• Financials dominated supply in € IG primary markets today with no less than 5 covered deals (7 tranches), along with 3 other transactions, for a collective €7.1bn (74% of today's € IG volume).
• Across the board in € IG we saw €9.6bn from 11 deals (2 x Corp, 8 x FIG & 1 x SSA), via 13 tranches. This marks a 23.5% share of the €40.9bn forecast for the week, with Tuesday & Wednesday looking set to potentially be the busiest sessions of the week (€4bn, Kingdom of Spain deal as soon as tomorrow & a 5 tranche € from Uber slated for as early as Wednesday).
• Today has fallen short of the average daily € IG supply from the 3 active sessions last week, namely €11.3bn per day.
• Other markets in Europe were quieter than expected, though we did see Sterling (£) price £250m, from 1 deal (1 x SSA) via 1 tranche.
• Both Swiss Francs & the US$ Reg S market saw zero activity.
• Mindful of potential supply for the remainder of this week, today’s “Talking Point” (below) looks at the 10 largest European Sovereign trades in €’s over the last decade.
• iTraxx Europe is slightly wider (+0.07%), while the iTraxx Senior & Sub financial indices are slightly tighter in thinner trading today (-0.09% & -0.11% respectively as we print).
• Brent crude has held at its higher levels, on news from Iran that it is close to a ‘safe passage’ deal with Oman; which the market would view as giving greater control to Iran. Accordingly, Brent is sitting at c.97.95 (c.$97.65 this morning).
• European equity bourses are mixed (& still trading), with both the FTSE & the Dax lower by -0.11% & -0.26% respectively, while the CAC 40 is higher by +0.33%.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €1.25bn
    • Avg. tranche size €625m
    • Avg. IPT to Pricing -41.88
    • Avg. cover X 3.43
  • FIG
    • Total IG: €7.1bn
    • Avg. tranche size €710m
    • Avg. IPT to Pricing -5.71 (covered)
    • Avg. IPT to Pricing -26.7 (unsecured)
    • Avg. cover X 1.93
  • SSA
    • Total IG: €1.25bn
    • Avg. tranche size €1.25bn
    • Avg. IPT to Pricing -5
    • Avg. cover X 2.41

Talking Point

• With the Kingdom of Spain announcing a €4bn, long 20yr trade this morning & other European Sovereigns likely eyeing the market, the table below sets out the 10 largest € Sovereign deals priced between 2016 & 2026.
• Italy dominates the table, accounting for 8 of the top 10. Italy's funding program requires frequent multi-tranche jumbo transactions, outside of domestic auctions, to meet its annual borrowing needs, & the January, June & September windows have historically been their preference.
• Deal sizes have notably grown in recent years, evidenced by the fact that 7 of the top 10 deals have priced in the last 21 months. 
• The two largest deals were both €20bn, the EU's landmark single-tranche NGEU print on the 15th of June 2021 & Italy's 2-tranche transaction on the 8th of January 2026, with Italy's most recent entries in 2026 continuing at elevated sizes of €17.5bn to €18bn. 
• Italy's credit ratings have improved meaningfully across the timeline of the table. Earlier entries from 2023 to 2025 carry Baa3 / BBB ratings from Moody's & S&P, while the 2026 transactions reflect upgrades to Baa2 & BBB+.
• Italy's €18bn 2-tranche transaction in September of last year is the only September entry on the list, however, this does not mean that September is not a busy month for Sovereign credit; as evidenced by the EU’s €11bn, 2-tranche last September. 

Euro IG (today)

• Engie (exp. Issue ratings of Baa3 / BBB- / BBB by Moody’s, S&P & Fitch) announced a € benchmark, Reg S (Cat 2), Bearer Notes, Dematerialised, Green Notes, Hybrid Perpetual NC8.3 (7th October 2034). The offering came with IPTs of 5.5% to 5.625% (annual yield). Books were an impressive €4.9bn+, when the yield set at 5.05% & the deal sized at €750m. Pricing on those terms the trade offered investors a NIC of 5bps. Books at final terms was over €2.30bn.
  • The French multinational electricity & energy utility (formerly known as GDF Suez) has been active this year, having issued a senior unsecured dual-tranche for €1.6bn, comprising a 6 & 12yr on June the 24th. The trade prior to that is more relevant to today's offering. This was a triple tranche, multi-currency trade (that included a £ tranche). The 2 € tranches were Green Hybrids like today. The 1st was a €1bn, PerpNC5.25 that priced at 4.375%; 50bps tighter than IPTs from a €3.2bn book; & a €600m PerpNC8, pricing at 4.875%; 55bps tighter than IPTs from a book of €3.8bn.
• Brenntag Finance B.V. (exp. Issue rating of BBB+ by S&P), announced a €500m (wng), 7yr senior unsecured offering with IPTs of MS+130 to +135. Books were in excess of €2.2bn (pre-rec, ex JLMs) when the deal launched for €500m at MS+100. Final books, good at re-offer, were over €1.9bn.
  • This Dutch financing vehicle is the entity that comes to market, on behalf of the German chemical & ingredients distribution company. This is their first trade this year, having last issued a €600m, 6yr on the 23rd of September last year, pricing at MS+102; 38bps tighter than IPTs from a book of €1.5bn. This deal was in fact upsized from the initially announced €500m.

• Nordea Mortgage Bank Plc (exp. Issue rating of Aaa by Moody’s) was first to announce on Monday with a € benchmark dual-currency, Reg S Bearer Covered issue, comprised of a €500m (wng) 3yr & a €750m (wng) 7yr, with respective guidance of 3mth Euribor +23 area & MS+27 area respectively. Mid-morning combined books were called at over €2.25bn (incl.€ 390m JLMs), skewed to the 3yr; growing to over €2.4bn, still skewed to the 3yr. Spreads set respectively at 3mth Euribor+16 & MS+24; sizing in the same order at €500m & €750m. Books for the 3yr were over €1.15bn (inc. €225m JLMs); & books for the 7yr were over €850m (inc. €165m JLMs).
  • This is the 3rd Covered bond offering from Nordea in 2026, having last issued a dual-tranche 4 & 10yr on the 1st of June. The €1bn, 4yr priced at MS+14; 6bps tighter than guidance from a book of €1.6bn, & the €500m, 10yr priced at MS+30; 6bps tighter than guidance from a book of €925m. Prior to that was a €1bn, 3yr which priced at MS+11; 5bps tighter than guidance from a book of €1.4bn.
• Landesbank Baden-Württemberg (exp. Issue ratings of Aa2 / AA- / A by Moody’s, Fitch & DBRS), announced a 4yr, Public Sector Covered Bond, with guidance of MS+17 area. Books were cited first at above €1.5bn (inc. €150m JLMs). Spread set at MS+11, when books were over €1.8bn (inc. €150m JLMs). The deal launched for €1bn at MS+11, when books were above €1.65bn - good at re-offer (inc. €150m JLMs). Final books remained the same size, with the same JLM interest.
  • Today’s print is their 3rd covered bond issue so far this year, with LBBW having last issued a €1bn 6yr on May the 19th, pricing at MS+20; 6bps tighter than guidance from a book of €2.35bn. Prior to that on the 23rd of Feb, they priced a smaller €500m, 8yr at MS+22; 5bps tighter than guidance from a €1.18bn book. 
• SR-Boligkreditt AS (exp. Issue rating of Aaa) announced a 5yr European Covered Bond with Guidance in the area of MS +23. Books were first called above €1.5bn (inc. €200m JLMs). Books were called in excess of €1.65bn (inc. €200m JLMs), when the deal was launched at €750m at MS+17.
  • This is the 2nd covered print of the year for SR-B, having last printed a €1bn, 7yr at MS+22; 8bps tighter than guidance from a book of €2.09bn. The trade prior to that was on June the 2nd 2025, when LBBW priced a €750m, 5yr covered at MS+34; 4bps tighter than guidance from a €1.3bn book.
• ING Bank N.V. (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, S&P & Fitch) brought a € benchmark dual-tranche Covered bond, consisting of an 8yr with guidance of MS+32 area; & a 12yr with guidance in the area of MS+44. Combined books first touted as being above €2.7bn (incl. €155m JLMs). Spreads set: 8yr at MS+27 with books above €1.25bn (inc. €85m JLMs); 12yr at MS+38, with books above €1.9bn (inc. €110m JLMs). The 8yr sized at €750m, with books sharpened to above €1.1bn (inc. €85m JLMs); & the 12yr sized at €1bn, with books above €1.65bn (inc. €110m JLMs). Final books were above €1bn (inc. €85m JLMs) for the 8yr; & above €1.6bn (inc. €110m JLMs) for the 12yr.
  • Their 3rd venture into the public € markets in 2026, & the 2nd covered print. The last covered pricing on the 30th of March, for €1.5bn, the 3yr priced at MS+25; 5bps tighter than guidance from a book of €2.6bn. In 2025 they printed 3 separate covered trades, for a collective €4.25bn (5yr, 7yr & 10yr).
• Shinhan Bank (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch), brought their anticipated € benchmark, 3.5yr, Reg S Green Mortgage Covered Bond transaction. Guidance on the trade was in the area of MS+26. Books first cited at over €1.7bn (inc. €265m JLMs), rising to above €1.9bn pre-rec (inc. €265m JLMs). Spread set at MS+19 & the trade sized at €600m. Final books were above €1.9bn (inc. €265m JLMs).
  • This trade was mandated back on the 25th of August, & is their first covered trade since January 2024, when they last priced a €500m, 3yr at MS+54; 8bps tighter than guidance from a book of €2bn.
• OP Corporate Bank plc (exp. Issue ratings of Aa3 / AA- by Moody’s & S&P) brought the first unsecured trade of the day with a 7yr, senior-preferred offering with IPTs in the area of MS+85. Books first called over €1bn. The launched for €500m at MS+62, when books were above €1.34bn (incl. €50mn JLMs, pre-rec). Final books were over €750m (inc. €25m JLMs).
  • A regular visitor to the markets, this is their 4th public € offering this year. Their last 2 trades have also been senior-preferred trades; the last on May the 7th being a €500m, 5yr at MS+50; 25bps tighter than IPTs, from a €1.25bn book. Prior to that on April the 1st they priced a 2yr, €300m floater at 3mth Euribor+33.
• DekaBank Deutsche Girozentrale (exp. Issue ratings of A1 / A by Moody’s & S&P) brought a 3yr, €500m (wng), senior non-preferred offering with IPTs in the area of MS+70. Books called above €1.2bn (exc. JLMs). Books were above €1.45bn (exc. JLMs) & spread set at MS+43. Final books, good at re-offer, were above €1.05bn (exc. JLMs) & the deal priced €500m at MS+43, offering investors a NIC of 8bps.
  • A more frequent issuer of covered bonds, this is their first senior non-preferred since the 10th of June 2025, when they priced a €300m, 5yr at MS+90; 30bps tighter than guidance from a book of €1bn.
• Banco BPM S.p.A. (exp. Issue ratings of Baa2 / BB+ / BBB / BBB by Moody’s, S&P, Fitch & DBRS) announced a € benchmark, 6NC5, senior non-preferred, EuGB trade with IPTs in the area of MS+115. Books in excess of €2.25bn (inc. €85m JLMs); rising to in excess of €2.6bn (pre-rec). Spread set at MS+85 & the deal sized at €750m. Final books were in excess of €1.7bn (inc. €85m JLMs).
  • They printed a €500m 11.5yr Tier 2 in June; a €1bn, 6yr covered in February & a €500m, 5yr Senior Preferred, also in February, however, this is their first senior non-preferred print since the 16th of October last year. On that occasion, they priced a €500m, 6yr Fixed-to-Floating SNP, Green bond at MS+90; 30bps tighter than IPTs from a book of €1.75bn. Note that since this trade Fitch upgraded Banco BPM’s SNP rating (in December 2025) from BBB- to today's BBB.

• Bpifrance (exp. Issue ratings of Aa3 / A+ by Moody's & Fitch), brought its anticipated long 4yr (25th March 2031), € benchmark, Social Bond, RegS, Bearer transaction. Guidance was OAT+20 area, later revised to OAT+17 area when books were called at over €4.2bn (inc. €305m JLMs).
  • Originally mandated on the 2nd of September, the French Agency entrusted with the permanent mission of promoting the financing & development of companies operating in France (in particular of SMEs), brought its 3rd trade in 2026. The 2 prior were both Green issues. The most recent (July 6th) was a €1.5bn, 6.5yr which priced at OATs +15; 4bps tighter than original guidance, from a book of €3.1bn. The other (Feb 23rd) was a €2bn, 10yr which also coincidently priced at OATs +15; 4bps tighter than initial guidance from a massive book of €8.8bn.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Société Nationale SNCF SA (rated A1 / A / A+ by Moody’s, S&P & Fitch) brought a £250m (wng), senior unsecured, RegS Bearer, Long 15yr (22nd October 2041), Green bond, with guidance in the area of UKT+65. The trade sized as expected at £250m, & spread set in line with guidance at MS+65. Books were not disclosed.
  • This is SNCF’s 2nd public € offering of 2026, with the last also being a senior unsecured Green issue back on the 10th of April. This trade was a €500m, 10yr, which priced at OAT’s+19; 3bps tighter than IPTs from a €1.6bn book. The last Sterling print from SNCF was way back in May of 2021. That was a 5.6yr, £300m trade (which matures on the 28th of December this year), which priced at Gilts +49; 1bp tighter than IPTs from a book of £500m.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• None

Week-to-date volumes:

US$ Reg S (today)

• None

Pending Deals & Mandates

Euro (€)

• 4th September: Pilgrim’s Pride Corporation (exp. Issue ratings of BBB- /BBB- by S&P & Fitch), one of the world's leading providers of poultry, retail-ready, & prepared foods, including well-recognised brands & value-added premium products, has mandated BBVA, BMO Capital Markets, Citigroup, ING, Mizuho, Rabobank, RBC Capital Markets & TD Securities as Active Joint Bookrunners to arrange a series of in-person & virtual fixed income meetings commencing on Monday, 7th September & Tuesday, 8th September. ING will be coordinating logistics. A Reg S/144A €500m (wng), Long 7-year senior unsecured bond offering due 2034 issued by co-issuers Pilgrim’s Pride Corporation & Pilgrim’s Europe Finance plc may follow, subject to market conditions. The net proceeds are intended to be used for general corporate purposes, including to fund the consideration in connection with the recently announced acquisition of Walkers Deli & Sausage Company & to pay related costs & expenses.
• 7th September: Uber Technologies, Inc.  (rated Baa1 / BBB+ / A- by Moody’s, S&P, & Fitch), mandated Goldman Sachs & Co. LLC, BNP Paribas, BofA Securities, Deutsche Bank, & Morgan Stanley as Joint Book-Running Managers to arrange a series of fixed income investor calls on Monday, September 7th & Tuesday 8th. An SEC registered, senior unsecured, € benchmark offering of 3yr, 6yr, 8yr, 12yr & 20yr fixed rate notes is expected to follow, subject to market conditions.
• 7th September: Loomis AB  (rated BBB by S&P) a leading payments, cash handling service provider & secure logistics company, mandated Nordea & Société Générale as Active Joint Bookrunners to arrange a series of fixed income investor calls on Monday 7th September. Société Générale is coordinating logistics. A 5yr €300m (exp), senior unsecured, fixed rate, Reg S notes offering is expected to follow, subject to market conditions.

• 7th September: Royal Bank of Canada (exp. Issue ratings of Aaaa / AAA / AAA by Moody’s, Fitch & DBRS) mandated BBVA, Commerzbank, DZ Bank, ING, LBBW, Natixis, Nordea, RBC Capital Markets (B&D), Santander, Société Générale Corporate & Investment Banking, & UniCredit as Joint Lead Managers for its upcoming € dual-tranche benchmark RegS registered fixed-rate Covered Bond offering, with expected maturities of 5yr & 10yr. The deal is expected to be launched as soon as Tuesday, 8th September, subject to market conditions.
• 7th September: Landesbank Hessen-Thueringen Girozentrale (Helaba) (exp. Issue rating of Aaa by Moody’s)  mandated Erste Group, Helaba, Lloyds, Scotiabank, Societe Generale & UniCredit as Joint Lead Managers for its upcoming 5yr € benchmark, Public Sector Pfandbrief transaction. The issue will be launched under the label European Covered Bond (Premium). The RegS Bearer transaction is expected to be launched in the near future, subject to market conditions.
• 7th September: Bayerische Landesbodenkreditanstalt (exp. Issue rating of Aaa by Moody’s), the development bank of the Free State of Bavaria, has mandated BayernLB, Helaba, NordLB, TD Securities & UniCredit to lead manage a 10yr €500m (wng) senior unsecured, RegS Bearer Social Bond transaction (0% risk weighted, LCR Level 1). The issue carries the explicit guarantee of the Free State of Bavaria (Aaa Moody`s / AAA S&P). The deal will be launched & priced in the near future, subject to market conditions.
• 7th September: Euroclear Holding SA/NV (exp. Issue ratings of AA- / AA- by S&P & Fitch), mandated JP Morgan as Sole Global Coordinator & Sole Structuring Agent to the Issuer & Deutsche Bank, JP Morgan, MUFG, SMBC & Societe Generale as Joint Lead Managers to arrange a series of fixed income calls commencing on Monday, September 7. A new RegS only €600m (wng) 10yr Fixed Rate Senior Unsecured transaction will be launched in the near future, subject to market conditions.

• 7th September: NWB Bank (rated AAA / Aaa by S&P & Moody’s), mandated Danske Bank, Deutsche Bank, LBBW & UBS to joint lead manage its upcoming € benchmark, Social 5yr transaction. The proceeds of the Notes will be utilised for lending to Social Housing Organizations in the Netherlands according to the Issuer’s Social Bond Framework. The transaction will be launched in the near future, subject to market conditions.
• 7th September: The Kingdom of Spain (rated A3 / A+ / A / A3 / AH / A by Moody’s, S&P, Fitch, DBRS & Scope), mandated Barclays, BBVA, Credit Agricole CIB, JP Morgan, Morgan Stanley & Santander (DM/B&D) for a new Green Obligacion del Estado syndicated 20yr, €4bn (wng) benchmark maturing on 30th July 2047. The transaction will be launched in the near future subject to market conditions.
• 7th September: The Asian Development Bank (ADB), (rated Aaa / AAA / AAA by Moody’s, S&P & Fitch), mandated BNP Paribas, HSBC, Morgan Stanley & Nomura to lead manage a new long 7yr, fixed rate, € benchmark, due 17th January 2034. The transaction is expected to be launched & priced in the near future 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: SR-Boligkreditt €750m 5yr CB; MS+17bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+17bp / 99.765 / 3.427%
Benchmark: 5yr: DBR 0 15-Aug-31 @ 86.132 / B+35.3bp / HR 110%

5yr: Final books at reoffer > €1.5bn+ (incl. €200m JLM). Peak book in excess of €1.65bn+ (incl. €200m JLM)

Launched: 5yr: €750m @ MS+17bp - Books in excess of €1.65bn+ (incl. €200m JLM)
Book Update: Books in excess of €1.5bn (incl. €200m JLM)
Guidance: 5yr: MS+23a

• Issuer: SR-Boligkreditt AS
• Issuer LEI: 5493005EFLOPQ4K0ZF42
• Issue Type and Form of Notes: European Covered Bond (Premium), Norwegian Covered Bond backed by residential Norwegian mortgages, Reg S Bearer (TEFRA D), ECB repo & LCR Level 1B eligible, ECBC Covered Bond Label; TEFRA D Rules apply, no communications with or into the US or Canada (excluding Ontario)
• Exp Ratings: Aaa (Moody's)
• Issue Size: €750,000,000
• Maturity Date: 16-Sep-31
• Settlement Date: 16-Sep-26 (T+7)
• Coupon: 3.375%, Fixed Annual, ACT/ACT (ICMA)
• Reoffer Price vs Mid Swap: MS+17bp
• Reoffer Price/Yield: 99.765 / 3.427%
• Benchmark Price/Yield: DBR 0 15-Aug-31 (DE0001102564) + 35.3bp (px: 86.132 / yield: 3.074%); HR: 110%
• Documentation: Issuer's EUR20bn Euro Medium Term Covered Note Programme dated 22-May-26 (the "Programme") available at https://www.sparebank1.no/nb/sor-norge/om-oss/investor/finansiell-info/sr-boligkreditt.html.
• Target Market: Eligible counterparties and professional clients only. No PRIIPs key information document ("KID") or UK disclosure document has been prepared as not available to retail in EEA or UK.
• Listing and Trading: Luxembourg Stock Exchange
• Denoms: €100,000 + €1,000
• Legislation of the Programme: English law, Norwegian law for status of Covered Bond
• ISIN/Common Code: XS3504723985/350472398
• Joint Lead Managers: Barclays, BMO Capital Markets, Commerzbank (B&D), NORD/LB, TD Securities
• Expenses: Joint Bookrunners will be responsible for the fees and expenses of their own legal advisors only
• Advertisement: The Base Prospectus dated 22-May-26, as supplemented, and the Final Terms, when published, will be available at: sparebank1.no/nb/sr-bank/om-oss/investor/finansiell-info/sr-boligkreditt.html
• Timing: Priced, TOE 14:07 CET, FTT 14:30 CET

Covered
5yr (Sep 2031) @ MS+23a
Implied Spread for fresh 4yr @ MS+16
Priced at MS+17
NIC of +1

PRICED: Nordea Mortgage Bank €1.25bn 3yr & 7yr CB; 3mE+16bp & MS+24bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: 3mE+16bp / 100 7yr: MS+24bp / 99.713 / 3.547%
Benchmark: 7yr: DBR 2.6% 15-Aug-33 @ 96.296 / B+34.3

3yr: Final Books >€1.15bn (incl. 225m JLM). Peak combined book >€2.4bn (incl. 390m JLM), skewed to 3y
7yr: Final Books >€850m (incl. 165m JLM). Peak combined book >€2.4bn (incl. 390m JLM), skewed to 3y

Launched:
3yr: €500m @ 3mE+16bp - Combined orderbooks >€2.4bn (incl. 390m JLM), skewed to 3y
7yr: €750m @ MS+24bp
Book Update: Combined orderbooks >€2.25bn (incl. 390m JLM), skewed to 3y
Guidance: 3yr: 3mE+23a 7yr: MS+27a

• Issuer: Nordea Mortgage Bank Plc
• Legal Entity Identifier: 7437001LESKGLAEOEU84
• Expected Issue Ratings: Aaa (Moody's)
• Status of the Covered Bonds: Bearer Covered Bonds
• Form of the Covered Bonds: Reg S Bearer - New Global Covered Bond (NGCB) form
• Label: Eurooppalainen katettu joukkolaina (premium) (European Covered Bond (Premium))
• Nominal Amount: €500m (3yr) | €750m (7yr)
• Launch Date: 07-Sep-26
• Settlement Date: 14-Sep-26 (T+5)
• Maturity Date:
  • 3yr: 14-Sep-29 (3-year)
  • 7yr: 14-Sep-33 (7-year)
• Extended Maturity Date:
  • 3yr: Interest Payment Date falling in or nearest to 14-Sep-30. Any extension is subject to Condition 5(j) of the €25bn Covered Bond Programme
  • 7yr: Interest Payment Date falling in or nearest to 14-Sep-34. Any extension is subject to Condition 5(j) of the €25bn Covered Bond Programme
• Reoffer: 3mE+16bp / 100 (3yr) | MS+24bp / 99.713 / 3.547% (7yr)
• Benchmark: DBR 2.6% 15-Aug-33 @ 96.296 / B+34.3 (7yr)
• Interest Payment Dates (for the period up to and including the Maturity date):
  • 3yr: Quarterly, on 14 March, 14 June, 14 September and 14 December each year commencing on 14-Dec-26 up to (and including) the Maturity Date
  • 7yr: On 14 September each year commencing on 14-Sep-27 up to (and including) the Maturity Date
• Coupon (for the period up to and including the Maturity date):
  • 3yr: 3mE+16bp, Quarterly, Act/360, Adjusted, Modified Following
  • 7yr: 3.5% payable annually, Act/Act (ICMA), Following, Unadjusted
• Extension of Maturity Date: The Issuer may redeem the Covered Bonds in whole, or in part, on the Maturity Date or any Interest Payment Date thereafter up to (and including) the Extended Maturity Date
• Interest Payment Dates (for the period from the Maturity Date until the Extended Maturity Date):
  • 3yr: Monthly, on 14 January, 14 February, 14 March, 14 April, 14 May, 14 June, 14 July, 14 August, 14 September, 14 October, 14 November and 14 December commencing on 14-Oct-29 up to (and including) the Extended Maturity Date
  • 7yr: Monthly, on 14 January, 14 February, 14 March, 14 April, 14 May, 14 June, 14 July, 14 August, 14 September, 14 October, 14 November and 14 December commencing on 14-Oct-33 up to (and including) the Extended Maturity Date
• Coupon (for the period from the Maturity Date until the Extended Maturity Date):
  • 3yr: 1-month Euribor +0.16%, Act/360, Adjusted, Modified Following
  • 7yr: 1-month Euribor +0.24%, Act/360, Adjusted, Modified Following
• Denominations: €100k + €1k
• Redemption Amount: 100% of the outstanding nominal amount
• Clearing: Euroclear / Clearstream, Luxembourg
• Listing: Euronext Dublin
• Governing Law: Finnish law
• ISIN:
  • 3yr: XS3503301866
  • 7yr: XS3503302831
• TOE: 3yr: 14.15 CET / 13.15 UKT 7yr: 14.17 CET / 13.17 UKT
• Manufacturer Target Market: MiFID II and UK MiFIR professionals/ECPs-only / No EEA PRIIPs KID or DISC disclosure document – Manufacturer target market (MiFID II product governance rules and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document ("KID") or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as the Bonds are not available to retail in the EEA or the United Kingdom.
• Documentation: In accordance with the Issuer's €25,000,000,000 Covered Bond Programme, with Base Prospectus dated 25-Sep-25
• Advertisement: The Base Prospectus is available at https://www.nordea.com/en/doc/nmb-u25-base-prospectus.pdf and the Final Terms, when published, will be available at http://www.ise.ie
• Selling Restrictions: Reg S. Cat 2, TEFRA D as per the Covered Bond Programme
• Joint Lead Managers: Commerzbank, DZ BANK, HSBC, Natixis, Nordea (B&D)
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in connection with the transaction
• Timing: FTT 14.35 CET / 13.35 UKT

Covered
3yr (Sep 2029) @ 3mE+23a
Implied Spread for fresh 3yr @ 3mE+18
Priced at 3mE+16
NIC of -2

Covered
7yr (Sep 2033) @ MS+27a
Implied Spread for fresh 7yr @ MS+22
Priced at MS+24
NIC of +2

PRICED: Shinhan Bank €600m 3.5yr Green Mortgage CB; MS+19bp

IGC APAC Market: Deal Flow - GeneralIGC European Market: Deal Flow - General

Reoffer: 3.5yr: MS+19bp / 100 / 3.416%
Benchmark: 3.5yr: DBR 0 15-Feb-30 @ 90.34 / B+41.5bp, HR 107%

Tranche 1 (3.5yr): Final books above €1.9bn (incl. €265m JLM). Peak book above €1.9bn pre-rec (incl. €265m JLM)

Launched: 3.5yr: €600m @ MS+19bp - Books above €1.9bn pre-rec (incl. €265m JLM)
Book Update: Books > €1.7bn (incl €265m JLMs interest)
Guidance: 3.5yr: MS+26a

• Issuer: Shinhan Bank (the "Issuer")
• Issuer Ratings: Aa3 (stable)/A+ (stable)/A (stable) (Moody's/S&P/Fitch)
• Exp. Issue Ratings: Aaa/AAA (Moody's/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: €600m
• Settlement: 14-Sep-26 (T+5)
• Maturity: 14-Mar-30, Soft Bullet
• Reoffer: MS+19bp / 100 / 3.416%
• Benchmark: DBR 0 15-Feb-30 @ 90.34 / B+41.5bp, HR 107%
• Coupon: 3.4116% 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: PRICED, TOE 13:18 UKT / 14:18 CET, FTT 13:35 UKT / 14:35 CET
• REG S: ISIN: XS3478212924 | Common Code: 347821292
• LEI: 5493003P813VL21KG928

Covered
3.5yr (Mar 2030) @ MS+26a
Implied Spread for fresh 3.5yr @ MS+20
Priced at MS+19
NIC of -1

PRICED: ING Bank €1.75bn 8yr & 12yr CB; MS+27bp & MS+38bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+27bp / 99.295% / 3.603% 12yr: MS+38bp / 99.261% / 3.828%

Benchmark: 8yr: DBR 2.6 15-Aug-34 @ 95.47% / B+34.60bp / HR 102% 12yr: DBR 1.0 15-May-38 @ 76.370% / B+32.90bp / HR 117%

8yr: Final Book above €1bn (incl. €85m JLM). Peak book above €1.25bn (incl. €85m JLM)

12yr: Final Book above €1.6bn (incl. €110m JLM). Peak book above €1.9bn (incl. €110m JLM)

Launched: 8yr: €750m @ MS+27bp - Books above €1.1bn (incl. €85m JLM) 12yr: €1bn @ MS+38bp - Books above €1.65bn (incl. €110m JLM)

Spread set at: 8yr: MS+27bp - Books above €1.25bn (incl. €85m JLM) 12yr: MS+38bp - Books above €1.9bn (incl. €110m JLM)

Book Update: Combined books above €2.7bn (incl. €155m JLM)

Guidance: 8yr: MS+32a 12yr: MS+44a

• Issuer: ING Bank N.V.
• Issuer Legal Entity Identifier (LEI): 3TK20IVIUJ8J3ZU0QE75
• Guarantor: ING Covered Bond Company B.V.
• Issue Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch)
• Status: Dutch Legislative Covered Bonds
• Size: 8yr: €750m, 12yr: €1bn
• Reoffer: 8yr: MS+27bp / 99.295% / 3.603% 12yr: MS+38bp / 99.261% / 3.828%
• Benchmark: 8yr: DBR 2.6 15-Aug-34 @ 95.47% / B+34.60bp / HR 102% 12yr: DBR 1.0 15-May-38 @ 76.370% / B+32.90bp / HR 117%
• Settlement Date: 14-Sep-26 (T+5)
• Maturity Date:
  • 8yr: 14-Sep-34 - 8yr soft bullet
  • 12yr: 14-Sep-38 - 12yr soft bullet
• Extended Maturity Date:
  • 8yr: 14-Sep-35
  • 12yr: 14-Sep-39
• Coupon:
  • 8yr: 3.500% Fixed Annual
  • 12yr: 3.75% Fixed Annual
• Coupon during Extended Maturity:
  • 8yr: 1 month Euribor + 27 bp, per annum, monthly in arrear, from 14-Sep-34 until 14-Sep-35
  • 12yr: 1 month Euribor + 38 bp, per annum, monthly in arrear, from 14-Sep-38 until 14-Sep-39
• Day Count Fraction until the Maturity Date: Actual/actual (ICMA)
• Business Day Convention until the Maturity Date: Following Business Day Convention, unadjusted
• Day Count Fraction during Extended Maturity: Actual/360
• Business Day Convention during Extended Maturity: Modified Following Business Day Convention, adjusted
• Business Day Centre: T2
• ISIN:
  • 8yr: XS3503934476
  • 12yr: XS3503934559
• Denomination: €100k + €100k
• Listing: Euronext Amsterdam
• Governing Law: Dutch Law
• Lead Managers: BBVA, Commerzbank, DZ Bank, Erste Group, ING, NatWest, Santander
• Documentation: Issued off the ING Bank N.V. €30bn Hard and Soft Bullet Covered Bonds Programme dated 11-Mar-26, as supplemented from time to time
• Security Format: New Global Note (NGN) bearer form, Reg S, Tefra D, Category 2
• Target market: MiFID II professionals/ECPs-only/No EU PRIIPs KID or UK PRIIPs KID or UK CCI product summary – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID or UK CCI product summary has been prepared as not available to retail in EEA and the UK.
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Timing: TOE 14:21 CET / FTT 14:45
• Advertisement: This Term Sheet is an advertisement for the purposes of Regulation (EU) 2017/1129 (the "Prospectus Regulation") and underlying legislation. It is not a prospectus or final terms for the purposes of the Prospectus Regulation or the Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook. The Prospectus consisting of the securities note dated 11-Mar-26 and the registration document of ING Bank N.V. dated 11-Mar-26, as supplemented from time to time, is available at https://ing.com/investors/fixed-income-information/debt-securities-ing-bank-nv/hard-and-soft-bullet-covered-bonds and the Final Terms, when published, will be available on the same website and the website of the Euronext Amsterdam

Covered
8yr (Sep 2034) @ MS+32a
Implied Spread for fresh 8yr @ MS+25
Priced at MS+27
NIC of +2

Covered
12yr (Sep 2038) @ MS+44a
Implied Spread for fresh12yr @ MS+36
Priced at MS+38
NIC of +2

PRICED: Bpifrance SACA €1.25bn Long 4yr Social Sr Unsec; OAT+15bp

IGC European Market: Deal Flow - SSA

Reoffer: Long 4yr: OAT+15bp / 99.979 / 3.634%
Benchmark: Long 4yr: FRTR 2.7 25-Feb-31 / OAT+15bp

Launched: Long 4yr: €1.25bn @ OAT+15bp
Rev Guidance: Long 4yr: OAT+17a - Books > €4.2bn (incl. €305m JLM interest)
Guidance: Long 4yr: OAT+20a

• Issuer: Bpifrance SACA
• Ratings: Aa3/A+ (Moody's/Fitch)
• Format: Reg S, bearer, dematerialized, social bond
• Size: €1.25bn
• Maturity: 25-Mar-31
• Coupon: 3.625% (annual ACT/ACT)
• Reoffer: OAT+15bp / 99.979 / 3.634%
• Benchmark: Interpolated FRTR 2.7% 25-Feb-31 & FRTR 1.5% 25-May-31
• Settlement: 14-Sep-26
• ISIN: FR001401AQN6
• Denominations: 100k x 100k
• UoP: To finance and/or refinance, in whole or in part, new or existing medium and long-term loans aiming at financing eligible social projects that meet the Eligibility Criteria set out Bpifrance's Social Financing Framework, with at least 50% of the proceeds allocated to the Eligible Social Projects Category related to Just Transition
• Bookrunners: BofA, HSBC, La Banque Postale, MS, Nomura
• Investor Presentation – September 2026: https://www.bpifrance.fr/download/media-file/2325599
• Social Bond Framework – March 2025: https://www.bpifrance.fr/download/media-file/84114
• Target Market: Eligible counterparties and professional clients only (all distribution channels)

PRICED: Société Nationale SNCF £250m Long 15yr Sr Unsec; UKT+65bp

IGC European Market: Deal Flow - SSA

Reoffer: Long 15yr: UKT+65bp / 99.952 / 6.253%
Benchmark: Long 15yr: UKT 1.25% 22-Oct-41 @ 56.684 (Mid) / 56.664 (Bid)

Launched: Long 15yr: £250m @ UKT+65bp
Guidance: Long 15yr: UKT+65a

• Issuer: Société Nationale SNCF (Ticker: SNCF)
• Issuer Rating: A1 / A / A+ (Moody's / S&P / Fitch)
• LEI: 969500A4MXJ3ESPHK698
• Format: Senior Unsecured, Reg S Bearer
• Issue size: £250m
• Maturity: 22-Oct-41
• Settlement: 14-Sep-26 (T+5)
• Coupon: 6.25% Annual, act/act, long first
• Benchmark: UKT 1.25% 22-Oct-41 @ 56.684 (Mid) / 56.664 (Bid)
• Spread: UKT+65bp
• Re-offer: 99.952 / 6.253% Ann. / 6.158% S.A.
• Denoms: £100k x 100k
• Law: French Law
• Listing: Euronext Paris (Regulated Market), including EURONEXT ESG Bonds
• Documentation: Issuer's EMTN Programme
• Target Market: Eligible counterparties and professional clients only (all distribution channels)
• Joint Lead Managers: Goldman Sachs Bank Europe SE (B&D / DM) / NatWest / RBC Capital Markets
• ISIN: FR001401ARM6
• Timing: Priced / TOE 13:46 LDN / FTT 14:00 LDN
• Use of Proceeds: The proceeds of the transaction will finance Green eligible investments in line with SNCF SA's Green Securities Framework
• Note: PLEASE NOTE THAT £ PRICING IS VS MID GILTS AS PER ICMA GUIDELINES, BUT HEDGES WILL BE EXECUTED VS THE DM TRADER'S BID SIDE

PRICED: OP Corporate Bank plc €500m 7yr SP; MS+62bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+62bp / 99.681 / 3.928%
Benchmark: 7yr: DBR 2.6% Aug-33 @ 96.275 / B+72.1bp (HR 100%)

Final Books > €750m (incl. €25m JLM). Peak book above €1.34bn (pre-reconciliation) (incl. €50m JLM)

Launched: 7yr: €500m @ MS+62bp - Books above €1.34bn (incl. €50m JLM) - pre-rec
Book Update: Books above €1bn
IPTs: 7yr: MS+85a

• Issuer: OP Corporate Bank plc (Ticker: "OPBANK")
• LEI: 549300NQ588N7RWKBP98
• Issuer ratings: Aa3, stable (Moody's) / AA-, stable (S&P)
• Exp. issue ratings: Aa3 (Moody's) / AA- (S&P) A securities rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time, and each rating should be evaluated independently of any other rating
• Status of the Notes: Restricted Senior Preferred Instruments
• Maturity Date: 14-Sep-33 (7yr)
• Settlement: 14-Sep-26 (T+5)
• Issue Size: €500m
• Reoffer: MS+62bp / 99.681 / 3.928%
• Benchmark: DBR 2.6% Aug-33 +72.1bps (@96.275 - HR 100%)
• Coupon: 3.875% Fixed, Annual, payable in arrear
• Coupon Payment Dates: 14-Sep in each year, commencing on 14-Sep-27
• Day Count Fraction / Business Day Convention: Act/Act ICMA / Following
• Early Redemption: Subject to certain conditions (including prior regulatory approval), early redemption of the Instruments will be permitted for taxation reasons or upon the occurrence of an MREL Disqualification Event (partial or full disqualification)
• Substitution and Variation: If an MREL Disqualification Event has occurred and is continuing or to ensure the effectiveness or enforceability of bail-in, the Issuer may substitute or vary the terms of all (but not some only) of the Instruments, without any requirement for the consent or approval of Holders such that they remain or, as appropriate, become, Compliant Instruments (subject to certain pre-conditions including not materially less favourable to Holders)
• Acknowledgement of Bail-in and Loss Absorption Powers: Contractual acknowledgement of Finnish bail-in and loss absorption powers
• Denominations: €100,000 (and integral multiples of €1,000 in excess thereof)
• Listing: Euronext Dublin (regulated)
• Clearing: Euroclear / Clearstream, Luxembourg
• Governing Law: Finnish law
• Documentation: The Issuer’s €25,000,000,000 Euro Medium Term Note Programme described in the Base Prospectus dated 18-Dec-25, as supplemented from time to time (the “Programme”)
• Selling Restrictions: As per the Programme, Reg S Compliance Category 2, TEFRA D
• Target Market: Manufacturer target market (MIFID II/UK MiFIR product governance, as appropriate) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or the UK
• Use of Proceeds: General corporate purposes
• Bookrunners: Barclays, Crédit Agricole CIB, Nomura (B&D), OP Corporate Bank
• Timing: Priced - TOE 14.06UKT // FTT 14.25UKT / 15.25CET
• Advertisement: This communication is an advertisement. The Base Prospectus relating to the Programme and supplements thereto (if any) are available at: https://www.op.fi/en/op-financial-group/debt-investors/issuers/op-corporate-bank-plc/emtn-base-prospectuses The Final Terms relating to the Instruments, when published, will be available at: https://www.op.fi/en/op-financial-group/debt-investors/issuers/op-corporate-bank-plc/emtn-issues

Senior Preferred
7yr (Sep 2033) @ MS+85a
Implied Spread for fresh 7yr @ MS+55
Priced at MS+62
NIC of +7

PRICED: Landesbank Baden-Württemberg €1bn 4yr CB; MS+11bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+11bp / 99.62 / 3.353%
Benchmark: 4yr: OBL 2.4 18-Apr-30 #191 @ 97.845 / B+31.5bp

4yr: Final Books above €1.65bn (incl. €150m JLM). Peak book > €1.8bn (incl. €150m JLM)

Launched: 4yr: €1bn @ MS+11bp - Books above at reoffer €1.65bn (incl. €150m JLM interest)
Spread set at: 4yr: MS+11bp - Book > €1.8bn (incl. €150m JLM)
Book Update: Orderbooks above €1.5bn (incl. €150m JLM interest)
Guidance: 4yr: MS+17a

• Issuer: Landesbank Baden-Württemberg (Ticker: LBBW)
• LEI: B81CK4ESI35472RHJ606
• Issuer Rating: Aa2, stable (Moody's) / AA-, stable (Fitch) / A (high), stable (DBRS)
• Exp. Issue Rating: Aaa (Moody's)
• Status: Public Sector Covered Bond (Öffentlicher Pfandbrief)
• Label: EU harmonisation label European Covered Bond (Premium)
• Settlement: 17-Sep-26
• Maturity: 17-Sep-30
• Issue Size: €1bn
• Coupon: 3.25%, Annual, Act/Act ICMA
• Reoffer: 99.62% (yld 3.353% / MS +11bps)
• Benchmark: 31.5bp vs OBL 2.4 18-Apr-30 #191 at 97.845 (yld 3.038%)
• Denominations: €1k + €1k
• Listing / Law: Stuttgart Stock Exchange / German Law
• Clearing: Clearstream
• Joint Bookrunners: BMO Capital Markets, Erste Group, LBBW (B&D), Nordea, RBC Capital Markets, Santander
• MiFID II/MiFIR: Manufacturer target market (MiFID II/MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID
• Use of Proceeds: General corporate purposes
• Documentation: Landesbank Baden-Württemberg’s EUR 50bn Programme for the Issuance of Debt Securities, dated 23-Apr-26, as supplemented from time to time. Available on https://www.lbbw.de/group/news-and-service/investor-relations/issuing-programs/issuing-programmes_ac9nogyp1w_e.html and Final Terms, when available on https://www.lbbw-markets.de
• Issuing Programs Disclaimer: https://www.lbbw.de/group/news-and-service/investor-relations/issuing-programs/issuing-programmes_ac9nogyp1w_e.html
• Timing: PRICED; TOE 15:25 CET / FTT 15:45 CET

Covered
4yr (Sep 2030) @ MS+17a
Implied Spread for fresh 4yr @ MS+10
Priced at MS+11
NIC of +1

PRICED: DekaBank €500m 3yr SNP; MS+43bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+43bp / 99.919 / 3.654%
Benchmark: 3yr: OBL 2.1 12-Apr-29 @ 97.795 / B+65.9bp

Tranche 1 (3yr): Final books above €1.05bn (excl. JLM-interest). Peak book above €1.45bn (excl. JLM-interest)

Launched: 3yr: €500m @ MS+43bp - Books above €1.45bn (excl. JLM-interest)
Book Update: Books above €1.2bn (excl. JLM-interest)
IPTs: 3yr: MS+70a

• Issuer: DekaBank Deutsche Girozentrale
• Issuer LEI: 0W2PZJM8XOY22M4GG883
• Ticker: DEKA Corp
• Issue Type: Senior Non Preferred Notes, MREL eligible
• Format: Reg S bearer, NGN
• Exp. Rating: A1/A by (Moody's/S&P)
• Size: €500m
• Coupon: 3.625%, annual, act/act ICMA
• Pay Date: 14-Sep-26 (T+5)
• Maturity: 14-Sep-29 (3 years)
• Reoffer: MS+43bp / 99.919 / 3.654%
• Benchmark: +65.9bp vs. OBL 2.1 12-Apr-29 @ 97.795, HR 116%
• Leads: Crédit Agricole CIB, Commerzbank, DekaBank (B&D), Deutsche Bank, ING, UniCredit
• Listing: Frankfurt/Luxembourg
• Denoms/Law: €100k + 100k, German
• Docs: Debt Issuance Programme
• ISIN: XS3499990649
• Target Market: The target market for the bonds is eligible counterparties and professional clients,each as defined in MiFID II.
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Timing: Priced, TOE: 16:07 CET, FFT: 16:25 CET

Senior Non-Preferred
3yr (Sep 2029) @ MS+70a
Implied Spread for fresh 7yr @ MS+35
Priced at MS+43
NIC of +8

PRICED: Brenntag Finance B.V. €500m 7yr Sr Unsec; MS+100

IGC European Market: Deal Flow - General

Reoffer: 7yr: MS+100bp / 99.626 / 4.313%
Benchmark: 7yr: DBR 2.6 15-Aug-34 @ 96.24 / B+110bp (HR: 99%)

Tranche 1 (7yr): Final Books €1.9bn+. Peak book in excess of €2.2bn+ (pre rec, ex JLM interest)

Launched: 7yr: €500m @ MS+100bp - Books in excess of €2.2bn+ (pre rec, ex JLM interest)
IPTs: 7yr: MS+130/135bp

• Issuer: Brenntag Finance B.V. (Ticker: BNRGR, Country: The Netherlands)
• Issuer LEI: 724500LOJA6NM43PH951
• Guarantor: Brenntag SE (Country: Germany)
• Guarantor LEI: NNROIXVWJ7CPSR27SV97
• Guarantor Rating: Baa2 (stable) / BBB+ (negative) by Moody’s / S&P
• Expected Issue Rating: BBB+ by S&P
• Format: Senior, unsecured, Reg S, Bearer, New Global Note
• Pricing Day: 07-Sep-26
• Settlement Date: 14-Sep-26 (T+5)
• Maturity Date: 14-Sep-33 (7-year)
• Size: €500m
• Reoffer: MS+100 / 99.626 / 4.313%
• Coupon: 4.250% (Annual, Act/Act, ICMA)
• BMK: DBR 2.6 15-Aug-34 @ 96.24 / 3.213% / B+110 bps (HR: 99%)
• ISIN: XS3502111522
• Early Redemption: 3 months / MWC @ B+20
• Documentation: EUR 6.0bn debt issuance programme (DIP) dated 27-Mar-26, as supplemented on 3-Sep-26 / German law / €100,000 + €100,000 / Euro MTF of the Luxembourg Stock Exchange / CoC / 3-month par call / tax call / MWC / clean-up call (80%)
• Use of Proceeds: General corporate and financing purposes including the refinancing of existing debt
• Denoms: EUR 100k + 100k
• Listing: Luxembourg Stock Exchange (Euro MTF)
• Law: German Law
• Active Bookrunners: BNP Paribas, Deutsche Bank, Helaba, HSBC (B&D)
• Selling restrictions: As per the Base Prospectus
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail investors in EEA, the UK or elsewhere.
• Advertisement: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus (together with the supplement thereto) is available, and the Final Terms when published will be available, at: https://www.luxse.com/programme/Programme-BrenntagFinance/14789
• Timing: Priced. TOE: 16.14 CET / 15.14 UKT; FTT 16.45 CET / 15.45 UKT

7yr (Sep 2033) @ MS+130/135
Implied Spread for fresh 7yr @MS+100
Priced at MS+100
NIC of 0

PRICED: Banco BPM S.p.A. €750m 6NC5 EuGB SNP; MS+85bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+85bp / 99.45 / 4.124%
Benchmark: 6NC5: DBR 0 Aug-31 @ 86.01 / B+102.1bp / HR 107%

Tranche 1 (6NC5): Final orderbooks in excess of €1.7bn (incl €85m JLM). Peak book in excess of €2.6bn (incl €85m JLM) (pre-rec)

Launched: 6NC5: €750m @ MS+85bp - Orderbooks in excess of €2.6bn (incl €85m JLM) (pre-rec)
Book Update: Orderbooks in excess of €2.25bn (incl €85m JLM)
IPTs: 6NC5: MS+115a

• Issuer: Banco BPM S.p.A. (Ticker: BAMIIM)
• Issuer LEI: 815600E4E6DCD2D25E30
• Issuer Ratings: Baa1 Stable / BBB positive / BBB+ Stable / BBB (high) stable (Moody’s / S&P / Fitch / DBRS)
• Expected Issue Ratings: Baa2 / BB+ / BBB / BBB (Moody’s / S&P / Fitch / DBRS)
• Notes: Fixed-to-Floating EUR Senior Non Preferred Notes
• Format: Reg S Bearer, Dematerialised
• Status: Direct, Unconditional, unsecured and Non-Preferred obligations of the Issuer, pursuant to Article 91, paragraph 1-bis, letter c-bis of the Italian Banking Act, as described in Condition 3.2 (Status of the Senior Non-Preferred Notes) of the Terms and Conditions of the Dematerialised Notes
• Issue Size: €750m
• Pricing Date: 07-Sep-26
• Issue Date: 14-Sep-26 (T+5)
• Maturity Date: 14-Sep-32
• Optional Redemption Date: 14-Sep-31
• Final Spread: MS+85bp
• Reoffer: 99.45 / 4.124% (Ann)
• Benchmark: DBR 0 Aug-31 + 102.1bp (Spot 86.01), HR 107%
• Coupon: 4%, Fixed, Act/Act, ICMA, annually in arrear, in respect of the Fixed Interest Period from the Issue Date until (but excluding) the Optional Redemption Date. If not redeemed on the Optional Redemption Date, Floating Rate equal to 3mEURIBOR+85bp, Actual/360, quarterly in arrear, in respect of the Interest Periods from (and including) the Optional Redemption Date until (but excluding) the Maturity Date
• Bail-in Acknowledgement: Each Noteholder acknowledges and agrees to be bound by the exercise of any Bail-in Power by the Relevant Resolution Authority
• Waiver of Set-Off: Each Noteholder unconditionally and irrevocably waives any right of set-off, netting, counterclaim, abatement or other similar remedy which it might otherwise have under the laws of any jurisdiction in respect of such Notes, as set out in the Terms and Conditions of the Dematerialised Notes
• Interest Payment Dates: 14 September in each year, commencing on 14-Sep-27, until (and including) the Optional Redemption Date, then quarterly on 14 December, 14 March, 14 June and the Maturity Date
• Use of Proceeds: The Notes constitute “European Green Bonds” for the purposes of the EU Green Bond Regulation. An amount equal to the net proceeds from the issue of the Notes will be applied to finance and/or refinance eligible assets linked to the intended EU Taxonomy-aligned economic activities presented in the Factsheet. The Factsheet covers the following EU Taxonomy activities: Construction of new buildings (7.1), Renovation of existing buildings (7.2), Acquisition and ownership of buildings (7.7) and Electricity generation using solar photovoltaic technology (Art. 4.1) · Electricity generation from wind power (Art. 4.3) · Electricity generation using hydropower (Art. 4.5) · Electricity generation from bioenergy (Art. 4.8). Banco BPM intends to allocate the proceeds mainly to eligible assets related to real estate activities. The Factsheet prepared by the Issuer and applicable to such European Green Bonds (the “Factsheet”), dated 13-Oct-25 and the pre-issuance review (the “Pre-Issuance Review”) related to the Factsheet by ISS as an external reviewer, are available at: https://gruppo.bancobpm.it/en/sustainability/eu-green-bond/ The Notes will also be issued in accordance with ICMA’s Green Bond Principles in line with the Issuer’s Green, Social and Sustainability Bonds Framework. Further details on Eligible Green Loans are included in the Issuer Green, Social and Sustainability Bonds Framework and the related Second Party Opinion by ISS, made available on the Issuer's website in the sustainability sections at: https://gruppo.bancobpm.it/en/sustainability/green-social-sustainability-bonds-framework/ Investor Presentation at: https://gruppo.bancobpm.it/sostenibilita/eu-green-bond/
• Redemption at the Option of the Issuer (Issuer Call): The Issuer may redeem the Notes at par, in whole, but not in part, on the Optional Redemption Date pursuant to Condition 6.5 (Redemption at the option of the Issuer (Issuer Call)) of the Terms and Conditions of the Dematerialised Notes, subject to the Relevant Authority granting permission, as required by the Applicable Banking Regulations and subject to Condition 6.13 (Regulatory conditions for call, redemption, repayment or repurchase of Senior Notes) of the Terms and Conditions of the Dematerialised Notes in the EMTN Programme
• Issuer Call due to MREL Disqualification Event: Redeemable at any time at the option of the Issuer upon a MREL Disqualification Event, in whole but not in part, subject to certain conditions set out in the Terms and Conditions of the Dematerialised Notes (including prior permission of the Relevant Authority) as set out at Condition 6.4 (Redemption of Senior Notes due to a MREL Disqualification Event) of the Terms and Conditions of the Dematerialised Notes.
• Clean-up Redemption Call: Applicable (75%)
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Clearing: Euronext Securities Milan
• Denominations: €150k + 1k
• Selling Restrictions: The Notes may only be offered and sold outside the United States to non U.S. persons in reliance on Regulation S under the Securities Act. Further selling restrictions are incorporated in the section “Subscription and Sale” of the Base Prospectus. TEFRA not applicable
• Governing Law: Italian Law
• Documentation: The Issuer’s €25bn EMTN Programme dated 20-May-26 and supplemented on 19-Jun-26 and 28-Aug-26
• ISIN: IT0005730749
• Joint Lead Managers: Banca Akros, BBVA, HSBC (B&D), NatWest, Nomura, Santander, Société Générale
• Target Markets: MiFID II and UK MiFIR product governance - Eligible Counterparties and Professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPS key information document (KID) or UK CCI disclosure document has been prepared as not available to retail in EEA or the UK
• Advertisement: The Base Prospectus and any supplements are available at: https://gruppo.bancobpm.it/investor-relations/strumenti-di-debito/emissioni- internazionali/ and the Final Terms, when published, will be available on the website of the regulated market at: https://www.luxse.com/programme/Programme-BcBPM/14434
• Timing: Priced
• ToE: 15.58 UKT / 16.58 CET
• FTT: 16.15 UKT / 17.15 CET

EuGB Senior Non-Preferred
NC5yr (Sep 2031) @ MS+115a
Implied Spread for fresh NC5yr @ MS+75
Priced at MS+85
NIC of +10

PRICED: ENGIE €750m PerpNC8.3 Green Sub; 5.05%

IGC European Market: Deal Flow - General

Reoffer: PerpNC8.3: 5.05% / 99.693

Reference Benchmark: 177.1bps vs DBR 2.6 15-Aug-34 @ 95.321 / 3.279%

MWC: B+30bps

PerpNC8.3: Final Books >€2.3bn. Peak book >€4.9bn

Launched: PerpNC8.3: €750m @ 5.05% - Books > €4.9bn

IPTs: PerpNC8.3: 5.500%-5.625%

• Issuer: ENGIE
• Ticker: ENGIFP
• Country: FR
• Issuer LEI: LAXUQCHT4FH58LRZDY46
• Issuer Ratings: Baa1 (Stable) / BBB+ (Stable) / BBB+ (Stable) (Moody's / S&P / Fitch)
• Expected Issue Ratings: Baa3 / BBB- / BBB (Moody's / S&P / Fitch)
• Exp. Equity Credit: 50% Equity Credit Basket M from Moody's / Intermediate Equity Content (50%) from S&P (until First Reset Date) / 50% Equity Credit from Fitch
• Status: Direct, unconditional, unsecured and the lowest ranking subordinated obligations (engagements subordonnés de dernier rang) of the Issuer and rank and will rank pari passu among themselves and (save for certain obligations required to be preferred by French law) equally and rateably with all other present or future Deeply Subordinated Notes, but subordinated to the titres participatifs issued by, and the prêts participatifs granted to, the Issuer, and Ordinary Subordinated Notes and Unsubordinated Notes of the Issuer.
• Format: Reg S (Cat 2), Bearer Notes, Dematerialised, Green Notes
• Size: €750m
• Reoffer: 99.693 / 5.050% (annual yield)
• Reference Benchmark: 177.1bps vs DBR 2.6 15-Aug-34 @ 95.321 / 3.279%
• Initial Margin: 168.5bps
• Pricing Date: 7-Sep-26
• Settlement Date: 14-Sep-26 (T+5)
• Maturity / NC period: PerpNC8.3
• First Reset Date, Second Reset Date and Subsequent Reset Dates: 14-Jan-35, 14-Jan-40 and each date falling on the fifth annual anniversary thereafter
• First Call Date: 14-Oct-34 (3 months before the First Reset Date)
• Interest Payment: Fixed rate, 5.000% per annum, payable annually in arrear, from the Issue Date until the First Reset Date. Then, reset every 5 years to then applicable 5yr EUR Mid-Swap Rate plus the Initial Margin + relevant step-up. Short first
• Step-up: 14-Jan-40 (First Step-up Date, Year 13.3): +25 bps / 14-Jan-55 (Second Step-up Date, Year 28.3): +75 bps (100 bps in aggregate)
• Short First Coupon: Short First Coupon with a Broken Amount of €1,671.23 per €100,000 in nominal amount for the period from and including the Issue Date to, but excluding, 14-Jan-27
• Optional Interest Deferral: The Issuer may, at any time and at its sole discretion, elect to defer in whole or in part the payment of interest accrued on the Notes in respect of any Interest Period Cumulative and compounding (cash settled) subject to applicable laws and regulations.
• Payment of Arrears of Interest: Arrears of Interest (together with any Additional Interest Amount) may at the option of the Issuer be paid in whole or in part at any time, provided that all Arrears of Interest (together with the corresponding Additional Interest Amounts) in respect of all Notes for the time being outstanding shall become due and payable in whole, but not in part, on whichever is the earliest of: (i) 10 Business Days following the occurrence of a Mandatory Payment Event; (ii) the next scheduled Interest Payment Date in respect of which the Issuer does not elect to defer all or part of the interest accrued in respect of the relevant Interest Period; (iii) the date on which the Notes are redeemed; or (iv) the date upon which a judgment is made for the voluntary or judicial liquidation of the Issuer (liquidation judiciaire or liquidation amiable) or the sale of the whole of the business (cession totale de l'entreprise) of the Issuer or if the Issuer is liquidated for any other reason (other than pursuant to a consolidation, amalgamation or merger or other reorganisation outside the context of an insolvency).
• Mandatory Payment Event: a dividend, other distribution or payment of any nature was validly declared, paid or made in respect of any Equity Securities or any Parity Securities of the Issuer; or the Issuer has repurchased, redeemed, or otherwise acquired any Equity Securities or any Parity Securities of the Issuer other than, with respect to Equity Securities, in connection with the satisfaction by the Issuer of its obligations under any buy-back programme, employee shareholding programmes (including any share purchase option plan), or free share allocation plan reserved for directors, officers and/or employees of the Issuer's group, shares sold to employees through the Issuer savings funds, liquidity agreement (programme de liquidité) or any associated hedging transaction.
• Par Call schedule: The Issuer will have the right to redeem each series of the Notes (but not some only) on any day in the period commencing on the First Call Date (3 months before the First Reset Date) and ending on (and including) the First Reset Date and on any Interest Payment Date thereafter, at par (together with accrued interest)
• Early Par Redemptions: At any time at par, upon a Clean-up Call (≥75%), a Gross-Up Event or a Withholding Tax Event (in whole but not in part)
• Early 101% Redemptions: Upon the occurrence of an Accounting Event, a Capital Event or a Tax Deductibility Event, at 101% at any time until and excluding the date falling 3 months prior to the First Reset Date, at par thereafter (in whole but not in part)
• Early Make-Whole Redemption: Make-Whole Redemption option in whole (but not in part) at the Make-Whole Redemption Amount at any time other than (i) the period from (and including) the First Call Date until (and including) the First Reset Date and (ii) on any subsequent Interest Payment Date (vs. Bund)
• Replacement Language: Intention-based, subject to customary carve-outs (non-binding)
• Use of Proceeds: An amount equal to the net proceeds will be used by the Issuer to: finance or refinance part of the acquisition of 100% of UK Power Networks, a pure player in transmission and distribution of electricity, and/or to finance or refinance in whole or in part, other existing or future Eligible Green Projects, both in accordance with the Issuer's Green Financing Framework, available on the Green bond section of the Issuer's website (https://www.engie.com/en/investors/fixed-income/green-bonds/)
• ISIN: FR001401AVW7
• Denominations: €100k + €100k
• Listing: Euronext Paris
• Governing Law: French law
• Documentation: EMTN Base Prospectus dated 22-May-26 Green Financing Framework and Second Party Opinion The applicable Green Financing Framework and the Moody's SPO both dated Mar-26 are available at: https://www.engie.com/en/investors/fixed-income/green-bonds/
• Global Coordinators and Active Bookrunners: Morgan Stanley Europe SE, Santander (B&D)
• Joint Active Bookrunners: Deutsche Bank, Mizuho, NatWest, Societe Generale
• Target Market: Eligible Counterparties and Professional Investors only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restrictions: As per the Base Prospectus dated 22-May-26
• Advertisement: The final terms, when published, will be available on the website of the Issuer (https://www.engie.com/en/investors/fixed-income/subordinated-hybrid-bonds/) and on the website of the Autorité des Marchés Financiers (www.amf-france.org)
• TOE: 16:19 UKT / 17:19 CET
• FTT: 16:45 UKT / 17:45 CET

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