• Primary IG activity remained solid, somewhat contrary to the overall market tone where credit indices widened, oil rose & equities sold off.
• After a relatively positive start to the week, European government bonds resumed their sell-off as yields rose across the curves throughout the UK & Europe.
• € IG priced €5.35bn from 5 deals (2 x Corp & 3 x FIG) via 8 tranches.
  • Week-to-date we stand at €34.45bn from (29 deals / 36 tranches)
  • This represents 98.63% of our survey forecasts (€34.93bn)
• Sterling (£) priced £1.2bn from 2 deals (2 x FIG) via 2 tranches.
• Again, no IG activity in either the Swiss Franc or the US$ Reg S market.
• Today’s “Talking Point” (below) is the first of a 3-part series looking at € IG ESG issuance YTD, starting with an analysis of Corp, FIG & SSA supply.
• iTraxx Europe & the iTraxx Senior & Sub financial indices widened throughout the session, currently trading at 59.144 (+1.88%), 63.535 (+2.59%) & 103.97 (+3.05%) respectively (as we print). % changes are to this morning's opening levels.
• Brent Crude rose back above $100 as clearer heads reflected on yesterday's optimism regarding US / Iran talks & the realities of current supply strains in both Saudi Arabia & the broader region. Currently trading at c.$101.67 (c.$98.6 this morning).
• European equity bourses were mostly weaker, though the FTSE is just in the green (up by 0.04%), while the Dax & CAC 40 were lower by -0.66% & -0.34% respectively.
• A breakdown of today’s primary € supply is as follows.

• Corporate
  • Total IG: €4bn
  • Avg. tranche size €800m
  • Avg. IPT to Pricing -32.5
  • Avg. cover 3.16X
• FIG
  • Total IG: €1.35bn
  • Avg. tranche size €450m
  • Avg. IPT to Pricing NA (covered) - €0
  • Avg. IPT to Pricing -20.83 (unsecured) - €1.35bn
  • Avg. cover 2.05 X (No books on FMCC as SEC Registered)
• SSA
  • Total IG: €0
  • Avg. tranche size €0
  • Avg. IPT to Pricing NA
  • Avg. cover NA

• Pipeline: The European IG pipeline contains deals for both the € & £ markets. 
  • 3 x € FIG (3 x Covered & 1 x Green)
  • 2 x € SSA
  • 1 x £ Corp (1 x Sustainable)

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

Talking Point

• Following the recent wave of ESG trades, this is the first of a 3-part series on € IG ESG issuance YTD. Today's "Talking Point" takes a look at issuance across Corp, FIG & SSA issuers by volume, & deal count.
• SSA dominates by volume, but FIG leads on deal count. SSA accounts for the largest share of ESG issuance at €133.6bn , yet achieves this across only 75 deals (by virtue of their far larger average deal sizes), the fewest of the 3 issuer types. FIG, by contrast, drives the highest deal count at 124 totalling €101.6bn, reflecting the high-frequency, smaller-ticket issuance typical of a bank.
• As one might expect from the wider issuance spreads, Corporate ESG pricing power is the strongest of the 3, achieving the deepest average IPT move at -37.6bps, nearly double FIG's -23.4bps & an order of magnitude tighter than SSA's -3.2bps.
• SSA deals have commanded the highest oversubscription over the period, with an average cover of 5.2x. Arguably a reflection of the appetites of your typical SSA investor (eg: central banks).
• In summary, SSA’s anchor the market by volume, FIG drives transaction frequency, & Corp’s deliver the sharpest pricing dynamics.

Euro IG (today)

• Bayer Aktiengesellschaft (exp. Issue ratings of Baa3 / BB+ / BB+ by Moody’s, S&P & Fitch) brought their anticipated € benchmark dual-tranche RegS Bearer dual tranche Hybrid offering. IPTs on the 30NC6 were for an annual yield of 6.25% to 6.375%; while the 30NC9 was framed as 6.75% to 6.875%. Collective books were north of €9bn (split €4.95bn & €4.05bn respectively). Guidance came in at 5.825% for the 30NC6 & 6.325% for the 30NC9. Collective books were north of €9bn (split €4.8bn & €4.2bn respectively, pre-rec & good at guidance). The deal launched for €1bn each tranche & at 5.825% for the 30NC6 & 6.375% for the 30NC9. Final books were >€4.3bn for the NC6 & >€3.8bn for the NC9.
  • Bayer last came to the public € markets on May 23rd 2023, when they priced a €3bn triple-tranche senior unsecured offering comprising a 2.25yr, 6.25yr & a 10yr. At the time the deal drew a collective order book of €11.8bn. The short 3.25yr was a €750m deal that matured less than a month ago. Bayer is no stranger to hybrid deals, having issued a dual tranche 60NC5.25 & 60NC8.25 in March 2022. At the time book sizes were €700 & €1.2bn respectively for tranches that sized at €500m & €800m. At the time this hybrid trade was rated Ba1 / BB+ / BBB-.
• L’Oréal S.A. (exp. Issue ratings of Aa1 / AA by Moody’s & S&P) announced a senior unsecured, triple tranche Green € benchmark offering. IPTs on the 3yr FRN were in the area of 3mth €+50; for the 3yr fixed, in the area of MS+55; & for a 7yr fixed, MS+85. From shortest to longest, the trades sized at €850m, €500m & €650m respectively. In the same order they launched at 3mth €+27, MS+23 & MS+55. Books in turn were over €1.9bn, >€1.7bn & >€2bn. Final books sharpened to over €1.5bn, >€1.5bn & >€1.9bn in turn.
  • L’Oreal were last in seen with a large Chf500m dual tranche Swissy trade in early June, but their last foray into the € markets was back on the 7th of January, with a €1.75bn triple-tranche that was in part to go towards the acquisition of an additional 10% stake in Galderma. The 2yr €650m FRN priced at 3mth €+20 (25bps tighter than IPTs from a book of €950m); a €500m 3yr priced at MS+25 (30bps tighter than IPTS from a €1.9bn book); & a €650m 6yr priced at MS+40 (35bps tighter than IPTS from a book of €1.75bn). The 6yr was also upsized from €500m at launch. 

• DNB Bank ASA (exp. Issue ratings of A3 / A- by Moody’s & S&P) brought a €500m (wng) 10.25NC5.25 Green Tier 2 offering with IPTs of MS+130 to +135. Books first called over €1bn, rising to over €1.5bn (inc. €90m JLMs pre-rec). The deal launched & priced for €500m at MS+105. Final books over €1.3bn.
  • This is their 4th public offering in €’s YTD (all of them Green). Their most recent was a €750m 5NC4 Senior Preferred on June 9th & a €750m 6NC5 Senior Non-Preferred prior to that. Their last Tier 2 print was a 10.25NC5 which priced at MS+130 (30bps tighter than IPTs from a book of €1.4bn).
• Ford Motor Credit Company LLC (exp. Issue ratings of Ba1 / BBB- / BBB- by Moody’s, S&P & Fitch) announced an SEC Registered, € benchmark, 3.1yr (29th October 2029) senior unsecured offering. IPTs on the trade were MS+135 to +140. The deal launched for €750m at MS+105.
  • This is Ford’s 3rd visit to the public € markets in 2026, having last priced a €750m 5.25yr on May 5th at MS+155 (27.5bps tighter than IPTS from a book of €1.9bn). Prior to that was their dual tranche on February 12th. Both tranches sized at €750m with a 3.5yr pricing at MS+100 (32.5bps tighter than IPTs from a book of €2.6bn); & a 7yr  pricing at MS+148 (34.5bps tighter than IPTs from a book of €2.4bn).
• HLD Europe SCA (issue rating of BBB+ by S&P) announced a €100m TAP of their outstanding 24th March 2032 senior unsecured issue with guidance of MS+140 to +145. Books were over €120m (inc. €52m JLMs). Spread set at MS+140. Final books were over €150m (inc. €52m JLMs).
  • The European PE firm’s original trade was issued back on the 17th of March for €300m, with the tap bringing the outstanding to €400m. The deal originally priced at MS+165 (35bps tighter than IPTs from a book of €1.6bn). Ratings have not changed. The leads on today's tap were on the original trade, minus one.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Banco Bilbao Vizcaya Argentaria, S.A. (exp. Issue ratings of Baa1 / A- A- by Moody’s, S&P & Fitch) announced a £ benchmark, Senior Non-Preferred, unsecured, 6NC5 fixed-to-fixed issue. IPTs were in the area of mid UKT+115. Initial books were over £1bn (inc. £50m JLMs), rising to over £1.2bn when spread set at UKT+100. The deal launched there for £600m when books had peaked at over £1.25bn (inc. £50m JLMs pre-rec). Final books were over £1bn (inc. £50m JLMs).
  • BBVA are a rare visitor to the public £ market, with their last meaningful trade being a 10.25NC5.25 Tier 2 offering in August 2023. The notes were rated Baa2 / BBB / BBB- & yielded 8.131%.
• Coöperatieve Rabobank U.A. (exp. Issue ratings of Baa1 / BBB+ / A- by Moody’s, S&P & Fitch) announced a Green £ benchmark subordinated 10NC5 Tier 2 offering with IPTs of mid UKT+140 to +145 area. Books called over £1.25bn, rising to over £1.75bn. The deal launched & priced for £600m at UKT+120. Books closed above £1.15bn.
  • Rabo last tapped the public £ markets on June 3rd with a £600m 5.25NC4 Green, Senior Non-Preferred offering which priced at Gilts+80; 15bps tighter than IPTs from a book of £1.65bn. Prior to that was a £500m 6NC5 in February 2025, also a Green SNP trade, which priced at Gilts +85; 17.5bps tighter than IPTs with a book of £830m.

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

Euro (€)

• 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. 
• 23rd September: The Federal State of Brandenburg (rated Aaa by Moody's), mandated DZ Bank, HSBC, JP Morgan, LBBW & Raiffeisen Bank International to lead manage its upcoming new 4yr € benchmark fixed rate Landesschatzanweisung. The deal will be launched in the near future subject to market conditions.

Sterling (£)

• 23rd September: Bromford Flagship LiveWest Limited (exp. Issue ratings of A2 / A+ by Moody’s & S&P) mandated HSBC, Lloyds & RBC Capital Markets as Joint Active Bookrunners to arrange a series of fixed income investor calls commencing 23rd September. RBC Capital Markets is coordinating logistics. A RegS, Category 2, Bearer, Senior Secured, 12yr £ Sustainability Bond benchmark is expected to follow, subject to market conditions.

Transaction Details

PRICED: Rabobank £600m 10NC5 T2; UKT+120bp

IGC European Market: Deal Flow - General

Reoffer: 10NC5: UKT+120bp / 100 / 6.008%
Benchmark: 10NC5: UKT 0.25% 31-Jul-31 Corp @ 80.487 mid (4.808%) | 80.467 bid (4.813%) | HR 112%

Tranche 1 (10NC5): Final Books closed above £1.15bn. Peak book £1.75bn+

Launched: 10NC5: £600m @ UKT+120bp - Books £1.75bn+
Spread set at: 10NC5: UKT+120bp
Book Update: Books £1.3bn+
IPTs: 10NC5: UKT+140/145a

• Issuer: Coöperatieve Rabobank U.A. (“Rabobank”)
• LEI: DG3RU1DBUFHT4ZF9WN62
• Issuer Ratings: Aa3 (Stable) / A+ (Positive) / AA- (Stable) (Moody’s / S&P / Fitch)
• Expected Issue Ratings: Baa1/BBB+/A- (Moody’s / S&P / Fitch)
• Instrument: Green Tier 2 Reg S Notes
• Status and ranking: Subject to exceptions provided by mandatory and/or overriding applicable law (including as provided pursuant to Article 212rf of the Dutch Bankruptcy Code (Faillissementswet)), any claims for payment under the Dated Subordinated Notes in respect of the principal amount constitute unsecured obligations of the Issuer and shall, in the case of (a) the bankruptcy of the Issuer or (b) dissolution (ontbinding) of the Issuer, rank pari passu and without any preference among themselves and:
  subordinated and junior to Senior Creditors of the Issuer;
  pari passu with any other present or future indebtedness of the Issuer which constitutes Tier 2 Capital; and
  senior to any other present or future obligation of the Issuer which constitutes Tier 1 Capital.
  By virtue of such subordination, payments to Holders in respect of the principal amount of Dated Subordinated Notes will, in the case of the bankruptcy or dissolution of the Issuer, only be made after all payment obligations of Senior Creditors have been satisfied in full.
  Subject to exceptions provided by mandatory and/or overriding applicable law (including as provided pursuant to Article 212rf of the Dutch Bankruptcy Code (Faillissementswet)), any claims in respect of interest or coupons shall in the case of (a) the bankruptcy of the Issuer or (b) dissolution (ontbinding) of the Issuer rank pari passu without any preference among themselves and junior to all unsubordinated rights and claims (including with respect to the repayment of borrowed money).
• Nominal Amount: GBP 600m
• Pricing Date: 23-Sep-26
• Settlement Date: 30-Sep-26 (T+5)
• Optional Redemption: 30-Sep-31
• Maturity Date: 30-Sep-36
• Reoffer: UKT+120 | 100 | 6.008% s.a.
• Benchmark: UKT 0.25% 31-Jul-31 Corp @ 80.487 mid (4.808%) | 80.467 bid (4.813%) | HR 112%
• Coupon: 6.008% Fixed, Semi-Annual.
  From (and including) the Optional Redemption Date to (but excluding) the Maturity, interest on the Notes will be reset to a rate equal to the 1 year UK Benchmark Gilt +120bps
• Day Count Fraction: Actual / Actual, ICMA
• Business Day Convention: Following, Unadjusted basis
• Business Days: London, T2
• Coupon Payment Dates: Each March and September of each year commencing on 30-Mar-27 until 30-Sep-31, subject to a short first coupon, payable semi-annually in arrear
• Denominations: GBP 100,000 (+ GBP 100,000 increments)
• Listing: Luxembourg Stock Exchange Regulated Market
• Clearing: Euroclear / Clearstream Luxembourg
• Use of Proceeds: An amount equal to the net proceeds is used to finance and/or refinance, in part or in whole, a portfolio of Eligible Green Assets, defined in accordance with the Rabobank Sustainable Funding Framework 2025
• Governing Law: Dutch
• Type of Note: Bearer, New Global Note
• ISIN / Common Code: XS3520787519 / 352078751
• Joint-Lead Managers: Barclays, BMO Capital Markets, Natixis, Rabobank, UBS
• Set Off: No right of Set-Off or netting
• Events of Default: No Events of Default
• Early Redemption Event: If a Capital Event or MREL Disqualification Event has occurred and is continuing, then, subject to the Conditions to Redemption and Purchase, the Issuer may, at its option, at any time redeem all, but not some only, of the Dated Subordinated Notes at their Early Redemption Amount
  A “Capital Event” is deemed to have occurred if the Issuer demonstrates to the satisfaction of the Competent Authority that as a result of a change on or after the relevant Issue Date in the regulatory classification of the Dated Subordinated Notes under the Capital Regulations, the Dated Subordinated Notes have been or will be excluded from own funds or reclassified as own funds of lower quality (that is, no longer Tier 2 Capital) in whole.
  A “MREL Disqualification Event” shall be deemed to have occurred if, as a result of any amendment to, or change in, any Applicable MREL Regulations or any change in the application or official interpretation of any Applicable MREL Regulations, which the Issuer demonstrates to the satisfaction of the Competent Authority was not reasonably foreseeable at, and becomes effective on or after, the relevant Issue Date, the Notes are, or (in the opinion of the Issuer or the Competent Authority) are likely to become, excluded, in whole or in part, from the MREL Eligible Liabilities as determined in accordance with, and pursuant to, the Applicable MREL Regulations; provided that an MREL Disqualification Event shall not occur where (A) such exclusion of the Notes in whole or in part from the MREL Eligible Liabilities is due to (i) the remaining maturity of the Notes being less than any period prescribed by the Applicable MREL Regulations effective with respect to the Issuer and/or the Group, (ii) any amortisation of the Notes pursuant to article 64 of the CRR or (iii) any applicable limitation on the amount of the MREL Eligible Liabilities or (B) the Notes continue to count in full towards the MREL Requirement by virtue of being Tier 2 Capital.
  Tax Law Change: obligation for the Issuer to pay Additional Amounts
• Substitution & Variation: Applicable. By the acquisition of the Dated Subordinated Notes, each Holder acknowledges and accepts that any liability arising under the Dated Subordinated Notes may be subject to the exercise of Dutch Statutory Loss Absorption Powers by the Resolution Authority and acknowledges, accepts, consents to and agrees to be bound by (a) the effect of the exercise of any Dutch Statutory Loss Absorption Powers by the Resolution Authority and (b) the variation of the terms of the Dated Subordinated Notes, as deemed necessary by the Resolution Authority, to give effect to the exercise of any Dutch Statutory Loss Absorption Powers by the Resolution Authority.
• Alignment Event: Applicable. Occurs if as a result of any amendment to the Applicable MREL Regulations, the requisite features for Statutory Dated Subordinated Obligations are different in any respect from the terms and conditions of the Notes
• Documentation: Rabobank's Global Medium Term Note ("GMTN") Program consisting of the Registration Document dated 19-May-26; and the Securities Notes dated 19-May-26; and supporting documentation as incorporated by reference
• Selling Restrictions: UK, EEA and US and as further set out in the Base Prospectus. Restrictions apply to offers, sales or transfers of the Notes in various jurisdictions. In all jurisdictions, offers, sales or transfers may only be affected to the extent lawful in the relevant jurisdiction, please refer to the relevant section of the Base Prospectus.
  US: Reg S, TEFRA D: Not 144A eligible. Not suitable for U.S. persons (as such term is defined under Regulation S of the U.S. Securities Act of 1933, as amended (the “Securities Act”)) or a person within the United States (as such term is defined under Regulation S of the Securities Act. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the Securities Act) and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons except to certain persons in offshore transactions in reliance on Regulation S under the Securities Act.
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only – Manufacturer target market (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 CCI product summary has been prepared as not available to retail in EEA or in the UK
• Advertisement: The Base Prospectus is available at https://www.rabobank.com/about-us/investor-relations/funding-and-capital/issuance-programs/gmtn-program and https://www.bourse.lu/programme/Programme-CoopRabo/12077
  The Final Terms relating to the securities, when published, will be available at www.luxse.com
• Stabilisation: FCA/ICMA
• TOE: 13:47 UKT
• FTT: 14:10 UKT

PRICED: HLD Europe SCA €100m March 2032 Tap Sr Unsec; MS+140bp

IGC European Market: Deal Flow - General

Reoffer: Long 5yr: MS+140bp / 96.828 / 4.919%
Benchmark: Long 5yr: DBR 0 15-Feb-32 @ 83.77 / B+158bp

Long 5yr: Final Books > €150m (incl. €52m JLM interest). Peak book > €150m (incl. €52m JLM interest)

Launched: Long 5yr: €100m @ MS+140bp - Books > €120m (incl. €52m JLM interest)
Guidance: Long 5yr: MS+140/145

• Issuer: HLD Europe SCA
• Ticker: HLDERP
• Country: LU
• Issuer LEI: 222100KJO80ONXIK8X08
• Issuer Ratings: BBB+ (stable outlook) by S&P
• Note Ratings: BBB+ by S&P
• Format: Senior Unsecured Reg S (Cat 1), Bearer, Temporary Global Bond exchangeable into a Permanent Global Bond not earlier than 40 days after the Issue Date
• Settlement: 30-Sep-26 (T+5)
• Maturity: 24-Mar-32
• Issue Size: €100m
• Bond Size post Tap: €400m
• Reoffer: MS+140bps / 96.828 / 4.919%
• Documentation: Standalone / Luxembourg Law / Euro MTF / €100k+€1k / Change of control (put at par) / MWC (B+30) / Clean-up call (75%) / 3m Par-Call / Negative Pledge
• Reference Benchmark: DBR 0 15-Feb-32 (@83.77 / 3.339%) +158bps
• Original ISIN: XS3325290214
• Temporary Tap ISIN: XS3516309229 (40-day fungibility)
• Coupon: 4.250% Fixed, Annual, ACT/ACT (ICMA), a full first coupon will be paid on 24-Mar-27
• Use of Proceeds: General Corporate Purposes
• Active Bookrunners: Crédit Agricole CIB, Société Générale (B&D)
• Marketing: URL: https://dealroadshow.finsight.com with Entry Code: HIGHLANDS2 Direct Link: https://dealroadshow.finsight.com/e/HIGHLANDS2
• Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Clearing: Euroclear and Clearstream, Luxembourg
• Advertisement: The final Prospectus, when published, will be available free of charge on the website of the Luxembourg Stock Exchange (https://www.luxse.com/)
• Timing: Priced. TOE: 13:51 UKT | FTT: 15:15 UKT

PRICED: DNB Bank ASA €500m 10.25NC5.25 T2; MS+105bp

IGC European Market: Deal Flow - General

Reoffer: 10.25NC5.25: MS+105bp / 99.726 / 4.564%
Benchmark: 10.25NC5.25: OBL 2.9% 31-Oct-31 #194 @ 97.93 / B+121.5bp / HR 101%

10.25NC5.25: Final Books €1.3bn+. Peak book €1.5bn+ (inc 90m JLM, pre-rec)

Launched: 10.25NC5.25: €500m @ MS+105bp - Books €1.5bn+ (inc 90m JLM, pre-rec)
Book Update: Books €1bn+
IPTs: 10.25NC5.25: MS+130/135a

• Issuer: DNB Bank ASA (Ticker: DNBNO, Country: NO)
• LEI: 549300GKFG0RYRRQ1414
• Issuer Ratings: Aa2 / AA- (Moody's (Stable) / S&P (Stable))
• Expected Issue Ratings: A3 (Moody's) / A- (S&P)
• Status of the Notes: Subordinated. The Subordinated Notes will constitute dated, unsecured and subordinated obligations of the Issuer, and will at all times rank pari passu without any preference among themselves as described more fully in Condition 4 (Status of the Subordinated Notes) of the Base Prospectus. It is the intention of the Issuer that the Subordinated Notes will, upon issue, qualify as Tier 2 Capital of the Issuer and the Group.
• Format: Reg S, Bearer, NGN
• Size: €500m
• Reoffer: MS+105bps / 99.726px / 4.564%
• Benchmark: +121.5bps vs OBL 2.9% 31-Oct-31 #194 (px 97.93); HR 101%
• Pricing Date: 23-Sep-26
• Settlement Date: 30-Sep-26 (T+5)
• Maturity Date: 30-Dec-36
• Reset Date: 30-Dec-31
• Interest Rate: 4.50% per annum (the “Initial Rate of Interest”), fixed rate, payable annually in arrear on each Interest Payment Date (starting on the Interest Payment Date falling on 30-Dec-26). One-time reset on the Reset Date to the prevailing 5-yr Euro Mid Swap Rate plus the Margin, payable annually in arrear following the reset
• Interest Payment Date: 30 December in each year, commencing on 30-Dec-26 (short first coupon)
• Redemption at the Option of the Issuer (Issuer Call): The Issuer may redeem all, but not some only, of the Subordinated Notes on any Optional Redemption Date, subject to the conditions to redemption and purchase including Regulatory Consent as per Condition 7(i) of the Base Prospectus. Any such redemption of Notes shall be at par, together with interest accrued to the date fixed for redemption Optional Redemption Date refers to any day falling in the three-month period commencing on (and including) 30-Sep-31 to (and including) the Reset Date
• Residual Holding Call Option: Applicable. If at any time 75 per cent. or more of the aggregate nominal amount of Notes originally issued shall have been redeemed or purchased and cancelled, the Issuer shall have the option, subject, if applicable, to Regulatory Consent as per Condition 7(i), to redeem all (but not some only) of the remaining outstanding Notes at par with interest accrued, as more fully described in Condition 7(n) (Redemption at the Option of the Issuer (Residual Holding Call))
• Specified Denominations: €100,000 and integral multiples of €1,000 in excess thereof up to and including €199,000
• Fixed Rate Day Count: ACT/ACT (ICMA)
• Payment Business Days: T2
• Fixed Rate Business Day Convention: Following Business Day Convention
• Clearing: Euroclear / Clearstream, Luxembourg
• Listing and Trading: Euronext Dublin (regulated market)
• Governing Law/Settlement: English law except for (i) the provisions of Condition 4 (Status of the Subordinated Notes); (ii) the provisions of Condition 11 (No right of set-off, etc.); (iii) the provisions of Condition 22 (Contractual Recognition of Norwegian Statutory Loss Absorption Powers ) and (iv) any other provisions relating to write-down or conversion of the Notes in accordance with Norwegian law and regulation applicable to the Issuer from time to time, which in each case shall be governed by, and construed in accordance with, Norwegian law
• Selling Restrictions: As per the Base Prospectus 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 any supplements are available Confidential at https://www.ir.dnb.no/funding-and-rating/funding-programmes and the Final Terms, when published, will be available at https://www.ir.dnb.no/funding-and-rating/funding-programmes
• Documentation: DNB Bank’s €45,000,000,000 Euro Medium Term Note Programme, Base Prospectus dated 13-Apr-26, last supplemented on the 3-Sep-26 (the "Base Prospectus")
• Joint-Bookrunners: BofA Securities, Citigroup Global Markets Europe AG, Deutsche Bank, DNB Carnegie, Morgan Stanley
• Use of Proceeds: The Notes are intended to constitute Green Bonds (as defined in the Base Prospectus). An amount equal to the net proceeds from the issue of the Notes is intended to be used towards financing and/or refinancing a portfolio of Eligible Green Loans under the Issuer's Green Finance Framework, October 2023, (available on the Issuer's website). See the second paragraph of "Use of Proceeds" in the Base Prospectus for further details
• ISIN: XS3519773454
• Common Code: 351977345
• Target Market (MiFID II & UK MiFIR Product Governance): Manufacturer target market (MiFID II/UK MiFIR product governance, as appropriate) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK
• Timing: Priced. TOE 1359 UK. FTT 1430 UK.

PRICED: Banco Bilbao Vizcaya Argentaria £600m 6NC5 SNP; Mid UKT+100bp

IGC European Market: Deal Flow - General

Reoffer: 6NC5: Mid UKT+100bp / 99.798 / 5.797% s.a.
Benchmark: 6NC5: UKT 0.25% Jul-31 @ 80.527 mid / 80.502 bid / HR 113%

Tranche 1 (6NC5): Final book £1bn+ (incl. £50m JLM). Peak book £1.25bn+ (incl. £50m JLM, pre-rec)

Launched: 6NC5: £600m @ Mid UKT+100bp - Books £1.25bn+ (incl. £50m JLM, pre-rec)
Spread set at: 6NC5: Mid UKT+100bp - Books £1.2bn+ (incl. £50m JLM)
Book Update: Books £1bn+ (incl. £50m JLM)
IPTs: 6NC5: Mid UKT+115a

• Issuer: Banco Bilbao Vizcaya Argentaria, S.A. (“BBVASM”)
• LEI: K8MS7FD7N5Z2WQ51AZ71
• Status: Senior Non-Preferred Notes, unsecured
• Format: Reg S, Bearer form, NGN, TEFRA D Rules apply, no communications with or into the US
• Issuer Ratings: A2 / A+ / A by Moody’s / S&P / Fitch (stable/stable/stable)
• Expected Issue Ratings: Baa1 / A- / A- by Moody’s / S&P / Fitch
• Currency / Size: £600m
• Tenor: 6NC5 Fixed-to-Fixed
• Trade Date: 23-Sep-26
• Settlement Date: 30-Sep-26 (T+5)
• Maturity Date: 30-Sep-32 (6-years)
• Optional Redemption Date: 30-Sep-31 (5-years)
• Coupon: 5.75% Fixed per annum, payable semi-annually in arrear on 30-Mar and 30-Sep of each year starting 30-Mar-27, Act/Act (ICMA), Following Unadjusted, until the Optional Redemption Date. If not redeemed on the Optional Redemption Date, interest on the Notes will reset to a rate per annum equal to the aggregate of the Reset Reference Rate + the Reset Margin, payable semi-annually in arrear on 30-Mar-32 and 30-Sep-32, Act/Act (ICMA), Following Unadjusted
• Reoffer: Mid UKT+100bp / 99.798 / 5.797% s.a.
• Benchmark Reference: UKT 0.25% Jul-31 @ 80.527 mid / 80.502 bid / HR 113%
• Denomination: £100,000 + £100,000
• Listing: Euronext Dublin’s Regulated Market
• Use of Proceeds: The net proceeds of the issue of the Notes will be used for the Group’s general corporate purposes
• Governing Law: Spanish law.
• Docs: BBVA’s €40bn Global Medium Term Note Programme dated 17-Jul-26 (the “Base Prospectus”)
• Waiver of Set-off: No holder of any Notes may at any time exercise or claim any Waived Set-Off Rights against any right, claim or liability of the Issuer and each holder of any 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.
• Events of Default: None, except if an order is made by any competent court commencing insolvency proceedings (procedimiento concursal) against the Issuer or an order is made or a resolution is passed for the liquidation or winding up of the Issuer.
• Optional Redemption (Issuer Call): One-time call option on the Optional Redemption Date, at par, in whole and not in part, at the Issuer’s discretion, in accordance with Applicable Banking Regulations then in force and subject to the prior permission of the Regulator if required pursuant to such regulations, together, if appropriate, with interest accrued to (but excluding) the Optional Redemption Date. Condition 6(c) of the Terms and Conditions of the Notes applies.
• Redemption for Tax Reasons: The Issuer may, subject to such redemption being in compliance with Applicable Banking Regulations then in force, and subject to prior consent of the Regulator if required pursuant to such regulations, redeem all or some only of the outstanding Notes, at any time, at the Early Redemption Amount on giving notice not less than 5 nor more than 30 days' prior notice to the Principal Paying Agent and the Noteholders, if as a result of any change in, or amendment to, the laws or regulations of Spain or any change in the application or binding official interpretation of such laws or regulations:
  • On the occasion of the next payment due under the Notes, the Issuer has or will become obliged to pay additional amounts,
  • The Issuer would not be entitled to claim a deduction in computing taxation liabilities in Spain in respect of any payment of interest to be made on the Notes on the occasion of the next payment due under the Notes or the value of such deduction to the Issuer would be reduced; or
  • The applicable tax treatment of the Notes would be materially affected.
    Condition 6(b) applies.
• Redemption for Eligible Liabilities Event: If, on or after the Issue Date, an Eligible Liabilities Event occurs, the Notes may be redeemed at the option of the Issuer in whole, but not in part, at the Early Redemption Amount subject to such redemption being in compliance with the Applicable Banking Regulations then in force, and subject to the prior consent of the Regulator if required pursuant to such regulations, at any time, on giving not less than 5 nor more than 30 days' notice to the Principal Paying Agent and the Noteholders. Condition 6(d) applies.
• Substitution & Variation: Subject to the requirements in Condition 15(b), if an Eligible Liabilities Event or a Tax Event occurs and is continuing, the Issuer may substitute or modify the terms of the Notes, provided that any variation in the terms of the Notes resulting from such substitution or modification is not materially prejudicial to the interests of the Noteholders, so that the Notes are substituted for or once again become or remain Qualifying Notes.
• Joint Bookrunners: BBVA (B&D), NatWest, Nomura
• ISIN: XS3521664998
• Timing: ToE 14.02 UKT / FTT 14.30 UKT
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction.
• Target Market: Manufacturer target market (MIFID II/MIFIR UK product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK CCI regime key disclosure document has been prepared as not available to retail in EEA or the UK. The Notes are incompatible with the knowledge, experience, needs, characteristics, and objectives of clients which are retail clients.
• Advertisement: This communication is an advertisement. Issuer’s €40bn GMTN programme Base Prospectus dated 17-Jul-26 (the “Base Prospectus”) https://shareholdersandinvestors.bbva.com/debt-investors/programas/global-medium-term-note/ and the Final Terms, when published will be available on http://www.ise.ie

PRICED: L'Oréal €2bn 2yr, 3yr & 7yr Sr Unsec; 3mE+27bp, MS+23bp & MS+55bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: 3mE+27bp / 100 3yr: MS+23bp / 99.777 / 3.83% 7yr: MS+55bp / 99.396 / 4.101%
Benchmark: 3yr: DBR 0 15-Aug-29 @ 91.00 / B+51.0bp 7yr: DBR 2.6 15-Aug-33 @ 94.91 / B+65.9bp

Tranche 1 (2yr): Final Books > €1.5bn. Peak book in excess of €1.9bn
Tranche 2 (3yr): Final Books > €1.5bn. Peak book in excess of €1.7bn
Tranche 3 (7yr): Final Books > €1.9bn. Peak book in excess of €2.0bn

Launched:
2yr: €850m @ 3mE+27bp - Orderbook in excess of €1.9bn
3yr: €500m @ MS+23bp - Orderbook in excess of €1.7bn
7yr: €650m @ MS+55bp - Orderbook in excess of €2.0bn
Spread set at: 2yr: 3mE+27bp 3yr: MS+23bp 7yr: MS+55bp
IPTs: 2yr: 3mE+50a 3yr: MS+55a 7yr: MS+85a

• Issuer: L'Oréal S.A. (Ticker: ORFP; Country: FR)
• Issuer LEI: 529900JI1GG6F7RKVI53
• Issuer Ratings: Aa1 (stable) / AA (stable) by Moody's/S&P
• Exp Issue Ratings: Aa1 / AA by Moody's/S&P
• Format: Senior Unsecured, Unsubordinated Reg S (Cat 2) Bearer dematerialized
• Pricing Date: 23-Sep-26
• Settlement Date: 30-Sep-26 (T+5)
• Issue Type:
  • 2yr: 2-Year FRN
  • 3yr: 3-Year Fixed
  • 7yr: 7-Year Fixed
• Maturity Date:
  • 2yr: 30-Sep-28
  • 3yr: 30-Sep-29
  • 7yr: 30-Sep-33
• Issue Size:
  • 2yr: €850m
  • 3yr: €500m
  • 7yr: €650m
• Re-offer:
  • 2yr: 3mE+27bps / 100
  • 3yr: MS+23bps / 99.777 / 3.83%
  • 7yr: MS+55bps / 99.396 / 4.101%
• Benchmark:
  • 3yr: 51.0bps vs DBR 0 15-Aug-29 @ 91.00 / 3.32% (HR: 110%)
  • 7yr: 65.9bps vs DBR 2.6 15-Aug-33 @ 94.91 / 3.442% (HR: 102%)
• Coupon:
  • 2yr: Floating, Quarterly, ACT/360
  • 3yr: 3.75%, Fixed, Annually, ACT/ACT (ICMA)
  • 7yr: 4%, Fixed, Annually, ACT/ACT (ICMA)
• TOE:
  • 2yr: 15:18 UKT
  • 3yr: 15:16 UKT
  • 7yr: 15:13 UKT
• Business Day Convention:
  • 2yr: Modified Following, adjusted
  • 3yr: Following, unadjusted
  • 7yr: Following, unadjusted
• Residual Maturity Par Call:
  • 3yr: 1-month
  • 7yr: 3-month
• Make whole Call:
  • 3yr: Yes (vs Bund) B+10bps
  • 7yr: Yes (vs Bund) B+10bps
• Clean-up Call:
  • 3yr: Yes (75%)
  • 7yr: Yes (75%)
• Documentation: EMTN Programme dated 5-May-26 as supplemented on 22-Sep-26 / French Law / €100k + €100k / Euronext Paris (Regulated Market) / Euroclear France
• ISIN:
  • 2yr: FR001401B5Y0
  • 3yr: FR001401B5Z7
  • 7yr: FR001401B601
• Reference Bund:
  • 3yr: DBR 0 15-Aug-29
  • 7yr: DBR 2.6 15-Aug-33
• Selling Restrictions: As per Base Prospectus
• Use of Proceeds: General Corporate Purposes
• Global Coordinators: BNP Paribas (B&D), HSBC, Société Générale
• Active Bookrunners: Crédit Agricole CIB, Deutsche Bank, ING, Santander, Standard Chartered Bank AG
• Target Market: The manufacturer target market (MiFID II and UK MiFIR product governance as applicable) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (“KID”) or disclosure document required under the FCA Product Disclosure Sourcebook (“DISC”) has been prepared as the Notes are not available to retail in EEA or the United Kingdom
• Advertisement Language: The Base Prospectus and its Supplement along with the Final Terms, when published, will be available on the Autorité des marchés financiers website: https://www.amf-france.org and on the Issuer website: https://www.loreal-finance.com
• FTT: 15:45 UKT

3yr (Sep 2029) @ MS+55a
Implied Spread for fresh 3yr @ MS+18
Priced at MS+23
NIC of +5

7yr (Sep 2033) @ MS+85a
Implied Spread for fresh 7yr @ MS+48
Priced at MS+55
NIC of +7

PRICED: Ford Motor Credit Company €750m 3.1yr Sr Unsec; MS+105bp

IGC European Market: Deal Flow - General

Reoffer: 3.1yr: MS+105bp / 99.999 / 4.648%
Benchmark: 3.1yr: DBR 0 15-Aug-29 @ 91.015 / B+133.4bp

Allocations out in the system
Launched: 3.1yr: €750m @ MS+105bp - Books subject 12.30 UKT / 13.30 CET
IPTs: 3.1yr: MS+135/140bp

• Issuer: Ford Motor Credit Company LLC
• Ticker: F
• Country: US
• Issuer Ratings (M/S/F): Ba1 (Stable) / BBB- (Negative) / BBB- (Stable)
• *Expected Issue Ratings (M/S/F) : Ba1 / BBB- / BBB-
• Format: SEC Registered EMTN
• Ranking: Senior Unsecured
• Currency: EUR
• Size: €750m
• Tenor: 3.1yr
• Maturity Date: 29-Oct-29
• Reoffer: MS+105bps / 99.999 / 4.648%
• Benchmark: DBR 0 15-Aug-29 +133.4bps @ 91.015 Price / HR 110%
• Coupon Type: 4.645% Fixed; Annual; ACT/ACT (ICMA), short first
• Optional Redemption: MWC (B+20)
• Settlement: 29-Sep-26 (T+4)
• Denominations: €100k x €1k
• Use of Proceeds: General corporate purposes
• Active Bookrunners: CACIB, DB (B&D), JPM, MS, SocGen
• Documentation: SEC Registered EMTN / NYSE Listing / NY Law
• Selling Restrictions: See the EMTN Programme Base Prospectus Supplement dated 30-Apr-26
• Sales Into Canada: No
• Clearing: Euroclear / Clearstream
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI product disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• LEI: UDSQCVRUX5BONN0VY111
• ISIN: XS3517381383
• TOE: 15:17 UKT

3.1yr (Oct 2029) @ MS+135-140
Implied Spread for fresh 3.1yr @ MS+105
Priced at MS+105
NIC of 0

PRICED: Bayer Aktiengesellschaft €2bn 30NC6 & 30NC9 Sub; 5.825% & 6.325%

IGC European Market: Deal Flow - General

Reoffer: 30NC6: 5.825% / 99.629 30NC9: 6.325% / 99.497
Benchmark: 30NC6: DBR 1.7% Aug-32 / +243.2bp 30NC9: DBR 2.6% Aug-35 / +282.3bp

Tranche 1 (30NC6): Final books €4.3bn+. Peak book €4.95bn
Tranche 2 (30NC9): Final books €3.8bn+. Peak book north of €4.2bn (pre-rec / good at guidance)

Launched:
30NC6: €1bn @ 5.825% - Books north of €4.8bn (pre-rec / good at guidance)
30NC9: €1bn @ 6.325% - Books north of €4.2bn (pre-rec / good at guidance)
Guidance: 30NC6: 5.825%# 30NC9: 6.325%# - Books north of €9bn (split 4.95bn / 4.05bn respectively)
IPTs: 30NC6: 6.250-6.375%a 30NC9: 6.750-6.875%a

• Issuer: Bayer Aktiengesellschaft
• Issuer LEI: 549300J4U55H3WP1XT59
• Issuer Ratings: Baa2 (stable) by Moody’s / BBB (negative) by S&P / BBB (negative) by Fitch
• Expected Issue Ratings: Baa3 by Moody’s / BB+ by S&P / BB+ by Fitch
• Format: Reg S (Cat 2), Bearer Notes, CGN
• Status/Ranking of the Notes:
  • 30NC6: Unsecured and subordinated obligations of the Issuer ranking senior to the Junior Obligations (including outstanding hybrids other than those due in 2054 with a first call date in 2029 and those due 2056 with a first optional redemption date in 2035), pari passu among themselves and with Parity Obligations (including outstanding hybrids due in 2054 with a first call date in 2029 and those due 2056 with a first optional redemption date in 2035) and junior to all Senior Obligations
  • 30NC9: Unsecured and subordinated obligations of the Issuer ranking senior to the Junior Obligations (including outstanding hybrids other than those due in 2054 with a first call date in 2029 and those due 2056 with a first optional redemption date in 2032), pari passu among themselves and with Parity Obligations (including outstanding hybrids due in 2054 with a first call date in 2029 and those due 2056 with a first optional redemption date in 2032) and junior to all Senior Obligations
• Expected Rating Agency Equity Credit: Moody’s Basket M (50%) / S&P Intermediate (50% until the First Reset Date) / Fitch (50%)
• Settlement Date: 28-Sep-26 (T+3)
• Size:
  • 30NC6: €1bn
  • 30NC9: €1bn
• Reoffer:
  • 30NC6: 99.629 / 5.825% (Annual Yield)
  • 30NC9: 99.497 / 6.325% (Annual Yield)
• Maturity Date:
  • 30NC6: 28-Sep-56 (30 yr)
  • 30NC9: 28-Sep-56 (30 yr)
• First Reset Date:
  • 30NC6: 28-Sep-32
  • 30NC9: 28-Sep-35
• Initial Credit Spread:
  • 30NC6: 225.4 bps
  • 30NC9: 274.7 bps
• Reference Bund:
  • 30NC6: DBR 1.7% Aug-32 +243.2 bps
  • 30NC9: DBR 2.6% Aug-35 +282.3 bps
• Interest:
  • 30NC6: 5.750% Fixed Interest Rate payable annually in arrear until the First Reset Date; thereafter: every 5 years interest rate reset at Reference Rate + Initial Margin + relevant step-ups
  • 30NC9: 6.250% Fixed Interest Rate payable annually in arrear until the First Reset Date; thereafter: every 5 years interest rate reset at Reference Rate + Initial Margin + relevant step-ups
• Interest Payment Date:
  • 30NC6: 28-Sep each year commencing on 28-Sep-27, Act/Act (ICMA), following unadjusted
  • 30NC9: 28-Sep each year commencing on 28-Sep-27, Act/Act (ICMA), following unadjusted
• Step-ups:
  • 30NC6: 25bps from 28-Sep-37 (First Step-up Date); 100bps (additional 75bps) from 28-Sep-52 (Second Step-up Date)
  • 30NC9: 25bps from 28-Sep-40 (First Step-up Date); 100bps (additional 75bps) from 28-Sep-55 (Second Step-up Date)
• ISINs:
  • 30NC6: XS3385867794
  • 30NC9: XS3385867877
• ToE:
  • 30NC6: 16.22 UKT
  • 30NC9: 16.23 UKT
• Redemption at the Option of the Issuer:
  • 30NC6: The Issuer may call and redeem the Notes (in whole but not in part) with effect as of any day during the period from and including the First Optional Redemption Date (28-Jun-32) to and including the First Reset Date; and on any Interest Payment Date thereafter at par
  • 30NC9: The Issuer may call and redeem the Notes (in whole but not in part) with effect as of any day during the period from and including the First Optional Redemption Date (28-Jun-35) to and including the First Reset Date; and on any Interest Payment Date thereafter at par
• Special Event Call Rights: The Issuer may at any time call the Notes (in whole but not in part) (a) any time at par upon a Gross-up Event, and in the case of Minimal Outstanding Aggregate Principal Amount (<=25%), (b) at 101% prior to the First Optional Redemption Date (par thereafter) upon a Rating Event or a Tax Deductibility Event
• Interest Deferral: At Issuer’s discretion at any time, in whole but not in part, cash cumulative, non-compounding
• Payment of Arrears of Interest: The Issuer may pay outstanding Arrears of Interest (in whole but not in part) at any time Arrears of Interest will be due (in whole, but not in part) upon the earliest of: (i) of a Compulsory Settlement Event (discretionary payment on, or repurchase or redemption of, parity and junior securities); (ii) an Interest Payment Date in respect of which the Issuer does not elect to defer the interest; (iii) redemption of the Notes; (iv) the 5th anniversary of the Interest Payment Date on which the Issuer first deferred a payment of interest; or (v) winding-up of the Issuer subject to customary exceptions (as described in the Prospectus)
• Replacement Language: Intentional, subject to customary carve-outs
• Documentation: Standalone / Luxembourg Stock Exchange (regulated market) / German Law / €100k + €100k
• Use of Proceeds: General Corporate Purposes
• Target Market: Manufacturer target market (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 disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared as not available to retail in the EEA or the UK.
• Selling Restrictions: US: Reg. S (Cat. 2) / TEFRA D; No sales to and no communication with US investors, including offshore US investors Singapore, UK: Each as further described in the prospectus Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Global Coordinators: BofA Securities, Deutsche Bank
• Active Bookrunners: BNP Paribas, BofA Securities, Citigroup, Crédit Agricole CIB, Deutsche Bank (B&D), HSBC
• Timing: PRICED / FTT: 16:45 UKT
• Advertisement: This communication is an advertisement. It is not a Prospectus. The Final Prospectus relating to the Notes, when published, will be available on the website of the Luxembourg Stock Exchange

• To view the LIVE / REAL TIME European IG pipeline please click here.
• Details correct at time of posting