Commentary & Deal Flow

Book update: Books > €1.7bn (incl €265m JLMs interest)

Guidance: 3.5yr: MS+26a

• Issuer: Shinhan Bank (the “Issuer”)
• Issuer Ratings: Aa3 (stable) by Moody’s, A+ (stable) by S&P and A (stable) by Fitch
• Exp. Issue Ratings: Aaa by Moody’s / AAA by Fitch
• Security Type: Statutory Covered Bonds under the Korean Covered Bond Act (drawdown from USD 5bn Global Covered Bond Programme)
• Format: Reg S, Registered form, Category 2
• Issue Size: € Benchmark
• Settlement: 14-Sep-26, (T+5)
• Maturity: 14-Mar-30, Soft Bullet
• Guidance: MS + 26 bps area
• Coupon: Fixed Rate, Annual Act/Act
• Terms: 100k/1k Denoms, English Law
• Listings: Singapore Exchange Securities Trading Limited and Frankfurt Stock Exchange (expected)
• JLMs: BNP Paribas (B&D), Commerzbank, Crédit Agricole CIB*, Natixis**, Societe Generale and Standard Chartered Bank***
• UOP: An amount equivalent to the net proceeds from the issuance of the Green Mortgage Covered Bonds will be allocated to finance and/or refinance new and/or existing loans extended to individuals for the acquisition of housing units that fall within the Green Buildings category of the Issuer’s Sustainable Development Goals Financing Framework dated November 2024 (which is available on the Issuer’s website at https://www.shinhan.com/en/index.jsp#300405010000)
• Netroadshow Link: https://dealroadshow.finsight.com | SHBEUR2026 (Direct Link: https://dealroadshow.finsight.com/e/SHBEUR2026)
• Timing: Books Open, Today's business
• REG S: ISIN: XS3478212924 | Common Code: 347821292
• LEI: 5493003P813VL21KG928