Commentary & Deal Flow

Tranche 1 (7yr): Final Books above €1.8bn. Peak book above €1.8bn (incl. €75m JLM)

Launched: 7yr: €500m @ MS+31bp - Orderbooks above €1.8bn (incl. €75m JLM)
Book Update: Orderbooks above €1.5bn (incl. €75m JLM interest)
Guidance: 7yr: MS+38a

• Issuer: Banque et Caisse d’Epargne de l’Etat, Luxembourg (“BCEE” / “Spuerkeess”)
• Issuer LEI: R7CQUF1DQM73HUTV1078
• Issuer Ratings: Aa3 (stable) by Moody’s, AA+ (stable) by S&P, AA (stable) by Scope
• Exp. Issue Rating: Aaa by Moody’s
• Status of Notes: Covered Bond, Reg S Bearer
• Label: European Covered Bond (Premium), ECBC Covered Bond label compliant
• Issue Size: €500m
• Coupon: [•]% p.a., fixed, annual, act/act ICMA
• Settlement: 07-Oct-26 (T+5)
• Maturity: 07-Oct-33
• Denominations: €100k + 100k
• Listing: Luxembourg Stock Exchange
• Governing Law: Luxembourg Law
• ISIN: LU3524476929
• Documentation: Issued under the BCEE Luxembourg Mortgage Covered Bond Programme’s Base Prospectus dated 06-Jul-26 and the Final Terms of the Notes
• UOP: 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 consists of residential mortgage loans and commercial real estate financing for buildings that belong to the top 15% most energy efficient buildings in Luxembourg.
• 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 the retail in the UK and EEA.
• PRIIPs: No EU or UK PRIIPs key information document (KID) has been prepared as the notes will not be made available to retail investors in the EEA or the UK.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus.
• Joint Lead Managers: Belfius, Deutsche Bank, LBBW, Natixis (B&D)
• Schedule: Books to close 12:15 CET
• Hedges: DBR 2.6 15-Aug-33 HR: 103%
• Hedge Deadline: 14:15 CET