Commentary & Deal Flow

ICO (Instituto de Crédito Oficial), explicitly guaranteed by the Kingdom of Spain, rated A3/A+/A/A+ (Moody's/S&P/Fitch/Scope), has mandated BofA Securities, Citi, Crédit Agricole CIB and Santander as joint bookrunners to lead manage its new Reg S €500m WNG Social Bond.

An expected €500m WNG, Reg S, Social short 5y € offering will follow in the near future, subject to market conditions.

• Issuer: ICO
• Maturity: 30-Jul-31
• Target Market: professionals and eligible counterparties (all channels for distribution), each as defined in MIFID II.
• Stabilisation: Relevant stabilisation regulations including FCA/ICMA will apply.
• ICO Investor Presentation: https://www.ico.es/documents/20124/1231693/Investor+Presentation+%2B+macro_Sept2026.pdf/f6c4ecf9-0a1e-3d85-ba0d-8b4ba1e7c25c?t=1790586206694
• ICO Social Bond Framework October 2025: https://www.ico.es/documents/20124/39727/ICO+Social+Bond+Framework+2025+%281%29.pdf/36b3f598-1b10-d6bf-f6b6-a325282cc772?t=1763992802734
• ICO Social Bond Second Party Opinion October 2025 – Sustainalytics: https://www.ico.es/documents/20124/39727/ICO+Social+Bond+Framework+Second+Party+Opinion+%282025%29.pdf/680d6deb-3d4a-773a-e21e-f1d97912aec8?t=1760703358192
• Latest Social Bond Reporting: https://www.ico.es/documents/20124/39502/Reporting+SB+JUN+2024+def.pdf/e830a6e4-245d-6443-4a6d-12b79012f510?t=1751287261584