Commentary & Deal Flow

Tranche 1 (3.2yr): Final Books >€1.2bn (incl. €125m JLM). Peak book >€1.2bn (incl. €125m JLM)

Launched: 3.2yr: €500m @ MS+34bp - Books > €1.15bn (incl. €125m JLM) pre-rec
Book Update: Books in excess of €1bn (incl. 125m JLM interest)
Guidance: 3.2yr: MS+38a

• Issuer: Equitable Bank
• Guarantor: EQB Covered Bond (Legislative) Guarantor Limited Partnership
• LEI: 5493004QI4QQE17ETY06
• Expected Issue Ratings: Aa1/AA+ (Moody's/Fitch)
• Tenor: 3.2yr Fixed
• Size: €500m
• Spread: MS+34bp
• Coupon: [•]% per annum payable annually in arrear, Actual / Actual (ICMA)
• Final Maturity Date: 7-Dec-29 (soft bullet)
• Settlement Date: 15-Oct-26 (T+5)
• Interest Payment Dates: 7 December in each year, commencing with a long first coupon on 7-Dec-27, up to and including the Final Maturity Date
• Business Day Convention: Following Business Day Convention, Unadjusted
• Business Days: London, Toronto and T2
• Documentation: The Issuer’s CAD 3bn Global Legislative Covered Bond Programme, as described in the prospectus dated 30-Sep-26, as supplemented from time to time (together, the “Prospectus”)
• Listing: Euronext Dublin
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof
• Form of Covered Bonds: Registered Form
• Sales restrictions: Regulation S, Category 2, Not Rule 144A eligible, the Covered Bonds may not be offered, sold or distributed, directly or indirectly, in Canada or to or for the benefit of, any resident in Canada, and as otherwise described in the Prospectus of the Issuer dated 30-Sep-26. The Covered Bonds are not intended to be offered, sold or otherwise made available in the UK to, and should not be offered, sold or otherwise made available in the UK to, any person in a principal amount of less than £100,000 (or its equivalent in €). Singapore Sales to Institutional Investors and Accredited Investors only
• Clearing System: Euroclear and Clearstream, Luxembourg
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Target Market: UK MiFIR / MiFID II professionals / ECPs-only / No EU PRIIPs KID or UK CCI disclosure document as not available to retail investors in the EEA or the UK
• ISIN & Common Code: XS3529534748 / 352953474
• Joint Lead Managers: Barclays, Commerzbank, DZ Bank AG, Erste Group, LBBW, Scotiabank (B&D/DM), TD Securities
• Books Subject Deadline: 11:30 UKT / 12:30 CET
• Schedule: Books are open, Today's business
• Benchmark: DBR 2.100% 15-Nov-29 / HR 102%
• Hedge Deadline: 13:20 UKT / 14:20 CET