• Sovereign supply had been slated for this week & Spain’s €4bn long 20yr & the UKs £4.25bn TAP drew significant investor interest, with both deals covered an impressive 17 & 20 X respectively.
• Orange kicked off multi-tranche corporate supply pricing a €4.1bn 4-tranche, with Uber having mandated its 5-tranche € deal yesterday, slated for Wednesday. Keeping the trend going Amazon.com also announced a 4 tranche deal in Sterling - also due as early as tomorrow. Mid afternoon a 3rd US issuer, Parker-Hannifin, announced its intention to bring a triple-tranche €, also slated for tomorrow (PH are issuing a 4-tranche SEC Registered US$ deal today).
• Other trends saw covered issuance continue with €3.75bn from 3 tranches in €’s & £2bn from 2 tranches in Sterling.
• € IG priced €17.75bn from 12 deals (3 x Corp, 5 x FIG & 4 x SSA), via 16 tranches, the busiest single day session since July 6th (€18.35bn).
  • WTD: €27.45bn / 67% share of the week's €40.9bn forecast.
• Sterling (£) was very active with £6.9bn, from 4 deals (2 x FIG & 2 x SSA) via 5 tranches; the heaviest single day of issuance since the 9th of June which saw a collective £10.85bn across Corp, FIG & SSA (inc. a £9bn 14.5yr from the UK).
• Both Swiss Francs & the US$ Reg S market remained silent with zero trades.
• Given the pipeline, in today’s “Talking Point” (below) we take a look at the meaningful mult-tranche Reverse Yankee issuance in €’s & £ over the last 2 years.
• iTraxx Europe is wider by +0.15%, with the iTraxx Senior & Sub financial indices also wider today by +0.19% & +0.14% respectively (as we print).
• Brent crude bounced off the session high of 99.35 mid-morning, softening throughout the session currently trading at c.97.74 (c.$97.96 this morning).
• European equity bourses are mixed, with both the FTSE & CAC 40 higher by +0.02% & +0.03% respectively, while the Dax is lower by -0.08%.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €5.4bn
    • Avg. tranche size €900m
    • Avg. IPT to Pricing -34
    • Avg. cover X 3.68
  • FIG
    • Total IG: €5.35bn
    • Avg. tranche size €892m
    • Avg. IPT to Pricing -4.67 (covered)
    • Avg. IPT to Pricing -27.17 (unsecured)
    • Avg. cover X 2.13
  • SSA
    • Total IG: €7bn
    • Avg. tranche size €1.75bn
    • Avg. IPT to Pricing -2.75
    • Avg. cover X 7.58
• Pipeline: The European IG pipeline currently has 8 trades tabled in both €’s & Sterling.
  • 3 x € Corp (Uber 5-tranche & Parker-Hannifin 3-tranche)
  • 2 x € FIG (1 x covered)
  • 2 x € SSA
  • 1 x £ Corp (4-tranche from Amazon.com)

Talking Point

• Diversification for US issuers into the Sterling & Euro markets has long been valued. The table below highlights the growing magnitude of these Reverse Yankee trades. Ranked by the most recent, the data is from the last 2yrs.
• The hyperscalers have been particularly active with Amazon’s 8-tranche €14.5bn print still the record holder from the 11th of March.
• Alphabet has been a prolific funder in both markets having raised a staggering €22.25bn & £5.5bn over the last 17 months alone.
• As evidenced by the average cover, the depth of liquidity continues to impress.

Euro IG (today)

• Electricite de France SA (exp. Issue ratings of Ba2 / BB- / BBB+ by Moody’s, S&P & Fitch) announced a € benchmark, Perpetual NC5.5 (1st call date, 14th December 2031), Green, Hybrid offering with IPTs in the area of 5.75%. Books were over €3bn, & the deal launched for €1bn, with a final annual yield of 5.375%; 37.5bps tighter than IPTs. Final books were in excess of €2.65bn.
  • EDF’s last foray into the public markets was a 4-tranche Green offering on the 26th of February for a collective €2.75bn. Their last junior subordinated hybrid offering (29th Sept 2025), comparable to today’s trade, was their €1.25bn, Perp NC5.5 trade which priced to yield 4.5%; 50ps tighter than IPTs.
• Orange SA (exp. Issue ratings of Baa1 / BBB+ / BBB+ by Moody’s, S&P & Fitch) announced a € benchmark, 4-tranche offering comprising a 3yr, 6yr, 9yr & 12yr. Respective IPTs were all in a range as follows: MS+75 to +80; MS+105 to +110; MS+130 to +135; & MS+145 to +150. Combined books were in excess of €14.8bn & total size expectations were managed to be €4bn to €4.2bn (max). Spread set at MS+45, MS+75, MS+98 & MS+113 respectively; with books in the same order each in excess of €3.5bn, €3.7bn, €4bn & €3.6bn. Total deal size set at €4.2bn, broken down respectively at €1.25bn, €1.1bn, €1.1bn & €750m. Books for each in turn were >€3.6bn, >€4bn, >€4.2bn & >€3.5bn (€15.3bn in total). The size of the 6yr was revised to €1bn, reducing the final total size to €4.1bn.  Final books were €3.7bn, €4bn, €4.25bn & €3.7bn (€15.65bn in total).
  • Orange last issued a €850m PerpNC7 subordinated trade on June the 15th, however, most comparable to today’s offering was their 5-tranche deal on November 6th 2025. On that occasion they priced a collective €5bn; €750m 3yr at MS+37; €1bn 6yr at MS+70; €1.375, 9yr at MS+90; €1.375bn 12.5yr at MS+110 & €500m 20yr at MS+132. Respective books were €3.1bn, €3bn, €2.7bn, €3bn & €3.8bn. In the same order. spread tightening from IPTs was: -45.5, -32.5, -32.5, -32.5, & -40.5. Proceeds from today’s trade are just GCP & the deal is not M&A related.
• Loomis AB (exp. Issue rating of BBB by S&P) announced their anticipated 5yr, €300m (exp), senior unsecured, fixed rate, Reg S notes. IPTs on the trade were in the range of MS+120 to +125. Spread set at MS+90, with books above €1bn (pre-rec). Size was confirmed at €300m. Final books were in excess of €850m at re-offer.
  • This is their first trade since their €300m 5yr senior unsecured back on the 3rd of September, 2024. That deal priced at MS+125; 35bps tighter than IPTs from a book of €1.3bn.

• Royal Bank of Canada (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, Fitch & DBRS), having mandated yesterday, brought their anticipated € dual-tranche benchmark RegS registered fixed-rate Covered Bond. Guidance on the 5yr was in the area of MS+28; with the 10yr tranche carrying guidance in the area of MS+44. Combined books first called in excess of €3bn (inc. €275m JLMs), with a slight skew to the 5yr. The 5yr spread set at MS+22, with books over €2.3bn (inc. €125m JLMs); & the 10yr spread set at MS+40, with books in excess of €1.2bn (inc. €150m JLMs). The 5yr sized at €2.25bn, when books were over €2.7bn (inc. €125m JLMs pre-rec). The 10yr sized at €750m, when books were over €1.1bn (inc. €150m JLMs pre-rec). Final books on the 5yr were over €2.5bn (inc. €125m JLMs); & final books on the 7yr were over €1.1bn (inc. €150m JLMs). 
• This is RBC’s first € covered issue since its €2.25bn dual-tranche from March 10th, which saw a €1bn 3yr price at MS+13; 7bps tighter than guidance from a book of €1.62bn; & a €1bn 7yr which priced at MS+30; 5bps tighter than guidance from a book of €1.35bn.
• Landesbank Hessen-Thueringen Girozentrale (Helaba) (exp. Issue rating of Aaa by Moody’s)  came with their anticipated 5yr € benchmark, Public Sector Pfandbrief transaction. The European Covered Bond (Premium), came with guidance in the area of MS+22. Books first called above €675m (inc. €175m JLMs). Spread set at MS +18. Books rose to above €900m (inc. €175m JLMs) & the trade sized at €750m. Books qualified as above €900m (inc. €165m JLMs).
  • Heleba last issued a public covered on January 13th, with its €1.25bn dual-tranche. The €750m 4.5yr priced at MS+15; 7bps tighter than guidance from a book of €1.2bn. The €500m, 9yr priced at MS+24; 8bps tighter than guidance with a book of €1.3bn.
• Norddeutsche Landesbank - Girozentrale (exp. Issue ratings of Aa2 / AA- by Moody’s & Fitch) announced a €500m (wng), 3yr, Senior Preferred offering with IPTs in the area of MS+60. Books above €1bn (inc. €110m JLMs), rising to above €1.1bn (inc. €110m JLMs). Spread set at MS+38. Final books were above €935m (inc. €80m JLMs), good at re-offer.
  • NordLB’s last senior preferred offering was a €500m, 5yr on the 8th of June. The trade priced at MS+55; 25bps tighter than IPTs from a book of €1.65bn.
• Nykredit Realkredit A/S (exp. Issue ratings of A- / A+ by S&P & Fitch) announced a €500m (wng), 4yr, Senior Non-Preferred offering with IPTs of MS+95 to +100. Books over €2bn, rising to over €2.8bn (pre-rec). The trade launched €500m at MS+68. Final books closed at over €1.9bn.
  • This is their 5th visit to the public € markets & their 3rd Senior non-preferred in a row. The last being a €750m, 7.25yr in June pricing at MS+100; 25bps tighter than IPTs from a €2bn book. Prior to that was a €750m, 5.75yr from April which priced at MS+92; 28bps tighter than IPTs from a €2.3bn book.
• Euroclear Holding SA/NV (exp. Issue ratings of AA- / AA- by S&P & Fitch), brought their expected, RegS only €600m (wng), 10yr Fixed Rate Senior Unsecured transaction. IPTs on the notes were in the area of MS+110. Books were over €2.2bn (pre-rec) & the deal launched for €600m at MS+80. Final books over €2bn.
  • The borrower last came to the € public markets in October 2022, with a €500m, 5yr, which priced at MS+65; 40bps tighter than IPTs from a €3.4bn book.

• Nederlandse Waterschapsbank NV (rated Aaa / AAA by Moody’s & S&P), brought their expected € benchmark, Social 5yr transaction. Guidance on the offering was in the area of MS+12. Guidance was revised to MS+10 area, when books were called in excess of €3bn (inc. €350m JLMs). Spread set at MS+9 & the trade sized at €1.25bn. Books at the final spread were in excess of €2.6bn (inc. €350m JLMs).
  • NWB funds itself in € with a mix of both public & pirate deals. Its last public outing in the public € markets was in June, when it placed €1bn, 7yr at MS+19; 3bps tighter than guidance from a book of €2.6bn.
• The Asian Development Bank (ADB), (rated Aaa / AAA / AAA by Moody’s, S&P & Fitch), having mandated yesterday, brought a new long €1bn, 7yr, fixed rate, with guidance in the area of MS+15. Books were in excess of €7bn (inc. €800m JLMs). Spread set at MS+12. Books closed over €9.3bn (inc. €800m JLMs). Size set at €1.25bn.
  • ADB last tapped the € markets in June (9th) with a €1.25bn, 7yr which priced at MS+12; 3bps tighter than guidance from a €4.1bn book. Prior to that in January (8th) they brought a €2.5bn, 3yr which priced at MS+3; 3bps tighter than guidance from a book of €8.9bn.
• The Kingdom of Spain (rated A3 / A+ / A / A3 / AH / A by Moody’s, S&P, Fitch, DBRS & Scope), brought their anticipated €4bn (wng), Green Obligacion del Estado, long 20yr (30th July 2047). Guidance on the notes was SPGB 3.45 30th July 2043 (mid) +10 area. Order book was in excess of €82bn (inc. €3.7bn JLMs). Spread set at SPGB 3.45 2043 (mid) +7. Books closed in excess of €68bn (inc. €3.7bn JLMs).
  • Spain's last major offering was their €13bn, 10yr back on the 27th of May, which priced at SPGB+6; 2bps tighter than guidance from a simply massive book of €138bn. Prior to that the Sovereign issued a €7bn, 30yr on the 24th of February, which they priced at SPGB+5; 3bps tighter than guidance from another monster book of €119bn.
• Bayerische Landesbodenkreditanstalt (exp. Issue rating of Aaa by Moody’s), through their anticipated 10yr €500m (wng), senior unsecured, RegS Bearer Social Bond transaction. Guidance on the notes was in the area of MS+26. Books first called over €1bn (inc. €150m JLMs), rising to over €1.5bn (inc. €150m JLMs). Spread set at MS+24. Final books, good at re-offer, were €1.89bn (inc. €125m JLMs).
• - final spread set at MS +24bps
  • BayerLabo last issued two senior unsecured notes in 2025. A €500m, 8yr last September pricing at MS+30; 2bps tighter than guidance from a book of €897m; & a €500m 5yr from April, which priced at MS+29; 2bps tighter than guidance.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• The Bank of Nova Scotia (exp issue rating of Aaa / AAA / AAA by Moody’s, Fitch & DBRS), announced a dual-tranche, Covered bond. Guidance on the 3.5yr FRN was in the area of SONIA+45; while a long 6yr (15th December 2032) had guidance of SONIA MS+67 area. Combined book update came in at £2.3bn (inc. £250m JLM). Spread set for the 3.5yr at SONIA+49, when books were over £1.75bn (inc. £200m JLMs). Spread set for the long 6yr at SONIA MS+62, when books were in excess of £1bn (inc. £50m JLMs). The 3.5yr sized at £1.25bn, with books over £1.95bn (inc. £200m JLMs). The long 6yr sized at £1bn, with books over £1bn (inc. £50m JLMs). Final books on the 3.5yr, good at re-offer, were >£1.9bn (inc. £200m JLMs); & final books for the long 6yr, good at re-offer, were >£1bn (inc. £50m JLMs).
  • This is BNS’s second covered bond in £ space this year, having priced £1.25bn 5yr FRN at SONIA+58; 5bps tighter than guidance from a £1.5bn book. Issuer also sold £1.5bn, 3yr covered at SONIA+54 in September of last year; 6bps tighter than guidance from a book of £3bn.
• Bank of Montreal (exp issue rating of A2 / A- / AA- by Moody’s, S&P & Fitch), announced a long 7NC6 (maturity date of 15th December 2033), senior unsecured, Reg S, trade with IPTs in the area of UKT+110. Books were first called over £1bn (inc. £75m JLMs). The deal launched £400m at UKT+95, when books were over £1.1bn (inc. £85m JLMs). Final Books at re-offer were over £920m (inc. £75m JLMs).
  • BMO is a regular issuer in the £ markets, having already placed £2.5bn so far this year, including £1bn covered 3yr FRN in April at SONIA+50, & another covered £1bn 4yr in June at MS+55; 5bps tighter than guidance from a £1.5bn book.

• The United Kingdom (rated Aa3 / AA / AA- by Moody’s, S&P & Fitch), brought its long awaited re-opening of the 5.375% Treasury Gilt 2056 (having mandated back on the 21st of August). Guidance was UKT 4.25% Gilt 7th December 2055 +0.75 to  +1. Orderbook first called in excess of £58bn (inc. £4bn JLMs), rising to over £78bn (inc. £4bn JLMs). Spread set at UKT 4.25% 2055 +0.75. Size was set at £4.25bn with the orderbook closed in excess of £85bn (inc. £4bn JLMs). Tap size set at £4.25bn.
• Prior to today’s tap, the outstanding amount on the 56’s was £5.9bn. The Linker market has been popular with retail investors - being one of the few fixed income products available for this sector. Demand remains strong, ensuring the success of this transaction. 
• Kreditanstalt fuer Wiederaufbau (KfW) (rated Aaa / AAA / AAA by Moody's, S&P & Scope)  brought a £200m TAP  of their 1st June 2032’s. Guidance on the tap was SONIA MS +34 area. Spread was set at SONIA MS+33, with the book at £275m. Spread set at SONIA MS+33. Size set at £250m. Books closed at over £280m (exc. JLMs).
  • Prior to today’s tap the outstanding was £800m, & looks like an opportunistic tap to fill one or more market shorts. KfW is a proactive issuer across global debt capital  markets, having already placed in excess of £4bn in the market in 2026. 

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: Parker-Hannifin Corporation (rated A3 / BBB+ / A- by Moody’s, S&P, & Fitch), mandated Barclays, Citigroup, & Morgan Stanley to act as Joint Book-Running Managers on a potential € benchmark bond offering. A SEC-registered, multi-tranche senior unsecured notes offering issued across 3.5yr, 5.5yr & 9.5yr tenors is expected to follow as early as tomorrow, subject to market conditions.

• 8th September: Capital One Financial Corporation (exp. Issue ratings of Baa1 / BBB / A- by Moody’s, S&P, & Fitch), has asked Barclays, Deutsche Bank, Goldman Sachs & Co. LLC & Morgan Stanley, to arrange a series of fixed income investor calls for today, Tuesday, September 8th. A benchmark-sized offering of SEC-registered 6NC5 & 11NC10 € denominated senior unsecured notes may follow, subject to market conditions.
• 8th September: Kutxabank (exp. Issue ratings of Aaa / AAA by Moody’s & DBRS), has mandated BBVA, Commerzbank, HSBC Continental Europe, J.P. Morgan, Kutxabank Investment & Natixis as joint lead managers to lead manage its forthcoming € benchmark 7yr, RegS Dematerialised book-entry form (anotaciones en cuenta), hard-bullet Cédulas Hipotecarias / Mortgage Covered Bonds (European Covered Bond Premium) offering. The deal is expected to be ECB eligible, LCR Level 1, beneficial treatment under CRR Art.129 and Solvency II and is ECBC Covered Bond Label Compliant. The transaction will be launched and priced in the near future subject to market conditions. The issuer is available for 1-on-1 calls upon request.

• 8th September: Agence Francaise de Developpement (rated A+ / A+ by S&P & Fitch), has mandated Barclays, BNP Paribas, Citi, J.P. Morgan, Morgan Stanley & Natixis as Joint Lead Managers for its upcoming Reg S Bearer Dematerialised short 8yr € benchmark due 25 May 2034. The issue will be launched in the near future subject to market conditions.
• 8th September: The Free and Hanseatic City of Hamburg (rated AAA by Fitch), mandated BayernLB, Commerzbank, Helaba, ING & JP Morgan to lead manage its upcoming 6yr € benchmark fixed rate Landesschatzanweisung. Launch & pricing is expected in the near future, subject to market conditions.

Sterling (£)

• 8th September: Amazon.com (rated A1 / AA / AA- by Moody’s, S&P, & Fitch), mandated JP Morgan, Barclays, HSBC, & NatWest to act as Joint Book-Running Managers on a potential Sterling-denominated bond offering. An inaugural SEC-registered 3yr, 6yr, 12yr, & 19yr multi-tranche fixed-rate senior unsecured benchmark transaction may follow as early as tomorrow, subject to market conditions.

Transaction Details

PRICED: KfW £250m Tap Jun 2032 Sr Unsec; SONIA MS+33bp

IGC European Market: Deal Flow - SSA

Reoffer: Short 6yr: SONIA MS+33bp / 98.205 / 4.864%
Benchmark: Short 6yr: UKT 4.25 07-Jun-32 @ 97.571 / B+6.9bp / HR 99%

Tranche 1 (Short 6yr): Final Books >£280m (excl JLM). Peak book >£280m (excl JLM)

Launched: Short 6yr: £250m @ SONIA MS+33bp - Books >£280m (excl JLM)
Spread set at: Short 6yr: SONIA MS+33bp - Books £275 (excl JLM)
IPTs: 6yr: SONIA MS+34a

• Issuer: KfW
• Status: Guaranteed by the Federal Republic of Germany
• Ratings: Aaa/AAA/AAA (all stable) (Moody's/S&P/Scope)
• Format: Senior, Unsecured, Reg S Bearer
• Tap Size: £250m
• New o/s: £1.05bn
• Settlement: 15-Sep-26 (T+5)
• Maturity: 01-Jun-32
• Reoffer: 98.205 / 4.864% ann. / 4.806% s/a
• Spread: SONIA MS (A, A/365) +33bps
• UKT ref: UKT 4.25 07-Jun-32 +6.9bps (97.571 bid / HR 99%)
• Coupon: 4.250%, Annual, ACT/ACT (incl. 95 days accrued)
• Denoms: £1k + £1k
• Docs: Issued off KfW's EMTN Programme
• Leads: BMO (B&D/DM) / MS
• Listing: Luxembourg
• ISIN: XS3403817003 (immediately fungible)
• Timing: PRICED: TOE: 11:13 LDN / 12:13 CET. FTT immediately.
• Law: German Law
• Tgt Mkt: Manufacturer target market (MiFID II and UK MiFIR product governance) as determined by the Lead Managers is eligible counterparties and professional clients (all distribution channels)
• Hedge Deadline: 11:00 UKT

PRICED: United Kingdom £4.25bn 29yr Sr Unsec; UKT+0.75bp

IGC European Market: Deal Flow - SSA

Reoffer: 29yr: UKT+0.75bp / 93.806 / 5.8168%
Benchmark: 29yr: UKT 4 1/4% Treasury Gilt 7-Dec-55 @ 78.18 / Ref Spot 78.18 / Hedge PX 78.18 / HR 114.5%

29yr: Final orderbook closed in excess of £85bn (including JLM interest of £4bn). Peak book in excess £85bn (including JLM interest of £4bn)

Launched: 29yr: £4.25bn @ UKT+0.75bp - Orderbook closed in excess of £85bn (including JLM interest of £4.0bn)
Spread set at: 29yr: UKT+0.75bp - Orderbook in excess of £78bn (including JLM interest of £4.0bn)
Book Update: Orderbook in excess of £58bn (including JLM interest of £4.0bn)
Guidance: 29yr: UKT+0.75/1.00bp

• Issuer: United Kingdom
• LEI: ECTRVYYCEF89VWYS6K36
• Rating: Aa3/AA/AA- (stab, stab, stab)
• Format: Reg S, Registered Form, Fixed Rate Notes
• Tap Size: £4.25bn
• New O/S: £10.154bn
• Maturity: 31-Jan-56
• Expected Settlement Date: 9-Sep-26 (T+1)
• Coupon: 5 3/8% SA, ACT/ACT
• Benchmark: UKT 4 1/4% Treasury Gilt 7-Dec-55 (GB00B06YGN05), Ref Spot 78.18 / Hedge PX 78.18, HR 114.5%
• Final Spread: UKT 4 1/4% Treasury Gilt 7-Dec-55 +0.75bps
• Reoffer: 93.806 / 5.8168%
• Denoms: £0.01
• Listing: FCA Official List / London Stock Exchange (Main Market)
• Law: English Law
• Docs: Issuer's Stand-Alone Documentation
• Target Market: UK MiFIR Eligible counterparties, Professional clients, and retail clients only (all distribution channels) MIFID II Eligible counterparties and professional clients (all distribution channels).
• ISIN: GB00BT7J0241
• Joint Leads: BofA / GSIB / JPM(DM/B&D) / Santander / UBS
• Timing: PRICED. TOE 12.02 UK. FTT Immediately.

PRICED: Landesbank Hessen-Thueringen Girozentrale €750m 5yr CB; MS+18bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+18bp / 99.589% / 3.466%
Benchmark: 5yr: DBR 0 15-Aug-31 @ 86.02 / B+36.4bp / HR 110%

5yr: Final Books above €900m (incl. €165m JLM). Peak book above €900m (incl. €175m JLM)

Launched: 5yr: €750m @ MS+18bp - Books above €900m (incl. €175m JLM)
Spread set at: 5yr: MS+18bp - Books above €675m (incl. €175m JLM)
Guidance: 5yr: MS+22a

• Issuer: Landesbank Hessen-Thueringen Girozentrale
• LEI: DIZES5CFO5K3I5R58746
• Ticker: HESLAN
• Issue Type: Public Sector Covered Bond
• Format: Reg S Bearer Notes only, EU harmonisation label European Covered Bond (Premium)
• Exp. Rating: Aaa (Moody's)
• Size: €750m
• Maturity: 15-Sep-31 (5 years)
• Settlement: 15-Sep-26 (T+5)
• Coupon: 3.375%, annual, act/act ICMA
• Reoffer: MS+18bp / 99.589% / 3.466%
• Reference: DBR 0 15-Aug-31 @ 86.02 / B+36.4bp / HR 110%
• ISIN/Common Code: XS3503935283 / 350393528
• Denoms: €100k+100k
• Listing/Law: Frankfurt & Luxembourg / German
• Bookrunners: Erste Group, Helaba (B&D), Lloyds, Scotiabank, Societe Generale, UniCredit
• Fees: The Banks will be paid a fee by the issuer in respect of the placement of the securities.
• Target Market: Eligible counterparties and professional clients. No PRIIPs key information document (KID) has been prepared as not available to retail in EEA and UK.
• Timing: Priced (TOE 13:35 CET) / FTT 13:50 CET

Public Sector Covered
5yr (Sep 2031) @ MS+22a
Implied Spread for fresh 4yr @ MS+15
Priced at MS+18
NIC of +3

PRICED: Asian Development Bank €1.25bn Long 7yr Sr Unsec; MS+12bp

IGC European Market: Deal Flow - SSA

Reoffer: Long 7yr: MS+12bp / 99.687 / 3.451%
Benchmark: Long 7yr: DBR 2.2 15-Feb-34 @ 93.14 / 3.253% / +19.8bp / HR 102%

Long 7yr: Book closed over €9.3bn (including €800m of JLM interest)

Launched: Long 7yr: €1.25bn @ MS+12bp - Book closed over €9.3bn (including €800m of JLM interest)
Spread set at: Long 7yr: MS+12bp - Book in excess of €7bn (including €800m of JLM interest)
Guidance: 7yr: MS+15a

• Issuer: Asian Development Bank
• Ticker: ASIA
• Ratings: Aaa/AAA/AAA (all stable) (Moody's/S&P/Fitch)
• Format: Senior, Unsecured, Global SEC Exempt
• Size: €1.25bn (Upsized from €1bn)
• Settlement Date: 17-Sep-26 (T+7)
• Maturity: 17-Jan-34
• Reoffer: 99.687 / 3.451% / MS+12bp
• Benchmark: DBR 2.2 15-Feb-34 (DE000BU2Z023) @ 93.14 / 3.253% / +19.8bp / HR 102%
• Coupon: 3.4% Fixed, Annual, ACT/ACT (short first coupon to be paid on 17-Jan-27)
• Denoms: €1k + €1k
• Docs: Issuer's Global Debt Programme
• Target Market: (UK MiFIR/MiFID II) Eligible Counterparties and Professional Clients (all distribution channels)
• Ranking: Senior Unsecured
• Leads: BNPP / HSBC / MS / Nomura (B&D)
• Listing: Luxembourg
• Settlement: Euroclear / Clearstream
• ISIN: XS3504828735
• Timing: Priced. TOE 12.54 LDN. FTT immediately
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus relating to the securities is available on the Luxembourg Stock Exchange: https://www.luxse.com/issuer/ADB/26709

PRICED: BayernLabo €500m 10yr Social Sr Unsec; MS+24bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+24bp / 99.876 / 3.64%
Benchmark: 10yr: DBR 3.00% 15-Aug-36 (DE000BU2Z072) @ 96.93% / B+27.3bp / HR 101%

Tranche 1 (10yr): Final Books €1.89bn (incl. €125m JLM). Peak book over €1.89bn (incl. €125m JLM)

Launched: 10yr: €500m @ MS+24bp - Books over €1.5bn (incl. €150m JLM)
Book update: Books over €1bn (incl. €150m JLM)
Guidance: 10yr: MS+26a

• Issuer: BayernLabo - Bayerische Landesbodenkreditanstalt
• Ticker: BYLABO
• Issuer LEI: 5299005GH66DVCCLC652
• Format: Reg S, Bearer
• Status: Senior unsecured, explicit guarantee of the Free State of Bavaria (Aaa Moody's/AAA S&P)
• Risk Weighting: 0% (under art.116 par.4 of the Capital Requirements Regulation)
• LCR status: HQLA Level 1 classification
• Rating: Aaa Moody's (exp.)
• Size: €500m
• Coupon: 3.625%, annual act/act ICMA, unadjusted following
• Pay Date: 15-Sep-26 (T+5)
• Maturity: 15-Sep-36 (-10y-)
• Reoffer: MS+24bp / 99.876% / 3.640% yield
• Hedge Ref: DBR 3.00% 15-Aug-36 (DE000BU2Z072) @ 96.93% / B+27.3bp / HR 101%
• Leads: BayernLB(B&D), Helaba, NORD/LB, TD Securities, UniCredit
• Listing: Munich
• Denoms/Law: €1k + 1k, German
• ISIN/WKN: DE000A161R93 / A161R9
• MiFID II: The manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties, professional clients and retail clients (all distribution channels).
• Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities.
• Timing: Priced, TOE 14:35 CET, FTT 14:45 CET

10yr (Sep 2036) @ MS+26a
Implied Spread for fresh 10yr @ MS+24
Priced at MS+24
NIC of 0

PRICED: Nykredit Realkredit A/S €500m 4yr SNP; MS+68

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+68bp / 99.789 / 3.933%
Benchmark: 4yr: OBL 2.2% 10-Oct-30 #192 @ 96.695 / B+86bp / HR 98%

Tranche 1 (4yr): Final Books €1.9bn+. Peak Books €2.8bn+ (pre-rec)

Launched: 4yr: €500m @ MS+68bp - Books €2.8bn+ (pre-rec)
Book Update: Books €2bn+
IPTs: 4yr: MS+95/100bp

• Issuer: Nykredit Realkredit A/S
• LEI: LIU16F6VZJSD6UKHD557
• Issuer Ratings: A+ (stable) by S&P / AA (stable) by Fitch
• Expected Ratings of the Notes: A- by S&P / A+ by Fitch
• Documentation: €15bn Euro Medium Term Note Programme (base prospectus dated 8-May-26, the “Base Prospectus”), supplemented on 4-Sep-26.
• Status: Direct and unsecured debt obligations of the Issuer and shall at all times rank: (i) pari passu without any preference among themselves; (ii) pari passu with any other obligations or instruments of the Issuer that rank or are expressed to rank pari passu with the Notes; (iii) senior to holders of the Issuer’s ordinary shares and any subordinated obligations or capital instruments of the Issuer that rank or are expressed to rank junior to the Notes; (iv) junior to present or future claims of unsubordinated creditors of the Issuer, as provided for in Condition 4(b) (Status of the Notes)
• Launch/Trade Date: 8-Sep-26
• Issue Date: 16-Sep-26 (T+6)
• Issue Amount: €500m
• Reoffer: MS+68bp / 3.933% / 99.789
• Reference: OBL 2.2% 10-Oct-30 #192 @ 96.695 / B+86bp / HR 98%
• Maturity Date: 16-Sep-30 (4-year)
• Interest and Interest Payment Dates: The Notes will bear interest on their Outstanding Principal Amounts, payable annually in arrear on 16 September in each year, from (and including) the Issue Date to (but excluding) the Maturity Date at the rate of 3.875% per annum. The first payment of interest will be made on 16-Sep-27
• Loss absorption following a Resolution Event: Upon the occurrence of a Resolution Event, the Outstanding Principal Amounts of such Notes may be written-down permanently (in whole or in part) or such Notes may be converted (in whole or in part) into a subordinated instrument of the Issuer, all as determined by the Relevant Regulator and/or the Danish Resolution Authority as described, and subject as provided for in Condition 6 (Loss absorption following a Resolution Event).
• Redemption upon the occurrence of a Tax Event: Early redemption of all (but not some only) of the Notes will be permitted at the option of the Issuer (at par) upon the occurrence of a Tax Event as described in Condition 7(c) (Redemption upon the occurrence of a Tax Event) and subject to the provisions of Condition 7(k) (Conditions to redemption etc.).
• Clean-up Redemption Option: Redemption of all (but not some only) of the outstanding Notes will be permitted at the option of the Issuer (at par) if at least 75 per cent. of the initial aggregate nominal amount of the Notes of the relevant Series have been redeemed or purchased by the Issuer and, in each case, cancelled, as described in Condition 7(g) (Clean-up Redemption Option)
• Redemption upon the occurrence of an Eligibility Event: Early redemption of all (but not some only) of the Notes will be permitted at the option of the Issuer (at par) upon the occurrence of an Eligibility Event as described in Condition 7(e) (Redemption upon the occurrence of an Eligibility Event) and subject to the provisions of Condition 7(k) (Conditions to redemption etc.).
• Substitution and variation: If an Alignment Event and/or an Eligibility Event and/or a Rating Methodology Event and/or a Tax Event has/have occurred and is/are continuing, the Issuer may subject to the provisions of Condition 7(k) (Conditions to redemption etc.), at its option, substitute all (but not some only) of such Notes, or vary the terms of all (but not some only) of such Notes without any requirement for the consent or approval of the holders of such Notes, so that they become or remain Qualifying Senior Non-Preferred Notes
• Write down or conversion powers: Applicable, as described in Condition 24(c)(i) (Recognition of write down or conversion powers)
• Business Days: T2, Copenhagen
• Listing: Nasdaq Copenhagen A/S (Regulated market)
• Governing Law: Danish law
• Clearing: Euroclear / Clearstream Luxembourg & VP Securities A/S
• ISIN: DK0030566948
• Denominations: €100,000 + 1,000 increments
• Joint Lead Managers: Bank of America Securities SA, Crédit Agricole Corporate and Investment Bank (B&D), Goldman Sachs International, Nykredit Bank, UniCredit
• Selling Restrictions: US (Reg S = Cat 2 / TEFRA = N/A), UK, Denmark, Japan, EEA, Singapore, Canada. No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• MiFID II / UK MiFIR Target Market: Manufacturer target market (MiFID II/ UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus, and the supplements thereto, and the Final Terms (when published) are available at https://www.nykredit.com/en-gb/investor-relations/
• Timing: Priced. TOE 1336 UKT. FTT 1355 UKT.

Senior Non-Preferred
4yr (Sep 2030) @ MS+95-100
Implied Spread for fresh 4yr @ MS+70
Priced at MS+68
NIC of -2

PRICED: Norddeutsche Landesbank €500m 3yr SP; MS+38bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+38bp / 99.695 / 3.609%
Benchmark: 3yr: OBL 2.5% 10-Nov-29 (DE000BU25034) @ 98.51 / B+59.7bp (HR:97%)

Tranche 1 (3yr): Final books above €935m (incl. €80m JLM). Peak book above €1.1bn (incl. €110mn JLM)

Launched: 3yr: €500m @ MS+38bp - Books above €1.1bn (incl. €110mn JLM)
Book update: Books above €1bn (incl. €110mn JLM)
IPTs: 3yr: MS+60a

• Issuer: Norddeutsche Landesbank - Girozentrale - (the "Issuer")
• BBG Ticker: NDB
• LEI: DSNHHQ2B9X5N6OUJ1236
• Issuer Rating: Aa2 (stable) by Moody's / AA- (stable) by Fitch)
• Exp. Issue Rating: Aa2 (Moody's), AA- (Fitch)
• Status of the Notes: Senior Preferred Notes, direct, unconditional, unsubordinated and unsecured liabilities of the Issuer (MREL eligible)
• Form of the Notes: Bearer Notes
• Use of Proceeds: General financing purposes of the Issuer
• Size: €500m
• Trade Date: 08-Sep-26
• Settlement Date: 17-Sep-26 (T+7)
• Maturity Date: 17-Sep-29 (3yr)
• Interest Payment Dates: 17 September in each year, commencing on 17-Sep-27
• Coupon: 3.5%, Fixed, annual, Act/Act ICMA, unadjusted following
• Business Days: T2
• Reoffer Spread: MS+38bp
• Reoffer Price: 99.695%
• Reoffer Yield: 3.609%
• Benchmark: OBL 2.5% 10-Nov-29 (DE000BU25034), Price: 98.51% (HR:97%)
• Benchmark Spread: +59.7bp
• Redemption Price: 100%
• Denoms / Listing / Law: €1,000 + €1,000 / Hanover Stock Exchange (Regulated Market)/ German
• ISIN / WKN: DE000NLB57Z0 / NLB57Z
• Clearing: Clearstream Europe
• Documentation: Under NORD/LB's EUR 25bn Programme for the Issuance of Debt Instruments dated 08-May-26, supplemented 13-May-26 and 31-Aug-26.
• Selling Restrictions: As set out in the respective section “Selling Restrictions” of the Prospectus (as defined above)
• Early Redemption: At par due to taxation reasons (issuer required to pay additional amounts); an MREL Event. All subject to certain conditions, incl. the prior permission of the competent regulatory authority.
• Joint Lead Managers: BBVA, BayernLB, BNP Paribas (B&D), Commerzbank and NORD/LB
• Target market: The target market for the bonds is eligible counterparties, professional clients and retail clients, each as defined in MiFID II / UK MiFIR product governance (all channels for distribution of the bonds are appropriate).
• Advertising: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus, Supplements and the Final Terms, when published, will be available on: https://www.nordlb.de/unsere-leistungen/kapitalmarktportal (German) and https://www.nordlb.com/our-products-services/capital-market-portal (English)
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in respect of the placement of the securities.
• Timing: Priced. T.O.E 15.23 CET / F.T.T 15.40 CET

Senior Preferred
3yr (Sep 2029) @ MS+60a
Implied Spread for fresh 3yr @ MS+30
Priced at MS+38
NIC of +8

PRICED: Nederlandse Waterschapsbank €1.25bn 5yr Social Sr Unsec; MS+9bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+9bp / 99.512 / 3.355%
Benchmark: 5yr: OBL 2.9% Oct-31 #194 @ 99.000 / B+24.3bp / HR 100%

Tranche 1 (5yr): Final Books in excess of €2.6bn (incl. €350m JLM). Peak book in excess of €3.1bn (incl. €350m JLM)

Launched: 5yr: €1.25bn @ MS+9bp - Books in excess of €2.6bn (incl. €350m JLM)
Spread set at: 5yr: MS+9bp - Books in excess of €3.1bn (incl. €350m JLM)
Rev Guidance: 5yr: MS+10a - Books in excess of €3.0bn (incl. €350m JLM)
Guidance: 5yr: MS+12a

• Issuer: Nederlandse Waterschapsbank NV
• Ticker: NEDWBK
• Issuer Ratings: Aaa Stable (Moody's) / AAA Stable (S&P)
• Format: Reg S, Bearer, TEFRA rules apply
• ESG Ratings: Sustainalytics (8.1, Negligible Risk), ISS ESG (C Prime)
• Ranking: Senior, Unsecured, Unsubordinated
• Coupon: 3.25% Fixed, Annual, ACT/ACT, Long first Coupon
• Size: €1.25bn
• Settlement: 15-Sep-26 (T+5)
• Maturity Date: 15-Oct-31
• Re-offer: MS+9, Price 99.512 Yield 3.355%
• Spread: OBL 2.9% Oct-31 #194 +24.3bp (Spot 99.000, Yield 3.112%, HR 100%)
• Clearing: Euroclear/Clearstream
• Listing: Luxembourg
• Docs: The issuer's EUR 75bn Debt Issuance Programme
• Gov Law: Dutch
• Min Denoms: 100k+1k
• Issuer LEI: JLP5FSPH9WPSHY3NIM24
• ISIN: XS3504737001
• 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.
• Target Market: The manufacturer target market (UK MiFIR/MIFID II product governance) as assessed by the lead managers is eligible counterparties and professional investors (all distribution channels).
• Advertisement: Link to the Social Bond Framework: https://nwbbank.com/application/files/9517/5328/1899/NWB_Bank_Social_Bond_Framework_2025.pdf
• Bookrunners: Danske Bank, Deutsche Bank AB, LBBW, UBS (B&D)
• Timing: TOE: 14:32 UK / 15:32 CET FTT: Immediately

PRICED: Royal Bank of Canada €3bn 5yr & 10yr CB; MS+22bp & MS+40bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+22bp / 99.49 / 3.488% 10yr: MS+40bp / 99.631 / 3.795%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 97.48 / B+39.6bp 10yr: DBR 3 15-Aug-36 @ 96.98 / B+43.4bp

Tranche 1 (5yr): Final books >€2.5bn (incl. €125m JLM). Peak book >€2.7bn (incl. €125m JLM) pre-rec
Tranche 2 (10yr): Final books >€1.1bn (incl. €150m JLM). Peak book >€1.2bn (incl. €150m JLM)

Launched:
5yr: €2.25bn @ MS+22bp - Books > €2.7bn (incl. €125m JLM) pre-rec
10yr: €750m @ MS+40bp - Books > €1.1bn (incl. €150m JLM) pre-rec
Spread set at: 5yr: MS+22bp - Books > €2.3bn (incl. €125m JLM) 10yr: MS+40bp - Books > €1.2bn (incl. €150m JLM)
Book Update: Combined books in excess of €3bn (incl. €275m JLM), slight skew to 5yr
Guidance: 5yr: MS+28a 10yr: MS+44a

• Issuer: Royal Bank of Canada (RY Corp <GO>)
• LEI Number: ES7IP3U3RHIGC71XBU11
• Guarantor: RBC Covered Bond Guarantor LP
• Collateral: Canadian legislative covered bond, backed by Canadian residential mortgages
• Format: Reg S (Registered)
• Expected Rating: Exp Aaa/AAA/AAA (Moody's/Fitch/DBRS)
• Currency: €
• Tenor:
  • 5yr: 5-year
  • 10yr: 10-year
• Size:
  • 5yr: €2.25bn
  • 10yr: €750m
• Settlement Date:
  • 5yr: 15-Sep-26 (T+5)
  • 10yr: 15-Sep-26 (T+5)
• Maturity Date:
  • 5yr: 15-Sep-31, soft bullet
  • 10yr: 15-Sep-36, soft bullet
• ISIN:
  • 5yr: XS3506171837
  • 10yr: XS3506171910
• Coupon:
  • 5yr: 3.375% Fixed, Annual, ACT/ACT (ICMA)
  • 10yr: 3.75% Fixed, Annual, ACT/ACT (ICMA)
• Reoffer:
  • 5yr: MS+22bps / 99.49 / 3.488% / OBL 2.5% 16-Apr-31 + 39.6bps (97.48)
  • 10yr: MS+40bps / 99.631 / 3.795% / DBR 3% 15-Aug-36 + 43.4bps (96.98)
• TOE:
  • 5yr: 15:34 CET / FTT 16:00 CET
  • 10yr: 15:35 CET / FTT 16:00 CET
• Target Market: MIFIR (UK) / MiFID II professionals/ECPs-only - No PRIIPs KID and/or CCI Product Summary
• Listing: London Stock Exchange (Main Market)
• Denoms: €100k + €1k
• Docs: Issuer’s Global Legislative Covered Bond Programme, as supplemented
• Bookrunners: BBVA, Commerzbank, DZ Bank, ING, LBBW, Natixis, Nordea, RBCCM (B&D), Santander, Société Générale, UniCredit
• Settlement: Euroclear/Clearstream
• 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.
• Advertisement: The base prospectus dated 9-Jul-26 and any supplements thereto are available on http://www.rbc.com/investorrelations/covered-bonds.html The Final Terms, when published, will be available on http://www.rbc.com/investorrelations/covered-bonds.html

Covered
5yr (Sep 2031) @ MS+28a
Implied Spread for fresh 5yr @ MS+23
Priced at MS+22
NIC of -1

Covered
10yr (Sep 2036) @ MS+44a
Implied Spread for fresh 10yr @ MS+39
Priced at MS+40
NIC of +1

PRICED: The Bank of Nova Scotia £2bn 3.5yr & Long 6yr CB; SONIA+49bp & SONIA MS+62bp

IGC European Market: Deal Flow - General

Reoffer: 3.5yr: SONIA+49bp / 100 Long 6yr: SONIA MS+62bp / 99.856 / 5.157%
Benchmark: Long 6yr: UKT 4 ¼ 07-Jun-32 @ 97.659 / B+37.3bp / HR 109%

Tranche 1 (3.5yr FRN): Final books good at reoffer >£1.9bn (incl. £200mn JLM). Peak book >£1.95bn (incl. £200mn JLM)
Tranche 2 (Long 6yr FXD): Final books good at reoffer >£1bn (incl. £50mn JLM)

Launched:
3.5yr: £1.25bn @ SONIA+49bp - Books >£1.95bn (incl. £200mn JLM)
Long 6yr: £750m @ SONIA MS+62bp - Books >£1bn (incl. £50mn JLM)
Spread set at: 3.5yr: SONIA+49bp - Books >£1.75bn (incl. £200mn JLM) Long 6yr: SONIA MS+62bp - Books >£1bn (incl. £50mn JLM)
Book Update: Combined books >£2.3bn (incl. 250mn JLM)
Guidance: 3.5yr: SONIA+54a Long 6yr: SONIA MS+67a

• Issuer: The Bank of Nova Scotia
• Ticker: BNS
• Issuer LEI: L3I9ZG2KFGXZ61BMYR72
• Guarantor: Scotiabank Covered Bond Guarantor Limited Partnership
• Expected Issue Rating: Aaa / AAA / AAA (Moody's / Fitch / DBRS)
• Format: Registered Covered Bonds Regulation S Global Covered Bond, to be held under the New Safekeeping Structure (NSS)
• Pricing Date: 8-Sep-26
• Issue Date: 15-Sep-26 (T+5)
• Tenor:
  • 3.5yr: 3.5yr
  • Long 6yr: Long 6yr
• Issue Amount:
  • 3.5yr: £ 1.25bn
  • Long 6yr: £ 750mn
• Maturity:
  • 3.5yr: 15-Mar-30 (soft bullet)
  • Long 6yr: 15-Dec-32 (soft bullet)
• Coupon:
  • 3.5yr: Floating, Compounded Daily SONIA, 5 day lag, Quarterly, ACT/365F
  • Long 6yr: 5.125% Fixed Annual, act/act ICMA, short first coupon
• Interest Payment Dates:
  • 3.5yr: Quarterly, on 15 March, 15 June, 15 September and 15 December in each year, commencing 15-Dec-26 up to and including the Final Maturity Date, in accordance with the Business Day Convention
  • Long 6yr: 15 December in each year, commencing 15-Dec-26 up to and including the Final Maturity Date, subject to the Business Day Convention.
• Reoffer Spread:
  • 3.5yr: SONIA+49bps
  • Long 6yr: SONIA mid-swap (Annual, Act/365) + 62bps
• Reoffer:
  • 3.5yr: 100%
  • Long 6yr: 99.856% / 5.157% ann / 5.092% s/a
• Ref Benchmark (short 6y): UKT 4 ¼ 07-Jun-32 06/32 (Mid: 97.659)+37.3bps; HR 109%
• Business Day Convention:
  • 3.5yr: Modified Following (adjusted)
  • Long 6yr: Following Business Day Convention
• Documentation: Issued under the Global Covered Bond Programme as described in the Prospectus dated 5-Aug-26 as supplemented (together, the “Prospectus”) https://www.scotiabank.com/content/dam/scotiabank/canada/en/ documents/BNS-CB-2026-Update-Base-Prospectus-2026-Update-Final.pdf
• Listing: London Stock Exchange’s Main Market
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Denominations: £ 100k + 1k
• ISIN / Common Code:
  • 3.5yr: XS3506171670 / 350617167
  • Long 6yr: XS3506172645 / 350617264
• Joint Lead Managers: BMO Capital Markets, Lloyds, NatWest (B&D), Nomura, Santander, Scotiabank
• Fee: The Joint Lead Managers 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
• Selling Restrictions: Regulation S Category 2; TEFRA rules not applicable, as set out in the Prospectus. Canadian sales not permitted. Prohibition of Sales to EEA and UK Retail Investors applicable. No sales into Italy. Singapore Sales to Institutional Investors and Accredited Investors only.
• Target Market: MiFID II/UK MiFIR professionals/ECPs only. No EEA or UK PRIIPs KID has been prepared as not available to retail in EEA or UK
• Timing:
  • 3.5yr: Priced, TOE 14:42, FTT 15:00 LDN
  • Long 6yr: Priced, TOE 14:36, FTT 15:00 LDN

PRICED: Bank of Montreal £400m Long 7NC6 Sr Unsec; UKT+95bp

IGC European Market: Deal Flow - General

Reoffer: Long 7NC6: UKT+95bp / 99.786 / 5.668%
Benchmark: Long 7NC6: UKT 4.250% 06-Jul-32 (ISIN: GB0004893086) @ 97.665 mid / 97.645 bid / HR 106%

Tranche 1 (Long 7NC6): Final Books £920m+ (incl £75m JLM). Peak book £1.1bn+ (incl £85m JLM)

Launched: Long 7NC6: £400m @ UKT+95bp - Books £1.1bn+ (incl £85m JLM)
Book Update: Books £1bn+ (incl. 75m JLM)
IPTs: Long 7NC6: UKT+110a

• Issuer: Bank of Montreal
• LEI Number: NQQ6HPCNCCU6TUTQYE16
• Form of Notes: Senior Unsecured, Reg S, EUR MTN, Bearer, New Global Note, TEFRA D
• Expected Issue Ratings: A2 / A- / AA- (Moody's / S&P / Fitch)
• Tenor: Long 7NC6 Fixed-to-floating
• Size: £400m
• Trade Date: 08-Sep-26
• Settlement Date: 15-Sep-26
• Maturity Date: 15-Dec-33
• Optional Redemption Date: 15-Dec-32
• Coupon: 5.625% Fixed, Semi-Annual (Act/Act), Following Business Day Convention until the Optional Redemption Date. If not redeemed on the Optional Redemption Date, quarterly coupon of SONIA+95 bps, Act/365 (Fixed), Modified Following Business Day Convention
• First Interest Payment Date: 15-Dec-26 (short first coupon)
• Interest Payment Dates: Semi-Annually on 15 June and 15 December from (and excluding) the Settlement Date to (and including) the Optional Redemption Date. From (but excluding) the Optional Redemption Date to (and including) the Maturity Date: 15-Mar-33, 15-Jun-33, 15-Sep-33 and 15-Dec-33, subject to the Business Day Convention
• Reoffer: UKT+95 / 5.668% s.a. / 99.786
• Reference Gilt: UKT 4.250% 06-Jul-32 (ISIN: GB0004893086) @ 97.665 mid / 97.645 bid (HR 106%)
• Use of Proceeds: General banking purposes
• Target Market: MiFID II / UK MiFIR professionals/ ECPs-only
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Listing / Denom: London Stock Exchange’s main market / £100,000 x £1,000
• Clearing: Euroclear and Clearstream
• Documentation: The base prospectus in respect of the Bank’s US$40,000,000,000 Note Issuance Programme dated 26-Jun-26, as supplemented by the supplementary prospectus dated 25-Aug-26 (together, the “Prospectus”)
• Joint Lead Managers: BMO Capital Markets (B&D), BBVA, Lloyds, NatWest, Santander, TD Securities
• Fee: Joint Lead Managers will be paid a fee in connection to the transaction
• ISIN / Common Code: XS3496798177 / 349679817
• Bail-inable Status: The Senior Notes are Bail-inable. Bail-inable notes are subject to conversion in whole or in part – by means of a transaction or series of transactions and in one or more steps – into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (Canada) (the “CDIC Act”) and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Senior Notes. For a description of Canadian bank resolution powers and the consequent risk factors attaching to Bail-inable notes, reference is made to the Prospectus
• Selling Restrictions: Reg S, Category 2, TEFRA D: as per the Prospectus, Canadian Sales Permitted. Each of the Joint Lead Managers represents and agrees that it has only offered, sold or distributed, and that it will only offer, sell or distribute, the Notes in Canada (a) to accredited investors (as defined in section 1.1 of National Instrument 45-106 - Prospectus Exemptions (“NI 45-106”) or section 73.3 of the Securities Act (Ontario), as applicable) that are not individuals or accredited investors as set out in paragraphs (p), (q) or (w) of the definition of accredited investor in NI 45-106; and (b) through an affiliate that is registered as an investment dealer, Prohibition of Sales Italy, EEA Retail Customers, UK Retail Customers, Singapore Sales to Institutional Investors and Accredited Investors only, and Japanese Selling and Transfer Restrictions: Not offered with the QII only Exemption.
• Advertisement: The Prospectus and applicable Final Terms (when published) will be available on the website of the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism under “Bank of Montreal”
• Stabilization: FCA/ICMA
• Timing: Priced, ToE 14.44 LDN, FTT 15.00 LDN

PRICED: Electricite De France SA €1bn PerpNC5.5 Sub; 5.375%

IGC European Market: Deal Flow - General

Reoffer: PerpNC5.5: 5.375% / 99.452
Benchmark: PerpNC5.5: DBR 0 15-Feb-32 @ 84.64 / B+225.8bp

Tranche 1 (PerpNC5.5): Final books > €2.65bn. Peak book > €3bn

Launched: PerpNC5.5: €1bn @ 5.375% - Books > €3bn
IPTs: PerpNC5.5: 5.750%a

• Issuer: Electricite De France SA
• LEI: 549300X3UK4GG3FNMO06
• Ranking: Deeply subordinated, ranking senior only to (i) Equity Securities (ii) pari passu without any preference among themselves and pari passu with all other present and future Deeply Subordinated Obligations of the Issuer and (iii) subordinated to present and future titres participatifs or prêts participatifs issued by or granted to the Issuer, Ordinary Subordinated Obligations, any potential subordinated Obligations ranking or expressed to rank senior to Ordinary Subordinated Obligations and Unsubordinated Obligations of the Issuer
• Status / Format: Reg S, Dematerialized Bearer Form
• Issuer Ratings: Baa1 (stable) / BBB+ (stable) / BBB+ (stable) (Moody's / S&P / Fitch)
• Expected Issue Ratings: Ba2 / BB- / BBB- (Moody's / S&P / Fitch)
• Expected Equity Credit: Basket M (50%) with Moody's / Intermediate (50%) until the First Reset Date with S&P / eligible for 50% equity credit with Fitch
• Issue Size: €1bn
• Re-offer: 5.375% (Annual) | 99.452 | Reset Margin: 209.5bps
• Benchmark: DBR 0 15-Feb-32 (84.64 bid) + 225.8bps
• Tranche: Perp NC5.5
• Settlement date: 14-Sep-26 (T+4)
• First Call Date: 14-Dec-31
• First Reset Date: 14-Mar-32
• Interest Rate Payment: 5.250% Fixed rate payable annually on each Interest Payment Date until the First Reset Date at the Initial Rate of Interest. Thereafter, reset on the First Reset Date and every 5 years at the then prevailing 5-year Mid-swap rate plus the relevant Margins, payable annually on each Interest Payment Date (subject to Benchmark discontinuation provisions)
• Interest Payment Dates: 14 March in each year commencing on 14-Mar-27 (short first coupon)
• Margins:
  • 209.5 bps from the First Reset Date to the First Step-up Date (the initial margin)
  • Additional 25bps from 14-Mar-37 (the First Step-up Date – 5 years after the First Reset Date)
  • Additional 75bps from 14-Mar-52 (the Second Step-up Date - 20 years after the First Reset Date)
• Optional Interest Payment: 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, on a cumulative and compounding basis, except in relation to a payment of interest to be made on an Interest Payment Date falling on the date of redemption of the Notes.
• Compulsory Payment of Arrears of Interest: Arrears of Interest (together with any Additional Interest Amount) may be paid in whole or in part, at any time, at the Issuer's discretion, but all Arrears of Interest (together with the corresponding Additional Interest Amount) in respect of all Notes for the time being outstanding shall become due and payable in full at the earliest of (i) the 10th Business Day following the occurrence of a Compulsory Arrears of Interest Payment Event (including distribution or redemption of Equity or Parity Securities) ; (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 of any redemption of the Notes; or (iv) date upon which a judgment is made by a competent court for the voluntary or judicial liquidation of the Issuer or for the sale of the whole of the business in respect of the Issuer or in the event of the liquidation of the Issuer for any other reason, subject to customary carve-outs
• Optional Redemption Dates:
  • 3-month par call from the First Call Date until (and incl.) the First Reset Date
  • Call option at par on any Interest Payment Date thereafter
  • Make-Whole Redemption option at the Make-Whole Redemption Amount at any time other than (i) during the period from and including the First Call Date to and including the First Reset Date and (ii) on any subsequent Interest Payment Date
• Make-whole Redemption Margin: B+35bps
• Special Redemption Events:
  • Accounting Event, Rating Methodology Event or Tax Deductibility Event at 101% before the First Call Date, at par thereafter
  • Clean-up Call Option (75%), Tax Gross-Up Event or Withholding Tax Event, at par
• IFRS Accounting Treatment: Equity
• Replacement Provision: Intention-based (non-binding) and subject to carve-outs
• Day Count Fraction: Actual/Actual ICMA
• Business Day Convention: Following, unadjusted
• Business days: T2
• Denominations: €100,000 x €100,000
• ISIN Code: FR001401ARD5
• Common Code: 349754827
• Listing: Euronext Paris
• Governing Law: French Law
• Documentation: Base Prospectus relating to the Issuer's EMTN Programme dated 04-Aug-26
• Active Bookrunners: Barclays, BNP Paribas (B&D), ING, Natixis, MUFG
• Use of proceeds: In compliance with its Green Financing Framework, the Issuer intends to allocate an amount equivalent to the net proceeds of the Notes to capital expenditures in nuclear power generation within the EU and aligned to the EU-Taxonomy, specifically to existing French nuclear reactors in relation to their lifetime extension
• Selling Restrictions: As set out in the Base Prospectus dated 04-Aug-26
• Target Market: The manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Advertisement: The Base Prospectus, the Supplement along with the final Terms, when published, will be available on the Autorité des marchés financiers website: https://www.amf-france.org and on the Issuer website: https://www.edf.fr/en/the-edf-group/dedicated-sections/investors/debt/bonds.
  The new Green Financing Framework and S&P Second Party Opinion dated 28-Apr-25 and the presentation of the updated Green Financing Framework are available on the Issuer website: https://www.edf.fr/en/the-edf-group/dedicated-sections/investors/debt/sustainable-finance
• Timing: ToE 15.18 UKT | FTT 15.45 UKT / 16.45 CET

PRICED: The Kingdom of Spain €4bn Long 20yr Sr Unsec; SPGB+7bp

IGC European Market: Deal Flow - SSA

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

PRICED: Loomis AB €300m 5yr Sr Unsec; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+90bp / 99.787 / 4.173%
Benchmark: 5yr: DBR 0 15-Aug-31 @ 86.064 / B+108.1bp

5yr: Final books in excess of €850m at re-offer. Peak book above €1.0bn (pre-rec)

Launched: 5yr: €300m @ MS+90bp - Books above €1.0bn (pre-rec)
IPTs: 5yr: MS+120/125bp

• Issuer: Loomis AB (publ)
• Ticker: LOOMBS
• Country: SE
• Issuer LEI: 213800NS2XXVRYS7WP40
• Issuer Rating: BBB (Stable outlook) by S&P
• Expected Notes Rating: BBB by S&P
• Format and Status: Reg S, Bearer, NGN, Senior, Unsecured
• Size: €300m
• Settlement: 15-Sep-26 (T+5)
• Tenor: 5-year
• Maturity Date: 15-Sep-31
• Reoffer: MS+90 / 99.787 / 4.173%
• Reference Benchmark: +108.1bps vs DBR 0% due 15-Aug-31 (DE0001102564) @ 86.064 / 3.092% (HR: 108%)
• Coupon: 4.125%, Fixed, Annual, ACT/ACT (ICMA)
• Documentation: The Issuer’s EUR 2,000,000,000 EMTN programme dated 29-May-26 as supplemented on 2-Sep-26, English Law, Euronext Dublin (Regulated Market)
• Optional Redemption: 3-month Par Call, Tax Call at Par, MWC (B+20) , Clean-Up Call at Par (75%), CoC Put at Par
• Special Redemption Event: Yes, Optional at 101% if the Group (i) has not completed and closed the acquisition of Hermes Transportades Blindados by the Special Redemption Longstop Date; or (ii) has published an announcement that it no longer intends to pursue the acquisition of the Acquisition Target.
• Spec. Red. Longstop Date: 30-Apr-27
• Use of Proceeds: General Corporate Purposes, including the financing of the acquisition of Hermes Transportades Blindados
• Selling Restrictions: As per the Offering Circular dated 29-May-26 relating to the Issuer’s EUR 2,000,000,000 EMTN Programme (Reg S, Cat 2, TEFRA D)
• Clearing: Euroclear / Clearstream
• Target Market / PRIIPs: The manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK DISC disclosure document has been prepared as the notes will not be made available to retail investors in the EEA or the UK. Other relevant selling restrictions as set out in the Base Prospectus. Relevant stabilisation regulations including FCA/ICMA will apply.
• Denoms: €100k + 1k in excess thereof up to and including €199k
• ISIN: XS3504841910
• Active Bookrunners: Nordea (B&D), Société Générale
• Passive Bookrunner: BBVA
• Advertisement: The Base Prospectus is, and the Final Terms, when published, will be available at https://live.euronext.com/en and on the website of the Issuer at https://www.loomis.com/en/investors/debt/.
• TOE: 15.36 UKT / 16.36 CET
• FTT: 16:00 UKT / 17:00 UKT

5yr (Sep 2031) @ MS+120-125
Implied Spread for fresh 5yr @ MS+90
Priced at MS+90
NIC of 0

PRICED: Euroclear Holding €600m 10yr Sr Unsec; MS+80bp

IGC European Market: Deal Flow - General

Reoffer: 10yr: MS+80bp / 99.438 / 4.195%
Benchmark: DBR 3 15-Aug-36 @ 96.98 / B+83.4bp / HR 98%

10yr: Final books >€2.0bn. Peak book > €2.2bn (pre-rec)

Launched: 10yr: €600m @ MS+80bp - Books > €2.2bn (pre-rec)
IPTs: 10yr: MS+110a

• Issuer: Euroclear Holding SA/NV (Ticker: ECLEAR)
• Issuer LEI: 549300IQZVZ949N37S44
• Issuer Ratings: AA- stable (S&P) / AA stable (Fitch)
• Expected Issue Ratings: AA- by S&P and AA- by Fitch
• Format: Senior Unsecured, Unsubordinated, Reg S (Category 2), Dematerialised (Belgian law) via NBB‑SSS
• Status: The Notes constitute direct, unsubordinated, unsecured and unconditional obligations of the Issuer which will at all times rank pari passu among themselves and at least pari passu with all other present and future unsubordinated and unsecured obligations of the Issuer, save for such obligations as may be preferred by provisions of law that are both mandatory and of general application.
• Documentation: Standalone Prospectus expected to be dated 11-Sep-26
• Pricing Date: 08-Sep-26
• Settlement: 15-Sep-26 (T+5)
• Issue Type: 10-Year Fixed
• Issue Size: €600,000,000
• Reoffer: MS+80bp / 4.195% / 99.438
• Reference Bunds: DBR 3 15-Aug-36 @ 96.98 / B+83.4bp / HR 98%
• Maturity Date: 15-Sep-36
• Coupon Interest: 4.125%, Fixed, Annual, ACT/ACT (ICMA)
• Acknowledgement of and consent to the Bail-in Power: As stated in Condition 14, each Noteholder (which includes any current or future holder of a beneficial interest in the Notes) acknowledges and accepts that any liability arising under the Notes may be subject to the Bail-in Power by the Relevant Resolution Authority and acknowledges and accepts to be bound by (i) the variation of the Conditions, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of any Bail-in Power by the Relevant Resolution Authority, and (ii) the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority.
• Events of default: As stated in Condition 7, limited to (i) insolvency or liquidation of the Issuer which is continuing, in which case a Noteholder may, by written notice to the Issuer, declare that its Notes have become immediately due and payable, and (ii) payment default which continues for a period of 30 calendar days or more after the due date, in which case a Noteholder may institute proceedings for the dissolution or liquidation of the Issuer in Belgium. No cross-default or acceleration for other reasons. For the avoidance of doubt, a resolution of Euroclear SA/NV (or any other entity of the Group (consisting of the Issuer and its Subsidiaries from time to time) which is the relevant resolution entity from time to time) or any moratorium in respect of Euroclear SA/NV (or any other entity of the Group which is the relevant resolution entity from time to time) or any exercise of any Bail-in Power by the Relevant Resolution Authority will not constitute an Event of Default or a breach of the Issuer's obligations or duties in respect of the Notes, or a failure to perform any of the Issuer's obligations or duties in respect of the Notes in any manner whatsoever, and shall not, of itself, entitle Noteholders to declare the Notes immediately due and payable or petition for the winding up or liquidation of the Issuer.
• Use of Proceeds: General corporate purposes and may be used to reinforce recovery capacity in the Group applicable mainly to the Issuer's main subsidiaries including, without limitation, Euroclear SA/NV and Euroclear Bank SA/NV. It is anticipated that a portion of the proceeds of the issue of the Notes may be passed on to Euroclear SA/NV and Euroclear Bank SA/NV in the form of instruments that would constitute minimum requirement for own funds and eligible liabilities ("MREL") to proactively build MREL capacity
• Business Center: T2
• Payment Days: Following, unadjusted
• Listing: Euronext Dublin
• Clearing: Securities settlement system operated by the National Bank of Belgium
• Law: English law, other than Conditions 1 (Form, Denomination and Title) and 2 (Status) and, in each case, any non-contractual obligations arising out of or in connection with them which are governed by, and shall be construed in accordance with, the laws of Belgium.
• Fiscal and Paying Agent: Citibank Europe plc
• Denomination: Euro 100,000 and integral multiples in excess thereof
• ISIN: BE6377188204
• Common Code: 350625135
• Redemption for tax reasons: Applicable, as per Condition 4b.
• Clean-up Call Option: Applicable (80%), as per Condition 4e.
• Redemption at the option of the Issuer (Par Call): Applicable (3-months), as per Condition 4d.
• Make-whole redemption: Applicable, as per Condition 4c., at B+15bps
• Sole Global Coordinator and Sole Structuring Agent to the Issuer: J.P. Morgan
• Joint Lead Managers: Deutsche Bank (B&D), J.P. Morgan, MUFG, SMBC, Societe Generale
• Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No key information document (KID) or product summary required by DISC, as applicable, has been prepared as not available to retail in the EEA or in the UK
• Selling Restrictions: As set out in the Prospectus
• Canadian Sales: Yes, via exemption
• Advertisement Language: Standalone Prospectus expected to be dated 11-Sep-26 will be available on the Issuer's website: https://www.euroclear.com/investorrelations/en/debt-investors.html
• Timing: TOE 16:46 UKT / FTT 17:00 UKT

10yr (Sep 2036) @ MS+110a
Implied Spread for fresh 10yr @ MS+77
Priced at MS+80
NIC of +3

PRICED: Orange SA €4.1bn 3yr/6yr/9yr/12yr Sr Unsec; MS+45bp/MS+75bp/MS+98bp/MS+113bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+45bp / 99.821 / 3.689% 6yr: MS+75bp / 99.775 / 4.043% 9yr: MS+98bp / 99.275 / 4.349% 12yr: MS+113bp / 99.292 / 4.578%

Benchmark: 3yr: OBL 2.1 12-Apr-29 @ 97.74% / B+67.10bp 6yr: DBR 1.7 15-Aug-32 @ 92.28% / B+89.60bp 9yr: DBR 2.6 15-Aug-35 @ 94.54% / B+103.3bp 12yr: DBR 1 15-May-38 @ 76.33% / B+107.3bp

3yr: Final Books €3.70bn. Peak book above €3.7bn
6yr: Final Books €4.0bn. Peak book above €4.0bn
9yr: Final Books €4.25bn. Peak book above €4.25bn
12yr: Final Books €3.7bn. Peak book above €3.7bn

Revised Launch:
3yr: €1.25bn @ MS+45bp - Books > €3.6bn
6yr: €1bn @ MS+75bp - Books > €4.0bn - Previously €1.1bn
9yr: €1.1bn @ MS+98bp - Books > €4.2bn
12yr: €750m @ MS+113bp - Books > €3.5bn

Launched:
3yr: €1.25bn @ MS+45bp - Books > €3.6bn
6yr: €1.1bn @ MS+75bp - Books > €4.0bn
9yr: €1.1bn @ MS+98bp - Books > €4.2bn
12yr: €750m @ MS+113bp - Books > €3.5bn

Guidance:
3yr: MS+45# - Books > €3.50bn
6yr: MS+75# - Books > €3.70bn
9yr: MS+98# - Books > €4.00bn
12yr: MS+113# - Books > €3.60bn

IPTs:
3yr: MS+75/80bp
6yr: MS+105/110bp
9yr: MS+130/135bp
12yr: MS+145/150bp

• Issuer: Orange SA (Ticker: ORAFP; Country: FR)
• LEI: 969500MCOONR8990S771
• Issuer Ratings: Baa1 (stable) / BBB+ (stable) / BBB+ (stable) (Moody's / S&P / Fitch)
• Exp.Notes Ratings: Baa1 / BBB+ / BBB+ (Moody's / S&P / Fitch)
• Form of Notes: Senior Unsecured, Regulation S (CAT 2), Bearer Dematerialized Notes
• Issue Type: Fixed Rate Notes
• Global Coordinators: HSBC (B&D), Société Générale
• Active Bookrunners: Citi, Deutsche Bank, HSBC, ING, J.P. Morgan, La Banque Postale, Mizuho, Natixis, Société Générale
• Settlement Date: 15-Sep-26 (T+5)
• Issue Size:
  • 3yr: €1.25bn
  • 6yr: €1bn
  • 9yr: €1.1bn
  • 12yr: €750m
• Maturity (Tenor):
  • 3yr: 3-year
  • 6yr: 6-year
  • 9yr: 9-year
  • 12yr: 12-year
• Maturity Date:
  • 3yr: 15-Sep-29
  • 6yr: 15-Sep-32
  • 9yr: 15-Sep-35
  • 12yr: 15-Sep-38
• Coupon:
  • 3yr: 3.625% Annual, Act/Act (ICMA)
  • 6yr: 4.000% Annual, Act/Act (ICMA)
  • 9yr: 4.250% Annual, Act/Act (ICMA)
  • 12yr: 4.500% Annual, Act/Act (ICMA)
• Reoffer:
  • 3yr: 99.821%, 3.689%, MS+45bp
  • 6yr: 99.775%, 4.043%, MS+75bp
  • 9yr: 99.275%, 4.349%, MS+98bp
  • 12yr: 99.292%, 4.578%, MS+113bp
• Par Call:
  • 3yr: Yes, 1 Month
  • 6yr: Yes, 3 Months
  • 9yr: Yes, 3 Months
  • 12yr: Yes, 3 Months
• Ref Benchmark:
  • 3yr: OBL 2.1 12-Apr-29 #189 (ISIN: DE000BU25026) / HR 115%
  • 6yr: DBR 1.7 15-Aug-32 (ISIN: DE0001102606) / HR 103%
  • 9yr: DBR 2.6 15-Aug-35 (ISIN: DE000BU2Z056) / HR 99%
  • 12yr: DBR 1 15-May-38 (ISIN: DE0001102598) / HR 112%
• Benchmark Price, Spread:
  • 3yr: 97.74%, B+67.10bp
  • 6yr: 92.28%, B+89.60bp
  • 9yr: 94.54%, B+103.3bp
  • 12yr: 76.33%, B+107.3bp
• Make Whole Redemption Reference:
  • 3yr: FRTR 2.4 24-Sep-29 ISIN (FR0014016G71) @ 97.44%
  • 6yr: FRTR 0 25-May-32 ISIN (FR0014007L00) @ 81.43%
  • 9yr: FRTR 3.2 25-May-35 ISIN (FR001400X8V5) @ 93.80%
  • 12yr: FRTR 1 1/4 25-May-38 ISIN (FR0014009O62) @ 71.78%
• Make Whole Redemption:
  • 3yr: OAT+ 10bps
  • 6yr: OAT+ 10bps
  • 9yr: OAT+ 5bps
  • 12yr: OAT+ 5bps
• ISIN:
  • 3yr: FR001401AW96
  • 6yr: FR001401AWA1
  • 9yr: FR001401AWB9
  • 12yr: FR001401AWC7
• TOE:
  • 3yr: 16:56 BST / 17:56 CET
  • 6yr: 16:55 BST / 17:55 CET
  • 9yr: 16:54 BST / 17:54 CET
  • 12yr: 16:53 BST / 17:53 CET
• FTT: 9-Sep-26 07:45 BST / 08:45 CET
• Documentation: EMTN programme / Euronext Paris / French Law / Euroclear France / Clean-up Call (75%) / EUR 100,000 + EUR 100,000
• Use of Proceeds: General Corporate Purposes
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), no disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK.
• Selling Restrictions: As per the Base Prospectus dated 6-May-26
• Advertisement: The Issuer's Base Prospectus, the First Supplement and the Second Supplement are available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (https://gallery.orange.com/finance). The Final Terms, when available, will be also published on the website of the AMF (www.amf-france.org) and on the website of the Issuer (https://gallery.orange.com/finance)

3yr (Sep 2029) @ MS+75-70
Implied Spread for fresh 3yr @ MS+40
Priced at MS+45
NIC of +5

6yr (Sep 2032) @ MS+105-110
Implied Spread for fresh 6yr @ MS+70
Priced at MS+75
NIC of +5

9yr (Sep 2035) @ MS+130-135
Implied Spread for fresh 9yr @ MS+95
Priced at MS+98
NIC of +3

12yr (Sep 2038) @ MS+145-150
Implied Spread for fresh 12yr @ MS+110
Priced at MS+113
NIC of +3