Commentary & Deal Flow

Banque et Caisse d'Epargne de l'Etat, Luxembourg ("BCEE" / "Spuerkeess"), rated Aa3 (Stable)/AA+ (Stable)/AA (Stable) by Moody's/S&P/Scope, has mandated Belfius as Global Coordinator and Belfius, Deutsche Bank, LBBW and Natixis as Joint Lead Managers to arrange a series of fixed income investor meetings and calls commencing on 28-Sep-26. BCEE is also available for meetings at the European Covered Bond Congress in Seville.

An inaugural 7yr Green €500m WNG Covered Bond transaction, expected to be rated Aaa by Moody's, is expected to follow as early as Wednesday, subject to market conditions.

• Issuer: Banque et Caisse d'Epargne de l'Etat, Luxembourg ("BCEE" / "Spuerkeess")
• Issuer Ratings: Aa3 (Stable)/AA+ (Stable)/AA (Stable) (Moody's/S&P/Scope)
• Expected Issue Rating: Aaa (Moody's)
• Global Coordinator: Belfius
• Joint Lead Managers: Belfius, Deutsche Bank, LBBW and Natixis
• Size: €500m WNG
• Tenor: 7yr
• Ranking/Type: Inaugural Green European Covered Bond (Premium), ECBC Covered Bond label compliant
• Format: Reg S Bearer
• Use of Proceeds: An amount equivalent to the net proceeds will be used to finance or refinance, in whole or in part, Eligible Green Assets as described in the Issuer's Green Bond Framework dated September 2024, which consist of residential mortgage loans and commercial real estate financing for buildings that belong to the top 15% most energy efficient buildings in Luxembourg
• Stabilisation: Relevant stabilisation regulations, including FCA/ICMA, apply
• Target Market: Manufacturer target market (MiFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs KID as not available to retail in the UK and EEA
• Roadshow: Concluding today with over 50 accounts engaged
• Timing: Expected as early as Wednesday subject to market conditions
• IOIs: Bulk of IOIs coming around low 30s
• Investor Presentation: URL: https://dealroadshow.finsight.com, Entry Code: BCEE26, Direct Link: https://dealroadshow.finsight.com/e/BCEE26
• Link to Issuer's IR site: https://www.spuerkeess.lu/en/about-us/investor-relations/