Commentary & Deal Flow

Reoffer: Long 20yr: SPGB+7bp / 99.764 / 4.268%
Benchmark: Long 20yr: SPGB 3.45 30-Jul-43 (mid) @ 91.068 / 4.198%

Long 20yr: Final Books in excess of €68bn (incl. €3.7bn JLM interest). Peak book in excess of €82bn (incl. €3.7bn JLM interest)

Launched: Long 20yr: €4bn @ SPGB+7bp - Order book in excess of €82bn (incl. €3.7bn JLM interest)
Spread set at: Long 20yr: SPGB+7bp
Guidance: Long 20yr: SPGB+10a

• Issuer: The Kingdom of Spain
• Issuer Ratings: A+/A/A3/AH/A (stab/stab/stab/stab/pos) (S&P/Fitch/Moody's/DBRS/Scope)
• Format: Obligaciones del Estado (in dematerialised book entry form), Green Bond, Reg S Cat 1, 144A eligible, CACs
• Size: €4bn
• Maturity: 30-Jul-47
• Settlement: 15-Sep-26 (T+5)
• Coupon: 4.25%, Fixed, annual ACT/ACT, short first to 30-Jul-27
• Reoffer: 99.764 / 4.268% (SPGB+7bp)
• Benchmark: SPGB 3.45 30-Jul-43 (mid) @ 91.068 / 4.198%
• Denom/Listing/Law: €1k+1k / Madrid (AIAF Mercado Renta Fija) / Spanish Law
• Docs: Exempt from prospectus requirements in Spain. Spanish public debt tax regime. No events of default. No tax gross-up.
• Target market: Retail / Professional / Eligible Counterparties (all distribution channels)
• UOP: The proceeds of the Green bond will be used in accordance with the Kingdom of Spain’s updated Green Bond Framework.
• ISIN: ES0000012S30
• Bookrunners: Barc/BBVA/CACIB/JPM/MS/Santander (B&D/DM)
• Timing: PRICED. TOE 16.12 CET . FTT immediately
• 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 to investors on request from your usual sales contact