• A prolific day of both live deals & mandates with borrowers taking full advantage of relative calm on the geo-political front.
  • European Govt bonds rallied across the curve, oil lower & equities higher.
• Volatility last week likely encouraged Treasurers to fund when markets allow them to do so.
• The Republic of Italy mandated a 12yr Green issue. Deal size will likely move the supply needle significantly, with their last single tranche offering in February sized at €14bn (the Republic's smallest deal since May of 2025 - €6.5bn 7yr).
• € IG priced €9.85bn from 10 deals (5 x Corp, 4 x FIG & 1 x SSA) via 15 tranches.
  • The busiest Monday in the € IG primary market since the 16th of March (€10.5bn).
• Sterling (£) was also active producing £1.7bn from 3 deals (2 x FIG & 1 x SSA) via 3 tranches.
• A sole trade in Swiss Franc yielded Chf100 from 1 issuer (1 x SSA) via 1 tranche.
• The only sector with zero primary today was the US$ Reg S market.
• Mindful of Thursday’s conference, our “Talking Point” today (below) looks at € IG Covered Bond issuance volumes (& the number of tranches) on a monthly basis since January 2025.
• iTraxx Europe & the iTraxx Senior & Sub financial indices rolled & refreshed over the weekend (20th Sept) as they do every 6 months, hence the elevated levels. They eased throughout the day & are currently trading at 58.161, 61.647 & 100.14 respectively (as we print).
• Brent Crude has traded in a tight range throughout most of the day, & managed to push back through $100 briefly, currently trading at c.$100.11 (c.$102.08 this morning).
• European equity bourses were in the green across the board with the FTSE, Dax & CAC 40 all moving higher by 0.76%, 1.111% & 1.03% respectively.
• A breakdown of today’s primary € supply is as follows.
  • Corporate
    • Total IG: €4.5bn
    • Avg. tranche size €500m
    • Avg. IPT to Pricing -32.61
    • Avg. cover 3.36 X
  • FIG
    • Total IG: €4.75bn
    • Avg. tranche size €950m
    • Avg. IPT to Pricing -4.5 (covered) - €2.25bn
    • Avg. IPT to Pricing -31.67 (unsecured) - €2.5bn
    • Avg. cover 2.5 X
  • SSA
    • Total IG: €600m
    • Avg. tranche size €600m
    • Avg. IPT to Pricing -1
    • Avg. cover 3.33 X

• Pipeline: The European IG pipeline filled out nicely for both € & £ on a busy day for primary. 
  • 3 x € Corp (1 x Jnr Sub - multi-currency offering by Sysco & 2 x ESG)
  • 4 x € FIG (3 x Covered & 2 x Green)
  • 6 x € SSA (1 x EGB & 4 x Green)
  • 2 x £ FIG

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

Talking Point

• The chart & table below set out € IG Covered issuance volumes (& the number of tranches) on a monthly basis from January last year through to YTD, providing a clear view of how the pace of CB supply has evolved year-on-year. 2026 YTD has printed €155.3bn across 198 tranches, already beating last years’ €135.4bn across 176 tranches over the same 9-month period in 2025, a c.15% increase in volume & c.12% more deals, putting the market on track to comfortably exceed full-year 2025 supply of €155.2bn with a full quarter still to run.
• Q1 remains the heaviest issuance window in both years, though the front-loading has intensified further in 2026. Q1 2026 delivered €62.8bn (Jan: €27.8bn, Feb: €23.5bn, Mar: €11.5bn), up 34% on Q1 2025's €46.8bn. January 2026 was the single largest month in the entire dataset at €27.8bn across 32 tranches, consistent with issuers rushing to lock in funding early in the year ahead of potential spread volatility.
• July remains a near-complete market shutdown in both years, printing just €2.8bn across 3 tranches in 2025 & an even thinner €1bn across 1 tranche in 2026.
• August 2026 broke sharply from the summer lull pattern, printing €18.6bn across 25 tranches, one of the strongest August on record & well above August 2025's €12.3bn, suggesting issuers are becoming increasingly comfortable tapping the market earlier in the post-summer reopening window rather than waiting for the traditional September pickup.

Euro IG (today)

• IHG Finance LLC (exp. Issue ratings of Baa2 / BBB by Moody’s & S&P) was the first corporate trade to announce, bringing a dual tranche € benchmark Reg S, Registered, Senior, Unsecured, NSS, offering consisting of a €300m (exp) 3yr with IPTs in the area of MS+105; & a €500m (wng) 7yr with IPTs in the area of MS+145 to +150. Size for the 3yr increased to €350m with guidance coming in at MS+70 area +/-5bps (WPIR). The 7yr remained at €500m as advertised with guidance at MS+120 area +/-2bps (WPIR). Respective books were over €2.45bn & €1.6bn respectively (pre-rec). Final terms saw the 3yr tighten to MS+65 (book over €2.5bn); with the 7yr at MS+118 (books over €1.35bn). Books were pre-rec & at tight end of guidance. Final books were over €2.2bn & over €1.2bn respectively.
  • InterContinental Hotels Group’s last public trade was a €850m 5yr senior unsecured, which priced on the 3rd of September last year at MS+115 from a book of €6bn.
• Relx Finance B.V. (exp. Issue ratings of A3 / A- / A- by Moody’s, S&P & Fitch) announced a dual tranche offering expected to be €1bn. A 4.5yr, €500m (exp) fixed rate tranche came with IPTS of MS+90 to +95; while a 9.5yr €500m (exp) had IPTs of MS+145 to +150. Combined Books were over €4.1bn (split 4.5yr >€1.5bn &  9.5yr >€2.6bn). Guidance came in at MS+65 area for the 4.5yr; with the 9.5yr at MS+115 area. Combined Books updated to over €4bn (4.5yr >€1.5bn & 9.5yr >€2.5bn; good at guidance). Both tranches launched for €500m at MS+63 & MS+110 respectively. Collective final books were over €3.4bn (split >€1.3bn for the 4.5yr & >€2.1bn for the 9.5yr).
  • This is the global Anglo-Dutch data analytics group’s 2nd foray into the public € markets in 2026, having last issued another dual-tranche offering on May the 27th. It comprised a €750m 3yr at MS+50; 37.5bps tighter than IPTs from a book of €3.3bn; & a €750m 8yr at MS+93; 34.5 tighter than IPTs from a book of €2.1bn. 
• Danone (exp. Issue ratings of Baa1 / BBB+ by Moody’s & S&P) announced a triple tranche senior unsecured, Reg S, Bearer triple tranche offering, with each tranche expected to be for €500m. An 18mth FRN had IPTs of 3mth €+55 to +60, while a 5yr fixed had IPTs of MS+90 to +95; with a 9yr with IPTs of MS+120 to +125. Final terms came in with all tranches sized at €500m. The 18mth € FRN set at +30 (books over €2bn); the 5yr at MS+62 (books over €1.80bn); & the 9yr at MS+93 (books over €1.55bn). Final books were over €1.7bn for the FRN, over €1.75bn for the 5yr & over €1.45bn for the 9yr.
  • The is the French F&B’s 2nd triple tranche offering in 2026, having priced a dual currency on March 25th. That deal comprised a £350m 6.5yr at G+85; 22.5tighter than IPTs from a book of £2.5bn. Most relevant to today were the € tranches; €700m 4yr at MS+55; 37.5bps tighter than IPTs from a book of €2.5bn; & a €500m 8yr at MS+85; also 37.5bps tighter than IPTs from a €3.1bn book.
• SPIE SA (exp. Issue ratings of BB+ / BBB- by S&P & Fitch) brought a Senior Unsecured, RegS (Cat 2), Bearer, Dematerialised Form, Sustainability-Linked Bond. The 5.5yr €500m (exp) notes came with IPTs of 5.375% area. Orderbooks were over €2bn (pre-rec) & the trade launched & priced for €500m at 4.95% (ann), offering investors a NIC of 7.5bps. Final books were over €1.6bn at re-offer.
  • This is the 2nd time the French tech services firm has come to market in 2026, having previously issued a €600m 5yr senior unseecured, sustainability issue at a yield of 3.95% (MS+112.3); 55bps tighter than IPTs from a book of €1.3bn. That deal was upsized from €500m to €600m.
• SGS Finance B.V. (exp. Issue rating of A3 by Moody’s) brought a € benchmark, RegS, CAT2, Senior Unsecured, 6yr offering with IPTs in the area of MS+105. Guidance came in at MS+80 +/-5bps (WPIR) when books were over €1.55bn (pre-rec). The trade launched for €650m at MS+78 from a book of over €1.55bn (pre-rec), good at guidance. Final books were over €1.15bn.
  • This is the Swiss company’s (Dutch issuing entity) first foray into the public € markets in 2026, having last priced a dual tranche offering on the 3rd of September last year. The trade consisted of a €500m 5yr priced at MS+80; 27,5bps tighter than IPTs from a €1.8bn book; & a €500m, 10yr priced at MS+115; also 27.5bps tighter than IPTs from a book of €2.4bn.

• Banco Santander, S.A. (exp. Issue rating of Aaa by Moody’s) announced a dual-tranche €# benchmark, Cédulas Hipotecarias (European Premium Mortgage Covered Bond) offering. A long 3yr (28th December 2029) came with guidance of MS+19 area; while a long 6yr (28th December 2032) had guidance of MS+32 area. Combined books first called over €3.4bn (inc. €1bn JLMs). Book split first called at over €2bn (inc. €550m JLM’s) for the long 3yr; & over €1.75bn (inc. €475m JLM’s) for the long 6yr. Spreads set at MS+14 & MS+28 respectively. Books rose to over €2.25bn (inc. €550m JLMs) for the long 3yr; & over €1.85bn (inc. €475m JLMs) for the long 6yr. The deal launched for €1.25bn at MS+14; & €1bn at MS+28 respectively. Final books were over €2.2bn (inc. €550m JLMs) for the long 3yr & over €1.85bn (inc. €475m JLMs) for the long 6yr.
  • This is their 6th covered bond offering YTD & their 3rd dual-tranche. Their last CB was a €500m 3yr on September the 2nd at MS+14; 7bps tighter than guidance from a book of €2.3bn. Prior to that on the 21st of March, they priced a €500m 5yr at MS+23; 6 tighter than guidance from a book of €2.45bn. Their recent dual-tranche deals have tended to be larger (Feb 16 for a collective €2.5bn Santan SA; & Feb 10 for €2.25bn for Santan UK Plc).
• AIB Group plc (exp. Issue ratings of A2 / BBB+ by Moody’s & S&P) brought a Green € benchmark 6NC5 Fixed rate Senior offering with IPTs of  MS+100 to +105. Books over €1.75bn, rising to over €2.1bn. The trade launched for €750m at MS+75. Final books were over €1.68bn. The trade launched at €750m at MS+75.
  • This is AIB’s first public € offering YTD, having last issued a €500m 8yr senior unsecured Green bond back on the 13th of May 2025. That trade priced at MS+125; 20bps tighter than IPTs.
• BPER Banca S.p.A. (exp. Issue ratings of BBB- / BBB- / BBB by S&P, Fitch & DBRS) announced a €500m (wng), 4NC3 Green Senior Non-Preferred offering with IPTs in the area of MS+100. Orderbooks were first cited as in excess of €1.5bn (exc. JLMs). The deal launched for €500m with books over €1.9bn (exc. JLMs) at ms+70. Final Books were over €1.6bn (exc. JLMs).
  • This is BPER’s 2nd public € deal of the year, having last issued a €500m, PerpNC5 AT1 offering on May the 19th. Their last senior non-preferred print was a €500m, 6NC5 in January of last year, when they priced a fixed to float at MS+130.
• Deutsche Bank Aktiengesellschaft, Frankfurt am Main (exp. Issue ratings of Ba2 / BB / BB+ by Moody’s, S&P & Fitch) announced a Perpetual Resettable April 2034 € benchmark RegS Additional Tier 1 with IPTs in the area of a 7.375% semi-annual coupon. Books first cited as above €4bn. The deal launched for €1.25bn at 7.0% semi-annual coupon, from a final book of over €5bn. The deal launched for €1.25bn at 7.0% semi-annual coupon, with final books good at re-offer of over €4.3bn. 
  • DB last printed an AT1 on May the 7th when it priced a €1.25bn PerpNC9.5, fixed rate reset at 6.75%; 50bps tighter than IPTs following a massive book of €6.75bn.

• The State of Baden-Wuerttemberg (rated Aaa / AA+ / AAA by Moodys, S&P & Scope) having mandated on September the 11th, brought their anticipated  inaugural €600m (wng), 10yr, senior unsecured, European Green Bond ‘EuGB’ LSA format, Reg S Bearer. Guidance on the offering was in the area of MS+24. Books first called over €1bn (exc. JLMs), rising to above €1.45bn (inc. €110m JLMs). The deal launched for €600m & MS +23. Final books were over €2bn (inc. €110m JLMs) & the deal priced before noon GMT.
  • This is their first EuGB of 2026, with their last Green offering a €800m, 10yr issued on the 22nd of September of last year. That trade priced at MS+30; 4bps tighter than guidance from a €2.5bn book. Most recently the borrower issued a €1bn, 15yr on June 1st at MS+35; 2bps tighter than guidance from a €1.15bn book. Their last 10yr offering was a €800m on the 22nd of September last year, which priced at MS+30; 4bps tighter than guidance from a book of €2.5bn.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Nationwide Building Society (exp. Issue ratings of Baa3 / BBB- by Moody’s & Fitch) brought a £ benchmark, Perpetual NC 20th December 2032,  Additional Tier 1 offering with IPTs in the area of 8.0% (s.a.). Books first called over £3bn. Books were over £4.5bn (pre-rec) & the deal launched for £750m with a coupon of 7.5% (s.a.); 50bps tighter than IPTs. Final books were over £3.5bn.
  • Most recently in the public £ markets with both covered & senior non-preferred issues, this is Nationwide’s first AT1 print since June 3rd of last year, when they priced a £700m trade at 7.875%, an eight inside of IPTs on the back of a massive £8.6bn book.
• Banque Fédérative du Crédit Mutuel (exp. Issue ratings of A1 / A+ / AA- by Moody’s, S&P & Fitch) announced a 6yr Senior Preferred € benchmark issue, with IPTs in the area of UKT+115. Books above £1bn (inc. £50m JLMs). Spread set at UKT+100. Final books were above £890m (inc. £50m JLMs).
  • BFCM is a prolific borrower, & this is their first senior preferred issue in Sterling since their £750m, 4.75yr offering on the 15th of January, which priced at Gilts +83; 14.5bps tighter than IPTs from a €1.4bn book. For comparison, in €’s they last brought a senior preferred on June the 29th, pricing a €750m, 7yr Green offering at MS+82; 28bps tighter than IPTs from a €3bn book. They have also issued 2 other € SP’d YTD, both in January.

• International Finance Corporation (rated Aaa / AAA by Moody’s & S&P) announced a long 4yr (15th December 2031) FRN, £ benchmark, Global (SEC Exempt). Guidance on the offering as in the area of SONIA DM+31. Spread set at DM+30 when books were above £690m (inc. £50m JLMs) - closed the same. Size set at £500m.
  • Today’s trade is the their first £ trade of 2026, having last issued a £750m 5yr last October 1st at MS+41; 1bp tighter than guidance. IFC have been comparatively quiet in Sterling this year having issued 5 trades in 2025.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• Asian Development Bank (exp. Issue ratings of Aaa / AAA / AAA by Moody’s, S&P & Fitch) launched & priced a senior unsecured, Chf100m, 15yr at SARON MS+25. Coupon was 1.12% p.a.
  • Today’s trade is the 3rd time ADB has tapped the Swiss Franc market in 2026, having previously done so on the 18th of March, when it priced a Chf135m 20yr at SARON MS +24.

Week-to-date volumes:

US$ Reg S (today)

• No issues

Pending Deals & Mandates

Euro (€)

• 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$.
• 21st September: ESB Finance DAC (exp. Issue ratings of A2 / A+ by Moody’s & S&P), guaranteed by Electricity Supply Board, mandated BBVA & ING as Joint Sustainability Coordinators & BBVA, Goodbody, ING, MUFG, Societe Generale as Joint Bookrunners, to arrange a series of fixed income investor calls commencing on 21 September 2026. BBVA is coordinating logistics. A €500m (wng), inaugural EuGB, Reg S, bearer, fixed rate, senior unsecured offering with Long 10yr tenor (Jan 37) will follow, subject to market conditions.
• 21st September: Telefonaktiebolaget LM Ericsson (exp. Issue rating of BBB- by S&P), a leading provider of mobile connectivity solutions to communications service providers, enterprises & the public sector, mandated BNP Paribas, Danske Bank, J.P. Morgan & SEB as Joint Bookrunners to arrange a series of fixed income investor calls on Monday, 21 September. Danske Bank is coordinating roadshow logistics. A long 6yr €500m (wng), RegS Bearer, senior unsecured, Green Bond offering will follow, subject to market conditions.

• 21st September: BAWAG Group AG (exp. Issue rating of A3 by Moody's), mandated Citi as Global Coordinator & Barclays, BofA Securities, Citi, Erste Group, UBS Investment Bank as Joint Bookrunners for its upcoming €500m (wng), 5NC4 Green Senior RegS Bearer transaction. The transaction is expected to follow in the near future, subject to market conditions. The issuer is available for a series of fixed income investor calls on Monday 21st September.
• 21st September: Evangelische Bank eG (exp. Issue rating of AAA by S&P), mandated Commerzbank, DZ Bank & NordLB as Joint Lead Managers for its upcoming €250m (wng) sub-benchmark inaugural Mortgage Covered Bond (Hypothekenpfandbrief) with a 5 to 7yr maturity. The deal is expected to be launched in the near future, subject to market conditions.
• 21st September: Banque et Caisse d’Epargne de l’Etat, Luxembourg (exp. Issue rating of Aaa by Moody’s), mandated Belfius as Global Coordinator & Belfius, Deutsche Bank, LBBW & Natixis as Joint Lead Managers to arrange a series of fixed income investor meetings & calls commencing on the 28th of September. BCEE is also available for meetings at the European Covered Bond Congress in Seville. An inaugural 7yr Green €500m (wng) Covered Bond transaction is expected to follow in the near future, subject to market conditions. European Covered Bond (Premium), ECBC Covered Bond label compliant, RegS bearer.
• 21st September: Fairstone Bank of Canada (exp. Issue ratings of Aa1 / AA by Moody’s & DBRS), mandated RBC Capital Markets as Arranger & Sole Structuring Advisor, & BMO Capital Markets, DZ Bank, LBBW, Natixis & RBC Capital Markets as Joint Active Bookrunners for an inaugural 3yr € benchmark soft-bullet Covered Bond. The Covered Bonds are backed by Canadian residential mortgages. This is the borrower's debut covered bond.

• 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. 
• 21st September: FMO (rated AAA / AAA by S&P & Fitch), the Dutch Development Bank (NEDFIN), mandated BofA Securities, ING, J.P. Morgan & Rabobank as Joint Bookrunners for its upcoming new €500m (wng) Green RegS transaction with a 5yr maturity. The transaction is expected to be launched in the near future, subject to market conditions. The bond proceeds are reserved for financing Green Projects according to the FMO Sustainability Bonds framework. The issuer is available for 1-on-1 investor calls upon request on Monday, September 21st. 
• 21st September: The German Federal State of Lower-Saxony (rated AAA by Fitch), mandated BayernLB, DekaBank, DZ Bank & NordLB to lead manage its upcoming 10yr €500m (wng) floating rate Landesschatzanweisung. The transaction will be launched in the near future, subject to market conditions.
• 21st September: Kreditanstalt fuer Wiederaufbau (rated Aaa / AAA / AAA by Moody's, S&P & Scope) & guaranteed by the Federal Republic of Germany has mandated BNP Paribas, Citi, Nomura & UBS to lead manage a €3bn (wng) benchmark tap of its Green 2.625% 15th Nov 2032 line. Launch is expected in the near future, subject to market conditions.
• 21st September: The Republic of Italy (rated Baa2 / BBB+ / BBB+ / AL/BBB+ by Moody's, S&P, Fitch, DBRS & Scope), mandated Barclays, BNP Paribas, Deutsche Bank, IMI-Intesa Sanpaolo, J.P. Morgan & Société Générale as Joint Lead Managers for a new 12yr € benchmark Green BTP with a maturity date of 30th October 2038. The transaction is expected to be launched in the near future subject to market conditions.
• 21st September: SNCF SA (rated A1 / A / A+ by Moody's, S&P & Fitch), mandated Barclays, BofA Securities, J.P. Morgan, La Banque Postale & Societe Generale as Joint Lead Managers for its upcoming €500m (wng) TAP of their outstanding 3.875% February 2036 Green Bond. SNCF SA is the 100% French State-owned holding and sole issuer of the SNCF Group. The transaction is expected to be launched & priced in the near future, subject to market conditions.

Sterling (£)

• 21st September: Hiscox Ltd (exp. Issue rating of BBB+ by S&P) mandated Citi, HSBC, ING & Lloyds as Joint Lead Managers to arrange a series of fixed income investor calls commencing on 21 September 2026. A £ benchmark 5yr fixed rate senior unsecured transaction will follow, subject to market conditions. Hiscox Ltd has concurrently announced an any and all tender offer for its outstanding £250m 6.0%. Senior Unsecured Notes due 2027 (ISIN: XS2524678666) at G+45 bps, equivalent to the Make-Whole Redemption margin, pursuant to (& subject to the offer restrictions set out in) a Tender Offer Memorandum dated 21 September 2026, with Citi, HSBC, ING & Lloyds acting as Dealer Managers.
• 21st September: Nuveen, LLC (rated Baa1 / A by Moody’s & S&P), mandated BNP Paribas to act as Global Coordinator & Joint Bookrunner, together with BofA Securities & J.P. Morgan as Joint Bookrunners, to arrange a series of fixed income investor calls on Monday, September 21st. A Sterling (£), 144A/Reg S senior unsecured notes 5yr offering, as well as a US$, 144A/Reg S senior unsecured notes offering issued across 3yr, 5yr & 10yr tenors may follow, subject to market conditions. BNP Paribas is coordinating logistics.

Transaction Details

PRICED: Asian Development Bank CHF 100m 15yr Sr Unsec; SARON MS+25bp

IGC European Market: Deal Flow - SSA

Reoffer: 15yr: SARON MS+25bp / 100 / 1.12%

Launched: 15yr: CHF 100m @ SARON MS+25bp

• Issuer: Asian Development Bank
• Ticker: ASIA
• Issuer Domicile: Supranational
• Format: Public Fixed-Rate Notes
• Status: Senior Unsecured Debt
• Issuer Rating: Aaa/AAA/AAA (Moody's/S&P/Fitch)
• Instrument Rating (exp): Aaa/AAA/AAA (Moody's/S&P/Fitch)
• Issue Size: CHF 100m
• Coupon: 1.12% p.a.
• Maturity: 15 years (21-Oct-26 until 21-Oct-41)
• Issue Price: 100
• Spread/Yield: SARON MS +25.0 // YTM 1.12% // Govt.+51
• ISIN / Security Number: CH1598620164 / 159862016
• Lead Manager(s): UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA: Level 1)
• Documentation: Off ADB’s Global Medium-Term Note Program, dated 9-Dec-20
• FinSA Prospectus: No prospectus required in accordance with Art. 37(1) (h.) FinSA
• Governing Law: English
• Covenants: PP, NP, XD
• SIX Listing: 19-Oct-26
• Denomination: CHF 5000
• Sales Restrictions: In accordance with the selling restrictions of ADB’s Global Medium-Term Note Program
• Settlement: 21-Oct-26

PRICED: Land Baden-Wuerttemberg €600m 10yr EuGB Sr Unsec; MS+23bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+23bp / 99.186 / 3.724%
Benchmark: 10yr: DBR 3% 15-Aug-36 @ 96.245 / B+27.1bp

Tranche 1 (10yr): Final book over €2bn (incl. €110m JLM).

Launched: 10yr: €600m @ MS+23bp - Books above €1.45bn (incl. €110m JLM)
Book Update: Books over €1bn (excl. JLM)
Guidance: 10yr: MS+24a

• Issuer: Land Baden-Wuerttemberg
• BBG Ticker: BADWUR
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Issuer Rating: Aaa / AA+ / AAA (Moody's/S&P/Scope)
• Size: €600m
• Coupon: 3.625%, Fixed, Annual, ACT/ACT ICMA
• Maturity: 29-Sep-36 (10yr)
• Settlement: 29-Sep-26 (T+6)
• Reoffer: MS+23bp (3.724% / 99.186)
• Benchmark: +27.1bp vs DBR 3% 15-Aug-36 @ 96.245 / 3.453% / (HR 101%)
• Law/List/Denom: German/Stuttgart/1k
• ISIN/WKN: DE000A3H26C0 / A3H26C
• Bookrunners: BNP Paribas, Crédit Agricole CIB, Deutsche Bank, DZ BANK (B&D), LBBW and Nordea
• Fees: The banks will be paid a fee in relation to this transaction
• Joint ESG Structuring Coordinators: Deutsche Bank, DZ BANK
• Use of Proceeds: An amount equal to the nominal amount of the issuance will be fully allocated by the Issuer to refinance eligible expenditures for environmentally sustainable activities as defined under Article 3 of Regulation (EU) 2020/852 (the "EU Taxonomy Regulation"), as further specified in the Issuer's European Green Bond Factsheet dated 10-Sep-26. EuGBs issued by the State of Baden-Wuerttemberg under this Factsheet are also aligned with the voluntary guidelines of the ICMA Green Bond Principles 2025.
• Target Market (MiFID II and UK MiFIR): Eligible Counterparties, Professional and Retail Clients (all distribution channels)
• Books Subject Deadline: 11:00 CET / 10:00 LDN time
• Hedge Deadline: 12.35 CET / 11.35 UKT
• Timing: Priced, TOE 12.44 CET, FTT Immediately

PRICED: International Finance Corporation £500m Long 5yr Sr Unsec; SONIA DM+30bp

IGC European Market: Deal Flow - SSA

Reoffer: Long 5yr: SONIA DM+30bp / 100

Launched: Long 5yr: £500m @ SONIA DM+30bp - Books closed above £690m (incl. £50m JLM interest)
Spread set at: Long 5yr: SONIA DM+30bp - Books above £690m (incl. £50m JLM interest)
Guidance: Long 5yr: SONIA DM+31a

• Issuer: International Finance Corporation (IFC)
• Ratings: Aaa/AAA (Moody's/S&P, both stable)
• Format: Global (SEC Exempt)
• Size: £500m
• Settlement: 30-Sep-26 (T+7)
• Maturity: 15-Dec-31
• Coupon: FRN, SONIA +30 bps, 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: 10k + 10k
• ISIN: XS3518601466
• Leads: BMO (B&D) / BofA / HSBC / RBC CM
• Listing: London Stock Exchange
• Docs: Issuer's Global Medium Term Note Programme
• Target Market: For MIFID II/UK MiFIR purposes, all target markets and all distribution channels are eligible
• Timing: Priced. TOE 12:18 UKT. FTT immediately

PRICED: BFCM £450m 6yr SP; UKT+100bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: UKT+100bp / 99.762 / 5.923%
Benchmark: 6yr: Benchmark UKT 4.25% 07-Jun-32 (Mid) 97.09% (Semi-annual yield 4.838%) (Bid) 97.07% , HR 104%

Tranche 1 (6yr SP): Final Books £890m (incl. £50m JLM). Peak book above £1bn (incl. £50m JLM)

Launched: 6yr: £450m @ UKT+100bp - Books now subject above £960m (incl. £50m JLM, pre-reconciliation)
Spread set at: 6yr: UKT+100bp - Books above £1bn (incl. £50m JLM)
IPTs: 6yr: UKT+115a

• Issuer name: Banque Fédérative du Crédit Mutuel ("BFCM")
• Issuer LEI: VBHFXSYT7OG62HNT8T76
• Currency: GBP
• Issuer Ratings: A1 (negative outlook) by Moody's / A+ (stable outlook) by S&P / AA- (negative outlook) by Fitch Ratings
• Expected Issue rating: A1 (negative outlook) by Moody's) / A+ (stable outlook) by S&P / AA- (negative outlook) by Fitch Ratings
• Programme: Issuer's €90,000,000,000 Euro Medium Term Note Programme described in the Base Prospectus dated 17-Jul-26 as supplemented from time to time
• Status of Notes: The Notes are Senior Preferred Notes (save for statutorily preferred exceptions). See Condition 2(a)(i)
• Form of the Notes: Dematerialised Notes in Bearer form (au porteur)
• Tenor: 6-year
• Size: GBP 450m
• Settlement Date: 30-Sep-26 (T+7)
• Maturity Date: 30-Sep-32
• Reoffer: UKT 4.250% 07-Jun-32 + 100bps / 99.762% (Annual Yield 5.923%)
• Benchmark: Benchmark UKT 4.25% 07-Jun-32 (Mid) 97.09% (Semi-annual yield 4.838%) (Bid) 97.07% , HR 104%
• Coupon: 5.875% Fixed, Annual ACT/ACT ICMA
• Use of Proceeds: General corporate purposes
• ISIN: FR001401AW47
• Joint Lead Managers: Barclays, Deutsche Bank (B&D), RBC Capital Markets
• Denominations: £100k+£1k
• Governing Law: French Law
• Listing: Euronext Paris
• Target Market: Co-Manufacturers target market (UK MIFIR/MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) and/or CCI Product Summary has been prepared as not available to retail in UK/EEA.
• Advertisement: The Base Prospectus, supplement, and the Final Terms (when published) are available at https://www.bfcm.creditmutuel.fr/en/programs/index.html
• Timing: PRICED, TOE 13.53 LDN / FTT 14.15 LDN
• Important Notice: PLEASE NOTE THAT REFERENCE GILT SPREAD IS VS MID GILTS MARK BUT HEDGES ARE EXECUTED VS THE DM TRADERS BID SIDE

PRICED: AIB Group €750m 6NC5 Green Sr Unsec FXD; MS+75bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: MS+75bp / 99.646 / 4.205%
Benchmark: 6NC5: OBL 2.5 16-Apr-31 (DE000BU25067) @ 96.77 bid +93.6bp | HR 108%

Tranche 1 (6NC5): Final books >€1.68bn. Peak book >€2.1bn

Launched: 6NC5: €750m @ MS+75bp - Books >€2.1bn
Book update: Books >€1.75bn
IPTs: 6NC5: MS+100/105bp

• Issuer: AIB Group plc
• Issuer LEI: 635400AKJBGNS5WNQL34
• Ticker: AIB
• Status: Unsecured, unsubordinated
• Issuer Ratings: A2 (stable) / BBB+ (stable) (Moody's / S&P)
• Expected Securities Ratings: A2 / BBB+ (Moody's / S&P)
• Form: Reg S, Bearer, CGN, Cat 2, TEFRA D
• Tenor: 6NC5 FXD
• Size: €750m
• Reoffer: MS+75bps | 99.646 px | 4.205%
• Pricing Date: 21-Sep-26 (T)
• Issue Date: 28-Sep-26 (T+5)
• Maturity Date: 28-Sep-32
• Optional Redemption Date: 28-Sep-31
• Interest Payment Dates: 28 September in each year, commencing on 28-Sep-27 up to and including the Maturity Date
• Benchmark: OBL 2.5 16-Apr-31 (DE000BU25067) @ 96.77 bid +93.6bps | HR 108%
• Hedge Ratio: 108% vs OBL 2.5 16-Apr-31
• Hedge Deadline: 13:50 UKT / 14:50 CET
• Initial Coupon: 4.125% Fixed, Annual, ACT/ACT ICMA until the Optional Redemption Date
• Reset Coupon: If not redeemed at the Optional Redemption Date, Notes will reset to a fixed rate equal to the 1-year EUR Mid-Swap Rate +75bps
• Listing/Law/Denoms: Euronext Dublin / Irish Law / 100k+1k
• Green Bonds: Yes
• Clearing: Euroclear, Clearstream
• Loss Absorption Disqualification Event: Applicable, subject to certain conditions
• Substitution and Variation: Applicable
• Clean-up Call: Applicable at par, subject to certain conditions. Clean-up Call Minimum Percentage: 75%
• ISIN/Common Code: XS3518509578 / 351850957
• Joint Lead Managers: Goldman Sachs International (B&D), Goodbody, ING, Lloyds, Morgan Stanley, Santander
• ESG Advisor: Goodbody
• Green Bond Structuring Advisor: ING
• Use of Proceeds: An amount equal to the net proceeds from the issue of the Green Bonds will (subject as set out below) be allocated to an Eligible Green Loan Portfolio (as defined in the “Green Bond Framework Overview” section of the Base Prospectus and selected in accordance with the criteria set out in the “Green Bond Framework Overview—Use of Proceeds” and “—Process for Project Evaluation and Selection” section of the Base Prospectus). Whilst any portion of an amount equal to the net proceeds of the Green Bonds remains unallocated, the Group will hold and/or invest, at its own discretion, in its treasury liquidity portfolio, in cash or other liquid instruments, the balance of an amount equal to the net proceeds not yet allocated to the Eligible Green Loan Portfolio
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No CCI disclosure document has been prepared as not available to retail in the UK. No EU PRIIPs key information document (KID) has been prepared as not available to retail in the EEA
• Documentation: €10bn Euro Medium Term Note Programme Base Prospectus dated 17-Sep-26
• Timing: Priced. TOE 14:06 UKT, 15:06 CET | FTT 14:30 UKT, 15:30 CET
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available upon request
• Books Subject Deadline: 12:15 UKT / 13:15 CET

Green
NC5yr (Sep 2031) @ MS+100-105
Implied Spread for fresh NC5yr @ MS+70
Priced at MS+75
NIC of +5

PRICED: BPER Banca €500m 4NC3 SNP FXD/FRN; MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 4NC3: MS+70bp / 99.87 / 4.172%
Benchmark: 4NC3: OBL 2.1 12-Apr-29 #189 @ 97.27 / B+94.3bp

Tranche 1 (4NC3): Final Books over €1.6bn (excl. JLMs). Peak book over €1.9bn (excl. JLMs)

Launched: 4NC3: €500m @ MS+70bp - Books over €1.9bn (excl. JLMs)
Book Update: Orderbooks in excess of €1.5bn (excl. JLMs)
IPTs: 4NC3: MS+100a

• Issuer: BPER Banca S.p.A.
• Ticker: BPEIM
• Issuer LEI: N747OI7JINV7RUUH6190
• Issuer Ratings (Moody's / S&P / Fitch / DBRS): Baa2 ("Stable") / BBB ("Stable") / BBB ("Positive") / BBB (High) ("Positive")
• Expected Issue Ratings (S&P / Fitch / DBRS): BBB- / BBB- / BBB
• Notes: Fixed-to-Floating EUR Senior Non-Preferred Notes
• Format: Reg S, Dematerialised Note
• Status: Senior Non-Preferred Notes. The Notes will constitute direct, unconditional, unsecured and non-preferred obligations of the Issuer which will rank in the right of payment (a) junior to any present or future unsubordinated creditors (including depositors and holders of Senior Preferred Notes), (b) at all times pari passu amongst themselves and at least pari passu with all other present and future unsubordinated and non-preferred obligations of the issuer which do not rank or are not expressed by their terms or mandatory provisions of law to rank junior or senior to the Notes and (c) in priority to any present or future claims ranking junior to the Notes, including holders of Subordinated Notes and additional tier 1 notes and claims of shareholders of the Issuer Eligible liabilities instruments according to Article 72b CRR2
• Issue Size: €500m
• Pricing Date: 21-Sep-26
• Settlement Date: 28-Sep-26 (T+5)
• Maturity Date: 28-Sep-30
• Optional Redemption Date: 28-Sep-29
• Reoffer: MS+70bp / 4.172% / 99.87
• Benchmark: +94.3bp vs OBL 2.1 12-Apr-29 #189 (px 97.27). HR 117%
• Coupon: For the period from (and including) the Issue Date to (but excluding) 28-Sep-29 (Fixed Rate Period), a fixed rate of 4.125% per annum. Thereafter, if not redeemed by the Issuer on the Optional Redemption Date, resets to 3-month EURIBOR plus the Margin (Floating Rate Period)
• Acknowledgement of Statutory Bail-in Power: Each Noteholder acknowledges, accepts, consents to and agrees to be bound by the effects of the exercise of the Italian Bail-in Power by the Relevant Authority
• Waiver of Set-Off Rights: Applicable
• Interest Payment Dates: For the Fixed Rate Period: annually every 28 September, starting from 28-Sep-27 (First Interest Payment Date) until 28-Sep-29 For the Floating Rate Period: quarterly on 28-Dec-29, 28-Mar-30, 28-Jun-30 and on the Maturity Date
• Use of Proceeds: An amount equivalent to the net proceeds of the Notes will be allocated to finance and/or re-finance, in whole or in part, Eligible Green Assets, as defined within the Issuer's Green, Social and Sustainability Bond Framework dated May 2023 The Framework and the SPO are available on the Issuer’s website
• Redemption at the Option of the Issuer (Issuer Call): At par; €1,000 per Calculation Amount. The Issuer may redeem the Notes in whole, but not in part, on the Optional Redemption Date, subject to the Relevant Authority granting permission, as required by the Applicable Banking Regulations and subject to Condition 4(d) (Redemption at the Option of the Issuer - Call Option) and 4(l) (Conditions to Redemption and Purchase of the Notes) of the Terms and Conditions of the Dematerialised Notes in the EMTN Programme Base Prospectus
• Redemption for MREL Disqualification Event: If, at any time, the Issuer determines that a MREL Disqualification Event has occurred, the Notes may be redeemed at the option of the Issuer, in whole, but not in part, at par, subject to the Relevant Authority granting permission, as required by the Applicable Banking Regulations and subject to Condition 4(c) (Redemption for regulatory reasons - Regulatory Call) and 4(l) (Conditions to Redemption and Purchase of the Notes) of the Terms and Conditions of the Dematerialised Notes in the EMTN Programme Base Prospectus
• Clean-up Redemption Call: Applicable (75%)
• Listing: Luxembourg Stock Exchange – Regulated Market
• Clearing: Euronext Securities Milano (Monte Titoli)
• Denominations: €150,000 and integral multiples of €1,000 in excess thereof
• Selling Restrictions: As per the Base Prospectus (Reg S, TEFRA rules not applicable. No communications with or into the U.S.)
• Governing Law: Italian Law
• Documentation: The Issuer’s €10bn EMTN Programme dated 10-Nov-25 and supplemented on 23-Mar-26, 18-May-26 and 11-Sep-26
• ISIN: IT0005730947
• GSS Co-ordinator: NatWest
• Joint Lead Managers: BBVA, Deutsche Bank, IMI-Intesa Sanpaolo, J.P. Morgan (B&D), NatWest, Société Générale
• Co-Lead Manager: Equita SIM
• Target Market: Manufacturers target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA and the UK
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and the supplements and the Final Terms, when published, will be available at BPER BANCA SPA | LuxSE and on the Issuer’s website at EMTN Programme | BPER Banca |
• Books Subject: 12.30 UKT / 13.30 CET
• Timing: Priced. TOE 14:30 UKT. FTT 14:50 UKT.
• HR: 117% vs OBL 2.1% 12-Apr-29
• Hedge Deadline: 14.20 UKT 15.20 CET

Green Senior Non-Preferred
NC3yr (Sep 2029) @ MS+100
Implied Spread for fresh NC3yr @ MS+65
Priced at MS+70
NIC of +5

PRICED: Banco Santander, S.A. €2.25bn Long 3yr & Long 6yr CB; MS+14bp & MS+28bp

IGC European Market: Deal Flow - General

Reoffer: Long 3yr: MS+14bp / 99.641 / 3.623% Long 6yr: MS+28bp / 99.365 / 3.743%
Benchmark: Long 3yr: OBL 2.40% 10-Nov-29 @ 97.90 / B+38.9bp (HR:107%) Long 6yr: DBR 2.50% 15-Nov-32 @ 95.50 / B+42.3bp (HR:103%)

Tranche 1 (Long 3yr): Final Books > €2.2bn (incl. €550m JLMs). Peak book > €2.25bn (incl. €550m JLMs)
Tranche 2 (Long 6yr): Final Books > €1.85bn (incl. €475m JLMs). Peak book > €1.85bn (incl. €475m JLMs)

Launched:
Long 3yr: €1.25bn @ MS+14bp - Books > €2.25bn (incl. €550m JLMs)
Long 6yr: €1bn @ MS+28bp - Books > €1.85bn (incl. €475m JLMs)
Spread set at: Long 3yr: MS+14#bp - Books > €2bn (€550m JLMs) Long 6yr: MS+28#bp - Books > €1.75bn (€475m JLMs)
Book Update: Combined books > €3.4bn (incl. €1bn JLMs)
Guidance: 3yr: MS+19a 6yr: MS+32a

• Issuer: Banco Santander, S.A.
• LEI: 5493006QMFDDMYWIAM13
• Issuer Ratings: A1 (Stable) / A+ (Stable) / A+ (Stable) by Moody's / S&P / Fitch
• Expected Issue Rating: Aaa (Moody's)
• Notes: Cédulas Hipotecarias (European Premium Mortgage Covered Bonds)
• Form: Reg S bearer form
• Settlement: 28-Sep-26 (T+5)
• Maturity:
  • Long 3yr: 28-Dec-29 (long 3-year Soft Bullet)
  • Long 6yr: 28-Dec-32 (long 6-year Soft Bullet)
• Currency / Size:
  • Long 3yr: €1.25bn
  • Long 6yr: €1bn
• Spread:
  • Long 3yr: MS + 14bp
  • Long 6yr: MS + 28bp
• Benchmark:
  • Long 3yr: OBL 2.40% 10-Nov-29 + 38.9bp (97.90%) HR:107%
  • Long 6yr: DBR 2.50% 15-Nov-32 + 42.3bp (95.50%) HR:103%
• Reoffer:
  • Long 3yr: 99.641% (3.623%)
  • Long 6yr: 99.365% (3.743%)
• Coupon:
  • Long 3yr: 3.50% Fixed, Annual, ACT/ACT ICMA Short first
  • Long 6yr: 3.625% Fixed, Annual, ACT/ACT ICMA Short first
• Denominations: €100,000 (+ €100,000)
• Listing: AIAF (Madrid)
• Governing Law: Spanish Law
• Doc: Issuer's €55bn Base Prospectus of Mortgage Covered Bonds, Public Sector Covered Bonds and Export Finance Covered Bonds (European Covered Bonds (Premium)) 2026, approved by the CNMV on 6-Aug-26, and the Issuer's Universal Registration Document, approved by and registered with the CNMV on 24-Mar-26.
• Global Coordinator: Santander (B&D)
• Joint Lead Managers: Barclays, BofA Securities, Danske Bank, ING, J.P. Morgan, NatWest, NORD/LB, RBC Capital Markets, Santander and UBS Investment Bank
• ISIN:
  • Long 3yr: XS3512873145
  • Long 6yr: XS3512873491
• Timing: TOE 15:46CET FTT 16:05CET TOE 15 :47CET FTT 16 :05CET
• Fees: The Joint Lead Managers will be paid a fee in connection with the transaction.
• 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 UK PRIIPs KID/CCI product summary has been prepared as the covered bonds will not be available to retail investors in the EEA or in the UK.
• Advertisement: The Base Prospectus, the Universal Registration Document, any applicable Supplements and the Final Terms, when published, will be available on the CNMV website.

Covered
L 3yr (Dec 2029) @ MS+19a
Implied Spread for fresh L 3yr @ MS+14
Priced at MS+14
NIC of 0

Covered
L 6yr (Dec 2032) @ MS+32a
Implied Spread for fresh L 6yr @ MS+27
Priced at MS+28
NIC of +1

PRICED: Danone €1.5bn 18m FRN, 5yr & 9yr Sr Unsec; 3mE+30bp, MS+62bp & MS+93bp

IGC European Market: Deal Flow - General

Reoffer: 18m: 3mE+30bp / 100 5yr: MS+62bp / 100 / 4.091% 9yr: MS+93bp / 100 / 4.418%
Benchmark: 5yr: DBR 0% 15-Aug-31 TWIN @ 85.438% / B+82.2bp / HR 110% 9yr: DBR 2.6% 15-Aug-35 @ 93.79% / B+99.7bp / HR 100%

Tranche 1 (18m FRN): Final Books €1.7bn+. Peak book > €2bn
Tranche 2 (5yr): Final Books €1.75bn+. Peak book > €1.8bn
Tranche 3 (9yr): Final Books €1.45bn+. Peak book > €1.55bn

Launched:
18m: €500m @ 3mE+30bp - Books > €2bn
5yr: €500m @ MS+62bp - Books > €1.8bn
9yr: €500m @ MS+93bp - Books > €1.55bn
IPTs: 18m: 3mE+55/60bp 5yr: MS+90/95bp 9yr: MS+120/125bp

• Issuer: Danone (Ticker: BNFP, Country: FR)
• Issuer LEI: 969500KMUQ2B6CBAF162
• Issuer Ratings: Baa1 (Stable) / BBB+ (Stable) (Moody's / S&P)
• Exp. Issue Ratings: Baa1 / BBB+ (Moody's / S&P)
• Format: Senior Unsecured, Regulation S (CAT 2), Bearer Dematerialized Notes
• Joint Active Bookrunners: Credit Agricole CIB, HSBC, ING, MUFG, Natixis
• Pricing Date: 21-Sep-26
• Settlement Date: 28-Sep-26 (T+5)
• Issue Size:
  • 18m: €500m
  • 5yr: €500m
  • 9yr: €500m
• Issue Type:
  • 18m: 18-Month FRN
  • 5yr: 5-Year Fixed
  • 9yr: 9-Year Fixed
• Maturity Date:
  • 18m: 28-Mar-28
  • 5yr: 28-Sep-31
  • 9yr: 28-Sep-35
• Reoffer Spread:
  • 18m: 3mE+30bp
  • 5yr: MS+62bp
  • 9yr: MS+93bp
• Reoffer Yield:
  • 18m: -
  • 5yr: 4.091% annual
  • 9yr: 4.418% annual
• Reoffer Price:
  • 18m: 100
  • 5yr: 100
  • 9yr: 100
• Coupon:
  • 18m: 3mE+30bp Floating, Quarterly, ACT/360 (ICMA)
  • 5yr: 4.091% Fixed, Annually, ACT/ACT (ICMA)
  • 9yr: 4.418% Fixed, Annually, ACT/ACT (ICMA)
• Business Day Convention:
  • 18m: Modified Following, adjusted
  • 5yr: Following, unadjusted
  • 9yr: Following, unadjusted
• Par Call:
  • 18m: -
  • 5yr: 3-month
  • 9yr: 3-month
• Make whole Call:
  • 18m: -
  • 5yr: Yes / Bund+15 bp
  • 9yr: Yes / Bund+15 bp
• Reference Bund:
  • 18m: -
  • 5yr: DBR 0% 15-Aug-31 TWIN - DE0001102564
  • 9yr: DBR 2.6% 15-Aug-35 - DE000BU2Z056
• Bund Price / Reoffer Spread:
  • 18m: -
  • 5yr: 85.438% / B+82.2
  • 9yr: 93.79% / B+99.7
• Hedge Ratio:
  • 18m: -
  • 5yr: 110%
  • 9yr: 100%
• Hedge Deadline: 14.45 UKT / 15.45 CET
• Clean-up Call:
  • 18m: -
  • 5yr: Yes (75%)
  • 9yr: Yes (75%)
• Time of Execution:
  • 18m: 15.02 UKT
  • 5yr: 14.59 UKT
  • 9yr: 14.59 UKT
• Documentation: EMTN programme / Euronext Paris / French Law / Euroclear France / Change of Control (Put) / €100,000 + €100,000
• Use of Proceeds: General Corporate Purposes
• ISIN:
  • 18m: FR001401B3Y5
  • 5yr: FR001401B403
  • 9yr: FR001401B429
• B&D Bank:
  • 18m: ING
  • 5yr: Credit Agricole CIB
  • 9yr: Natixis
• Selling Restrictions: As per Base Prospectus dated 24-Mar-26
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), no disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK.
• Advertisement Language: The Base Prospectus and First Supplement are available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (https://www.danone.com/investors/debt-and-rating.html). The Final Terms, when available, will be published on the website of the Issuer (https://www.danone.com/investors/debt-and-rating.html).
• Free to Trade: 15.20 UKT

5yr (Mar 2031) @ MS+90-95
Implied Spread for fresh 5yr @ MS+53
Priced at MS+62
NIC of 9

9yr (Mar 2035) @ MS+120-125
Implied Spread for fresh 9yr @ MS+83
Priced at MS+93
NIC of 10

PRICED: SPIE SA €500m 5.5yr Sr Unsec; 4.95%

IGC European Market: Deal Flow - General

Reoffer: 5.5yr: 4.95% / 99.675
Benchmark: 5.5yr: DBR 0 15-Feb-32 @ 83.98 / B+166.2bp

5.5yr: Final Books > €1.6bn at reoffer. Peak book > €2bn pre-rec

Launched: 5.5yr: €500m @ 4.95% - Orderbooks > €2bn pre-rec
IPTs: 5.5yr: 5.375%a

• Issuer: SPIE SA
• Ticker: SPIEFP
• Country: FR
• Issuer LEI: 969500TJNS5GSFWJ8X85
• Issuer Ratings: BBB- (stable) by Fitch / BB+ (stable) by S&P
• Exp Issue Ratings: BBB- by Fitch / BB+ by S&P
• Format: Senior Unsecured, Reg S (Cat 2), Bearer, Dematerialised Form, Sustainability-Linked Bond
• Pricing Date: 21-Sep-26
• Settlement Date: 28-Sep-26 (T+5)
• Maturity Date: 28-Mar-32 (5.5Y)
• Issue Size: €500m
• Reoffer: MS+148.2bps / 99.675 / 4.95%
• Benchmark: DBR 0 15-Feb-32 (@83.98 / 3.288%) +166.2bps
• Coupon: 4.875% Fixed, Annual, Act/Act (ICMA) (Short First Coupon)
• ISIN Code: FR001401B6Q4
• Use of Proceeds: Proceeds of the issue of the Bonds will be used by the Issuer for general corporate purposes and the partial refinancing of the existing debt of the Group, including the €400,000,000 Sustainability-linked Senior Unsecured Bonds Settled in Cash and/or Convertible into New Shares and/or Exchangeable for Existing Shares issued on 17-Jan-23 and due 17-Jan-28
• Investor Presentation: URL: https://dealroadshow.finsight.com / Entry Code: SPIE26 / Direct Link: https://dealroadshow.finsight.com/e/SPIE26
• Documentation: Standalone / French Law / Euronext Paris / MWC (B+25bps) / CoC / Clean-Up Call 75% / 3m Par Call / €100k + €100k
• Global Coordinators: BNP Paribas (B&D), Crédit Agricole CIB, Natixis, Société Générale
• Active Bookrunners: Goldman Sachs Bank Europe SE, HSBC, La Banque Postale, Raiffeisen Bank International
• ESG Structuring Advisor: Crédit Agricole CIB
• Sustainability Performance Targets (SPTs): SPT1 for KPI 1: Reduce absolute Scope 1 & 2 GHG emissions in tCO2e -50% by 31-Dec-30 vs. 2019 / SPT2 for KPI 2: Reduce Scope 3 Intensity per Value Added by -55% by 31-Dec-30 vs. 2019
• Sustainability-Linked Premium Payment: 0.30% max of the outstanding principal amount of the Bond at the maturity date: - 0.15% if one of the SPT is not achieved - 0.30% if both of the SPTs are not achieved
• Observation Date: 31-Dec-30
• SLB Framework & SPO: Available on Issuer’s website under sections “Sustainability-Linked Financing Framework” https://www.spie.com/fr/investisseurs/resultats-financiers/dette-et-financement
• Second Party Opinion: Sustainable Fitch
• Clearing system: Euroclear France
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), no disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK.
• Advertisement Language: The final Prospectus will be available on the AMF website: https://www.amf-france.org and on the Issuer website: https://www.spie.com/en/investors/financial-results/debt-and-financing
• Timing: Priced. TOE: 15:04UKT | FTT: 15:25 UKT

Sustainability-Linked Bond
5.5yr (Mar 2032) @ 5.375%a
Implied Spread for fresh 5.5yr @ 4.875%
Priced at 4.95%
NIC of +7.5

PRICED: Deutsche Bank €1.25bn PerpNC7 AT1; 7%

IGC European Market: Deal Flow - General

Reoffer: PerpNC7: 6.998% / 100

Tranche 1 (PerpNC7): Final Books €4.3bn+. Peak book €5bn+

Launched: PerpNC7: €1.25bn @ 7% - Final Books €5bn+
Book Update: Books above €4bn
IPTs: PerpNC7: 7.375%a

• Issuer: Deutsche Bank Aktiengesellschaft, Frankfurt am Main
• BBG Ticker: DB Corp <GO>
• Issuer LEI: 7LTWFZYICNSX8D621K86
• Expected Instrument Ratings: Ba2 (Moody’s) / BB (S&P) / BB+ (Fitch)
• Instrument: Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes of 2026 (the "Notes"), intended to qualify as own funds instruments in the form of AT1 Instruments within the meaning of Art. 52 CRR or any successor provision thereof
• Format: Reg S only (Cat 2), Bearer
• Maturity: Undated, with no scheduled maturity date
• Size: €1.25bn
• Reoffer: 7% s.a. cpn / 6.998% s.a. yld / 100
• Reset Spread / Margin: +365.6bp
• Status of the Notes: Unsecured and subordinated, ranking pari passu among themselves and, subject to applicable laws from time to time, pari passu with all other equally subordinated obligations of the Issuer under or in respect of AT1 Instruments
  In the event of resolution measures and in the event of the dissolution, liquidation, insolvency, composition or other proceedings for the avoidance of insolvency of, or against, the Issuer, obligations under the Notes shall be fully subordinated to all obligations which do not qualify as AT1 Instruments or CET1 instruments; this includes
  (i) unsubordinated creditors (including non-preferred debt instruments),
  (ii) claims specified in § 39(1) nos. 1-5 of the German Insolvency Statute (InsO),
  (iii) contractually subordinated obligations within the meaning of § 39(2) InsO which do not qualify as Own Funds Instruments,
  (iv) the claims under tier 2 instruments (Art. 63 CRR), and
  (v) all other obligations which pursuant to mandatory law (including pursuant to § 46f(7a) sentence 3 KWG) have to be satisfied with priority to AT1 Instruments
• Issue Date: 28-Sep-26 (T+5)
• Optional Redemption Dates: (i) each Business Day during the period from 30-Oct-33 (inclusive) to the First Reset Date (inclusive); and
  (ii) after the First Reset Date, each Business Day falling in a period from 30 October (inclusive) immediately before each Reset Date to such Reset Date (inclusive).
• Reset Dates: 30-Apr-34 (the "First Reset Date") and each fifth anniversary of the immediately preceding Reset Date
• Interest Payment Dates: 30 April and 30 October in each year (commencing 30-Apr-27, long first coupon)
• Interest Rate: Subject to any discretionary or compulsory cancellation of interest the applicable rate of interest for the period from the Issue Date (inclusive) to the First Reset Date (exclusive) will be a fixed rate of
  7 per cent. per annum (expressed on a semi-annual basis)
  thereafter, the applicable rate of interest will be reset at five year intervals on each Reset Date on the basis of the then prevailing 5-year swap rate for euro swap transactions plus the initial credit spread of
  3.656 per cent. per annum (each expressed on an annual basis, with the resulting rate converted to a semi-annual basis)
  subject to certain benchmark replacement fallback provisions
• Interest Payments: Fully discretionary and non-cumulative; compulsory cancellation of interest (i) to the extent that the payment of interest together with any write-up (if any), any additional Distributions on other Tier 1 Instruments, and the total amount of write-ups (if any) on any other AT1 instruments would exceed the Available Distributable Items; or (ii) the competent authority orders the distribution to be cancelled in whole or in part (including, but not limited to, ensuring compliance with MDA); or (iii) if the Issuer is over-indebted or illiquid on the relevant Interest Payment Date or to the extent that the relevant payment of interest would result in an over-indebtedness or illiquidity of the Issuer
• Optional Redemption: Subject to prior permission from the competent authority and certain other redemption conditions, in whole (but not in part) on any Optional Redemption Date, subject to any previous write-down having been fully written-up
• Redemption for Reasons of Taxation: Subject to prior permission from the competent authority and certain other redemption conditions, in whole (but not in part), if the tax treatment of the Notes changes (including but not limited to the tax deductibility of interest payable on the Notes or the obligation to pay Additional Amounts), at their Prevailing Nominal Amount (which may reflect a write-down not been fully written-up) plus accrued interest (if any, and subject to any discretionary or compulsory cancellation)
• Redemption for Regulatory Reasons: Subject to certain conditions, including prior permission of the competent authority, in whole (but not in part), if (i) there is a change in the regulatory classification of the Notes that would be likely to result in (i) their exclusion in full or in part from the Issuer's own funds under the CRR or (ii) a reclassification as a lower quality form of the Issuer's own funds since the issue date, at their Prevailing Nominal Amount (which may reflect a write-down not been fully written-up) plus accrued interest (if any, and subject to any discretionary or compulsory cancellation)
• Additional Call Features: Clean-up Call (75%)
• Trigger Event: Occurs if, at any time, the CET1 ratio, determined on a consolidated basis, falls below 5.125%
• Prevailing Nominal Amount: With respect to any Note: (i) at the date of the issue, the Original Nominal Amount of such Note and (ii) thereafter, the then outstanding nominal amount of such Note as reduced by any write-downs (to the extent not made up for by write-ups)
• Write-down: Temporary write-down of the Prevailing Nominal Amount of the Notes upon occurrence of a Trigger Event
• Write-up: Reinstatement of the Prevailing Nominal Amount of the Notes at Issuer’s discretion, subject to certain conditions
• Statutory resolution measures: Applicable
• Governing Law: German law
• Listing: Luxembourg Stock Exchange (regulated market)
• Documentation: Stand-alone prospectus to be dated 24-Sep-26 (the “Prospectus”), which will be published and available under https://investor-relations.db.com/creditors/prospectuses/at1-regs
• Interest Convention: Act/Act (ICMA), following unadjusted
• Business Days: T2
• Denominations: €200,000 + €200,000
• ISIN: DE000A5GS6T9
• Sole Bookrunner: Deutsche Bank Aktiengesellschaft, Frankfurt am Main
• Selling Restrictions: General, US (Reg. S, Cat 2), EEA, UK, Japan, Switzerland, Hong Kong, Australia, Singapore, Italy, Canada, all as per Prospectus
• Target Market: MiFID II professionals/ECPs-only / No PRIIPs KID; UK MiFIR professionals/ECPs-only / No UK disclosure document (DISC)
• Stabilisation: FCA/ICMA
• Timing: PRICED 16:25 CET

PRICED: Deutsche Bank €1.25bn PerpNC7 AT1; 7%

IGC European Market: Deal Flow - General

Reoffer: PerpNC7: 6.998% / 100

Tranche 1 (PerpNC7): Final Books €4.3bn+. Peak book €5bn+

Launched: PerpNC7: €1.25bn @ 7% - Final Books €5bn+
Book Update: Books above €4bn
IPTs: PerpNC7: 7.375%a

• Issuer: Deutsche Bank Aktiengesellschaft, Frankfurt am Main
• BBG Ticker: DB Corp <GO>
• Issuer LEI: 7LTWFZYICNSX8D621K86
• Expected Instrument Ratings: Ba2 (Moody’s) / BB (S&P) / BB+ (Fitch)
• Instrument: Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes of 2026 (the "Notes"), intended to qualify as own funds instruments in the form of AT1 Instruments within the meaning of Art. 52 CRR or any successor provision thereof
• Format: Reg S only (Cat 2), Bearer
• Maturity: Undated, with no scheduled maturity date
• Size: €1.25bn
• Reoffer: 7% s.a. cpn / 6.998% s.a. yld / 100
• Reset Spread / Margin: +365.6bp
• Status of the Notes: Unsecured and subordinated, ranking pari passu among themselves and, subject to applicable laws from time to time, pari passu with all other equally subordinated obligations of the Issuer under or in respect of AT1 Instruments
  In the event of resolution measures and in the event of the dissolution, liquidation, insolvency, composition or other proceedings for the avoidance of insolvency of, or against, the Issuer, obligations under the Notes shall be fully subordinated to all obligations which do not qualify as AT1 Instruments or CET1 instruments; this includes
  (i) unsubordinated creditors (including non-preferred debt instruments),
  (ii) claims specified in § 39(1) nos. 1-5 of the German Insolvency Statute (InsO),
  (iii) contractually subordinated obligations within the meaning of § 39(2) InsO which do not qualify as Own Funds Instruments,
  (iv) the claims under tier 2 instruments (Art. 63 CRR), and
  (v) all other obligations which pursuant to mandatory law (including pursuant to § 46f(7a) sentence 3 KWG) have to be satisfied with priority to AT1 Instruments
• Issue Date: 28-Sep-26 (T+5)
• Optional Redemption Dates: (i) each Business Day during the period from 30-Oct-33 (inclusive) to the First Reset Date (inclusive); and
  (ii) after the First Reset Date, each Business Day falling in a period from 30 October (inclusive) immediately before each Reset Date to such Reset Date (inclusive).
• Reset Dates: 30-Apr-34 (the "First Reset Date") and each fifth anniversary of the immediately preceding Reset Date
• Interest Payment Dates: 30 April and 30 October in each year (commencing 30-Apr-27, long first coupon)
• Interest Rate: Subject to any discretionary or compulsory cancellation of interest the applicable rate of interest for the period from the Issue Date (inclusive) to the First Reset Date (exclusive) will be a fixed rate of
  7 per cent. per annum (expressed on a semi-annual basis)
  thereafter, the applicable rate of interest will be reset at five year intervals on each Reset Date on the basis of the then prevailing 5-year swap rate for euro swap transactions plus the initial credit spread of
  3.656 per cent. per annum (each expressed on an annual basis, with the resulting rate converted to a semi-annual basis)
  subject to certain benchmark replacement fallback provisions
• Interest Payments: Fully discretionary and non-cumulative; compulsory cancellation of interest (i) to the extent that the payment of interest together with any write-up (if any), any additional Distributions on other Tier 1 Instruments, and the total amount of write-ups (if any) on any other AT1 instruments would exceed the Available Distributable Items; or (ii) the competent authority orders the distribution to be cancelled in whole or in part (including, but not limited to, ensuring compliance with MDA); or (iii) if the Issuer is over-indebted or illiquid on the relevant Interest Payment Date or to the extent that the relevant payment of interest would result in an over-indebtedness or illiquidity of the Issuer
• Optional Redemption: Subject to prior permission from the competent authority and certain other redemption conditions, in whole (but not in part) on any Optional Redemption Date, subject to any previous write-down having been fully written-up
• Redemption for Reasons of Taxation: Subject to prior permission from the competent authority and certain other redemption conditions, in whole (but not in part), if the tax treatment of the Notes changes (including but not limited to the tax deductibility of interest payable on the Notes or the obligation to pay Additional Amounts), at their Prevailing Nominal Amount (which may reflect a write-down not been fully written-up) plus accrued interest (if any, and subject to any discretionary or compulsory cancellation)
• Redemption for Regulatory Reasons: Subject to certain conditions, including prior permission of the competent authority, in whole (but not in part), if (i) there is a change in the regulatory classification of the Notes that would be likely to result in (i) their exclusion in full or in part from the Issuer's own funds under the CRR or (ii) a reclassification as a lower quality form of the Issuer's own funds since the issue date, at their Prevailing Nominal Amount (which may reflect a write-down not been fully written-up) plus accrued interest (if any, and subject to any discretionary or compulsory cancellation)
• Additional Call Features: Clean-up Call (75%)
• Trigger Event: Occurs if, at any time, the CET1 ratio, determined on a consolidated basis, falls below 5.125%
• Prevailing Nominal Amount: With respect to any Note: (i) at the date of the issue, the Original Nominal Amount of such Note and (ii) thereafter, the then outstanding nominal amount of such Note as reduced by any write-downs (to the extent not made up for by write-ups)
• Write-down: Temporary write-down of the Prevailing Nominal Amount of the Notes upon occurrence of a Trigger Event
• Write-up: Reinstatement of the Prevailing Nominal Amount of the Notes at Issuer’s discretion, subject to certain conditions
• Statutory resolution measures: Applicable
• Governing Law: German law
• Listing: Luxembourg Stock Exchange (regulated market)
• Documentation: Stand-alone prospectus to be dated 24-Sep-26 (the “Prospectus”), which will be published and available under https://investor-relations.db.com/creditors/prospectuses/at1-regs
• Interest Convention: Act/Act (ICMA), following unadjusted
• Business Days: T2
• Denominations: €200,000 + €200,000
• ISIN: DE000A5GS6T9
• Sole Bookrunner: Deutsche Bank Aktiengesellschaft, Frankfurt am Main
• Selling Restrictions: General, US (Reg. S, Cat 2), EEA, UK, Japan, Switzerland, Hong Kong, Australia, Singapore, Italy, Canada, all as per Prospectus
• Target Market: MiFID II professionals/ECPs-only / No PRIIPs KID; UK MiFIR professionals/ECPs-only / No UK disclosure document (DISC)
• Stabilisation: FCA/ICMA
• Timing: PRICED 16:25 CET

PRICED: SGS Finance B.V. €650m 6yr Sr Unsec; MS+78bp

IGC European Market: Deal Flow - General

Reoffer: 6yr: MS+78bp / 99.454 / 4.23%
Benchmark: 6yr: DBR 1.7 15-Aug-32 @ 91.57 / B+93.3bp / HR 104%

6yr: Final Books > €1.15bn. Peak book > €1.55bn (pre-rec)

Launched: 6yr: €650m @ MS+78bp
Guidance: 6yr: MS+80+/-5bp (WPIR) - Books > €1.55bn (pre-rec)
IPTs: 6yr: MS+105a

• Issuer: SGS Finance B.V.
• Ticker: SGSNVX
• Country: NL
• Guarantor: SGS SA (Country: CH)
• Issuer LEI: 213800UDSB4F8FCRUW30
• Guarantor LEI: 2138007JNS19JHNA2336
• Guarantor Rating: A3 (stable) by Moody's
• Expected Issue Rating: A3 (Moody's)
• Format: Reg S, CAT2, Senior Unsecured, New Global Note
• Trade Date: 21-Sep-26
• Settlement Date: 28-Sep-26 (T+5)
• Maturity: 28-Sep-32
• Tranche: 6-year
• Size: €650m
• Reoffer: MS+78 / 4.23 / 99.454
• Benchmark: DBR 1.7 15-Aug-32 + 93.3 (91.57). HR 104
• Coupon: 4.125% Fixed, Annual, ACT/ACT (ICMA)
• Payment Days: Following, unadjusted
• ISIN: XS3515026659
• Early Redemption: 3m Par Call, MWC (B+15), Clean-up Call (75%), Tax call, CoC Put at par
• Docs: Standalone € documentation, including a Preliminary Prospectus dated 21-Sep-26. Prospectus approval post settlement only, in accordance with art. 51 FinSA / SIX Swiss Exchange / Swiss Law
• Denoms: €100,000 and integral multiples of €1,000 up to and including €199,000
• UoP: General corporate purposes including repayment of existing debt
• Target Market: The manufacturer target market (EU MiFID II/ UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK Consumer Composite Investments (CCI) document has been prepared as not available to retail investors in the EEA or UK.
• Selling Restrictions: The Bonds are subject to restrictions on their offering, sale and delivery both generally and specifically in the United States and to U.S. persons, the EEA, the UK, Singapore and Canada, in each case as described under "Subscription and Sale—Selling Restrictions" in the preliminary prospectus.
• Global Coordinators: Citigroup (B&D), UBS
• Other Joint Bookrunners: BNP Paribas, CIC CIB, HSBC, J.P. Morgan, Societe Generale
• Availability of Documents: Copies of the Preliminary Prospectus and the Final Prospectus (once available) (including the documents incorporated by reference) are available in electronic or printed form, free of charge, upon request at UBS AG, Investment Bank, Swiss Prospectus Switzerland, P.O. Box, 8098 Zurich Switzerland, or can be ordered by telephone +41-44-239 47 03 (voicemail), by e-mail swiss-prospectus@ubs.com
• Timing: Price. TOE 1532 UKT. FTT 1600 UKT.
• Schedule: Books open, Today's business
• Books Subject: 13:10 UKT / 14:10 CET
• Hedge Deadline: 15:20 UKT / 16:20 CET

PRICED: IHG Finance €850m 3yr & 7yr Sr Unsec; MS+65bp & MS+118bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+65bp / 99.673 / 4.118% 7yr: MS+118bp / 99.982 / 4.628%
Benchmark: 3yr: DBR 0% 15-Aug-29 @ 91.29% / B+91.8bp 7yr: DBR 2.6% 15-Aug-33 @ 95.48% / B+128.4bp

Tranche 1 (3yr): Final Books €2.2bn+. Peak book above €2.45bn (pre-reconciliation)
Tranche 2 (7yr): Final Books €1.2bn+. Peak book above €1.6bn (pre-reconciliation)

Launched:
3yr: €350m @ MS+65bp - Books €2.2bn+ (pre-rec / at tight end of guidance, now closed)
7yr: €500m @ MS+118bp - Books €1.35bn+ (pre-rec / at tight end of guidance, now closed)
Guidance: 3yr: MS+70a +/-5bp WPIR - Books > €2.45bn (pre-rec) 7yr: MS+120a +/-2bp WPIR - Books > €1.6bn (pre-rec)
IPTs: 3yr: MS+105a 7yr: MS+145/150a

• Issuer: IHG Finance LLC
• Ticker: IHGLN
• Domicile: US
• Country of Risk: United Kingdom
• Issuer LEI: 213800DXTXQ1YC8UP313
• Guarantors: InterContinental Hotels Group PLC (the “Parent”), Six Continents Limited and InterContinental Hotels Limited
• Parent Rating: Baa2 (Stable)/BBB (Stable) (Moody's/S&P)
• Expected Issue Rating: Baa2/BBB (Moody's/S&P)
• Format: Reg S, Registered, Senior, Unsecured, NSS
• Size:
  • 3yr: €350m
  • 7yr: €500m
• Settlement: 28-Sep-26 (T+5)
• Maturity Date:
  • 3yr: 28-Sep-29 (3-year)
  • 7yr: 28-Sep-33 (7-year)
• Reoffer:
  • 3yr: MS+65bp / 99.673 / 4.118%
  • 7yr: MS+118bp / 99.982 / 4.628%
• Benchmark:
  • 3yr: +91.8bp vs DBR 0% due 15-Aug-29 (DE0001102473 @ 91.29% / 3.20%). HR = 108%
  • 7yr: +128.4bp DBR 2.6% due 15-Aug-33 (DE000BU2Z015 @ 95.48% / 3.344%). HR = 99%
• Coupon:
  • 3yr: Fixed, 4% Annual, ACT/ACT (ICMA)
  • 7yr: Fixed, 4.625% Annual, ACT/ACT (ICMA)
• Optional Redemption:
  • 3yr: Change of Control Put, 1m Par Call, MWC @ B+15, Tax Call (at par)
  • 7yr: Change of Control Put, 3m Par Call, MWC @ B+20, Tax Call (at par)
• Documentation: EMTN Programme dated 3-Sep-26, €100k + €1k, English Law
• Selling Restrictions: Reg S (Category 2) and as per the Base Prospectus dated 3-Sep-26
• Listing: London Stock Exchange (Main Market)
• Use of Proceeds: General corporate purposes of the Issuer’s business
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs Regulation key information document or DISC/CCI Regulations disclosure document has been prepared as the Notes are not available to retail investors in the EEA or the UK
• Sales into Canada: Yes via exemption
• ISIN:
  • 3yr: XS3519670304
  • 7yr: XS3519673746
• Active Bookrunners: Barclays (B&D), BNP, Commerzbank, MUFG, UniCredit
• Timing: Books open, Today's business
• Books Subject: 12.45 UKT / 13:45 CET
• Hedge Deadline: 15:25 UKT / 16:25 CET
• TOE / FTT: TOE: 15:33 UKT / 16:33 CET FTT: 15:50 UKT / 16:50 CET
• Advertisement: The Base Prospectus is available at https://data.fca.org.uk/artefacts/NSM/FCA/NI-000151223/NI-000151223.pdf and the Final Terms, when published, will be available on the website of the London Stock Exchange https://www.londonstockexchange.com/stock/IHG/intercontinental-hotels-group-plc/company-page

3yr (Mar 2029) @ MS+105a
Implied Spread for fresh 3yr @ MS+65
Priced at MS+65
NIC of 0

7yr (Mar 2033) @ MS+145-150
Implied Spread for fresh 7yr @ MS+120
Priced at MS+118
NIC of -2

PRICED: RELX Finance B.V. €1bn 4.5yr & 9.5yr Sr Unsec; MS+63bp & MS+110bp

IGC European Market: Deal Flow - General

Reoffer: 4.5yr: MS+63bp / 99.654 / 4.091% 9.5yr: MS+110bp / 99.413 / 4.581%
Benchmark: 4.5yr: DBR 0% Feb-31 @ 86.92 / 3.239% / B+85.2bp (HR: 108%) 9.5yr: DBR 2.9 Feb-36 @ 95.78 / 3.431% / B+115.0bp (HR: 97%)

Tranche 1 (4.5yr): Final Books >€1.3bn. Peak book >€1.5bn (good at guidance)
Tranche 2 (9.5yr): Final Books >€2.1bn. Peak book >€2.5bn (good at guidance)

Launched:
4.5yr: €500m @ MS+63bp - Books > €1.5bn (good at guidance)
9.5yr: €500m @ MS+110bp - Books > €2.5bn (good at guidance)
Guidance: 4.5yr: MS+65a 9.5yr: MS+115a - Combined books > €4bn
IPTs: 4.5yr: MS+90/95bp 9.5yr: MS+145/150bp

• Issuer: RELX Finance B.V.
• Issuer LEI: 54930086P8MBY4IN4E29
• Guarantor (Ticker): RELX PLC (Ticker: RELLN)
• Guarantor LEI: 549300WSX3VBUFFJOO66
• Guarantor Ratings (M/S/F): A3 (stable) / A- (stable) / A- (stable)
• Exp. Issue Ratings (M/S/F): A3 / A- / A-
• Format: Senior, Unsecured, Reg S, Bearer NGN, Cat2
• Settlement: 28-Sep-26 (T+5)
• Currency: €
• Size:
  • 4.5yr: €500m
  • 9.5yr: €500m
• Tenor:
  • 4.5yr: 4.5yr FXD
  • 9.5yr: 9.5yr FXD
• Reoffer:
  • 4.5yr: MS+63bp / 99.654 / 4.091%
  • 9.5yr: MS+110bp / 99.413 / 4.581%
• BMK:
  • 4.5yr: DBR 0% Feb-31 @ 86.92 / 3.239% / B+85.2bp (HR: 108%)
  • 9.5yr: DBR 2.9 Feb-36 @ 95.78 / 3.431% / B+115.0bp (HR: 97%)
• Coupon:
  • 4.5yr: 4% FXD (Ann, ACT/ACT (ICMA))
  • 9.5yr: 4.5% FXD (Ann, ACT/ACT (ICMA))
• Coupon Payment: Annually in arrear, payable on 21 March in each year commencing on 21-Mar-27 (short first) up to and including the Maturity Date
• Maturity Date:
  • 4.5yr: 21-Mar-31
  • 9.5yr: 21-Mar-36
• Par Call:
  • 4.5yr: 3 months
  • 9.5yr: 3 months
• MWC:
  • 4.5yr: B+15bp
  • 9.5yr: B+20bp
• ISIN:
  • 4.5yr: XS3489959281
  • 9.5yr: XS3489959877
• TOE:
  • 4.5yr: 17:10 CET / 16:10 UKT
  • 9.5yr: 17:09 CET / 16:09 UKT
• Use of Proceeds: General Corporate Purposes
• Documentation: Standalone / MWC / CoC Put / Clean-up Call (75%)/ Tax Call
• Target Market: UK MiFIR and EU MiFID II Professionals & Eligible Counterparties only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary will be prepared as not available to retail in EEA or the U.K.
• Governing Law: English Law
• Selling Restrictions: As per the issuer’s preliminary prospectus
• Denominations: €100k+ 1k
• Listing: London Stock Exchange (Regulated market)
• Joint Active Bookrunners: BNP Paribas, Citigroup, Commerzbank, J.P. Morgan (B&D), Rabobank, TD Securities, UniCredit
• Advertisement: The final prospectus, when published, will be available on the issuer’s website (https://www.relx.com/investors/debt-investors/term-debt)
• Timing: Priced. FTT: 17:35 CET / 16:35 UKT

4.5yr (Mar 2031) @ MS+90-95
Implied Spread for fresh 4.5yr @ MS+60
Priced at MS+63
NIC of +3

9.5yr (Mar 2036) @ MS+145-150
Implied Spread for fresh 9.5yr @ MS+110
Priced at MS+110
NIC of 0

ALLOCATIONS OUT: Nationwide Building Society £750m PerpNC6 AT1; 7.50%

IGC European Market: Deal Flow - General

Tranche 1 (PerpNC6): Final Books £3.5bn+. Peak book £4.5bn+ (pre-rec)

Launched: PerpNC6: £750m @ 7.50% - Books £4.5bn+ (pre-rec)
Book update: Books £3bn
IPTs: PerpNC6: 8.000% area (S/A)

• Issuer: Nationwide Building Society
• Ticker: NWIDE
• LEI: 549300XFX12G42QIKN82
• Offering Format: Standalone, Reg S, Registered. The AT1 securities will be deferred shares for the purposes of section 119 of the Building Societies Act 1986, will not be protected deposits for the purpose of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000, will not be withdrawable and will be ‘deferred share investments’ (but not ‘deferred share (core capital) investments’) for the purposes of the rules of the Society.
• Issuer Rating: A1 (Stable) / A+ (Stable) / AA- (Stable) by Moody’s / S&P / Fitch
• Expected Ratings of Issue: Baa3 / BBB- by Moody’s / Fitch
• Currency / Expected Size: £750m
• Launch Final Terms: £750m @ 7.50% (S/A Coupon)
• Settlement Date: Expected 30-Sep-26 (T+7)
• Maturity Date: Perpetual
• First Call Date: 20-Dec-32
• Reset Dates: First Call Date and each fifth anniversary thereafter (each a "Reset Date")
• Optional Redemption: The Society may in its sole discretion elect to repay all, but not some only, of the AT1 securities then outstanding on 20-Dec-32 (the “First Call Date”) or any Reset Date thereafter, in each case at their nominal amount together with accrued but unpaid interest thereon up to (but excluding) the date of repayment (excluding interest which has been cancelled in accordance with the Conditions). In addition, the Society may in its sole discretion elect to repay, in whole but not in part, the AT1 securities at any time if a Tax Event or a Regulatory Event has occurred and is continuing, at their nominal amount, in each case together with any accrued but unpaid interest thereon up to (but excluding) the date of repayment (excluding interest which has been cancelled in accordance with the Conditions). Any such repayment is subject to certain conditions and regulatory approval, all as set out in the Conditions
• Status of the Securities: Direct, unsecured and subordinated investments in the Society. On a winding up or dissolution of the Society which commences prior to the Conversion Date (save as otherwise provided in an Excluded Dissolution), the rights and claims of Securityholders shall, subject to applicable insolvency law, rank: (1) senior to claims in respect of Junior Obligations (including CCDS), (2) junior to claims in respect of the Senior Obligations (including the Existing PIBS, obligations of the Society which constitute Tier 2 Capital and other subordinated creditors), and (3) pari passu among themselves and with any other claims ranking, or expressed by their terms to rank pari passu with claims in respect of the AT1 securities, in each case as further set out in the Conditions
• No Set-off: Subject to applicable law, no holder of Security (or any interest therein) may exercise, claim or plead any right of set-off (including, without limitation, compensation or retention), counterclaim or netting in respect of any amount owed to it by the Society in respect of, or arising under or in connection with, the AT1 securities and each holder shall, by virtue of its holding of any AT1 security (or any interest therein), be deemed to have waived all such rights of set-off (including, without limitation, compensation or retention), counterclaim or netting
• Solvency Test: All payment of interest, principal or any other amount in respect of the AT1 securities are conditional on the Society being able to make such payment and still remaining solvent (as defined in the Conditions) immediately thereafter, in each case except in the winding up or dissolution of the Society
• Interest Rate: The AT1 securities will bear interest from (and including) the Issue Date on their outstanding nominal amount, in accordance with the provisions of Condition 5: (i) for each Interest Period which commences prior to the First Call Date, at the Initial Interest Rate; and (ii) for each Interest Period which commences on or after the First Call Date, at the applicable 5yr Gilt + initial credit spread (being the sum of the applicable Benchmark Gilt Reset Reference Rate and the Margin), as calculated by the Principal Paying Agent.
• Interest Payment Dates: Semi-annually in arrear on 20 June and 20 December of each year, commencing on 20-Dec-26 (short first Interest Period)
• Interest Cancellation: Optional cancellation of interest at the Society’s sole discretion in whole or in part at any time. Mandatory cancellation of interest (i) at the direction of the Regulator, (ii) if any interest payment cannot be made in compliance with the Solvency Test, (iii) to the extent required under then prevailing Capital Regulations, due to insufficient Distributable Items, (iv) to the extent required under then prevailing Capital Regulations, if any interest payment would cause any Maximum Distributable Amount applicable to the Society to be exceeded or (v) if a Conversion Trigger occurs
• Substitution or Variation: If a Tax Event or a Regulatory Event has occurred and is continuing, then the Society may in its sole discretion but subject to certain conditions, including obtaining regulatory approval, at its option and without any requirement for the consent or approval of the Securityholders, at any time either substitute all (but not some only) of the AT1 securities for, or vary the terms of the AT1 securities so that they remain or, as appropriate, become, Compliant Securities
• Conversion: If at any time, the CET1 Ratio (calculated on either an individual consolidated basis or a consolidated basis, as further described in the Conditions) of the Society falls below 7.00 per cent. (a "Conversion Trigger"), as determined by the Society or the Regulator (or its agent), the Society will: cancel any interest which has accrued and remains unpaid up to (and including) the relevant Conversion Date (whether or not such interest has become due for payment); irrevocably (without the need for the consent of Securityholders) write down the AT1 securities by reducing the nominal amount of each Security to zero; and (subject as provided in Condition 8) issue to each Securityholder such number of Core Capital Deferred Shares ("CCDS") as is equal to the aggregate nominal amount of that Securityholder's AT1 securities divided by the prevailing Conversion Price. Once the nominal amount of an AT1 security has been written down, it will not be restored in any circumstances, including where the relevant Conversion Trigger ceases to continue
• Conversion Price: £100.00, subject to adjustment in certain circumstances provided in Condition 8.5
• Acknowledgement of Bail-In Power: By its acquisition of any AT1 security (or any interest therein), each Securityholder, and each holder of a beneficial interest in any AT1 security will acknowledge and accept that Amounts Due arising under the AT1 securities may be subject to the exercise of the Bail-in Power by the Resolution Authority and will acknowledge, accept, consent and agree to be bound by the consequences of such exercise, as further outlined in Condition 19
• Events of default: There are no events of default in the Conditions of the AT1 securities and only limited enforcement rights
• Succession and Transfer: Condition 13 contains provisions applicable to the AT1 securities upon an amalgamation by the Society with another building society, a transfer of all or substantially all of its engagements to another building society or a transfer by the Society of the whole of its business to a company, all in accordance with the Building Societies Act 1986, as amended. Those provisions enable (in the context of such amalgamation or transfer only, and subject to certain conditions and restrictions) certain amendments to be made to the terms of the AT1 securities without the consent of the Securityholders, or the Securityholders may receive, in place of their AT1 securities, new securities issued by the Successor Entity or, where applicable, its Qualifying Parent. In certain circumstances, this may result in the AT1 securities (or replacement instruments) ceasing to be convertible into CCDS upon the occurrence of a Conversion Trigger, and such AT1 securities (or replacement instruments) may instead become subject to permanent write-down if a Conversion Trigger occurs.
• Society Conversion Benefits: Any conversion benefits under the terms of any future transfer of the Society’s business to a company will be waived by Securityholders and assigned to a charity assignee selected by the Society (this is without prejudice to the rights of Securityholders under Condition 13)
• Documentation: Standalone format. Preliminary Offering Circular dated 21-Sep-26 and final Offering Circular expected to be dated on or around 28-Sep-26, including the section “Conditions of Issue of the Securities” (the “Conditions”). Defined terms used herein and not otherwise defined have the meaning given in the Conditions.
• Denominations: £200,000 and integral multiples of £1,000 in excess thereof
• Day Count: Actual / Actual (ICMA)
• Listing: London Stock Exchange’s International Securities Market (ISM)
• Governing Law: English law
• Use of Proceeds: The net proceeds of the issue of the AT1 securities will in part be used to fund, in whole or in part, the acquisition by the Society of some or all of its outstanding £750,000,000 Reset Perpetual Contingent Convertible Additional Tier 1 Capital Securities (ISIN: XS2113658202) pursuant to the cash tender offer announced by the Society on 21-Sep-26, and the remainder will be used by the Society to strengthen its regulatory capital base and for general business purposes consistent with the Society’s principal purpose as a UK building society.
• ISIN / Common Code: XS3475909324 / 347590932
• Joint Bookrunners: BofA Securities, J.P. Morgan (B&D), Lloyds Bank Corporate Markets, NatWest and UBS Investment Bank
• Target Market: UK MiFIR product governance: Professional clients and eligible counterparties only (all distribution channels). No sales to EEA or UK retail investors. No EEA PRIIPS key information document (KID), UK PRIIPs KID or UK CCI product summary has been prepared as the AT1 securities are not available to retail investors in the EEA or UK
• FCA CoCo Restriction: The AT1 securities are not intended to be offered, sold or otherwise made available and should not be offered, sold or otherwise made available to retail clients (as defined in the FCA’s Conduct of Business Sourcebook 3.4) in the UK
• Selling Restrictions: The United States (Regulation S, Category 2), the United Kingdom, the EEA, Canada (offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law), Italy and Singapore. Restrictions may apply in other jurisdictions – investors are responsible for ensuring compliance with all applicable restrictions.
• Advertisement: This communication is not a prospectus for purposes of the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook of the FCA Handbook made in accordance with the Public Offers and Admissions to Trading Regulations 2024 or Regulation (EU) 2017/1129, and no such prospectus is required to be (or will be) prepared by the Society or the Joint Bookrunners in connection with the AT1 securities. Prospective investors should not subscribe for any AT1 securities except on the basis of the information in the final Offering Circular. The final Offering Circular will be published on the website of the Society (https://www.nationwide.co.uk/investor-relations/at1-terms-of-access/) once available.
• Stabilisation: FCA/ICMA stabilisation
• Timing: Today’s business
• Books Subject: 1pm UKT
• Pricing: At par, no hedges
• B&D: JPM
• Note: In conjunction with Tender of NWIDE £750m 5.75% Perp Jun-27s (ISIN XS2113658202) at 100.55px

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• Details correct at time of posting