Commentary & Deal Flow

Book update: Orderbooks above €2.25bn (excl. JLM)

IPTs: 4NC3: MS+100a

• Issuer: Caixa Geral de Depositos
• LEI Code: TO822O0VT80V06K0FH57
• Issuer Ratings: A (Positive) / Baa1 (Stable) / AH (Stable) by S&P / Moody's / DBRS
• Instrument: Green Senior Preferred Fixed to Floating Rate Callable Notes
• Expected Issue Ratings: A / Baa1 / AH by S&P / Moody's / DBRS
• Status of the Notes: The obligations of the Issuer under the Ordinary Senior Notes are direct, unconditional, unsecured and unguaranteed obligations of the Issuer and, subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), in the event of the insolvency or winding-up of the Issuer such obligations rank and will rank: (a) pari passu among themselves and with any other Senior Higher Priority Liabilities; and (b) senior to (i) Senior Non Preferred Liabilities and (ii) all present and future subordinated obligations of the Issuer (including, for the avoidance of doubt, all Subordinated Notes)
• Form of the Notes: Book Entry Notes, held through Interbolsa
• Currency: €
• Principal Amount: €500m (WNG)
• Format: 4NC3
• Settlement Date: 20-Oct-26 (T+5)
• Maturity Date: Interest Payment Date falling in 20-Oct-30
• Optional Redemption Date (Call): 20-Oct-29 (3 years)
• Coupon: Fixed rate per annum from (and including) the Settlement Date to (but excluding) the Optional Redemption Date, payable annually in arrear on 20 October each year, commencing 20-Oct-27. If not redeemed on the Optional Redemption Date, 3-month EURIBOR + Margin subject to Benchmark Discontinuation as per Condition 4(i), payable quarterly in arrear, Act/360, Following Business Day (Unadjusted)
• Coupon calculation: Fixed to Floating Rate, Act/Act (ICMA) (when fixed); Act/360 (when floating), Following Business Day, Unadjusted
• Denominations: €100,000
• Interest Payment Dates: Payable annually in arrear; on 20 October of each year, commencing on 20-Oct-27, to (and including) the Optional Redemption Date, payable quarterly in arrear, with the first Interest Payment Date falling on, subject to adjustment in accordance with the Business Day Convention, 20-Jan-30.
• Use of Proceeds: The net proceeds from the issue (or an amount equal thereto) will be separately identified and applied by the Issuer in financing and/or refinancing Green Eligible Projects (as further described in the Sustainable Funding Framework dated Sep-25, published on the CGD Group website)
• Business Days: T2
• Negative Pledge: Condition 3(a) Not Applicable
• Clean-up Call: The Issuer may, subject to Condition 5(l), redeem all (but not some only) of the Notes outstanding if 75% or more of the principal amount outstanding of the Notes originally issued has been redeemed or purchased.
• Waiver of set-off rights: Condition 2(c) Applicable
• Events of Default: Condition 9(a) Not Applicable. Limited to bankruptcy, insolvency proceedings or winding-up of the Issuer (Condition 9(b))
• Statutory Loss Absorption Power: By its acquisition of the Notes, each Noteholder acknowledges, accepts, consents to and agrees to be bound by the effect of the exercise of any Portuguese Bail-in Power by the Relevant Resolution Authority
• Clearing systems: Interbolsa, Clearstream Luxembourg and Euroclear
• Listing: Luxembourg Stock Exchange
• Governing Law: English law save that Condition 2 Status and Condition 14(e) Statutory Loss Absorption Power will be governed by, and construed in accordance with, Portuguese law
• Target Market: Manufacturer target market (MIFID II product governance/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA/UK
• Documentation: €15,000,000,000 EMTN programme Base Prospectus dated as of 12-May-26, together with the supplement dated 14-Sep-26
• Joint Lead Managers: CaixaBI, Credit Agricole CIB, Deutsche Bank AG, HSBC (B&D), Morgan Stanley Europe SE and NatWest
• ESG Coordinator: Deutsche Bank AG
• Schedule: Books open, Today's business