• Despite a profound sell-off in European equity & government bond markets today, the European IG primary market proved itself yet again to be remarkably resilient.
• € IG priced €15.275bn from 9 deals (4 x Corp, 3 x FIG & 2 x SSA), via 17 tranches, only €2.475bn shy of yesterday's total (€17.75).
  • WTD: €42.625bn exceeding the week's €40.9bn forecast by €2.475bn.
• Amazon occupied the Sterling (£) market with £4.25bn, from 1 deal (1 x Corp) via 4 tranches; the heaviest single day of £ Corporate issuance since Alphabet's £5.5bn, 5 tranche deal on the 10th of February.
• Having been quiet since last Thursday the Swiss Franc market priced Chf550m from 2 issuers (1 x Corp & 1 x FIG) via 3 tranches.
• No supply today from the US$ Reg S market. We have not seen a European targeted, IG Reg S dollar deal since Santander's $1.5bn 3yr covered issue on the 1st of September.
• The proliferation of Reverse Yankee supply from IG borrowers (Parker-Hannifin, Uber, FedEx, & Amazon) is driven by both strong investor demand, & the attractive arbitrage versus US$’s. € & £ mid-swap rates & favourable basis swaps from €’s & £ to US$’s are on a par with, & even cheaper than, the domestic US market.
• No sight on books for 2 of the SEC Registered € corporate deals - compliance reasons cited.
• Speed of execution on these deals is faster than we normally see in Europe, with Amazon, CapOne, FedEx, Uber & PH all setting spreads early, with the latter 3 launching prior to 1:00pm (BST).  
• Today’s “Talking Point” (below) takes a closer look at the € supply from non-European borrowers since the start of 2025.
• iTraxx Europe & the iTraxx Senior & Sub financial indices are all wider today by +1.97%, +2.08% & +1.84% respectively (as we print).
• Brent crude finally breached the $100 mark & is currently trading at c.101.19 (c.$98.86 this morning).
• European equity bourses are notably weaker across the board, with the FTSE, Dax & CAC 40 all markedly lower by -1.41%, -1.84% & -2.01% respectively.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €9.025bn
    • Avg. tranche size €820m
    • Avg. IPT to Pricing -29.77
    • Avg. cover X 2.24 (no books for Uber & PH)
  • FIG
    • Total IG: €3.75bn
    • Avg. tranche size €938m
    • Avg. IPT to Pricing -6 (covered) - €750m
    • Avg. IPT to Pricing -27.17 (unsecured) - €3bn
    • Avg. cover X 2.23
  • SSA
    • Total IG: €2.5bn
    • Avg. tranche size €1.25bn
    • Avg. IPT to Pricing -1
    • Avg. cover X 1.81

• Pipeline: The European IG pipeline cleared completely & there are no mandated deals in the wings.

Questions & Comments to stuart@creditflowresearch.com

Actual WTD Supply vs Survey

Talking Point

• The two charts set out non-European € IG issuance by country & sector from 2025 through to today.
• Total issuance across the dataset amounts to €449bn, underlining the scale of offshore participation.
• The US dominates by a considerable margin, accounting for over 55% (€247.51bn) of supply. Today's Uber, Parker-Hannifin & FedEx are not in this data set, but serve to illustrate the comfort that investors have with US IG credits.
• Canada ranks second at 19% (€85.48bn), underpinned by an established covered bond market for the Canadian banks. Japan & Australia are closely matched at 9.41% (€42.3bn) & 9.14% (€41.1bn) respectively. South Korea contributes a further 2.22% (€10bn) & other APAC 4.9% (€22.05bn), bringing total APAC supply to approximately 25.7% of the total.
• FIG is the dominant sector, accounting for 46.6% (€209.35bn). Combined with SSA at 18.1% (€81.45bn), the two account for nearly two thirds of the market.
• The corporate sectors that are most prominent are led by Comms at 10.6% (€47.6bn) & Consumer Discretionary at 8.31% (€37.34bn), with the former reflecting the heavy use of the € market by large US & Asian telecoms & media groups.

Euro IG (today)

• Parker-Hannifin Corporation (exp. Issue ratings of A3 / BBB+ / A- by Moody’s, S&P, & Fitch), was the first corporate to announce, with its anticipated € benchmark triple-tranche offering. The SEC Registered, senior unsecured notes came with IPTs of: 3.5yr at MS+80 area, 5.5yr at MS+100 area, & 9.5yr at MS+125 area. The deal launched early as follows: 3.5y for €700m at MS+50, 5.5y for €800m at MS+70, & 9.5y for €525m at MS+95. All 30bps tighter than IPTs.
  • Today's € deal follows on from their $2.44bn, senior unsecured 4-tranche deal in the US yesterday (2, 3, 5 & 7yr). Books on yesterday's print were a solid $9.9bn. UOP’s from both deals are to repay a 364-Day Credit Agreement incurred in connection with their $9.25bn acquisition of Filtration Group Corporation (FGC) which closed last month. Their last € deal was in February of last year when they priced a €700m, 5yr at MS+70; 37.5bps tighter than IPTs.
• FedEx Corporation (exp. Issue ratings of Baa2 / BBB by Moody’s & S&P), brought another SEC Registered offering. The dual-tranche senior unsecured offering came with IPTs of MS+105 area for a 4yr tranche, & MS+145 area for the 8yr. Size expectations came in as a max combined of €2bn. Spreads set as follow: 4yr (€1bn to €1.25bn) at MS+75, & 8yr (€750m to €1bn) at MS+125. Books were above €3bn & €1.95bn respectively (pre-rec). The deal launched at €1.1bn for the 4yr & €900m for the 8yr. Books pre-rec were above €3.1bn & €1.8bn respectively. Final books were €2.85bn & €1.65bn.
  • FedEx is no stranger to the public € markets, however, they haven’t issued since the 23rd of July 2025, when they priced a dual-tranche €500m, 7yr at MS+113; 37bps tighter than IPTs; alongside a €350m, 12yr at MS+143; 39.5bps tighter than IPTs.
• Pilgrim’s Pride Corporation (exp. Issue ratings of BBB- / BBB- by S&P & Fitch), having mandated on Friday, brought their anticipated Reg S/144A, €500m (wng), Long 7yr (23rd January 2034), senior unsecured bond. IPTs on the issue were MS+165 to +170. Books were over €1.65bn when spread set at MS+140. Books were €1.15bn good at re-offer.
  • It has been nearly 3 years since the borrower last tapped the public bond markets. This being their $500m, 10.75yr which they priced on the 27th of September, 2023. While proceeds from today’s deal are cited as GCP, part of the debt raised will go towards their recent £141.5m acquisition of Walkers Deli & Sausage Company & associated transaction costs.
• Uber Technologies, Inc. (exp. Issue ratings of Baa1 / BBB+ / A- by Moody’s, S&P, & Fitch), was the last of the day's anticipated mult-tranche corporate deals to come. The SEC Registered, senior unsecured, € benchmark came with IPTs of: 3yr at MS+75 to +180, 6yr at MS+110 to +115, 8yr at MS+130 to +135, 12yr at MS+155 to +160, & finally the 20yr at MS+200 area. The deal launched for €4.5bn in total, broken down as follows. €750m 3yr at MS+45, €1bn 6yr at MS+80, €1bn 8yr at MS+100, €1bn 12yr at MS+125, & €750m 20yr at MS+170.
  • Similar to the PH trade above, today's € deal follows on from a UStrade yesterday. The dual-tranche $2.25bn offering was split $1bn, 5.3yr at T+60; 30bps tighter than IPTs from a book of $4.9bn; & a $1.25bn, 10yr at T+80; 30bps tighter than IPTs from an even larger book of $7.7bn. This is a debut in the € markets for Uber with proceeds cited as GCP.

• Kutxabank (exp. Issue ratings of Aaa / AAA by Moody’s & DBRS), brought their anticipated hard-bullet Cédulas Hipotecarias / Mortgage Covered Bonds (European Covered Bond Premium) offering. The € benchmark came with guidance of MS+35 area. Books called above €1.7bn (inc. €150m JLMs) & rose to over €1.8bn with the same JLM interest. The deal launched for €750m at MS+29. Books closed in excess of €1.25bn (inc. €150m JLMs).
  • The borrower was active in the unsecured market as recently as June 1st, when they issued a €500m, 6yr, senior preferred issue at MS+73; 24.5bps tighter than IPTs from a billion book. Their last covered trade was an 8yr on the 31st of Jan 2024, which priced for €1.3bn at MS+70.
• BNP Paribas SA (exp. Issue ratings of Baa1 / A- / A+ by Moody’s, S&P & Fitch) announced a € benchmark, 6NC5, Green, senior non-preferred, fixed to floating. IPTs on the trade were MS+115 to +120. Books first called above €4.5bn & spread set at MS+90. The deal sized at €1.5bn, with the book at final spread over €3.8bn. Final books were above €3.1bn & the deal priced €1.5bn at MS+90.
  • Naturally a frequent borrower, BNP’s last ‘Green’, senior non-preferred Fixed to float offering was on the 13th of January when it issued a €1.5bn, 8.25yr pricing at MS+105; 25bps tighter than IPTs from a book of €3.3bn. More recently (June 15th), they issued a senior non-preferred (non-Green issue), €1bn, 10yr at MS+100; 30bps tighter than IPTs from a €3bn book.
• Capital One Financial Corporation (exp. Issue ratings of Baa1 / BBB / A- by Moody’s, S&P, & Fitch), having mandated yesterday, brought their SEC Registered 6NC5 & 11NC10 € benchmark senior unsecured issue. IPTs on the former were in the area of MS+125, & on the latter, in the area of MS+165. Combined books were over €4bn (small skew to the 11NC10). Size expectations were managed for both tranches in the range of €500m to €750m. Spread set on the 6NC5 at MS+98 & MS+138 for the 11NC10. Both 27bps tighter than IPTs. The deal sized at the top end of expectations with both at €750m. Books were €1.9bn & €2bn respectively. 
  • A prolific issuer in the US market, CapOne has not tapped the public € markets in over 7yrs; since their €1.25bn dual-tranche back in June, 2019. No unusual UOP are stated, so the trade represents an opportunistic, diversity play.

• The Free and Hanseatic City of Hamburg (rated AAA by Fitch), having mandated yesterday, brought their new 6yr, € benchmark fixed rate Landesschatzanweisung. Guidance on the notes was in the area of MS+12. Books were first called in excess of €1bn (inc. €255m JLMs), pushing to €1.1bn when spread set at MS+12. The books climbed to over €1.5bn with the same JLM interest & the trade sized at €1bn. Books closed in excess of €1.55bn (inc. €310m JLMs).
  • This is Hamburg's 4th public offering of 2026. Their last issue, on the 23rd of June, was a €500m, 10yr which priced at MS+24; in line with guidance from a book of €970m. Prior to that they priced a €500m, 5yr at MS+10; from a book of €615m. FYI: ‘Landesschatzanweisung’ translates to a "State Treasury Bond"
• Agence Francaise de Developpement (rated A+ / A+ by S&P & Fitch), brought their anticipated short 8yr, € benchmark due 25 May 2034. The senior unsecured notes came with guidance in the area of FRTR 1.25% 25th May 2034 (mid) +25. Books were in excess of €2.6bn (inc. €750m JLMs) & spread set at OATs (mid) +23. Books rose to over €3.2bn (inc. €750m JLMs) & the trade sized at €1.5bn. Books closed in excess of €3.1bn (inc. €750m JLMs).
  • AfD last priced a €1bn, 15yr on the 8th July at OAT+19; 2bps tighter than guidance from a book of €3.7bn. Prior to that the borrower issued 2 sustainable trades; a €2bn 7.25yr in May, & a €2bn 10yr in January.  

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Amazon.com (exp. Issue ratings of A1 / AA / AA- by Moody’s, S&P, & Fitch), brought their anticipated inaugural SEC Registered 3yr, 6yr, 12yr, & 19yr multi-tranche fixed-rate senior unsecured benchmark offering. IPTs in the above order were in the ‘area’ of; UKT+70, UKT+90, UKT+105, & UKT+110. All tranches were expected to be for £1bn when spreads set as follows: 3yr at UKT+53bp, 6yr at UKT+75bp, 12yr at UKT+90, & 19yr at UKT+93. Books were over £11.65bn in total: 3yr >3.3bn, 6yr >£3.5bn, 12yr >£2.5bn & 19yr >£2.35bn. The 3yr sized at £1.25bn, with all others at £1bn. Final books were over £10.65bn: 3yr >£3.1bn, 6yr >£3.3bn, 12yr >£2.3bn, & 19yr >£1.95bn.
  • This is Amazon’s debut in the Sterling market, but not their first issue this side of the pond, having issued the record breaking €14.5bn, 8-tranche offering which garnered a peak book of €35.5bn & a final book of €27.9bn. Today's transaction continues the trend of the hyperscalers utilising the global debt markets to fund their AI infrastructure build-out. In May they also set records in the Swiss Franc market with a Chf2.82bn, 6-tranche deal. 

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• Telstra Group Limited (exp. Issue ratings of A2 / A- by Moody’s & S&P) brought a Chf150m (min), 7yr with guidance of SARON MS+60 to +65. Spread set at the wide end of the range at MS+65, & the minimum size was raised to Chf175m. Priced for Chf200m.
  • Telstra last issued in Swiss Francs on the 28th of August 2025, when it priced a Chf200m, 12yr at SARON MS+70; 2.5bps tighter than the midpoint of the initial range (yield 1.28%).

• LGT Bank AG (exp. Issue ratings of A1 / A+ by Moody’s & S&P) announced a dual-tranche offering. The 5.5yr (30th March 2032) came with a minimum initial size of Chf100m with guidance of SARON MS+60 to +65. The 10yr tranche also came with Chf100m (min) with guidance of SARON MS+75 to +80. Spreads set at MS+62 & MS+77 respectively with both tranches upped to a minimum of Chf125m. When the deal priced final sizes were Chf150m & Chf200m respectively.
  • They only issue in the Swiss market & last did so on the 13th of January, when they priced a senior non-preferred (A3/A), Chf150m, 10yr at SARON MS+80; the wide end of the indicated range. Prior to that, on the 22nd of August 2025, they brought a senior preferred (Aa3/A+), Chf150m, 9yr at MS+70. Moody’s downgraded LGT from Aa3 to A1 in April of this year. 

Week-to-date volumes:

US$ Reg S (today)

• None

Pending Deals & Mandates

• None

Transaction Details

PRICED: LGT Bank AG CHF 350m 5.5yr & 10yr SP; SARON MS+62bp & SARON MS+77bp

IGC European Market: Deal Flow - General

Reoffer: 5.5yr: SARON MS+62bp / 100.034 / 1.1438% 10yr: SARON MS+77bp / 100.092 / 1.49%
Benchmark: 5.5yr: Govt + 84.1bp 10yr: Govt + 103.8bp

Launched:
5.5yr: CHF 150m @ SARON MS+62bp
10yr: CHF 200m @ SARON MS+77bp
Spread set at: 5.5yr: SARON MS+62bp 10yr: SARON MS+77bp
IPTs: 5.5yr: SARON MS+60/65bp 10yr: SARON MS+75/80bp

• Issuer: LGT Bank AG
• Ticker: LGT
• Issuer Domicile: Liechtenstein
• Domestic / Foreign: Foreign (SBI Domestic segment expected)
• Format: Public Fixed-Rate Notes
• Ranking: Senior-Preferred
• Issuer Rating: A1 (stable)/A+ (stable) (Moody's/S&P)
• Instrument Rating (exp): A1/A+ (Moody's/S&P)
• Issue Size:
  • 5.5yr: CHF 150mm
  • 10yr: CHF 200mm
• Coupon:
  • 5.5yr: 1.1500% p.a. (30/360, following unadj.) (Short first coupon)
  • 10yr: 1.500% p.a. (30/360, following unadj.)
• Maturity:
  • 5.5yr: 5 years 180 days (30-Sep-26 to 30-Mar-32)
  • 10yr: 10 years (30-Sep-26 to 30-Sep-36)
• Spread/Yield:
  • 5.5yr: SARON MS +62.0 // YTM 1.1438% // Govt + 84.1
  • 10yr: SARON MS +77.0 // YTM 1.490% // Govt + 103.8
• Issue Price:
  • 5.5yr: 100.034%
  • 10yr: 100.092%
• ISIN / Valor:
  • 5.5yr: CH1581468324 / 158’146’832
  • 10yr: CH1581468332 / 158’146’833
• Lead Manager(s): Deutsche Bank, ZKB, LGT (JLNB)
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under the € 5,000,000,000 EMTN Programme, dated 22-May-26, as supplemented from time to time. The provisions hereof are subject entirely to the Terms and Conditions set forth in the Listing Prospectus.
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: English law
• Covenants: PP, XD
• SIX Listing: 29-Sep-26
• Denomination: CHF 100,000 and multiples thereof
• Selling Restrictions: United States and US persons, European Economic Area, United Kingdom, Principality of Liechtenstein, Belgium, Hong Kong, Singapore and Japan, as per the Issuer's EMTN Programme.
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.

PRICED: Telstra Group CHF 200m 7yr Sr Unsec; SARON MS+65bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: SARON MS+65bp / 100 / 1.2225%

Launched: 7yr: CHF 200m @ SARON MS+65bp
Spread set at: 7yr: SARON MS+65bp
IPTs: 7yr: SARON MS+60/65bp

• Issuer: Telstra Group Limited (ABN 56 650 620 303)
• Ticker: TLSAU
• Guarantor: Telstra Corporation Limited (ABN 33 051 775 556) and Telstra Limited (ABN 64 086 174 781) (each, a "Guarantor" and together, the "Guarantors")
• Issuer and Guarantors’ Domicile: Australia
• Format: Public Fixed Rate Notes
• Ranking: Unsubordinated and unsecured
• Issuer Rating: A2/A- (Moody's/S&P)
• Instrument Rating (exp.): A2/A- (Moody's/S&P)
• Life: 7y
• Payment Date: 30-Sep-26
• Maturity Date: 30-Sep-33
• Size: CHF 200m
• Coupon: 1.2225% p.a.
• Issue Price: 100
• Spread / Yield: SARON MS+65bp / YTM 1.2225% / Govt.+86bp
• ISIN / Valor: CH1598620073 / 159'862'007
• Lead Manager(s): BNP Paribas, UBS
• Listing: SIX Swiss Exchange as of 28-Sep-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Off the Issuer’s €20,000,000,000 Debt Issuance Program including the Offering Circular dated 18-Aug-26 (“Offering Circular”)
• Governing Law: The Notes and any non-contractual obligations arising out of or in connection with the Notes will be governed by, and shall be construed in accordance with, English law. The Guarantee is governed by the laws of the state of Victoria, Australia.
• Early Redemption: Clean Up Call at par at 80%, Redemption for Tax Reasons
• FINSA Prospectus: Delayed approval in accordance with art 51(2) FinSA
• Covenants: Pari passu; Negative Pledge; Cross Default, each in accordance with the Terms and Conditions of the Notes
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: As per the Program Documentation and the relevant Pricing Supplement
• Target Market: As defined by the manufacturer domiciled in the EEA and UK (MiFID II / UK MIFIR Product Governance): Eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.

PRICED: The Free and Hanseatic City of Hamburg €1bn 6yr Sr Unsec; MS+12bp

IGC European Market: Deal Flow - SSA

Reoffer: 6yr: MS+12bp / 99.408 / 3.486%
Benchmark: 6yr: DBR 1.7% 15-Aug-32 @ 91.99 / B+28.1bp / HR 105%

Tranche 1 (6yr): Final Books in excess of €1.55bn (incl. €310m JLM). Peak book in excess of €1.55bn (incl. €310m JLM)

Launched: 6yr: €1bn @ MS+12bp - Books in excess of €1.5bn (incl. €255m JLM interest)
Spread set at: 6yr: MS+12bp - Orderbooks in excess of €1.1bn (incl. €255m JLM interest)
Book Update: Orderbooks in excess of €1bn (incl. €255m JLM interest)
Guidance: 6yr: MS+12a

• Issuer: The Free and Hanseatic City of Hamburg
• Ticker: HAMBRG Govt
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Issuer Rating: AAA (Fitch, stable)
• Size: €1bn
• Reoffer: MS+12bp / 99.408 / 3.486%
• Benchmark: DBR 1.7% 15-Aug-32 / B+28.1bp / 91.99 / HR 105%
• Coupon: 3.375% fixed, annual, act/act ICMA, unadjusted following
• Settlement: 16-Sep-26 (T+5)
• Maturity: 16-Sep-32 (6 years)
• Joint Leads: BayernLB, Commerzbank, Helaba (B&D), ING and J.P. Morgan
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II and UK MiFIR (all distribution channels)
• Denoms/Listing: 1k/Hamburg
• ISIN/WKN: DE000A3MQTU1 / A3MQTU
• Timing: Priced. TOE 14:05 CET. FTT 14:15 CET

PRICED: Agence Francaise de Developpement €1.5bn Short 8yr Sr Unsec; OAT+23bp

IGC European Market: Deal Flow - SSA

Reoffer: Short 8yr: OAT+23bp / 99.187 / 4.254%
Benchmark: FRTR 1 ¼ 25-May-34 @ 81.932% / Yield 4.024% / HR 111%

Short 8yr: Final books in excess of €3.1bn (incl. €750m JLM). Peak book in excess of €3.2bn (incl. €750m JLM)

Launched: Short 8yr: €1.5bn @ OAT+23bp - Books in excess of €3.2bn (incl. €750m JLM)
Spread set at: Short 8yr: OAT+23bp - Books in excess of €2.6bn (incl. €750m JLM)
Guidance: Short 8yr: OAT+25a

• Issuer: Agence Francaise de Developpement (Ticker: "AGFRNC")
• LEI: 9695008K5N8MKIT4XJ91
• Issuer Ratings: A+/A+ (Stable/Stable, S&P/Fitch)
• Format: Senior Unsecured, Reg S Bearer Dematerialised form (TEFRA not applicable)
• Size: €1.5bn
• Coupon: 4.125% Fixed, Annual, Act/Act (ICMA)
• Settlement: 16-Sep-26 (T+5)
• Maturity: 25-May-34
• Reoffer: FRTR 1 ¼ 25-May-34 (MID) + 23bps / 99.187 / 4.254%
• Ref. Bond: FRTR 1 ¼ 25-May-34 (Price: 81.932% / Yield: 4.024%) / HR 111%
• ISIN: FR001401AXV5
• Law/List/Denoms: French / Euronext Paris / 100k+100k
• Bookrunners: Barclays / BNP Paribas / Citi (B&D/DM) / J.P. Morgan / Morgan Stanley / Natixis
• Target Market: The manufacturer target markets (EU MiFID II/UK MiFIR product governance) as assessed by the lead managers are professional & eligible counterparties (all distribution channels)
• Fees: The bookrunners will be paid a fee in connection to the transaction (EU MiFID II/UK MiFIR)
• Timing: Priced. TOE: 13:22 UKT / 14:22 CET | FTT: 13:35 UKT / 14:35 CET

PRICED: BNP Paribas €1.5bn 6NC5 Green SNP FXD/FRN; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+90bp / 100.00 / 4.236%
Benchmark: OBL 2½ 16-Apr-31 @ 97.15 / B+106.5bp / HR 107%

Final Books: €3.8bn at final spread (from Previous Stage)

Launched: 6NC5: €1.5bn @ MS+90bp - Books above €3.8bn at final spread
Spread set at: 6NC5: MS+90bp - Books above €4.5bn
IPTs: 6NC5: MS+115/120bp

• Issuer: BNP Paribas SA
• LEI: R0MUWSFPU8MPRO8K5P83
• ISIN: FR001401AXT9
• Issuer Ratings: A1/A+/AA- (Moody's/S&P/Fitch)
• Exp. Issue Ratings: Baa1/A-/A+ (Moody's/S&P/Fitch)
• Rating Split: Issuer: A1/A+/AA- (Moody's/S&P/Fitch), Issue: Baa1/A-/A+ (Moody's/S&P/Fitch)
• Issue: EUR Green Fixed to Floating Rate Senior Non-Preferred Notes (falling within the category of obligations described in Article L.613-30-3-I-4° of the French Monetary and Financial Code)
• Size: €1.5bn
• Reoffer: MS+90bp / 100.00 / 4.236%
• Benchmark: OBL 2½ 16-Apr-31 @ 97.15 / B+106.5bp / HR 107%
• Coupon: 4.236%, Annual / ACT/ACT ICMA – Fixed to Floating
• Maturity: 16-Sep-32 (6NC5)
• Settlement: 16-Sep-26 (T+5)
• Status: The Notes are Senior Non Preferred Obligations and are direct, unconditional, unsecured and senior obligations of the Issuer, and rank and will at all times rank (i) pari passu among themselves and with other Senior Non Preferred Obligations (ii) senior to Eligible Creditors of the Issuer, Ordinarily Subordinated Obligations and any other present or future claims otherwise ranking junior to Senior Non Preferred Obligations and (iii) junior to present and future claims benefiting from preferred exceptions, including Senior Preferred Obligations.
• Interest: 4.236%, annual. Non-deferrable, non-cancellable. If not called, from 16-Sep-31 to the Maturity Date, floating rate based on the 3-month Euribor plus 90 basis points. Payable quarterly, non-deferrable, non-cancellable.
• Issuer Call: The Issuer may redeem the Notes in whole at par on 16-Sep-31 subject to prior permission of the Relevant Regulator.
• Early redemption for Taxation Reasons: In case of Withholding Tax Event or Gross-up Event, the Issuer may (but is not obliged to) early redeem the Notes at par plus accrued interest up to but excluding the applicable redemption date, all subject to prior permission of the Relevant Regulator.
• Early redemption upon the occurrence of a MREL/TLAC Disqualification Event: Upon the occurrence of a MREL/TLAC Disqualification Event the Issuer may, at its option, redeem all but not some only of the Notes then outstanding, at par on the date specified in the notice of redemption, together, if applicable, with interest accrued to (but excluding) the date fixed for redemption, subject to prior permission of the Relevant Regulator. "MREL/TLAC Disqualification Event" means the determination by the Issuer, that as a result of a change in French and/or EU laws or regulations becoming effective on or after the Issue Date of the Notes, which change was not reasonably foreseeable by the Issuer as at the Issue, it is likely that all or part of the aggregate outstanding nominal amount of such Series of Notes will be excluded from the eligible liabilities available to meet the MREL/TLAC Requirements.
• Events of Default: None. However, Noteholder may cause the Notes to become due and payable, together with accrued interest, in the event that an order is made or an effective resolution is passed for the liquidation (liquidation judiciaire ou liquidation amiable) of the Issuer.
• Loss Absorption in Resolution: By its acquisition of the Notes, each holder acknowledges, accepts, consents and agrees to be bound by the effect of the exercise of the Bail-in or Loss Absorption Power by the Relevant Resolution Authority. The Issuer is licensed as a credit institution in France and as such subject to the resolution regime introduced by the EU Bank Recovery and Resolution Directive of 15-May-14. This regulation, among others, gives resolution authorities, in case the Issuer is failing or likely to fail, the power to amend the key terms of the Notes (including but not limited to the maturity date or the payment of interest), to write-down the claims of unsecured creditors of a failing credit institution and to convert certain unsecured debt claims (including Notes) to equity. In case of resolution of the Issuer, the claims under Notes could be reduced (including to zero) or converted to equity.
• Waiver of set-off: No Noteholder may at any time exercise or claim (and shall be deemed to have waived) any Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such Noteholder, directly or indirectly, howsoever arising. "Set-Off Rights" means any and all rights of or claims of any Noteholder for deduction, set-off, netting, compensation, retention or counterclaim arising directly or indirectly under or in connection with any such Note.
• Contractual representation of Noteholders: No Masse - Condition 12(a) applicable.
• Use of Proceeds: It is BNPP's intention to apply an amount equivalent to the net proceeds of the issuance to finance or refinance Eligible Green Assets as defined in and further described in the BNP Paribas Green Bond Framework, as amended and supplemented from time to time (the "Green Bond Framework"), which is available on the website of BNPP (https://invest.bnpparibas/en/document/green-bond-framework-may-2025).
• Sole Bookrunner: BNP Paribas (B&D)
• JLM (no-books): Nordea, Nykredit Bank, Standard Chartered Bank AG, Swedbank
• Governing Law: French law
• Target Market: MiFID II professionals/ECP-s only
• Denominations: EUR 100k x 100k
• Documentation/Listing: Issuer EMTN Programme, as supplemented from time to time / Euronext Paris
• Sales Restriction: USA (RegS), UK, France and EEA
• Timing: PRICED, TOE 13:37 UKT / 14:37 CET, FTT 13:50 UKT / 14:50 CET

PRICED: Kutxabank S.A. €750m 7yr CB; MS+29bp

IGC European Market: Deal Flow - General

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)

Covered
7yr (Sep 2033) @ MS+35a
Implied Spread for fresh 7yr @ MS+28
Priced at MS+29
NIC of +1

PRICED: Pilgrim’s Pride and Pilgrim’s Europe Finance €500m Long 7yr Sr Unsec; MS+140

IGC European Market: Deal Flow - General

Reoffer: Long 7yr: MS+140bp / 99.866 / 4.776%
Benchmark: Long 7yr: DBR 2.6 15-Aug-33 @ 95.96 / B+151.5bp ; HR 102%

Tranche 1 (Long 7yr): Final Books €1.15bn+ good at reoffer. Peak book 1.65bn+

Launched: Long 7yr: €500m @ MS+140bp - Books 1.65bn+
IPTs: 7yr: MS+165/170bp

• Co-issuers: Pilgrim’s Pride Corporation (Ticker: PPC) and Pilgrim’s Europe Finance PLC
• Co-issuer LEIs: 549300ZSLGV64ZL3HD75 / 2549008V7R5FUIXOPX51
• Format: 144A / Reg S with registration rights, NSS, TEFRA not applicable
• Expected Security Ratings (S&P/Fitch): BBB- / BBB-
• Ranking: Senior Unsecured Notes
• Tenor: Long 7 year
• Currency: €
• Size: 500mm
• Settlement: 23-Sep-26 (T+10)
• Maturity Date: 23-Jan-34
• Reoffer: MS+140 / 4.776% / 99.866
• Coupon Type: 4.75% Fixed rate, annual, Act/Act (ICMA), short first
• Benchmark: DBR 2.6 15-Aug-33 @ 95.96 + 151.5 bps ; HR 102%
• MWC: B+25 bps
• Optional Redemption: Make Whole Call; Par Call: 3-month (s) prior to maturity; Tax Call; 90% clean-up
• Change of Control Put: 101.00% upon Change of Control Triggering Event
• Business Days: New York, T2
• Governing Law: New York Law
• Book Runner(s): BMO Capital Markets, BBVA, Citigroup, ING, Mizuho, Rabobank (B&D), RBC Capital Markets, TD Securities
• Documentation: Preliminary OM dated 4-Sep-26
• Marketing URL: https://dealroadshow.com/e/PPC26
• Use of Proceeds: General corporate purposes, including to fund the consideration in connection with the recently announced acquisition of Walkers Deli & Sausage Company and to pay related costs and expenses. The offering is not conditioned on the closing of the acquisition of Walkers Deli & Sausage Company.
• Denominations: €100,000 x €1,000
• Clearing: Euroclear / Clearstream
• Selling Restrictions: As per the Preliminary Offering Memorandum “Plan of Distribution—Selling Restrictions”
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK
• Listing: TISE, The International Stock Exchange
• CUSIP: 144A: [ ]Reg S: 350773622
• ISIN: 144A: [ ]Reg S: XS3507736224
• Timing: Priced, ToE 15:05 LDN, FTT 15:30 LDN

PRICED: Capital One Financial Corporation €1.5bn 6NC5 & 11NC10 Sr Unsec; MS+98bp & MS+138bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+98bp / 100 / 4.326% 11NC10: MS+138bp / 100 / 4.832%
Benchmark: 6NC5: DBR 0 15-Aug-31 @ 85.76 / B+115.8bp / HR 104% 11NC10: DBR 3 15-Aug-36 @ 96.5 / B+141.2bp / HR 96%

Launched:
6NC5: €750m @ MS+98bp - Books €1.9bn
11NC10: €750m @ MS+138bp - Books €2.0bn
Book update: Combined Books > €4bn (small skew to the 11NC10)
Spread set at: 6NC5: MS+98bp 11NC10: MS+138bp
IPTs: 6NC5: MS+125a 11NC10: MS+165a

• Issuer: Capital One Financial Corporation ("COF")
• Issuer LEI: ZUE8T73ROZOF6FLBAR73
• Expected Ratings:* Moody's: Baa1 (Stable) / S&P: BBB (Positive) / Fitch: A- (Stable)
• Format: SEC Registered
• Ranking: Senior Unsecured Notes
• Tranche Size:
  • 6NC5: 750m
  • 11NC10: 750m
• Tenor:
  • 6NC5: 6NC5
  • 11NC10: 11NC5
• Reoffer Price:
  • 6NC5: 100%
  • 11NC10: 100%
• Reoffer Yield:
  • 6NC5: 4.326%
  • 11NC10: 4.832%
• Benchmark:
  • 6NC5: DBR 0 15-Aug-31 HR 104% / px 85.76 / yield 3.168% / bmk spread 115.8bps
  • 11NC10: DBR 3 15-Aug-36 HR 96% / px 96.5 / yield 3.420% / bmk spread 141.2bps / € Benchmark
• Coupon Type:
  • 6NC5: Fixed-to-Floating
  • 11NC10: Fixed-to-Floating
• Coupon Reset Benchmark:
  • 6NC5: 3-month EURIBOR / 107.2bps
  • 11NC10: 3-month EURIBOR / 145.1bps
• Maturity Date:
  • 6NC5: 15-Sep-32
  • 11NC10: 15-Sep-37
• Settlement Date:** T+4 (15-Sep-26)
• Optional Redemption: 1-year Par Call / Tax Call at Par
• Bookrunner(s): Active: Barc, DB, GS (B&D), MS / Passive: CapOne
• Use of Proceeds: General Corporate Purposes
• Denominations: €100,000 x €1,000
• Marketing:
  • 6NC5: Link: https://dealroadshow.finsight.com
  • 11NC10: Entry Code: COF2026
• Expected Listing: NYSE
• Documentation: Base Prospectus, Prospectus Supplement, Pricing Term Sheet
• Selling Restrictions: As set out in the Preliminary Prospectus Supplement
• MiFID II Target Market and PRIIPs Regulation: MiFID II professionals / ECPs-only / No PRIIPs KID – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the EEA.
• UK MiFIR and FCA Product Disclosure Sourcebook (DISC): UK MiFIR professionals / ECPs-only / No CCI disclosure document – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No CCI disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the UK.
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• ISIN / Common Code / CUSIP:
  • 6NC5: XS3486716775 / 348671677 / 14040H DR3
  • 11NC10: XS3486716858 / 348671685 / 14040H DS1
• Timing: TOE: 15:20 UKT 16:20 CET / FTT 8AM UKT tomorrow (10-Sep-26) subject to TS availability

PRICED: FedEx Corporation €2bn 4yr & 8yr Sr Unsec; MS+75bp & MS+125bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+75bp / 99.714 / 4.079% 8yr: MS+125bp / 99.807 / 4.655%
Benchmark: 4yr: DBR 0% 15-Aug-30 @ 88.66 / B+96.6bp / HR 108% 8yr: DBR 2.6% 15-Aug-34 @ 94.98 / B+132.4bp / HR 98%

Tranche 1 (4yr): Final Books €2.85bn. Peak book above €3.1bn (pre-rec)
Tranche 2 (8yr): Final Books €1.65bn. Peak book above €1.95bn (pre-rec)

Launched:
4yr: €1.1bn @ MS+75bp - Books above €3.1bn (pre-rec)
8yr: €900m @ MS+125bp - Books above €1.8bn (pre-rec)
Spread set at: 4yr: MS+75bp - Books above €3bn (pre-rec) 8yr: MS+125bp - Books above €1.95bn (pre-rec)
IPTs: 4yr: MS+105a 8yr: MS+145a

• Issuer: FedEx Corporation (Ticker: FDX, Country: US)
• Guarantors: Federal Express Corporation, FedEx Office and Print Services, Inc., Federal Express Europe, Inc., Federal Express Holdings S.A., LLC, Federal Express International, Inc
• LEI: 549300E707U7WNPZN687
• Issuer Ratings:* Baa2 (Stable) by Moody's / BBB (Stable) by S&P
• Expected Issue Ratings:* Baa2 by Moody's / BBB by S&P
• Format: SEC Registered, Senior, Unsecured
• Settlement:** 14-Sep-26 (T+3)
• Size:
  • 4yr: €1.1bn
  • 8yr: €900m
• Maturity:
  • 4yr: 30-Sep-30
  • 8yr: 30-Sep-34
• Reoffer:
  • 4yr: MS+75bp / 4.079% / 99.714
  • 8yr: MS+125bp / 4.655% / 99.807
• Benchmark:
  • 4yr: DBR 0% 15-Aug-30 (88.66) + 96.6bp | HR: 108%
  • 8yr: DBR 2.6% 15-Aug-34 (94.98) + 132.4bp | HR: 98%
• Coupon:
  • 4yr: 4%, Fixed, Ann, Act/Act (ICMA), Short First
  • 8yr: 4.625%, Fixed, Ann, Act/Act (ICMA), Short First
• Optional Redemption:
  • 4yr: MWC (B+15), 1 Month Par Call, Tax Call, CoC (101%)
  • 8yr: MWC (B+20), 3 Months Par Call, Tax Call, CoC (101%)
• Clean-up Call:
  • 4yr: Applicable (75%)
  • 8yr: Applicable (75%)
• B&D:
  • 4yr: BofA Securities
  • 8yr: Citigroup
• ISIN/CUSIP:
  • 4yr: XS3494005021 / 31428XEE2
  • 8yr: XS3494029393 / 31428XEF9
• Governing Law & Listing: NYSE Listing, New York Law
• Clearing: Euroclear / Clearstream (Luxembourg)
• Denominations: €100k x €1k
• Selling Restrictions: As outlined in the prospectus supplement dated 9-Sep-26
• Sales into Canada: Yes, via exemption
• UoP: The Company intends to use the net proceeds from this offering, together with the net proceeds from the offering of U.S. dollar notes, if any, for general corporate purposes, which may include the redemption or repayment of outstanding indebtedness
• Stabilization: Relevant stabilization regulations apply including ICMA/FCA
• MiFID II / UK MiFIR, Target Market, EEA PRIIPs / UK CCI: MiFID II and UK MiFIR professionals/ECPs-only / No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary. Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs key information document or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or UK
• Global Coordinators: BofA Securities, Citigroup, Wells Fargo Securities
• Joint Actives: BNP Paribas, BofA Securities (B&D 4yr), Citigroup (B&D 8yr), ING, Wells Fargo Securities
• Timing: TOE : 15.33 UKT (4yr) / 15.32 UKT (8yr) FTT : TBC

PRICED: Parker-Hannifin Corp. €2.025bn 3.5yr, 5.5yr & 9.5yr Sr Unsec; MS+50bp, MS+70bp & MS+95bp

IGC European Market: Deal Flow - General

Reoffer: 3.5yr: MS+50bp / 99.96 / 3.818% 5.5yr: MS+70bp / 99.962 / 4.052% 9.5yr: MS+95bp / 99.909 / 4.39%
Benchmark: 3.5yr: OBL 2.5 11-Oct-29 #190 @ 98.283 / B+72.6bp / HR 111% 5.5yr: DBR 0 15-Feb-32 @ 84.334 / B+86.4bp / HR 108% 9.5yr: DBR 2.9 15-Feb-36 @ 96.03 / B+99.3bp / HR 98%

Tranche 1 (3.5yr): Peak book above €1.85bn
Tranche 2 (5.5yr): Peak book above €2.60bn
Tranche 3 (9.5yr): Peak book above €2.45bn

Launched:
3.5yr: €700m @ MS+50bp - Books above €1.85bn
5.5yr: €800m @ MS+70bp - Books above €2.60bn
9.5yr: €525m @ MS+95bp - Books above €2.45bn
Book Update: Combined Books c. €7bn (pre-rec)
IPTs: 3.5yr: MS+80a 5.5yr: MS+100a 9.5yr: MS+125a

• Issuer: Parker-Hannifin Corp.
• Ticker: PH
• Country: US
• Issuer LEI: 5493002CONDB4N2HKI23
• Issuer Ratings (M/S/F): A3 (Stable) / BBB+ (Positive) / A- (Stable)
• Exp. Issue Ratings (M/S/F)*: A3 / BBB+ / A-
• Ranking: Senior Unsecured
• Format: SEC Registered / Euronext Dublin (Global Exchange Market) / New York Law
• Settlement: 14-Sep-26 (T+3)
• Size:
  • 3.5yr: €700m
  • 5.5yr: €800m
  • 9.5yr: €525m
• Maturity Date:
  • 3.5yr: 1-Mar-30
  • 5.5yr: 3-Mar-32
  • 9.5yr: 5-Mar-36
• Coupon:
  • 3.5yr: 3.8% Fixed, Annual, ACT/ACT (ICMA) (Short first)
  • 5.5yr: 4.04% Fixed, Annual, ACT/ACT (ICMA) (Short first)
  • 9.5yr: 4.375% Fixed, Annual, ACT/ACT (ICMA) (Short first)
• Optional Redemption:
  • 3.5yr: MWC B+15 / 1-Month Par Call
  • 5.5yr: MWC B+15 / 2-Month Par Call
  • 9.5yr: MWC B+15 / 3-Month Par Call
• ISIN / Common Code:
  • 3.5yr: XS3498804585 / 349880458
  • 5.5yr: XS3498804668 / 349880466
  • 9.5yr: XS3498804825 / 349880482
• Clearing: Euroclear and Clearstream
• Denominations: €100k x €1k
• Selling Restrictions: As per Parker-Hannifin Corp’s Preliminary Prospectus Supplement dated 9-Sep-26
• UoP: Together with the net proceeds from the USD Offering and cash on hand, to repay the borrowings under the 364-Day Credit Agreement incurred in connection with the FGC Acquisition
• Marketing: Link: www.netroadshow.com/nrs/home/#!/?show=a118b30e| Entry Code: PH2026
• Sales into Canada: Yes, via exemption
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• Target Market:** Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK
• Joint Books:
  • 3.5yr: Barc (B&D), Citi, MS, WFS
  • 5.5yr: Barc (B&D), Citi, MS, HSBC
  • 9.5yr: Barc (B&D), Citi, MS, HSBC
• Timing: PRICED. TOE 15.40 UKT / 16.40 CET FTT TBC

PRICED: Amazon.com £4.25bn 3yr, 6yr, 12yr & 19yr Sr Unsec; UKT+53bp & UKT+75bp & UKT+90bp & UKT+93bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: UKT+53bp / 99.97 / 5.211% 6yr: UKT+75bp / 99.945 / 5.561% 12yr: UKT+90bp / 99.775 / 6.277% 19yr: UKT+93bp / 99.563 / 6.691%
Benchmark:
3yr: UKT 4 1/8 22-Jul-29 @ Mid 98.52 / Bid 98.50 / HR 104%
6yr: UKT 4 1/4 07-Jun-32 @ Mid 97.21 / Bid 97.18 / HR 103%
12yr: UKT 3 3/4 29-Jan-38 @ Mid 86.275 / Bid 86.225 / HR 108%
19yr: UKT 3 1/2 22-Jan-45 @ Mid 74.58 / Bid 74.51 / HR 114%

Tranche 1 (3yr): Final Books £3.1bn+
Tranche 2 (6yr): Final Books £3.3bn+
Tranche 3 (12yr): Final Books £2.3bn+
Tranche 4 (19yr): Final Books £1.95bn+

Launched:
3yr: £1.25bn @ UKT+53bp
6yr: £1bn @ UKT+75bp
12yr: £1bn @ UKT+90bp
19yr: £1bn @ UKT+93bp
Spread set at: 3yr: UKT+53bp 6yr: UKT+75bp 12yr: UKT+90bp 19yr: UKT+93bp
IPTs: 3yr: UKT+70a 6yr: UKT+90a 12yr: UKT+105a 19yr: UKT+110a

• Issuer: Amazon.com, Inc.
• Ticker: AMZN
• Country: US
• LEI: ZXTILKJKG63JELOEG630
• Current Issuer Ratings: A1 (Stable) / AA (Stable) / AA- (Stable) │ (Moody's / S&P / Fitch)
• Expected Issue Ratings:* A1 (Stable) / AA (Stable) / AA- (Stable) │ (Moody's / S&P / Fitch)
• Format: Senior Unsecured Notes
• Settlement:** 14-Sep-26 (T+3)
• Size:
  • 3-year: £1.25bn
  • 6-year: £1bn
  • 12-year: £1bn
  • 19-year: £1bn
• Maturity:
  • 3-year: 14-Sep-29
  • 6-year: 14-Sep-32
  • 12-year: 14-Sep-38
  • 19-year: 14-Sep-45
• Re-Offer:
  • 3-year: Mid UKT+53bp / 99.97
  • 6-year: Mid UKT+75bp / 99.945
  • 12-year: Mid UKT+90bp / 99.775
  • 19-year: Mid UKT+93bp / 99.563
• Yield (S/A):
  • 3-year: 5.211%
  • 6-year: 5.561%
  • 12-year: 6.277%
  • 19-year: 6.691%
• Coupon:
  • 3-year: 5.2%, Fixed, Semiannual, ACT/ACT (ICMA)
  • 6-year: 5.55%, Fixed, Semiannual, ACT/ACT (ICMA)
  • 12-year: 6.25%, Fixed, Semiannual, ACT/ACT (ICMA)
  • 19-year: 6.65%, Fixed, Semiannual, ACT/ACT (ICMA)
• MWC:
  • 3-year: Yes, UKT+10
  • 6-year: Yes, UKT+15
  • 12-year: Yes, UKT+15
  • 19-year: Yes, UKT+15
• Gilt Reference:
  • 3-year: UKT 4 1/8 22-Jul-29
  • 6-year: UKT 4 1/4 07-Jun-32
  • 12-year: UKT 3 3/4 29-Jan-38
  • 19-year: UKT 3 1/2 22-Jan-45
• Mid Gilt Reference:
  • 3-year: 98.52
  • 6-year: 97.21
  • 12-year: 86.275
  • 19-year: 74.58
• Bid Gilt Reference:
  • 3-year: 98.50
  • 6-year: 97.18
  • 12-year: 86.225
  • 19-year: 74.51
• HR:
  • 3-year: 104%
  • 6-year: 103%
  • 12-year: 108%
  • 19-year: 114%
• Par Call:
  • 3-year: Yes, 1-month
  • 6-year: Yes, 2-months
  • 12-year: Yes, 3-months
  • 19-year: Yes, 6-months
• ISIN / Common Code:
  • 3-year: XS3504677348 / 350467734
  • 6-year: XS3504677694 / 350467769
  • 12-year: XS3504677777 / 350467777
  • 19-year: XS3504677934 / 350467793
• TOE:
  • 3-year: 15:51 UKT
  • 6-year: 15:51 UKT
  • 12-year: 15:51 UKT
  • 19-year: 15:50 UKT
• B&D:
  • 3-year: J.P. Morgan
  • 6-year: J.P. Morgan
  • 12-year: J.P. Morgan
  • 19-year: J.P. Morgan
• Docs: SEC Registered / Nasdaq Bond Exchange Listing / New York Law
• Clearing: Euroclear and Clearstream
• Denominations: £100,000 x £1,000
• Selling Restrictions: As per Amazon.com, Inc.'s Preliminary Prospectus Supplement
• UoP: The net proceeds from the sale of the notes will be used for general corporate purposes, which may include, but are not limited to, repayment of debt, acquisitions, investments, working capital, investments in its subsidiaries, capital expenditures, and repurchases of outstanding shares of its common stock
• Marketing: eRed
• Sales into Canada: Yes, via exemption
• Sales into Japan: Yes, via exemption
• Stabilization: FCA/ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC DISCLOSURE DOCUMENT
• Joint Book-Running Managers: Barclays / HSBC / J.P. Morgan / NatWest
• Timing: PRICED. FTT TBC subject to Term Sheet

ALLOCATIONS OUT: Uber Technologies €4.5bn 5-part Sr Unsec; MS+45bp / MS+80bp / MS+100bp / MS+125bp & MS+170bp

IGC European Market: Deal Flow - General

Allocations out on the system

Launched:
3yr: €750m @ MS+45bp
6yr: €1bn @ MS+80bp
8yr: €1bn @ MS+100bp
12yr: €1bn @ MS+125bp
20yr: €750m @ MS+170bp
IPTs: 3yr: MS+75/80bp 6yr: MS+110/115bp 8yr: MS+130/135bp 12yr: MS+155/160bp 20yr: MS+200a

• Issuer: Uber Technologies, Inc. (Ticker: UBER; Country: US)
• LEI: 549300B2FTG34FILDR98
• Current Issuer Ratings: Baa1 (Positive) / BBB+ (Positive) / A- (Stable) │ (Moody’s / S&P / Fitch)
• Expected Issue Ratings: Baa1 / BBB+ / A- │ (Moody’s / S&P / Fitch)
• Format: Senior Unsecured Notes
• Settlement: 15-Sep-26 (T+4)
• Size:
  • 3yr: €750m
  • 6yr: €1bn
  • 8yr: €1bn
  • 12yr: €1bn
  • 20yr: €750m
• Maturity:
  • 3yr: 15-Sep-29
  • 6yr: 15-Sep-32
  • 8yr: 15-Sep-34
  • 12yr: 15-Sep-38
  • 20yr: 15-Sep-46
• Coupon:
  • 3yr: Fixed, Annual, ACT/ACT (ICMA)
  • 6yr: Fixed, Annual, ACT/ACT (ICMA)
  • 8yr: Fixed, Annual, ACT/ACT (ICMA)
  • 12yr: Fixed, Annual, ACT/ACT (ICMA)
  • 20yr: Fixed, Annual, ACT/ACT (ICMA)
• MWC:
  • 3yr: Yes
  • 6yr: Yes
  • 8yr: Yes
  • 12yr: Yes
  • 20yr: Yes
• Change of Control:
  • 3yr: Yes
  • 6yr: Yes
  • 8yr: Yes
  • 12yr: Yes
  • 20yr: Yes
• Bund Reference:
  • 3yr: OBL 2.1% 12-Apr-29 #189 / HR 116%
  • 6yr: DBR 1.7% 15-Aug-32 / HR 103%
  • 8yr: DBR 2.6% 15-Aug-34 / HR 99%
  • 12yr: DBR 1.0% 15-May-38 / HR 111%
  • 20yr: DBR 2.5% 15-Aug-46 / HR 100%
• Par Call:
  • 3yr: Yes, 1-month
  • 6yr: Yes, 2-months
  • 8yr: Yes, 3-months
  • 12yr: Yes, 3-months
  • 20yr: Yes, 6-months
• ISIN / Common Code:
  • 3yr: XS3498991671 / 349899167
  • 6yr: XS3498991911 / 349899191
  • 8yr: XS3498992059 / 349899205
  • 12yr: XS3498992133 / 349899213
  • 20yr: XS3498992216 / 349899221
• B&D:
  • 3yr: GS
  • 6yr: GS
  • 8yr: GS
  • 12yr: GS
  • 20yr: GS
• Docs: SEC Registered / New York Stock Exchange Listing / New York Law
• Clearing: Euroclear and Clearstream
• Denominations: €100,000 x €1,000
• Selling Restrictions: As per Uber Technologies, Inc.’s Preliminary Prospectus Supplement
• UoP: Uber Technologies, Inc. intends to use the net proceeds from this offering for general corporate purposes
• Marketing: eRed
• Deal Roadshow: https://dealroadshow.finsight.com/e/UBERTECH2026
• Sales into Canada: Yes, via exemption
• Sales into Japan: Yes, via exemption
• Stabilization: FCA/ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC Disclosure Document
• Joint Book-Running Managers: Goldman Sachs & Co. LLC / BNP Paribas / BofA Securities / Deutsche Bank / Morgan Stanley
• Hedge Deadline: 16:15 UKT / 17.15 CET
• Timing: Today's business

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• Details correct at time of posting