Commentary & Deal Flow

Reoffer: 7yr: MS+29bp / 99.769 / 3.663%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 95.96 / B+40.2bp

Final Books: €1.25bn (inc. €150m JLM interest). Peak book above €1.8bn (pre-reconciliation) (inc. €150m JLM interest)
Launched: 7yr: €750m @ MS+29bp - Books in excess of €1.8bn pre rec (inc. €150m JLM interest)
Book update: Books above €1.7bn (inc. €150m JLM interest)
Guidance: 7yr: MS+35a

• Issuer: Kutxabank S.A.
• LEI: 549300U4LIZV0REEQQ46
• Covered Bonds: Cédulas Hipotecarias / Mortgage Covered Bonds (European Covered Bond Premium). ECB eligible, LCR Level 1, beneficial treatment under CRR Art.129 and Solvency II and ECBC Covered Bond Label Compliant
• Issuer Ratings: A3 (sta) / A (sta) / A (sta) by Moody's/Fitch/DBRS
• Expected Issue Rating: Aaa (Moody's) / AAA (DBRS)
• Form: Reg S Dematerialised book-entry form (anotaciones en cuenta)
• Size: €750m
• Spread: MS+29bp
• Reoffer: 99.769% / 3.663%
• Bund ref: DBR 2.6 15-Aug-33 @ 95.96 / B+40.2bp
• Pricing Date: 9-Sep-26
• Settlement Date: 16-Sep-26 (T+5)
• Maturity Date: 16-Sep-33 (7 year hard bullet)
• Coupon: 3.625%
• Coupon Dates: Annually paid on each 16 September, commencing on 16-Sep-27
• Coupon Calculation: Fixed, Annual, ACT/ACT, ICMA (Unadjusted)
• Listing: AIAF (Madrid)
• Denominations: €100,000 + €100,000
• Documentation: Kutxabank, S.A. €5bn Euro Medium Term Note and European Covered Bond (Premium) Programme Base Prospectus approved by the CNMV on 22-Jan-26, available on the Issuer's website and on www.cnmv.es
• Governing Law: Spanish law
• ISIN: ES0443307089
• Joint Lead Managers: BBVA, Commerzbank (B&D), HSBC Continental Europe, J.P. Morgan, Kutxabank Investment, Natixis
• Target Market: 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 disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or the United Kingdom
• Timing: Priced. TOE 14:05 LDN / 15:05 CET. FTT 14:25 LDN / 15:25 CET
• Advertisement: The Base Prospectus is and any applicable Supplements and the Final Terms, when published, will be available on the CNMV (www.cnmv.es)