• Supply this week was less than expected, yet still yielded over €37.5bn in fresh IG supply from 33 deals (42 tranches), when conditions were tough & the Fed, BofE & BoJ all laid out their stall for rates.
• Looking forward, this week’s Supply Survey (results below) points to a potential €34.93bn of € IG supply next week. Note that the corporate forecasts do not include any large reverse Yankee trades that may or may not be in the wings. Only 1 is IG, but that could still move the dial significantly.
  • In addition to the one tech giant, that was potentially due to price this week (had the market been more receptive), Softbank - a HY borrower - is meeting with investors next week with a view to tapping the domestic US$ market, though it may include a € tranche - which would garner a good deal of market focus.
• SSA could also swing the dial, with one large EGB potentially coming next week.
• For covered bonds, the market is expecting less supply given the Covered Bond Congress conference in Seville, Spain, which takes place on Thursday.
• In stark contrast to yesterday European Government bond yields rose throughout the day, though the long-end of the Gilt curve remained supported after the BofE’s action yesterday constricting supply out from 20yrs.
• € IG priced €3.45bn from 4 deals (1 x Corp & 3 x FIG) via 4 tranches.
• Sterling (£) produced £300m from 1 deal (1 x SSA) via 1 tranche.
• There was no activity in the Swiss Franc & US$ Reg S markets.
• In the wake of the Credit Agricole trade yesterday & Unicredit today, our “Talking Point” today (below) looks at the € IG AT1 issuance by country YTD.
• iTraxx Europe & the iTraxx Senior & Sub financial indices moved higher throughout the session. Currently trading at 53.935 (+2.29%), 56.867 (+3.12%) & 91.52 (+3.36%) respectively (as we print).
• Brent Crude has been range bound most of today’s session, rising again in recent hours currently trading at c.$104.69 (c.$103.67 this morning).
• European equity bourses were once again on the back foot with the FTSE, Dax & CAC 40 all moving sharply lower by -1.27%, -1.48% & -1.59% respectively.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €500m
    • Avg. tranche size €500m
    • Avg. IPT to Pricing -25
    • Avg. cover 1.64 X
  • FIG
    • Total IG: €2.95bn
    • Avg. tranche size €983m
    • Avg. IPT to Pricing NA (covered) - €0
    • Avg. IPT to Pricing -30.42 (unsecured) - €2.95bn
    • Avg. cover 3.70 X
  • SSA
    • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing NA
    • Avg. cover NA

• Pipeline: The European IG pipeline added only 1 trade today with Sysco Corp’s € tranche which is part of a larger US$ financing. The 2 SSA trades remain.
  • 1 x € Corp
  • 2 x € SSA (1 x EuGB)

Contact Stuart Aylward with questions or comments on stuart@creditflowresearch.com

Supply Survey For Next Week

• Thank you to all who participated in our ‘Weekly Supply Survey’. Forecasts indicate €34.93bn of primary IG supply, broken down as follows.

Talking Point

• The table & chart below set out the € IG AT1 issuance by country YTD, which has consisted of issuance from 8 countries, totalling €13.3bn. Italy leads on both metrics, accounting for €4.5bn across 6 tranches (5 deals).
• Spread compression from IPT to final pricing has been exceptional across the year, averaging -48.82bp, ranging from -31.25bp for Erste Group Bank on the 22nd of June to -62.5bp for Helaba on the 6th of May. The tightest executions have been concentrated in the May to September window.
• Average books have been c.4.47 X covered across the market, illustrating very real demand for these subordinated instruments.
• Regulatory uncertainty receded through the year, most notably when Germany backed away from its most radical AT1 reform proposals in May 2026, removing a key overhang from the asset class. Valuation risk has since taken its place as the main concern. By July, Man Group warned that AT1 buyers were "far too complacent" on risks, with some banks taking advantage of high demand to price aggressively. Regulatory change is expected to drive dispersion rather than broad outperformance going forward.
• Demand has remained robust as we head towards Q4, with Credit Agricole's €750m print at 6.4% yesterday tightening by 60bps & UniCredit’s €750m print today at 6.25% coming in by a more modest 31.25bp, making this week the most active week in subordinated bank debt in 4 months.

Euro IG (today)

• Carrefour S.A. (exp. Issue rating of BBB by S&P) announced a €500m (wng), 5.7yr (25th May 2032) senior unsecured Reg S offering with IPTs in the area of MS+115. Spread set at MS+90, when books were over €1.25bn. Size was already set at €500m. Final boks were over €820m.
  • This is their 3rd public € offering YTD, with the most recent on the 27th of May, with a €750m, 8yr at MS+107; 33bps tighter than IPTs from a €1.6bn book. Prior to that they brought a €500m, 9.75yr trade that they priced at MS+128; 37bps tighter than IPTs from a book of €1.5bn.

• UniCredit S.p.A (exp. Issue ratings of Ba2 / BB by Moody’s & S&P - issuer ratings of A3 / A- / A- by Moody’s, S&P & Fitch) announced a €750m (max) Non-Cumulative Temporary Write-Down Deeply Subordinated Fixed Rate Resettable, Perpetual NC 3rd December 2031, Additional Tier 1 offering. IPTs on the notes were 6.625% to 6.75% area (s.a. coupon). Books good at final coupon were above €3.5bn (pre-rec, exc. JLMs). Coupon set at 6.25% (s.a.). Books closed above €3.25bn (exc. JLMs) & the trade launched & priced for €750m at 6.25% (s.s. coupon).
  • This trade follows Credit Agricoles’ 10 x covered AT1 yesterday (€7.5bn book). It is their first AT1 trade since the 12th of January when they priced a €1bn, PerpNC10.25 at 5.80%; 45bps tighter than IPTs from a book of €1.7bn.  
• BPCE SA (exp. Issue ratings of Baa1 / BBB+ / A by Moody’s, S&P & Fitch - issuer ratings of A1 / A+ / A+ by Moody’s, S&P & Fitch) brought a € benchmark, 6NC5 Senior Non-Preferred, fixed to floating, offering with IPTs in the area of MS+140. Books first called in excess of €3bn, rising to over €5.5bn (pre-rec). Spread set at MS+110. Sized & priced at €1.5bn. Final books, good at re-offer, were over €4.6bn.
  • This trade follows the 2 SNP trades yesterday from BFCM & Danske, which saw all 3 tranches tighten by 30bps from IPTs. For BPCE this is their 1st SNP trade since the 16th of June when they priced their €1bn, 7.5NC6.5, fixed to floating trade at MS+107; 25.5bps tighter than IPTs from a €3.1bn book.
• Alpha Bank S.A. (exp. Issue ratings of Baa2 / BBB by Moody’s & Scope) brought a € benchmark, Fixed Rate Reset Senior Preferred, 4.5yr Non-Call 3.5yr, due 28 March 2031. IPTs were in the area of MS+115. Books called at over €2bn, rising to over €2.9bn (pre-rec) when the trade launched for €700m at MS+85. Final books over €2.6bn.
  • This is Alpha’s 3rd visit to the public markets in 2026. Their most recent print was a €600m 6NC5 Snr Pref Green issue which priced at MS+95; 25bps tighter than IPTs from a book of €1.6bn. Prior to that was a €750m 7NC6 Snr Pref that priced at MS+90; 30bps tighter than IPTs from a book of €3.1bn.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Nordic Investment Bank (rated Aaa / AAA by Moody’s & S&P) brought a senior unsecured, RegS Bearer, £300m (wng), long 3yr (21st Dec 2029). Guidance on the trade was in the area of SONIA+26. Spread set at SONIA+25 with books reported above £620m (inc. £50m JLMs). Final books were above £1bn (inc. £50m JLMs).
  • Today's trade is NIB’s 2nd public £ offering in 2026, having last priced a £500m, 3.5yr at MS+30; 1bp tighter than guidance from a book of £1.25bn. The last Sterling trade prior to that was a £300m, 3yr which priced at MS+31; in line with guidance from a book of £400m.  

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• No issues

Week-to-date volumes:

US$ Reg S (today)

• No issues

Pending Deals & Mandates

• 18th September: Sysco Holdings Corporation & Sysco Corporation (exp. € Issue ratings of Ba1 / BB+ / BB+ by Moody's, S&P & Fitch), mandated Goldman Sachs & Co. LLC & TD Securities as Global Coordinators &, together with BofA Securities, as Joint Book-Running Managers on all potential offerings, & J.P. Morgan, & Wells Fargo Securities as Joint Book-Running Managers on any potential US$ & € offerings, to arrange a series of fixed income investor calls on Monday, September 21st. A US$, SEC Registered, senior unsecured offering of (US$) 3yr, Short 5yr, 7yr, Short 10yr, 20yr, 30yr, & 40yr fixed rate notes & junior subordinated offering of (US$) 30NC5.25, 30NC7, & 30NC10 notes may follow, subject to market conditions. A C$, SEC Registered, senior unsecured offering of C$ 4yr & 8yr fixed rate notes may follow, subject to market conditions. A €, SEC Registered, junior subordinated offering of € 30NC6 notes may follow, subject to market conditions. Relevant stabilization regulations including FCA/ICMA will apply. The senior notes are expected to be rated Baa3 / BBB / BBB & the junior subordinated notes are expected to be rated Ba1 / BB+ / BB+ by Moody's, S&P & Fitch. Goldman Sachs & Co. LLC is coordinating logistics for US$ & €. TD Securities is coordinating logistics for C$.

• 11th September: The State of Baden-Wuerttemberg (rated Aaa / AA+ / AAA by Moodys, S&P & Scope) mandated Deutsche Bank & DZ Bank as Joint ESG Structuring Coordinators & BNP Paribas, Crédit Agricole CIB, Deutsche Bank, DZ Bank, LBBW & Nordea as Joint Lead Managers for its upcoming inaugural €600m (wng), 10yr, European Green Bond ‘EuGB’ LSA format. The transaction will be launched in the near future, subject to market conditions. The target market for the bonds are retail, professional & eligible counterparties, each as defined in MiFID II & UK MiFIR product governance (all channels for distribution of the Bonds are appropriate).
• 16th September: Watercare Services Limited (exp. Issue rating of Aa3 by Moody’s), mandated Citi, HSBC, MUFG & Société Générale as Joint Lead Managers to arrange a series of fixed income investor meetings commencing on 17th of September. Citi is coordinating logistics for Amsterdam, Frankfurt & London, Société Générale is coordinating logistics for Paris. An inaugural 7yr € benchmark, fixed rate, senior secured Reg S transaction may follow, subject to market conditions. 

Transaction Details

PRICED: Nordic Investment Bank £300m Long 3yr Sr Unsec; SONIA DM+25bp

IGC European Market: Deal Flow - General

Reoffer: Long 3yr: SONIA DM+25bp / 100

Long 3yr: Final books above £1bn (incl. £50m JLM interests)

Launched: Long 3yr: £300m @ SONIA DM+25bp - Books above £620m (incl. £50m JLM interest)
Guidance: Long 3yr: SONIA DM+26a

• Issuer: Nordic Investment Bank (Ticker: "NIB")
• Ratings: Aaa / AAA (Moody's/S&P, both stable)
• Format: Senior, Unsecured, Reg S Bearer
• Size: £300m
• Settlement: 25-Sep-26 (T+5)
• Maturity: 21-Dec-29
• Coupon: FRN, SONIA +25bp, Quarterly, Act/365F, short first
• SONIA Convention: SONIA Index where SONIA Index Start and SONIA Index End will be 5 days prior to Interest Periods Start/End
• Reoffer price: 100% / par
• Denoms: 1k + 1k
• Docs: EMTN Programme
• Listing: Nasdaq Helsinki
• Leads: BMO (B&D) / RBC CM / Santander
• Target Market: The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are Retail / Professional / Eligible Counterparties (all distribution channels)
• ISIN: XS3518483675
• Timing: PRICED, FTT immediately

PRICED: BPCE SA €1.5bn 6NC5 SNP FXD/FRN; MS+110bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+110bp / 99.527 / 4.608%
Benchmark: 6NC5: OBL 2.5 16-Apr-31 @ 96.53 / B+128.1bp / 1.07 HR

Tranche 1 (6NC5): Final books €4.6bn. Peak book over €5.5bn pre-rec

Launched: 6NC5: €1.5bn @ MS+110bp - Books over €5.5bn pre-rec
Book Update: Books above €3bn
IPTs: 6NC5: MS+140a

• Issuer: BPCE SA
• LEI: 9695005MSX1OYEMGDF46
• Status of the Notes: Senior Non-Preferred Unsecured, Unsubordinated
• Documentation: Under the Issuer’s EUR 70,000,000,000 Euro Medium Term Note Programme dated 14-Nov-25, as supplemented from time to time (the “Base Prospectus”)
• Form of the Notes: Dematerialised Bearer Notes / Reg S
• Issuer’s Ratings: The Issuer is rated:
  • Moody’s: A1 (Stable)
  • S&P: A+ (Stable)
  • Fitch: A+ (Stable)
• Expected Notes’ Ratings: The Notes are expected to be rated:
  • Moody’s: Baa1
  • S&P: BBB+
  • Fitch: A
• Status of the notes: Senior Non-Preferred Notes issued pursuant to the provisions of Article L.613-30-3–I-4° and R.613-28 of the French Code monétaire et financier. Principal and interest on Senior Non-Preferred Notes and, where applicable, any related receipts and coupons, are Senior Non-Preferred Obligations and constitute direct, unconditional, senior (chirographaires) and unsecured obligations of the Issuer and rank and will rank at all times : (i) pari passu among themselves and with other Senior Non-Preferred Obligations of the Issuer, (ii) senior to Ordinarily Subordinated Obligations of the Issuer and (iii) junior to Senior Preferred Obligations of the Issuer and all present and future claims benefiting from statutory preferences. Subject to applicable law, if any judgment is rendered by any competent court declaring the judicial liquidation (liquidation judiciaire) of the Issuer, the Noteholders will have a right to payment under the Senior Non-Preferred Notes : (i) only after, and subject to, payment in full of holders of Senior Preferred Obligations and other present and future claims benefiting from statutory preferences or otherwise ranking in priority to Senior Non-Preferred Obligations and (ii) subject to such payment in full, in priority to holders of Ordinarily Subordinated Obligations of the Issuer and other present and future claims otherwise ranking junior to Senior Non-Preferred Obligations.
  Bail-in: The Notes are subject to bail-in in accordance with the EU Bank Recovery and Resolution Directive as transposed into French Law.
• Size: EUR 1.5 Bn
• Maturity Date: 29-Sep-32, callable on 29-Sep-31 - 6NC5
• Settlement Date: 29-Sep-26. T+7
• Reoffer: 99.527% / 4,608% / MS+110bps
  OBL 2.5 16-Apr-31 + 128,1 bps (96,53%), 1.07 HR
• Coupon: Fixed-to-Floating Rate Notes
  Fixed 4,5% p.a. for the period from and including the Issue Date to but excluding the Optional Redemption Date. If the Notes are not redeemed or purchased and cancelled on the Optional Redemption Date the interest payable on the Notes from and including the Optional Redemption Date to and including the Maturity Date shall be reset to 3-months Euribor + initial credit spread.
• Optional Redemption: On 29-Sep-31 (the “Optional Redemption Date”). One time call, in whole but not in part, at the Issuer’s discretion, subject to regulatory approval if required, at par.
• Interest Period after Issuer Optional Redemption Date: Quarterly
• Early Redemptions Events: The Issuer shall have the option to redeem all (but not some only) of the Notes at par, together with any accrued and unpaid interest (if any) upon the occurrence of an MREL/TLAC Disqualification Event or Tax Event (either a Withholding Tax Event or a Gross-Up Event), subject to such redemption being permitted by the applicable MREL/TLAC Regulations and subject to the prior permission of the Relevant Regulator and/or Relevant Resolution Authority, if required.
  “MREL/TLAC Disqualification event” means at any time that all or part of the outstanding nominal amount of the Notes does not fully qualify as MREL/TLAC-Eligible Instruments, except where such non-qualification was reasonably foreseeable at the Issue Date or is due to the remaining maturity of such Notes being less than any period prescribed by the Applicable MREL/TLAC Regulations.
  “MREL/TLAC Eligible Instrument” means an instrument (including, for the avoidance of doubt, own funds) of the Issuer that is eligible to be counted towards the MREL of the Issuer and that constitutes a TLAC-eligible instrument of the Issuer (within the meaning of the FSB TLAC Term Sheet), in each case, in accordance with Applicable MREL/TLAC Regulations.
• MREL/TLAC Disqualification Event Call Option: Applicable
• Negative Pledge: There is no negative pledge in respect of the Notes.
• Absence of Event of Default: There are no events of default under the Notes which would lead to an acceleration of such Notes if certain events occur. However, if any judgment were issued for the judicial liquidation (liquidation judiciaire) of the Issuer or if the Issuer were liquidated for any other reason, then the Notes would become immediately due and payable.
• Waiver of Set-Off: No holder of Notes may at any time exercise or claim any Waived Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such holder of Notes, directly or indirectly, howsoever arising (and, for the avoidance of doubt, including all such rights, claims and liabilities arising under or in relation to any and all agreements or other instruments of any sort, whether or not relating to such Note) and each holder of Notes shall be deemed to have waived all Waived Set-Off Rights to the fullest extent permitted by applicable law in relation to all such actual and potential rights, claims and liabilities.
  “Waived Set-Off Rights” means any and all rights of or claims of any holder of Notes for deduction, set off, netting, compensation, retention or counterclaim arising directly or indirectly under or in connection with any Note.
• Risk Factors and Selling Restrictions: As set out in the Base Prospectus.
• Target Market : Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) and no disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in the EEA or in the UK.
• Deferral of interest: None
• Day Count Basis until Issuer Optional Redemption Date: Actual / Actual, ICMA
• Day Count Basis after Issuer Optional Redemption Date: Actual / 360
• Business Day Convention until Issuer Optional Redemption Date: Following, Unadjusted basis
• Business Day Convention after Issuer Optional Redemption Date: Modified Following, Adjusted basis
• Business Days: T2
• Governing Law: French Law
• Redemption price: 100%
• Denomination: €100k + €100k
• Listing: Euronext Paris
• Sole Bookrunner: Natixis
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Use of Proceeds: General Corporate Purposes
• ISIN: FR001401B5J1
• Timing: PRICED / ToE : 13.53CET / FTT : 14.15CET
• Advertisement: This communication is an advertisement and is not a prospectus. The Final Terms relating to the Notes, when published, will be available on the Issuer’s website (www.groupebpce.com) and on the website of the Autorité des marchés financiers (www.amf-france.org).

Senior Non-Preferred 

NC5yr (Sep 2031) @ MS+140a

Implied Spread for fresh NC5yr @ MS+103
Priced at MS+110
NIC of +7

PRICED: UniCredit S.p.A €750m PerpNC5.25 AT1; 6.253%

IGC European Market: Deal Flow - General

Reoffer: PerpNC5.25: 6.253% / 100

Tranche 1 (PerpNC5.25): Final books closed above €3.25bn (ex JLMs). Peak book above €3.5bn (pre-rec, ex JLMs)

Launched: PerpNC5.25: €750m @ 6.25% - Books good at final coupon above €3.5bn (pre-rec, ex JLMs)
IPTs: PerpNC5.25: 6.625-6.75%a

• Issuer: UniCredit S.p.A
• Issuer LEI: 549300TRUWO2CD2G5692
• Notes: Non-Cumulative Temporary Write-Down Deeply Subordinated Fixed Rate Resettable Notes. Reg S Compliance Category 2 / TEFRA not applicable
• Format: Bearer, Dematerialised
• Ranking: As long as the Additional Tier 1 Notes qualify (in full or in part) as Additional Tier 1 Capital, they will constitute direct, unsecured and subordinated obligations of the Issuer ranking: (i) subordinated and junior to all indebtedness of the Issuer; (ii) pari passu among themselves and with the Issuer’s obligations in respect of any Additional Tier 1 Capital instruments;(iii) senior to the share capital of the Issuer.
• Maturity: Perpetual (maturity linked to corporate duration of UniCredit S.p.A.)
• Issuer Rating: A3/A-/A- (Moody's/S&P/Fitch)
• Exp. Issue Rating: Ba2/BB (Moody's/S&P)
• Rating Split: Issuer: A3/A-/A- (Moody's/S&P/Fitch), Issue: Ba2/BB (Moody's/S&P)
• Size: €750m
• Reoffer: 100 (par), 6.253% yield (6.35% on an annual basis)
• Pricing Date: 18-Sep-26
• Settlement Date: 25-Sep-26 (T+5)
• Optional Redemption Date: The Notes may be redeemed, in whole or in part, at the option of the Issuer on (i) the First Reset Date and (ii) any Interest Payment Date thereafter, at the Prevailing Principal Amount, together (if appropriate) with any accrued interest and in compliance with the Relevant Regulations as per Condition 10.16 of the Terms & Conditions for the Dematerialised Notes of the EMTN Programme.
• First Reset Date: 03-Dec-31
• Interest: Fixed rate of 6.25% per annum until the First Reset Date and thereafter reset every 5 years to the aggregate of the Margin (no step-up) plus the then 5-Year Mid-Swap Rate (subject to benchmark replacement provisions), calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions. Non-cumulative and in each case payable semi-annually (save for the first short coupon).
• Interest Payment Dates: 03-Jun and 03-Dec in each year, from (and including) 03-Dec-26, Short first coupon
• Margin: 284.1bps per annum
• Optional Cancellation of Interest: The Issuer may elect in its full discretion, to cancel (in whole or in part) any payment of interest otherwise due on any Interest Payment Date on a non-cumulative basis as per Condition 7.1 of the Terms & Conditions for the Dematerialised Notes of the EMTN Programme. No dividend pusher / no dividend stopper.
• Mandatory Cancellation of Interest: As per Condition 7.1 of the Terms & Conditions for the Dematerialised Notes of the EMTN Programme mandatory cancellation of interest payments (in whole or in part) upon:(i) insufficient Distributable Items; and/or (ii) interests, together with other distributions, exceeding the Maximum Distributable Amount (if any); and/or (iii) such interest being required to be cancelled by an order to the Issuer from the Competent Authority (iv) the occurrence of a Contingency Event.
• Day Count Fraction: Act/Act (ICMA), following unadjusted; TARGET2 / Milan
• Early Redemption: i) as per Condition 10.5 of the Terms & Conditions for the Dematerialised Notes of the EMTN Programme (Redemption at the option of the Issuer (Issuer Call)), on any Optional Redemption Date (Call) at the Prevailing Principal Amount, plus (if appropriate) any accrued interest; (ii) as per Condition 10.3 of the Terms & Conditions (Redemption for tax reasons), upon the occurrence of a Tax Event at any time at their Prevailing Principal Amount, plus (if appropriate) any accrued interest; (iii) as per Condition 10.4 of the Terms & Conditions (Redemption for regulatory reasons (Regulatory Call)), upon the occurrence of a Capital Event at any time at their Prevailing Principal Amount, plus (if appropriate) any accrued interest; (iv) as per Condition 10.7 of the Terms & Conditions (Clean-Up redemption at the option of the Issuer), if 75 per cent. of the initial aggregate nominal amount of the Notes has been redeemed or purchased by, or on behalf of, the Issuer and cancelled, at any time at their Prevailing Principal Amount, plus (if appropriate) any accrued interest; in each case, in compliance with the Relevant Regulations as per Condition 10.16 of the Terms & Conditions for the Dematerialised Notes of the EMTN Programme.
• Loss Absorption: As per Condition 8.1 of the Terms & Conditions for the Dematerialised Notes of the EMTN Programme, if CET1 Capital Ratio of the UniCredit Group or the Issuer at any time falls below 5.125 per cent or the then minimum trigger specified in the relevant regulations applicable to Additional Tier 1 instruments, (each, a “Contingency Event”) then the Issuer shall cancel any interest accrued and reduce the then outstanding principal amount of the Notes by the amount required to remedy the trigger breach taking into consideration the write-down or conversion, to the extent possible, of each Loss Absorbing Instrument.
• Discretionary Reinstatement: As per Condition 8.3 of the Terms & Conditions for the Dematerialised Notes of the EMTN Programme, if both a positive Net Income and a positive Consolidated Net Income are recorded, then the Issuer may, in its full discretion and subject to the Maximum Distributable Amount, increase the Prevailing Principal Amount of the Notes on a pro-rata basis with all other similar AT1 instruments; the sum of the aggregate of write-up amounts (on the Additional Tier 1 Notes and all other similar AT1 instruments) and interest payments (since end of previous financial year) (on the Additional Tier 1 Notes and all other similar AT1 instruments) not exceeding the Maximum Write-Up Amount.
• Waiver of Set-Off: Any right of set-off is waived. Each holder of an Additional Tier 1 Note unconditionally and irrevocably waives any right of set-off, netting, counterclaim, abatement or other similar remedy which it might otherwise have under the laws of any jurisdiction or otherwise in respect of such Additional Tier 1 Note.
• Events of Default: The Notes have limited events of default and remedies. With respect to the Additional Tier 1 Notes, if the Issuer shall become subject to Liquidazione Coatta Amministrativa as defined in the Italian Banking Act (the Event of Default for the Subordinated Notes and Additional Tier 1 Notes), then any holder of an Additional Tier 1 Note may, by written notice to the Issuer at the specified office of the Paying Agent for the Dematerialised Notes, effective upon the date of receipt thereof by the Paying Agent for the Dematerialised Notes, declare any Additional Tier 1 Notes held by the holder to be forthwith due and payable whereupon the same shall become forthwith due and payable at their Prevailing Principal Amount, together with accrued interest (to the extent that such interest is not cancelled in accordance with the Terms & Conditions for the Dematerialised Notes of the EMTN Programme) (if any) to the date of repayment, without presentment, demand, protest or other notice of any kind. No Event of Default for the Additional Tier 1 Notes shall occur other than in the context of an insolvency proceeding in respect of the Issuer (and, for the avoidance of doubt, resolution proceeding(s) or moratoria imposed by a resolution authority in respect of the Issuer shall not constitute an Event of Default for the Subordinated Notes and Additional Tier 1 Notes for any purpose).
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Clearing: Euronext Securities Milan (Monte Titoli)
• Governing Law: Italian Law
• Contractual Recognition of Statutory Bail-In Powers: Each Noteholder acknowledges and agrees to be bound by the exercise of any Bail-in Power by the Relevant Resolution Authority.
• Documentation: Under the Issuer’s €60bn EMTN Programme dated 11-May-26, including legal opinions, comfort letter and due diligence satisfactory to the Joint Lead Managers
• Denomination: €200,000 + €1,000 thereafter
• MiFID / UK MiFIR Target Market: EU MiFID II or UK MiFIR Eligible counterparties and professional clients only / No EU PRIIPs key information document or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the EEA or UK.
• Fees: The Banks will be paid a fee by the Issuer in relation to the transaction
• Global Coordinator: UniCredit
• Joint Bookrunners: Barclays, BNP Paribas, BofA Securities, Citi, J.P. Morgan, Morgan Stanley, Santander, and UniCredit (B&D)
• Co Leads: AlpahBank, Dekabank, Sabadell
• ISIN: IT0005732620
• Timing: TOE 14:03CET, FTT 14.30CET
• Selling Restrictions: Reg S, TEFRA not applicable
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus dated 11-May-26 is available at www.luxse.com/programme/Programme-Unicredit/12467 and the Final Terms, when available, at www.luxse.com

PRICED: Carrefour €500m 5.7yr Sr Unsec; MS+90bp

IGC European Market: Deal Flow - General

Reoffer: 5.7yr: MS+90bp / 99.228 / 4.411%
Benchmark: 5.7yr: DBR 0 15-Feb-32 @ 83.75 / B+107.3bp / HR 112%

Tranche 1 (5.7yr): Final Books >€820m. Peak book >€1.25bn

Launched: 5.7yr: €500m @ MS+90bp - Books >€1.25bn
IPTs: 5.7yr: MS+115a

• Issuer: Carrefour S.A. (Ticker: CAFP, Country: FR)
• Issuer LEI Code: 549300B8P6MUJ1YWTS08
• Issuer Rating: BBB (outlook stable) by S&P
• Exp. Issue Rating: BBB by S&P
• Format: Senior, unsecured, Reg S (Cat2) Bearer Dematerialised Form
• Settlement Date: 25-Sep-26 (T+5)
• Maturity: 25-May-32 (5.7-year)
• Issue Size: €500m
• Coupon: 4.25% Fixed (Annual, Act/Act, ICMA), Short first coupon (May-27)
• Business Day Convention / Business Centres: Following, unadjusted / T2
• Re-offer: MS+90 / 99.228 / 4.411%
• Reference Benchmark: 107.3bps vs DBR 0 15-Feb-32 (@83.75 / 3.338%) HR: 112%
• MWC: B+20
• Documentation: EMTN / French Law / Euronext Paris / MWC / No Change of Control / Clean-Up Call 75% / 3m Par Call / €100k+100k
• ISIN Code: FR001401B544
• Use of Proceeds: General Corporate Purposes, including the refinancing of existing debt
• Global Coordinators: BNP Paribas, Crédit Agricole CIB, Goldman Sachs Bank Europe SE (B&D), HSBC, IMI-Intesa Sanpaolo, Santander
• Clearing System: Euroclear France
• Target Market: MiFID II and UK MiFIR professionals & ECPs-only. Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (“KID”) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as the Notes are not available to retail in EEA or the United Kingdom.
• Selling Restrictions: As documented in the EMTN Programme
• Advertisement: The issuer’s Base Prospectus and its supplement will be available at www.amf-france.org and/or on the website ofthe issuer https://www.carrefour.com/en/finance/debt-and-rating and the Final Terms when published will be availableat www.amf-france.org
• Timing: TOE 14:19 UKT / FTT 14:45 UKT

PRICED: Alpha Bank S.A. €700m 4.5NC3.5 SP; MS+85bp

IGC European Market: Deal Flow - General

Reoffer: 4.5NC3.5: MS+85bp / 100 / 4.396%
Benchmark: 4.5NC3.5: OBL 2.5 10-Nov-29 @ 97.65 / B+107.4bp / HR 113%

Tranche 1 (4.5NC3.5): Final Books over €2.6bn. Peak book over €2.9bn (pre-rec)

Launched: 4.5NC3.5: €700m @ MS+85bp - Books over €2.9bn (pre-rec)
Book update: Books €2.0bn+
IPTs: 4.5NC3.5: MS+115a

• Issuer: Alpha Bank S.A. (ticker: ALPHA)
• Issuer LEI: 213800DBQIB6VBNU5C64
• Issuer Rating: Baa2 (Stable) by Moody’s / BBB (Stable) by Scope
• Expected Issue Rating: Baa2 by Moody’s / BBB by Scope
• Notes: EUR Fixed Rate Reset Senior Preferred Notes due 28-Mar-31 (the “Notes”)
• Format and Form of the Notes: 4.5-Year Non-Call 3.5-Year, Reg S (Cat 2) Bearer, NGN, TEFRA D Rules apply
• Status of the Notes: Direct, unconditional, unsecured and unsubordinated obligations of the Issuer
• Issue Size: €700m
• Reoffer: MS+85 bps / 4.396% / 100.00
• Benchmark: +107.4 bps vs OBL 2 ½ 10-Nov-29 #190 (px 97.65). HR 113%
• Pricing Date: 18-Sep-26
• Settlement Date: 28-Sep-26
• Maturity Date: 28-Mar-31 (Year 4.5)
• Reset Date: 28-Mar-30 (Year 3.5)
• Interest: From (and including) the Settlement Date to (but excluding) the Reset Date, a fixed rate of 4.3888% p.a. payable annually in arrear on each Interest Payment Date. Reset on the Reset Date to a fixed rate equal to the EUR 1-year Mid-Swap rate plus the Margin (no step-up). Benchmark Replacement provisions apply
• Interest Payment Dates: 28 March in each year, commencing on 28-Mar-27 (short first)
• Reset Business Days: London, Athens, T2
• Day Count Fraction: Actual / Actual (ICMA), unadjusted / following
• Optional Redemption: The Issuer may redeem all (but not some only) of the Notes on the Reset Date at their principal amount, together with any accrued but unpaid interest, subject to Condition 4(l)
• Redemption for Tax Reasons and MREL Disqualification Event: The Issuer may redeem at any time all (but not some only) of the Notes, at par together with any accrued and unpaid interest thereon subject to Condition 4(l): for tax reasons as described in Condition 4(c); or if a MREL Disqualification Event as defined in Condition 4(e) has occurred and is continuing
• Clean-up Call Option: Applicable (75%) at par, subject to Condition 4(l)
• Events of Default: Limited. See Condition 10
• Substitution & Variation: If a MREL Disqualification Event has occurred and is continuing or if any of the events described in Condition 4(c) (Redemption for Tax Reasons) has occurred and is continuing, or in order to ensure the effectiveness and enforceability of Condition 18 (Acknowledgement of Statutory Loss Absorption Powers), the Issuer may substitute all (but not some only) of the Notes, or vary the terms of all (but not some only) of the Notes (including, without limitation, changing the governing law of Condition 18), so that the Notes become or remain Qualifying Senior Preferred Notes, subject (among other things) to Condition 4(l)
• Substitution of the Issuer: Subject to certain conditions, the Issuer may, without the consent of any Noteholder or Couponholder, substitute for itself its Successor in Business as the debtor in respect of the Notes
• Use of Proceeds: The net proceeds from the issue of the Notes will be used by the Issuer for the general corporate and financing purposes of the Group and to further strengthen its MREL base
• Waiver of Set-Off: Applicable
• Acknowledgement of Statutory Loss Absorption Powers: Each Noteholder acknowledges, accepts, consents and agrees to be bound by the exercise of any Statutory Loss Absorption Powers by the Relevant Resolution Authority
• Listing: Luxembourg Stock Exchange – Euro MTF
• Clearing: Euroclear and Clearstream, Luxembourg
• Denominations: €100,000 + €1,000
• Governing Law: English law, except for Conditions 2, 16 and 18 are governed by and shall be construed in accordance with Greek law
• Documentation: EUR 15,000,000,000 EMTN Programme of Alpha Bank S.A. Offering Circular dated 1-Jul-26 and the supplement thereto dated 10-Aug-26 (together, the “Base Offering Circular”) available on the Issuer’s website at https://www.alpha.gr/en/group/investor-relations/debt-investors/euro-medium-term-note-programme
  The Pricing Supplement, when published, will be, available at https://www.bourse.lu/issuer/AlphaBank/103136
• UK MiFIR/MiFID II Target Market: Eligible Counterparties and Professional clients only (all distribution channels)
• Selling Restrictions: See Documentation
• Prohibition of Sales to EEA and UK Retail Investors: Applicable. No EEA PRIIPS key information document ("KID") or UK PRIIPs KID or CCI product summary has been prepared as the securities will not be available to retail in EEA or the UK
• Joint Bookrunners: AXIA, HSBC, J.P. Morgan, Morgan Stanley, Societe Generale, UBS Investment Bank and UniCredit (B&D)
• ISIN / Common Code: XS3518480655 / 351848065
• Timing: Priced. ToE: 15:36 CET / FTT: 15:55 CET

Senior Preferred 

NC3.5yr (Mar 2030) @ MS+115a

Implied Spread for fresh NC3.5yr @ MS+80
Priced at MS+85
NIC of +5

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• Details correct at time of posting