Commentary & Deal Flow

Reoffer: 5yr: MS+80bp / 99.66 / 4.373% 10yr: MS+120bp / 99.797 / 4.833%

Tranche 1 (5yr): HR 109% vs DBR 0 15-Aug-31 TWIN. Hedge deadline 15.00 UKT
Tranche 2 (10yr): HR 97% vs DBR 3 15-Aug-36. Hedge deadline 15.00 UKT

Launched:
5yr: €625m @ MS+80bp - Orderbook closed
10yr: €500m @ MS+120bp - Orderbook closed
Spread set at: 5yr: MS+80bp 10yr: MS+120bp
Guidance: 5yr: MS+85a 10yr: MS+125a
IPTs: 5yr: MS+110a 10yr: MS+150a

• Issuer: American International Group
• LEI: ODVCVCQG2BP6VHV36M30
• Expected Ratings: Baa1/A-/A- (Moody's/S&P/Fitch)
• Format: SEC Registered
• Ranking: Senior Unsecured
• Total Size:
  • 5yr: €625m
  • 10yr: €500m
• Tenor:
  • 5yr: 5-year
  • 10yr: 10-year
• Coupon:
  • 5yr: 4.25%
  • 10yr: 4.75%
• Cpn Freq: S/A
• Day Cnt: ISMA-30/360
• Maturity Date:
  • 5yr: 24-Sep-31
  • 10yr: 24-Sep-36
• Settlement Date: 24-Sep-26 (T+7)
• Optional Redemption:
  • 5yr: Make Whole Call / 1-month Par Call
  • 10yr: Make Whole Call / 3-month Par Call
• Reoffer:
  • 5yr: MS+80bp / 99.66 / 4.373%
  • 10yr: MS+120bp / 99.797 / 4.833%
• Benchmark:
  • 5yr: DBR 0 15-Aug-31 TWIN
  • 10yr: DBR 3 15-Aug-36
• Hedge Ratio (HR):
  • 5yr: 109%
  • 10yr: 97%
• Hedge Deadline: 15.00 UKT
• Bookrunner(s): Active: DB (B&D), JPM, BNPP, Citi
• Use of Proceeds: General corporate purposes, which may include the repayment of €821mm outstanding principal amount of AIG’s 1.875% Notes due Jun-27 at maturity
• Denominations: €100,000 x €1,000
• Marketing:
  • 5yr: Link: https://dealroadshow.finsight.com
  • 10yr: Entry Code: AIG2026 Direct Link: https://dealroadshow.finsight.com/e/AIG2026
• Expected Listing: Global Exchange Market of Euronext Dublin
• Governing Law: State of New York
• Selling Restrictions: As set out in the Preliminary Prospectus Supplement
• MiFID II Target Market and PRIIPs Regulation: MiFID II professionals / ECPs-only / No EU PRIIPs KID – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) document 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 DISC disclosure document – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No DISC 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:
  • 5yr: XS3512900211 / 351290021
  • 10yr: XS3512902340 / 351290234
• Timing: Today's business
• Books Subject: 12:20 UKT