Commentary & Deal Flow

Guidance: 7yr TAP: EU 2.75% 12/32 +11a 15yr: EU 3.625% 12/40 +10a

• Issuer: European Union (EU)
• LEI: 529900FZRK8FGMPEOM08
• Ratings: AAA/st (Fitch) / Aaa/st (Moody's) / AA+/st (S&P) / AAA/st (Scope)
• Risk Weighting: 0%
• Format & Type: Reg S (Category 1) Bearer (TEFRA Rules apply, no communications with or into the US or Canada (excluding Ontario)), NGN
• Trade Date: 13-Oct-26
• Settlement: 20-Oct-26 (T+5)
• Maturity:
  • 7yr TAP: 12-Oct-33
  • 15yr: 12-Dec-41
• Tranche Size:
  • 7yr TAP: €5bn WNG (current OS: €8.9bn)
  • 15yr: €5bn WNG
• Coupon:
  • 7yr TAP: 3.125%, fixed, incl. 8 days accrued
  • 15yr: [ ]%, fixed, short first
• Day Count:
  • 7yr TAP: Ann, ACT/ACT ICMA
  • 15yr: Ann, ACT/ACT ICMA
• ISIN:
  • 7yr TAP: EU000A4EUY43 (immediately fungible)
  • 15yr: EU000A4E2KT0
• Denoms: €1
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Law: Luxembourg
• Docs: In accordance with the Issuer's Debt Issuance Programme
• JLMs: BofA Securities, Goldman Sachs Bank Europe SE (DM/B&D), LBBW, Morgan Stanley and Santander
• Target Market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II/UK MiFIR.
• Timing: Books Open, Today's Business