Commentary & Deal Flow

Reoffer: 4yr: MS+18bp / 99.759 / 3.691%
Benchmark: 4yr: OBL 2.2 10-Oct-30 @ 95.87 / B+38.9bp / HR 100%

Tranche 1 (4yr): Final Books above €1.25bn (incl. €80m JLMs)

Launched: 4yr: €500m @ MS+18bp - Books above €1.2bn (incl. €80m JLMs)
Spread set at: 4yr: MS+18bp - Books above €1.2bn (incl. €80m JLMs)
Book update: Books over €1bn (incl. €55m JLMs)
Guidance: 4yr: MS+23a

• Issuer: ASN Bank N.V. (Ticker: ASNBNK)
• Issuer Legal Entity Identifier (LEI): 724500A1FNICHSDF2I11
• Expected Issue Ratings: Aaa/AAA (Moody's/Fitch)
• Size: €500m
• Reoffer: MS+18bp / yld 3.691% / px 99.759%
• Benchmark: OBL 2.2 10-Oct-30 at 95.87 / B+38.9bp / HR 100%
• Settlement Date: 23-Sep-26 (T+6)
• Maturity Date: 23-Sep-30 - 4yr soft bullet
• Extended Maturity Date: 23-Sep-31
• Coupon: Fixed 3.625%, annual in arrear, first coupon commencing on 23-Sep-27
• Coupon during Extended Maturity: Fixed 3.625%, monthly in arrear, commencing on 23-Sep-30
• Day Count Fraction until the Maturity Date: Actual/Actual (ICMA), unadjusted following
• Day Count Fraction during Extended Maturity: Actual/Actual (ICMA), unadjusted following
• Business Day Centre: T2
• ISIN: XS3512738017
• Denomination: €100k + €100k
• Listing: Luxembourg Stock Exchange
• Governing Law: Dutch Law
• Joint Bookrunners: HSBC, ING (B&D), LBBW, Natixis, and SEB
• Documentation: Issued under the ASN Bank N.V. EUR 15bn Covered Bond Programme dated 19-Dec-25, as supplemented
• Security Format: New Global Note, Reg S bearer form
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels). No PRIIPs key information document (KID) has been prepared. No sales to retail clients in the EEA, as defined under MiFID II
• Fees: The Joint bookrunners will be paid a fee by the Issuer in connection to the transaction
• Timing: TOE 13:39 CEST / FTT 14:10 CEST
• Advertisement: https://corporate.asnbank.nl/assets/files/jaarcijfers/ASN-Bank-1H26-Fixed-Income-Presentation.pdf?v=1786080387 / https://corporate.asnbank.nl/en/investor-relations/debt-information/programme-documentation/