Commentary & Deal Flow

Reoffer: Short 5yr: SPGB+6bp / 99.849 / 3.687%
Benchmark: Short 5yr: SPGB 3.100% 30-Jul-31 / 3.627%

Launched: Short 5yr: €500m @ SPGB+6bp - Books in excess of €1.25bn
Rev Guidance: Short 5yr: SPGB+7a - Books in excess of €1.1bn
Guidance: Short 5yr: SPGB+9a

• Issuer: ICO (Instituto de Crédito Oficial)
• Issue Rating: A+(stb)/A+(stb)/A(stb)/A3(stb) (S&P/Scope/Fitch/Moody's)
• Status: Explicitly guaranteed by Kingdom of Spain - 0% RW
• Format: Senior Unsecured, Social Bond
• UoP: An amount equal to the net proceeds will be allocated to eligible projects in accordance with ICO’s Social Bond Framework (Oct-25).
• Distribution: Reg S Bearer, TEFRA C
• Size: €500m
• Maturity: 30-Jul-31
• Settlement: 06-Oct-26 (T+5)
• Coupon: 3.65% Fixed, Annual, ACT/ACT, short first on 30-Jul-27
• Re-offer: 99.849 / 3.687% yld / SPGB 3.100% 30-Jul-31 +6bps
• Ref Bond: SPGB 3.100% 30-Jul-31 - 3.627%
• Denoms: €1k+€1k
• Listing/Law: AIAF / English Law / ECB-eligibility expected
• Docs: Issuer’s GMTN Programme
• Bookrunners: BofA / Citi (B&D) / CACIB / Santander
• Coleads: Helaba / Natixis
• ISIN: XS3526683621
• Timing: ToE: 14:52 (CET) / 13:52 (UKT), FTT Immediately
• Target Markets: Professionals and eligible counterparties (All channels for distribution), each as defined in MIFID II