• The EU’s €10bn dual-tranche dominated supply with an impressive collective final book of €160bn; split €73bn for the €5bn TAP, & €87bn for the new €5bn long 15yr.
  • Respective covers of 14.6 X & 17.4 X.
  • EU’s dual-tranche last month drew a final book of €72bn for the €6bn 3.5yr ; & €80bn for the €5bn 30yr.
  • Largest books for any single tranche YTD, were both from Italy with their 10yr in April @ €159bn, & their 15yr in February @ €157bn.
  • Largest collective books YTD again fall to Italy, with their dual-tranche in June seeing €240bn; & their dual-tranche in January for €265bn.
  • EU's largest single tranche YTD was their 10.75yr in March for €118bn.
• Today we had a moderate but consistent rally in OAT’s across the curve, with Bunds following the same path 5yrs & out.
• Credit indices & spreads were only slightly wider in a far less volatile market.
• € IG delivered €11.5bn from 4 deals (3 x FIG & 1 x SSA) via 5 tranches.
  • €14.27bn WTD - 56% of our ‘Supply Survey’ Forecast of €25.5bn.
  • All 4 deals announced today were ‘wng’ with borrowers opting to dictate size rather than allowing the market to influence it.
• Swiss Franc priced Chf110m from 1 deal (1x FIG) via 1 tranche.
  • 1st Swiss Franc trade since Finland's Chf125m 10yr on the 29th of September.
• No supply from either the Sterling (£) or US$ Reg S markets.
• Today’s “Talking Point” (below) we look at an issue that is actively dictating geo-politics & directly impacting the bond markets. Namely, the ‘mid-term elections’ in the US. We have a quick refresher & discuss why they are so important to Trump.
• iTraxx Europe & the iTraxx Senior & Sub financial indices were all slightly wider on the day, currently at 63.463 (+0.21%), 71.431 (+0.15%) & 119.654 (+0.18%) respectively (as we print & % △ on the day).
• Vix Index is also slightly wider on the day, now at 15.22 (15.21 this morning).
• Brent Crude prices crept lower throughout the morning though headed north again in the afternoon, currently at c.$105.94 (c.$105.66 this morning).
• European equity bourses also had a mercurial session turning from green in the morning to red in the afternoon with the FTSE, Dax & CAC 40 all lower by -0.05%, -0.01% & -0.2% respectively.
• A breakdown of today’s primary € IG supply is as follows.

• Corporate
  • Total IG: €0
  • Avg. tranche size €0
  • Avg. IPT to Pricing 
  • Avg. cover 
• FIG
  • Total IG: €1.5bn
  • Avg. tranche size €500m
  • Avg. IPT to Pricing -5 (covered) €500m
  • Avg. IPT to Pricing -27.5 (unsecured) €1bn
  • Avg. cover 3.6 X
• SSA
  • Total IG: €10bn
  • Avg. tranche size €5bn
  • Avg. IPT to Pricing -2.5
  • Avg. cover 16 X

• Pipeline:  The European IG pipeline is as follows. 
  • 4 x € SSA (1 x Social, 1 x Digital Native Security, 1 x EARN & 1 x Sust)

Contact Stuart Aylward with questions or comments on Bloomberg or via stuart@creditflowresearch.com

Talking Point

• Given that the ‘mid-term elections’ in the US are having such a massive influence on geo-politics at the moment, today we talk about why they are so important to Trump, despite the 22nd Amendment precluding him from running for a 3rd term in office.
• Firstly, as background the US Congress is the law-making branch of the US Federal Government, which is split into two distinct chambers ‘The House of Representatives’ & the Senate’. The mid-terms are elections held half way through a President's 4yr term in office where voters elect members to all 435 seats in the House of Representatives & about a third of the Senate.

1. Currently, Trump's Republican party controls Congress, which allows him to pass key legislative priorities, confirm judicial nominees, & shape federal spending.
   1. Should the Democrats win control of the House of Representatives or the Senate, his ability to pass major legislation or tax revisions virtually halts.
   2. Senate control is vital for confirming administration officials, cabinet members, & federal judges including any potential Supreme Court vacancies. Losing the Senate would block future appointments.
2. Losing either chamber of Congress dramatically alters the balance of power in Washington.
   1. A Democratic-majority House would gain subpoena power, allowing congressional committees to launch deep investigations into White House operations, executive orders, & federal agency actions.
   2. An opposition-held House could move to initiate impeachment proceedings against Trump or key administration officials. While a two-thirds Senate majority is required to convict & remove a president, lengthy investigations & hearings would create political friction.
3. Trump’s power within the Republican Party relies heavily on his ability to act as the party’s ‘kingmaker’.
   1. Demonstrating that his endorsement carries candidates across the finish line reinforces his authority over congressional Republicans.
   2. Second-term presidents naturally risk becoming "lame ducks" as the political establishment turns its focus toward the next presidential election cycle. Maintaining loyal majorities helps keep party members aligned behind his vision rather than straying toward alternatives.
4. Preserving his ‘Legacy’ & influencing 2028
   1. The outcome of the midterm elections serves as an initial referendum on Trump’s presidency & helps set the stage for the 2028 presidential race. A strong showing for his endorsed candidates helps ensure that "Make America Great Again" (MAGA) policies remain the central platform of the Republican Party for the post-Trump era.

Euro IG (today)

• Fairstone Bank of Canada (exp. Issue ratings of Aa1 / AA by Moody’s & DBRS), mandated back on the 21st of September, brought their long anticipated inaugural 3yr €500m (wng) soft-bullet Covered Bond. The Covered Bonds are backed by Canadian residential mortgages. Guidance on the notes were in the area of MS+45. Books were first called over €1.1bn (inc. €100m JLMs), rising to over €1.4bn (inc. €125m JLMs). The deal launched for €500m at MS+40.
  • FBC is not a frequent visitor to the public debt markets, & this is their first offering outside of the domestic Canadian markets. As such this is a debut covered bond backed by Canadian residential mortgages.
• Caixa Geral de Depósitos, S.A. (exp. Issue ratings of Baa1 / A / AH by Moody’s, S&P & DBRS) brought a €500m (wng), Green, Senior Preferred, Fixed to Floating, 4NC3 offering with IPTs in the area of MS+100. Books were first cited as above €2.25bn (exc. JLMs), rising to over €3.3bn. The trade launched for €500m at MS+70. Final books held above €3.3bn (exc. JLMs).
  • CGD brought a similar trade on the 13th of May, pricing a €500m, 6NC5, Green, Senior Preferred at MS+73 (29.5bps tighter than IPTs from a book of €1.2bn). In September last year, there was a near mirror trade when they priced a €500m, 6NC5 Green, Senior Preferred at MS+65 (35bps tighter than IPTs from a €2bn book).
• Investec Bank plc (exp. Issue ratings of A1 / A- by Moody’s & Fitch), brought a €500m (wng), 3yr, senior OpCo offering with IPTs in the area of MS+110. Books were first announced as over €1bn (inc. €30m JLMs) & guidance came out in the area of MS+90. Books rose to over €1.1bn (inc. €30m JLMs) & the deal launched & priced for €500m at MS+85. Books at final terms were over €700m.
  • Investec Bank plc’s last public € offering was in June of last year when they priced a €500m 3yr FRN at 3mth €+110. That aside the OpCo is an infrequent visitor to the market, with very few outstandings. Their HoldCo ‘Investec plc’ has been more active this year issuing two €500m public trades (a 6.5NC5.5 & a 6yr), & a £300m 10.5NC5.5 Tier 2.

• The European Union (rated Aaa / AA+ / AAA / AAA by Moody's, S&P, Fitch & Scope) brought its expected, Fixed Rate RegS Bearer dual tranche offering, comprising a TAP of its EU €6bn 3.125% October 2033, for a €5bn (wng) with guidance of EU 2.75% December 32 +11 area. There was also a new €5bn (wng), 15yr due 12th of December 2041 with guidance of EU 3.625% December 40 +10 area. With the transaction well telegraphed final terms came in early c.10:30am in Europe. The book on the Oct 33 TAP was over €61bn (inc. €3.75bn JLMs), with spread set at EU 32’s +9; & the Dec 41’s had a book of over €76bn (inc. €3.75bn JLMs), with spread set at EU 40’s +7. Final books for the TAP were over €73bn (inc. €3.75bn JLMs) & over €87bn (inc. €3.75bn JLMs).
  • Today’s offering represents the 9th major public funding offering in €’s YTD. All but one of these have been dual-tranche deals (10th March single tranche €9bn 10.75yr). Prior to today these deals have raised a collective €80bn, via 15 tranches. Their most recent issue was last month on the 15th, when they priced a €6bn 3.5yr at MS+6 (2bps tighter than guidance from a book of €72bn); & a €5bn 30yr at MS+3 (2bps tighter than guidance from a book of €80bn). The 3.125% 33’s being tapped today priced on the 12th of March this year. The deal was originally a €6bn 7yr, which priced at MS+9 (2bps tighter than guidance from a book of €85bn). Note that 13 out of 15 tranches brought this year have tightened 2bps from guidance; with 2 exceptions tightening by 3bps (€3bn 4.25yr from June & €3bn 3.25yr from April).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• No issues.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• VP Bank AG (exp. Issue rating of A3) announced a 7yr (3rd Nov 2033) Senior Non-Preferred offering, with a starting size of Chf100m. Initial pricing was SARON MS+110 to +120. Spread set at MS+112 when a new issue size was cited as Chf110m. The deal priced mid-morning on those terms.
  • The private bank based in Lichtenstein, with a senior rating of A1, is an infrequent visitor to the public markets, with their last offering a Chf155m 10yr senior non-preferred 7yrs ago which priced at MS+70 (mid point of guidance).

Week-to-date volumes:

US$ Reg S (today)

• No issues.

Pending Deals & Mandates

Euro (€)

• 7th October: The Grand Duchy of Luxembourg (rated Aaa / AAA / AAA by Moody’s, S&P & Fitch), mandated Barclays, BCEE, BGL BNP Paribas, Citi & Credit Agricole CIB as Joint Lead Managers to arrange a series of virtual fixed-income investor calls in relation to its upcoming Inaugural 10yr, € benchmark fixed rate Digitally Native Securities. The Digitally Native Securities will be issued on a distributed ledger technology (DLT) platform operated by LuxCSD S.A. (D7 DLT Platform). The Digitally Native Securities are also eligible for clearance & settlement though Clearstream Banking & Euroclear Bank SA/NV. The virtual roadshow concluded on Tuesday the 13th & the transaction is expected to launch on Wednesday the 14th of October, subject to market conditions. RegS Bearer, CAC, FCA/ICMA stabilisation.
  • A digitally native securities is a bond, issued, & managed directly on a blockchain or distributed ledger from inception, rather than existing first as a physical certificate & then tokenized latterly. By incorporating smart contracts into their core design, such bonds automate dividend distributions, compliance checks, & settlement, offering near-instant clearing, enhanced transparency, & continuous 24/7 trading without relying on legacy clearinghouses or paper registries.
• 13th October: The African Development Bank (rated Aaa / AAA / AAA / AAA by Moody's, S&P, Fitch & Japan Credit Rating Agency), mandated Barclays, Deutsche Bank, HSBC & Natixis, to lead manage its new 5yr, Social, € benchmark (Global SEC exempt) to be launched & priced in the near future, subject to market conditions.
• 13th October: The European Investment Bank (rated Aaa / AAA / AAA / AAA by Moody's, S&P, Fitch & DBRS), mandated BNP Paribas, BofA Securities, Credit Agricole CIB & JP Morgan to lead manage a new €3bn (wng) 7yr EARN due 15th November 2033. The transaction (RegS, Registered, Cat1) will be launched in the near future, subject to market conditions.
• 13th October: The Flemish Community (rated AA- by Fitch), mandated Deutsche Bank as Sole ESG Coordinator & Deutsche Bank, HSBC, ING & UniCredit, as Joint Lead Managers for its upcoming € benchmark fixed rate dual tranche transaction, with a new short 5yr (maturing in August 2031) sustainable bond & a new short 12yr conventional bond with €500m (exp) (maturing in June 2038). The transaction is expected to be launched in the near future, subject to market conditions.

Transaction Details

PRICED: VP Bank AG CHF 130m 7yr SNP; SARON MS+112bp

IGC European Market: Deal Flow - General

Reoffer: 7yr: SARON MS+112bp / 100.31 / 1.8025%

Launched: 7yr: CHF 130m @ SARON MS+112bp
Spread set at: 7yr: SARON MS+112bp
Guidance: 7yr: SARON MS+110/120bp

• Issuer: VP Bank AG (BBG: VBPSW)
• Issuer Domicile: Liechtenstein
• Domestic / Foreign: Foreign (SBI Domestic segment expected)
• Format: Public Fixed Rate Bond
• Ranking: Senior Non-Preferred
• Issuer Rating: Moody's: A1 (st.)
• Exp. Instrument Rating: Moody's: A3
• Issue Size: CHF 130m
• Coupon: 1.85% p.a. (30/360; following unadj.)
• Tenor: 7 years
• Payment Date: 03-Nov-26
• Maturity: 03-Nov-33
• Issue Price: 100.31%
• Pricing: SARON MS +112 bps / YTM 1.8025% / Govt+136.0 bps
• ISIN/Valor: CH1606711542 / 160671154
• Lead Manager(s): Zurcher Kantonalbank / BNP Paribas / VP Bank AG (JLNB)
• Listing: SIX Swiss Exchange, as of 02-Nov-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Standalone
• Governing Law: Swiss law, except for status, which is governed by the law of the Principality of Liechtenstein
• FIDLEG/FinSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Covenants: PP
• Denomination: CHF 200000 and multiples thereof
• Selling Restrictions: USA, US Persons, EEA, UK
• Target Market: As defined by the manufacturer domiciled in the EEA (MiFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions

PRICED: Investec Bank plc €500m 3yr Sr Unsec; MS+85bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+85bp / 99.892 / 4.289%

Benchmark: 3yr: OBL 190 @ 98.12 / B+112bp

Tranche 1 (3yr): Final Books over €700mm. Peak book over €1.1bn (incl. €30mm JLM)

Launched: 3yr: €500m @ MS+85bp - Books over €1.1bn (incl. €30mm JLM)

Guidance: 3yr: MS+90a - Books over €1bn (incl. €30mm JLM)

IPTs: 3yr: MS+110a

• Issuer: Investec Bank plc
• LEI: 84S0VF8TSMH0T6D4K848
• Ticker: INVES
• Issuer Rating: A1 (Positive) / A- (Stable) (Moody's / Fitch)
• Expected Issue Rating: A1 / A- (Moody's / Fitch)
• Form: Registered (not NSS)
• Status: Senior Notes
• Size: €500m
• Pricing Date: 13-Oct-26
• Issue Date: 21-Oct-26 (T+6)
• Maturity Date: 21-Oct-29
• Reoffer Price: 99.892 / 4.289% / MS+85bp
• Benchmark Spread: OBL 190 + 112.0 / spot: 98.12 / 100% hr
• Interest: 4.25% Fixed
• Interest Payment Dates: 21 October in each year, commencing on 21-Oct-27
• Day Count Fraction: ACT/ACT (ICMA)
• Business Day Convention: Following, unadjusted
• Business Days: London, T2
• Clean-up Call: Condition 5(g) of the Base Prospectus – Applicable (in whole but not in part), with the Relevant Percentage being 25%
• Redemption for Taxation Reasons: Subject to certain pre-conditions specified in Condition 5(c) of the Base Prospectus – Tax call at par (in whole but not in part)
• Substitution & Variation: Condition 5(m) of the Base Prospectus – Applicable (in whole but not in part), following a Tax Event
• Documentation: Investec Bank plc - £6,000,000,000 Euro Medium Term Note Programme Base Prospectus dated 14-Jan-26, as supplemented on 22-Sep-26 (the “Base Prospectus”)
• Listing / Law / Denoms: London Stock Exchange (Main Market) / English law / €100k+1k
• Target Market: Manufacturer target market (MiFID II/ UK MiFIR product governance) is eligible counterparties & professional clients only (all distribution channels). No EU PRIIPs key information document (KID) has been prepared as not available to retail in the EEA and no UK PRIIPs KID/CCI product summary has been prepared as not available to retail in the UK
• Use of Proceeds: The net proceeds from the issue of the Notes will be used for the general financing purposes of the Issuer
• ISIN / Common Code: XS3531986373 / 353198637
• Joint Lead Managers: BNP Paribas, Citigroup, ING, Morgan Stanley (B&D)
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in respect of the placement of the Notes. Details of the fee may be made available on request to investors participating in the transaction
• Selling Restrictions: As per the EMTN Programme Base Prospectus – Reg S, Category 2; TEFRA not applicable
• Timing: TOE 14:11 Ldn / 15:11 CET. FTT 14:30 Ldn / 15:30 CET
• Advertisement: This announcement is an advertisement for the purposes of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. The Base Prospectus is, and the Final Terms will be, when published, available on the website of the London Stock Exchange (http://www.londonstockexchange.com)

OpCo
3yr (Oct 2029) @ MS+110a

Implied Spread for fresh 3yr @ MS+75
Priced at MS+85
NIC of +10

PRICED: European Union €10bn 7yr TAP & 15yr Sr Unsec; EU 12/32 +9bp & EU 12/40 +7bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr TAP: EU 12/32 +9bp / 96.076 / 3.775% 15yr: EU 12/40 +7bp / 98.886 / 4.353%
EU ref: 7yr TAP: EU 2.75% Dec-32 @ 94.92 / 3.685%; HR 112% 15yr: EU 3.625% Dec-40 @ 93.11 / 4.283%; HR 108%
Bund ref: 7yr TAP: DBR 2.6% Aug-33 @ 95.64 / +45.2bp 15yr: DBR 2.6% May-41 @ 87.72 / +64.9bp

Tranche 1 (7yr TAP): Final books > €73bn (incl. €3.75bn JLM)
Tranche 2 (15yr): Final books > €87bn (incl. €3.75bn JLM)

Launched:
7yr TAP: €5bn @ EU 12/32 +9bp - Books > €61bn (incl. €3.75bn JLM)
15yr: €5bn @ EU 12/40 +7bp - Books > €76bn (incl. €3.75bn JLM)
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 (new OS: €13.915bn)
  • 15yr: €5bn
• Coupon:
  • 7yr TAP: 3.125%, fixed, incl. 8 days accrued
  • 15yr: 4.25%, fixed, short first
• Day Count:
  • 7yr TAP: Ann, ACT/ACT ICMA
  • 15yr: Ann, ACT/ACT ICMA
• Spread:
  • 7yr TAP: EU 2.75% 12/32 + 9bp
  • 15yr: EU 3.625% 12/40 + 7bp
• Reoffer:
  • 7yr TAP: 96.076 / 3.775%
  • 15yr: 98.886 / 4.353%
• EU ref:
  • 7yr TAP: EU 2.75% Dec-32 spot @ 94.92 / 3.685%; HR 112%
  • 15yr: EU 3.625% Dec-40 spot @ 93.11 / 4.283%; HR 108%
• Bund ref:
  • 7yr TAP: DBR 2.6% Aug-33 spot @ 95.64 +45.2bp
  • 15yr: DBR 2.6% May-41 spot @ 87.72 +64.9bp
• 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: PRICED. TOE TAP Oct-33: 15:44 CET. TOE NEW Dec-41: 15:44 CET. FTT: Immediately for both tranches.

PRICED: Caixa Geral de Depósitos €500m 4NC3 SP; MS+70bp

IGC European Market: Deal Flow - General

Reoffer: 4NC3: MS+70bp / 99.936 / 4.148%
Benchmark: 4NC3: OBL 2.5 11-Oct-29 #190 @ 98.05 / B+95.4bp / HR 100%

Tranche 1 (4NC3): Final orderbooks above €3.3bn (excl. JLM).

Launched: 4NC3: €500m @ MS+70bp - Orderbooks above €3.3bn (excl. JLM)
Book Update: Orderbooks above €2.25bn (excl. JLM)
IPTs: 4NC3: MS+100a

• Issuer: Caixa Geral de Depósitos, S.A. (“Caixa Geral de Depósitos”)
• 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
• Principal Amount: €500m
• 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 (the "Optional Redemption Date") (3 years)
• Coupon: 4.125% per annum from (and including) the Settlement Date to (but excluding) the Optional Redemption Date, payable annually in arrear on 20-Oct-27 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’s website) The Sustainable Funding Framework does not form part of the offering materials and any offer is made solely on the basis of the Base Prospectus as supplemented and as completed by the Final Terms (once available). Sustainable Funding Framework 2025: https://www.cgd.pt/English/Investor-Relations/Debt-Issuances/Prospectus/Documents/CGD-SustainableFinanceFramework.pdf
• Business Days: T2
• Negative Pledge: Condition 3(a) Not Applicable
• Optional redemption: The Issuer may, subject to Condition 5(l) (including the Issuer having obtained the prior consent or permission of the Competent Authority (if required at the time)), redeem the Notes (in whole, not in part) on the Optional Redemption Date at the nominal amount, together with accrued and unpaid interest
• Early redemption: If an MREL Disqualification Event (full or partial derecognition) occurs or for taxation reasons, the Notes may be redeemed at the option of the Issuer at any time in whole, but not in part, at their nominal amount, together with any accrued and unpaid interest, subject to Condition 5(l) (including the Issuer having obtained the prior consent or permission of the Competent Authority (if required at the time))
• 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.
• Substitution and Variation: Where the Issuer is satisfied that an MREL Disqualification Event has occurred and is continuing, or that substitution or variation is necessary to ensure the effectiveness or enforceability of the statutory loss absorption powers set out in Condition 14(e), then the Issuer may (without any requirement for the consent or approval of the Noteholders or the Agent) either substitute all (but not some only) of the Notes for, or vary the terms of the Notes such that they remain or, as appropriate, become, Compliant Securities
• 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
• Advertisement: The Base Prospectus and supplements thereafter are available at the website of the Issuer (https://www.cgd.pt/English/Investor-Relations/Debt-Issuances/Prospectus/Pages/EMTN-Programme.aspx). Final terms will be made available on the website of the Issuer when published.
• Joint Lead Managers: CaixaBI, Crédit Agricole CIB, Deutsche Bank AG, HSBC (B&D), Morgan Stanley Europe SE and NatWest
• ESG Coordinator: Deutsche Bank AG
• ISIN / Common Code: PTCGDAOM0005 /
• Timing: ToE 15:20 UKT / 16:20 CET | FTT 15:45 UKT / 16:45 CET

To view the LIVE / REAL TIME European IG pipeline please click here.

Details correct at time of posting