Commentary & Deal Flow

Reoffer: 3yr: MS+32bp / 99.958 / 3.890%
Benchmark: 3yr: OBL 2.5 10-Nov-29 #190 @ 97.76 / B+60.0bp

3yr: Peak book above €1.3bn

Launched: 3yr: €500m @ SPGB+32bp - Books above €1.3bn
Spread set at: 3yr: SPGB+32bp
Revised Guidance: 3yr: MS+35a - Books above €1.2bn
Guidance: 3yr: MS+40a

• Issuer: Principality of Andorra (Ticker: ANDRRA)
• Issuer Ratings: Baa1/A-/A- (Pos/Pos/Sta) by Moody's/S&P/Fitch
• Exp. Issue Ratings: A- by S&P
• Format: Reg S, Bearer
• Ranking: Senior Unsecured
• Size: €500m
• Settlement: 07-Oct-26 (T+5)
• Maturity: 07-Oct-29
• Coupon: 3.875%, Fixed, Annual, Act/Act
• Reoffer: 99.958% / 3.890% / MS+32bps
• Benchmark: +60.0bps vs OBL 2.5 10-Nov-29 #190 (97.76%)
• Docs/Listing: EMTN/Luxembourg
• Gov Law: Luxembourg Law
• Min Denoms: €100k + €100k
• Use of Proceeds: According to the Principality of Andorra Green, Social and Sustainability Framework
• Sole ESG Structuring Advisor: CACIB
• Bookrunners: Citi (B&D) / CACIB / Santander
• Timing: Priced. TOE 16.26 CET / FTT immediately
• ISIN: XS3528380986
• Target Market: The target market for the Bonds is professionals and eligible counterparties (all channels for distribution), each as defined in MIFID II
• Advertisement: The final prospectus, when published, will be available at [http://www.bourse.lu]