Commentary & Deal Flow

Launched: 3yr: €750m @ MS+30bp - Books above €1.2bn (pre-rec, incl. €25m JLM)
Book Update: Books above €1bn
Guidance: 3yr: MS+35a

• Issuer: Mediobanca – Banca di Credito Finanziario S.p.A.
• Issuer’s LEI Code: PSNL19R2RXX5U3QWHI44
• OBG Guarantor: Mediobanca Covered Bond S.r.l.
• Nominal Amount: €750m
• Status of the Notes: Obbligazione Bancaria Garantita Europea (Premium) - European Covered Bond (Premium)
• Form of the Notes: Reg S Bearer, Dematerialized form
• Eligibility: ECB Eligible, LCR Level 1, beneficial treatment under CRR Art.129 & Solvency II & ECBC Covered Bond Label compliant
• Issuer Rating: Baa3 (pos) / BBB (pos) / BBB- (watch pos) by Moody’s / S&P / Fitch
• Expected Issue Rating: AA+ (Fitch)
• Tenor: 3-year, Soft Bullet with 12 months extension period if applicable
• Coupon: [•]%, per annum, payable annually in arrears
• Fixed Rate Business day convention: Actual/Actual (ICMA), following
• Pricing Date: 06-Oct-26
• Settlement Date: 13-Oct-26 (T+5)
• Maturity Date: 13-Oct-29
• Floating Rate Provision: Applicable in respect of the extension of the relevant Maturity Date if payment on the Final Redemption Amount is deferred pursuant to Condition 8(b) (Extension of maturity)
• Floating margin: 3 month Euribor +[•]bps Act/360, following
• Global Coordinator: Mediobanca
• Joint Bookrunners: BofA Securities, Commerzbank, Crédit Agricole CIB, Erste Group, Mediobanca, Santander, Société Générale and UniCredit (B&D)
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• ISIN: IT0005734477
• Denomination: €100,000 and integral multiples of €1,000 in excess thereof
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Settlement: Euronext Securities Milan (Monte Titoli)
• Documentation: Issued off the Issuer’s Euro 10 billion Covered Bond Programme dated 16-Mar-26 (and supplemented on 13-May-26 and 16-Jun-26)
• Governing Law: Italian
• MiFID / UK MiFIR Target market: Manufacturers target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPS key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in the EEA or in the UK
• Advertisement: This communication is an advertisement and is not a prospectus. The Base Prospectus, any applicable Supplements and the Final Terms, when published, will be available at: https://www.luxse.com
• Schedule: Books will close at 12.40 CET / 11.40 UKT