PRICED. TOE @ 15h36 CET. FTT 16H00 CET.

PRICED: Compass Group €250m Long 8yr Sr Unsec; MS+80bp

IGC European Market: Deal Flow - General

Reoffer: Long 8yr: MS+80bp / 95.685 / 4.119%
Benchmark: Long 8yr: DBR 2.6 15-Aug-34 @ 95.59 / B+88bp / HR 101%

Tranche 1 (Long 8yr): Peak book >€375m (pre-rec)

Launched: Long 8yr: €250m @ MS+80bp - Books >€340m (at terms)
Guidance: Long 8yr: MS+80/82bp - Books >€375m (pre-rec)
IPTs: 8yr: MS+95/100bp

• Issuer: Compass Group PLC (Ticker: "CPGLN", Country: GB)
• Issuer LEI: 2138008M6MH9OZ6U2T68
• Issuer Ratings: A2 (stable) / A (stable) (Moody's / S&P)
• Expected Note Ratings: A2 (Moody's)
• Format: Reg S, Bearer, Cat 2, TEFRA D, NGN
• Ranking: Senior, Unsecured
• Settlement: 10-Sep-26 (T+5)
• Maturity: 15-Jan-35
• Size: €250m
• Reoffer: MS+80bps / 95.685 cash px / 4.119% ann. yield
• Benchmark: DBR 2.6 15-Aug-34 + 88bps (@ 95.59), HR 101%
• Call Options: 3-month par call, MWC, Clean-Up Call (75%)
• Denominations: €100k+€1k
• Reference Benchmark: DBR 2.600% due 15-Aug-34
• Original ISIN: XS3232968985
• Temporary Tap ISIN: XS3490003855
• Coupon: 3.500% Fixed, Annual, ACT/ACT (ICMA)
• Documentation: Under the Issuer's £6,000,000,000 EMTN Programme dated 18-Jun-26
• Selling Restrictions: Yes (US: Reg S, Cat 2, TEFRA D; UK; EEA)
• Use of Proceeds: General Corporate Purposes
• 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, Societe Generale
• B&D: Barclays
• Clearing: Euroclear / Clearstream, Luxembourg
• Advertisement: The Base Prospectus, along with the Final Terms, once published, are available at: https://www.compass-group.com/en/investors/debt-investors.html
• Timing: PRICED. TOE 14.34 UKT FTT 15.00 UKT

PRICED: M&G European Property Fund SICAV-FIS €500m 5yr Sr Unsec; MS+100bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+100bp / 98.969 / 4.233%
Benchmark: 5yr: DBR 0 Aug-31 TWIN @ 86.186 / B+117.6bp / HR 106%

Tranche 1 (5yr): Final Books in excess of €1.35bn. Peak book > €2.1bn

Launched: 5yr: €500m @ MS+100bp - Books > €1.45bn good at Guidance
Guidance: 5yr: MS+100bp+/-2 WPIR - Books > €2.1bn
IPTs: 5yr: MS+130/135bp

• Issuer: M&G European Property Fund SICAV-FIS
• Ticker: MNGEPF
• Country: LU
• 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
• Settlement Date: 10-Sep-26 (T+5)
• Size: €500m
• Maturity: 10-Sep-31 (5-year)
• Reoffer: MS+100bp / 98.969 / 4.233%
• Benchmark: DBR 0 Aug-31 TWIN (86.186) +117.6 / HR 106%
• Coupon: 4% 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 (B+20bp)/ 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 See definitions and exceptions set out in Condition 5.
• 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
• 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.
• TOE/ FTT: TOE 14.50 UKT / 15.50 CET FTT 15.20 UKT / 16.20 CET

Green
5yr (Sep 2031) @ MS+130/135
Implied Spread for fresh 5yr @ MS+100
Priced at MS+100
NIC of 0

PRICED: Raiffeisen Schweiz Genossenschaft €500m 8NC7 SNP; MS+97bp

IGC European Market: Deal Flow - General

Reoffer: 8NC7: MS+97bp / 100 / 4.255%
Benchmark: 8NC7: DBR 2.6 15-Aug-33 @ 96.36 / B+106.2bp / HR 99%

Tranche 1 (8NC7 Fixed Rate Reset): Final books above €2.4bn. Peak book above €2.4bn.

Launched: 8NC7: €500m @ MS+97bp - Books above €2.25bn (pre-rec)
Book update: Books above €1.5bn
IPTs: 8NC7: MS+125a

• Issuer: Raiffeisen Schweiz Genossenschaft (Ticker: RAIFFS)
• Issuer LEI: 5299006GIHQ1ELISCV48
• Issuer ratings: AA- / AA- (S&P / Fitch), stable outlook
• Expected instrument ratings: A / A (S&P / Fitch)
• Instrument: Bail-in bonds in the form of uncertificated securities (einfache Wertrechte). The conversion of the uncertificated securities into a permanent global certificate (Globalurkunde) or into individually certificated securities (Wertpapiere) is excluded.
• Status / Subordination: The Bonds constitute direct, unsecured and unconditional obligations of the Issuer, ranking junior to other unsubordinated claims of the Issuer and to deposits of the Issuer in a restructuring proceeding with respect to the Issuer (bail-in bonds).
• Size: €500m
• Pricing Date: 3-Sep-26
• Settlement Date: 14-Sep-26 (T+7)
• Maturity: 14-Sep-34
• Optional Redemption Date: 14-Sep-33 (one-time call)
• Tenor: 8NC7
• Re-Offer: MS+97bps / 4.255% / 100 (Par)
• Reference Bund: DBR 2.6 15-Aug-33 (96.36 / B+106.2bps / HR: 99%)
• Title of the Notes: EUR 500m 4.255 per cent. 8NC7 Fixed-to-Fixed Rate Bail-in Bonds due 2034
• Interest: From (and including) the Interest Commencement Date until (but excluding) the Optional Redemption Date: 4.255 % p.a. From (and including) the Optional Redemption Date until (but excluding) the Maturity Date: Reset Interest Rate, which is the greater of (i) the sum of the Relevant Market Rate and the margin of 0.97 % p.a. and (ii) zero.
  Relevant Market Rate: EUR mid-swap rate for a term of one year prevailing at 11:00 a.m. (CEST) on the Bloomberg page "ICAP EUR Swaps" (or its successor page) on the Interest Determination Date, as determined by the Issuer, or, if it cannot be determined in this way, a comparable capital market rate for EUR for a term of one year determined by an independent expert of international repute to be appointed by the Issuer, if necessary with reference to existing capital market rates or reference interest rates. If, in the opinion of the independent expert, a recognized capital market rate or reference interest rate for EUR for a term of one year exists at that time and has become established as the standard, the expert shall base his determination on this capital market rate or reference interest rate for the determination of the Relevant Market Rate. If the Issuer and an independent expert of international repute are unable to determine the Relevant Market Rate on the Interest Determination Date, the Reset Interest Rate will be equal to the existing interest rate.
  The Interest Determination Date means the fourth T2 Date before the Optional Redemption Date. T2 Date means a day on which all relevant parts of the real-time gross settlement system operated by the Eurosystem or any successor system are operational.
• Day Count Fraction: Act/Act ICMA
• Business Day Convention (Fixed rate period): Following
• Business Days: T2, Zurich
• Interest Payment Dates (Fixed rate period): 14 September in each year, commencing on 14-Sep-27
• Issue and reoffer price: 100% of the aggregate principal amount of the Bonds
• Final Redemption: 100% of the aggregate principal amount of the Bonds
• Documentation: In accordance with the Issuer’s bail-in bond issuance programme multi-part base prospectus consisting of the Summary and Securities Note dated 30-Apr-26 and the Registration Document dated 30-Apr-26, as supplemented by the supplement dated 29-Aug-26, pursuant to article 44(2) and article 45 of the FinSA (the Base Prospectus) and final terms.
• FINMA measures / Acknowledgment by the Holders of Bonds: In the event of a restructuring proceeding involving the Issuer, FINMA may order all measures to which it is entitled under the then applicable financial market regulations.
  Such measures may also affect the Bonds:
  In a restructuring proceeding, and in compliance with the legal requirements, FINMA may order the merger of the Issuer with other legal entities and/or its conversion into another legal form, also affecting the Bonds.
  While bail-in is subject to the Swiss Banking Act, including NCWOL protection according to article 30c and 31(3) thereof, Holders of the Bonds also expressly and irrevocably agree, by purchasing Bonds of a Series, to accept the FINMA Measures and their effect on the rights of the Holders under the Bonds as binding on them in full and without limitation even if it should turn out that their position would have been better in a bankruptcy of the Issuer. By purchasing Bonds, they expressly waive the right to bring or in any way assert any claims in this regard against the Issuer, other creditors of the Issuer, FINMA or other legal entities.
  • whether by way of a full or partial reduction of the nominal value of the Bonds (including a write-down to zero),
  • a conversion of the claims under the Bonds into equity of the Issuer
  • a transfer of the Bonds to a new legal entity and/or in any other way
• Early redemption: The Bonds may be redeemed prior to the Maturity Date at the option of the Issuer in whole, but not in part, at par plus any accrued but unpaid interest thereon on the Optional Redemption Date, subject to a notice period of at least 15 and maximum 60 days. The Issuer shall be entitled, subject to the approval of FINMA if applicable, to redeem the outstanding Bonds, in whole but not in part, upon the occurrence of a Tax Change or a Regulatory Change or following repurchase and cancellation of at least 85% of the original principal amount, subject to a notice period of at least 15 and maximum 30 days.
• Issuer substitution: To the extent permitted by applicable financial market regulations, the Issuer may at any time, without the consent of Holders of the Bonds, substitute another legal entity as debtor for the obligations under the Bonds in accordance with Condition 10 of the General Terms and Conditions of the Bonds.
• Changes due to adjustment of financial market regulations: If the applicable financial market regulations enable the Issuer to issue bonds qualifying as additional loss-absorbing funds, the regulatory terms of which differ from those of the present Bonds, the Issuer shall be entitled to make corresponding changes in the terms and conditions without the consent of the Holders of the Bonds, after which the Bonds shall still qualify as additional loss-absorbing funds within the meaning of the financial market regulations subject to certain conditions as per Condition 15(b) of the General Terms and Conditions of the Bonds, including a requirement that the interests of the Holders of the Bonds are not materially affected thereby and FINMA has given its consent to such amendments.
• No set-off: Claims under the Bonds may not be set off against claims of the Issuer.
• Use of proceeds: General corporate purposes
• Product Governance: Manufacturer target market (EU MiFID II / UK MiFIR product governance): eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs key information document (KID) / CCI disclosure has been prepared as not available to retail in EEA and UK.
• Sales Restrictions: In particular, USA and U.S. persons, Italy and prohibition of sales to retail investors in the EEA and the UK.
• Joint Lead Managers: Deutsche Bank, DZ BANK AG, J.P. Morgan, Morgan Stanley, Raiffeisen Schweiz Genossenschaft (no books), UBS Investment Bank (B&D)
• Listing: SIX Swiss Exchange
• Denomination: EUR 100,000 (and integral multiples thereof)
• Primary clearing system and CSD: SIX SIS AG
• ISIN / Valor / Common Code: CH1579254470 / 157’925’447 / A common code will be obtained following pricing
• Governing law/ Place of J.: Swiss law / St. Gallen
• Availability of Documents: Copies of the Base Prospectus, any supplements to its individual parts and the Final Terms, if and when available, as well as the documents incorporated by reference therein are available at Raiffeisen Schweiz Genossenschaft, Capital Markets, The Circle 66, CH 8058 Zurich-Airport, Switzerland, or can be ordered by telephone (+41-44-226 73 00) or by e-mail (rch_kapitalmarkt@raiffeisen.ch).
  In addition, the Base Prospectus and any available supplements can be downloaded at https://www.raiffeisen.ch/rch/de/ueber-uns/raiffeisen-group-for-investors/bond-issuances.html. The documents incorporated by reference can be downloaded at
  https://www.raiffeisen.ch/rch/de/ueber-uns/raiffeisen-gruppe/organisation.html
  https://www.raiffeisen.ch/geschaeftsbericht, https://www.raiffeisen.ch/rch/de/ueber-uns/raiffeisen-group-for-investors/press-releases.html and https://www.raiffeisen.ch/rch/de/ueber-uns/raiffeisen-gruppe/finanzinformationen/offenlegung.html, or ordered at the address above.
• Timing: TOE 14:49 UKT / FTT 15:10 UKT

PRICED: TenneT Netherlands B.V. €2.5bn 7yr & 15yr Green Sr Unsec; MS+15bp & MS+37bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+15bp / 99.657 / 3.431% 15yr: MS+37bp / 98.776 / 3.859%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 96.43% / 3.181% / B+25bp (HR: 102%) 15yr: DBR 2.6 15-May-41 @ 88.51% / 3.622% / B+23.7bp (HR: 107%)

Tranche 1 (7yr Green): Final books above €7.9bn (incl. €375m JLM). Peak book above €7.9bn (incl. €375m JLM)
Tranche 2 (15yr Green): Final books above €10bn (incl. €425m JLM). Peak book above €10bn (incl. €425m JLM)

Launched: 7yr: €1.5bn @ MS+15bp - Books above €6.5bn (incl. €450m JLM) 15yr: €1bn @ MS+37bp - Books above €8.5bn (incl. €425m JLM)
Guidance: 7yr: MS+18a 15yr: MS+40a

• Issuer: TenneT Netherlands B.V. (TENNNL)
• LEI: 724500N24X9VLIRO3K10
• Exp. Issue Rating: Aaa / AAA (Moody's / S&P)
• Status: Senior unsecured, unsubordinated, explicitly, unconditionally and irrevocably guaranteed by the State of the Netherlands
• Format: 0% RW, HQLA Level 1, Registered Notes, NSS, Reg S, Category 1
• Settlement: 10-Sep-26 (T+5)
• Maturity:
  • 7-year: 10-Sep-33
  • 15-year: 10-Sep-41
• Size:
  • 7-year: €1.5bn
  • 15-year: €1bn
• Reoffer:
  • 7-year: MS+15bp / 99.657% / 3.431%
  • 15-year: MS+37bp / 98.776% / 3.859%
• Benchmark:
  • 7-year: DBR 2.6 15-Aug-33 @ 96.43% / 3.181% / B+25bp (HR: 102%)
  • 15-year: DBR 2.6 15-May-41 @ 88.51% / 3.622% / B+23.7bp (HR: 107%)
• Coupon:
  • 7-year: 3.375%, Fixed, Annual, ACT/ACT (ICMA), full first coupon to be paid on 10-Sep-27
  • 15-year: 3.75%, Fixed, Annual, ACT/ACT (ICMA), full first coupon to be paid on 10-Sep-27
• Listing: Euronext Amsterdam
• Governing Law: Dutch Law
• Denoms: €100k+€1k
• ISIN / Common Code:
  • 7-year: XS3495741525 / 349574152
  • 15-year: XS3495741798 / 349574179
• Target Market: The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK disclosure document required by DISC
• Docs: Issuer's EMTN Programme
• UOP: An amount equivalent to the net proceeds from the issue of the notes will be used to finance, refinance and/or invest in Eligible Green Investments, as set out in the Issuer's Green Financing Framework dated 5-Dec-25
• Global Coordinators: BNP Paribas, Deutsche Bank
• Bookrunners: ABN AMRO, BNP Paribas (B&D), Deutsche Bank, HSBC, ING and UniCredit
• Timing:
  • 7-year: ToE 15h33 CET / FTT 15h33 CET
  • 15-year: ToE 15h33 CET / FTT 15h33 CET
• Advertisement: The Prospectus, any supplements thereto, and the Final Terms (when published) will be available at: https://www.tennet.eu/nl-en/about-tennet/investor-relations/debt-information/emtn-programme

PRICED: HSBC Holdings £750m 9NC8 Sr Unsec; UKT+103bp

IGC European Market: Deal Flow - General

Reoffer: 9NC8: UKT+103bp / 100 / 6.061% ann / 5.972% s/a
Benchmark: 9NC8: UKT 4 1/2 07-Sep-34 @ 97.105 mid / 97.087 bid (96% HR)

Launched: 9NC8: £750m @ UKT+103bp - Books subject 12.30pm UK
IPTs: 9NC8: UKT+120a

• Issuer: HSBC Holdings plc (Ticker: HSBC)
• Issuer Ratings: A3 (Stable) / A- (Positive) / A+ (Stable) (Moody's / S&P / Fitch)
• Expected Issue Ratings: A3 / A- / A+ (Moody's / S&P / Fitch)
• Format: SEC Registered
• Ranking: Senior Unsecured
• Tenor: 9NC8
• Size: £750m
• Coupon Type: Fixed-to-Float
• Coupon: 6.061%, Fixed rate annual ACT/ACT (ICMA) until 11-Sep-34, then quarterly ACT/365 SONIA + 144 bps until maturity
• SONIA Convention: SONIA, compounded daily in arrears & paid quarterly (5-day observation shift, no lockout or payment delay)
• Reoffer: UKT+103bps / 100 / 6.061% ann / 5.972% s/a
• Benchmark Gilt: UKT 4 1/2 07-Sep-34 @ 97.105 mid / 97.087 bid (96% HR)
• Settlement Date: 11-Sep-26 (T+5)
• Interest Payment Dates: For the fixed rate period, 11-Sep-27 and each 11 September thereafter up to and including the Par Redemption Date and for the floating rate period, 11-Dec-34, 11-Mar-35, 11-Jun-35 and 11-Sep-35
• Par Redemption Date: 11-Sep-34
• Maturity Date: 11-Sep-35
• ISIN: XS3487885405
• CUSIP: G463NHAR1
• Optional Redemption by Holder: None
• Optional Redemption by Issuer:
  • Par Redemption (par call 1 year prior to maturity)
  • Certain tax events (any time)
  • Loss Absorption Disqualification Event
  • Make Whole Call 6 month from issue date to 1 year prior to maturity @ UKT+20bps
• Sole Bookrunner: HSBC
• Listing: Application will be made to list the Notes on the NYSE in accordance with its rules
• Governing Law: New York, except that the waiver of set-off provisions will be governed by the laws of England and Wales
• Use of Proceeds: General Corporate Purposes
• Risk Factors: Investors should read the Risk Factors in the Preliminary Prospectus Supplement
• Denominations: £100,000 x 1,000
• EU MiFID and UK MiFIR professionals/ECPs-only: Manufacturer target market (EU MiFID and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels)
• No EEA PRIIPs KID or UK DISC Disclosure Document: No EEA PRIIPs KID or UK DISC Disclosure Document has been prepared as not available to retail in EEA or in the UK
• Timing: 14:42 UKT / FTT Pending Term Sheet
• Sale into Canada: Yes - Exemption
• Preliminary Prospectus Supplement: See attached

PRICED: Banco de Sabadell €750m 5yr CB; MS+22bp

IGC European Market: Deal Flow - General

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)

Covered
5yr (Sep 2031) @ MS+28a
Implied Spread for fresh 5yr @ MS+22
Priced at MS+22
NIC of 0

PRICED: Commerzbank Aktiengesellschaft €750m PerpNC7 AT1; 6.2576%

IGC European Market: Deal Flow - General

Reoffer: PerpNC7: 6.2576% / 100.00

Tranche 1 (PerpNC7): Final Books €3bn at reoffer. Peak book above €3.5bn

Launched: PerpNC7: €750m @ 6.250% - Books above €3.5bn
Yield set at: PerpNC7: 6.250%
Book Update: Books above €3bn
IPTs: PerpNC7: 6.625%a

• Issuer: Commerzbank Aktiengesellschaft (the "Issuer" or the "Bank") (CMZB)
• Issuer LEI: 851WYGNLUQLFZBSYGB56
• Issuer Credit Ratings: A2 (Stable) by Moody's / A (Stable) by S&P
• Expected Issue Ratings*: Ba1 by Moody's / BB by S&P
• Instrument: Undated Non-Cumulative Fixed to Reset Additional Tier 1 Notes (the "Notes"), which are intended to constitute Additional Tier 1 Instruments of the Bank.
• Format: Reg S only, Bearer.
• Size: €750m
• Reoffer: Price : 100.00 / Yield 6.2576%
• Status and Subordination of the Notes: Direct, unsecured and subordinated, ranking pari passu among themselves and, subject to applicable laws from time to time, pari passu with all other equally subordinated obligations of the Issuer. For further information with respect to the status of the Notes please see § 2 of the Terms and Conditions of the Notes.
• Settlement Date: 10-Sep-26 (T+5)
• First Call Date: 9-Oct-33
• Reset Date: 9-Apr-34 (and any 5th anniversary of the immediately preceding Reset Date).
• Maturity: Perpetual, with no scheduled maturity date.
• Interest Payment Dates: 9 April in each year commencing on 9-Apr-27 (short first coupon).
• Optional Redemption Date: (i)each Business Day during the period from (and including) 9-Oct-33 to (but excluding) the First Reset Date;(ii) the First Reset Date and (iii) each Interest Payment Date following the First Reset Date.
• Coupon: 6.250% annual, fixed until First Reset Date (9-Apr-34). If not called, coupon refixes every 5-year at 5-year MS+295.5bps. Subject to a cancellation of interest payments.
• Optional Redemption at the option of the Issuer: The Issuer may redeem the Notes in whole, but not in part, at any time, with the prior permission of the Competent Authority, with effect as of any Optional Redemption Date.
• Optional Redemption for Regulatory Reasons, Reasons of Taxation, or as Clean-up Call: In addition, the Issuer may redeem the Notes in whole, but not in part, at any time, with the prior permission of the Competent Authority for Regulatory Reasons, for Reasons of Taxation or for a Minimal Outstanding Aggregate Principal Amount, all as more fully set out in § 5 of the Terms and Conditions of the Notes (Clean up threshold 75%).
• Trigger Event: Occurs if, at any time, the CET1 ratio on either (i) a consolidated basis or (ii) an individual basis (if applicable in the future), falls below 5.125%, all as more fully set out in § 5 (9)(a) of the Terms and Conditions of the Notes.
• Write-down: Upon the occurrence of a Trigger Event, a write-down shall be effected pro rata with all of the Issuer's other AT1 Instruments which provide for a write-down (whether permanent or temporary) or a conversion into common equity tier 1 capital instruments upon the occurrence of such Trigger Event, all as more fully set out in § 5(9)(b) of the Terms and Conditions of the Notes.
• Write-up: After a write-down has been effected, the Current Nominal Amount of each Note, unless previously redeemed or repurchased and cancelled, may be written up, all as more fully set out in § 5(9)(c) of the Terms and Conditions of the Notes.
• Business Days: Any day (other than a Saturday or a Sunday) on which the Clearing System settles payments in € as well as all relevant parts of the real-time gross settlement system operated by the Eurosystem or any successor system (T2) are open to effect payments.
• Clearing System: Clearstream Europe AG
• Denoms/Law: €200k+200k / German
• Listing: Luxembourg Stock Exchange, Regulated Market
• Selling Restrictions: Prohibition of Sales to retail investors. Further selling restrictions apply, in particular: US (TEFRA D, Reg. S only). Prospective investors are referred to the selling restrictions contained in the section headed "Subscription and Sale of the Notes" commencing on page 135 of the Securities Note dated 22-May-26.
• Target market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).Negative target market: retail clients. No key information document (KID) has been prepared as not available to retail in EEA and/or no UK CCI disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in UK / FCA CoCo restriction.
• Global Coordinator: Commerzbank
• Joint Lead Managers: Commerzbank (B&D), ING, Santander and UBS Investment Bank
• ISIN: DE000CZ45WE9
• Timing: PRICED, ToE 17:07 CET, FTT 17:25 CET
• Documentation: Commerzbank Aktiengesellschaft €5,000,000,000 Additional Tier 1 Notes Programme consisting of the Securities Note dated 22-May-26 and the Registration Document dated 22-May-26 and as supplemented by the supplement to the Registration Document dated 21-Aug-26.
• Advertisement & Links: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Registration Document and the Securities Note are, and the Final Terms, when published, will be, available at: https://investor-relations.commerzbank.com/debt-holders-information/at1-programme

PRICED: 3M Company €1.5bn 3-part Sr Unsec; MS+38bp / MS+68bp / MS+88bp

IGC European Market: Deal Flow - General

Reoffer:
2yr: MS+38bp / 99.916 / 3.554%
5yr: MS+68bp / 99.942 / 3.913%
8yr: MS+88bp / 99.379 / 4.193%

Benchmark:
2yr: DBR 0 ¼ 15-Aug-28 / B+58.1bp
5yr: DBR 0 15-Aug-31 / B+82.7bp
8yr: DBR 2.6 15-Aug-34 / B+94.2bp

Allocations available in the system

Launched:
2yr: €500m @ MS+38bp
5yr: €500m @ MS+68bp
8yr: €500m @ MS+88bp
Guidance:
2yr: MS+40 (+/-2 WPIR)
5yr: MS+70 (+/-2 WPIR)
8yr: MS+90 (+/-2 WPIR)
IPTs:
2yr: MS+70a
5yr: MS+100a
8yr: MS+120/125bp

• Issuer: 3M Company
• Issuer LEI: LUZQVYP4VS22CLWDAR65
• Issuer Ratings: A3 (Stable) / BBB+ (Stable) / A- (Stable) (Moody's/S&P/Fitch)
• Expected Issue Ratings: A3 / BBB+ / A- (Moody's/S&P/Fitch)
• Ranking: Senior Unsecured
• Format: SEC Registered / New York Stock Exchange / New York Law
• Size: €500m (each tranche)
• Joint Book-Running Managers: Deutsche Bank (B&D), BofA Securities, Citigroup and J.P. Morgan
• Maturity Date:
  • 2yr: 10-Sep-28
  • 5yr: 10-Sep-31
  • 8yr: 10-Sep-34
• Optional Redemption:
  • 2yr: MWC
  • 5yr: MWC / 1-Month Par Call
  • 8yr: MWC / 2-Month Par Call
• Reoffer:
  • 2yr: MS+38bp / 99.916 / 3.554%
  • 5yr: MS+68bp / 99.942 / 3.913%
  • 8yr: MS+88bp / 99.379 / 4.193%
• Benchmark:
  • 2yr: DBR 0 ¼ 15-Aug-28 / B+58.1bp
  • 5yr: DBR 0 15-Aug-31 / B+82.7bp
  • 8yr: DBR 2.6 15-Aug-34 / B+94.2bp
• Coupon: Fixed, Annual, Act/Act (ICMA) (all tranches)
• Interest:
  • 2yr: 3.500%
  • 5yr: 3.900%
  • 8yr: 4.100%
• CUSIP / ISIN / Common Code:
  • 2yr: 88579Y BS9 / XS3460877650 / 346087765
  • 5yr: 88579Y BT7 / XS3460877734 / 346087773
  • 8yr: 88579Y BU4 / XS3460878203 / 346087820
• Clearing: Euroclear and Clearstream
• Denominations: €100k x €1k
• Selling Restrictions: As per 3M Company's Preliminary Prospectus Supplement
• UoP: General corporate purposes, which may include the repayment, redemption or refinancing of indebtedness
• Marketing: Link: www.netroadshow.com/nrs/home/#!/?show=f8b9325e / Entry Code: 3MEUR2026
• Sales into Canada: Yes, via exemption
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs or UK PRIIPs KID
• Hedge Deadline: 2.55pm UKT / 3.55pm CET
• Hedge Ratios:
  • 2yr: 106% vs DBR 0 ¼ 15-Aug-28
  • 5yr: 108% vs DBR 0 15-Aug-31
  • 8yr: 99% vs DBR 2.6 15-Aug-34
• Settle: 10-Sep-26 (T+5)

2yr (Sep 2028) @ MS+70a
Implied Spread for fresh 2yr @ MS+40
Priced at MS+38
NIC of -2

5yr (Sep 2031) @ MS+100a
Implied Spread for fresh 5yr @ MS+70
Priced at MS+68
NIC of -2

8yr (Sep 2034) @ MS+120/125
Implied Spread for fresh 8yr @ MS+90
Priced at MS+88
NIC of -2

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