Commentary & Deal Flow

Tranche 1 (5yr): Final books at re-offer over €3.75bn (incl. €115m JLM)
Tranche 2 (Short 12yr): Final books at re-offer over €2bn (incl. €150m JLM)

Launched:
5yr: €2bn @ OLO+24bp - Books above €3.75bn (incl. €115m JLM) pre-rec
Short 12yr: €500m @ OLO+26bp - Books above €2bn (incl. €150m JLM) pre-rec
Spread set at: 5yr: OLO+24bp - Books above €2.35bn (incl. €115m JLM) Short 12yr: OLO+26bp - Books above €1.35bn (incl. €150m JLM)
Guidance: 5yr: OLO+27a Short 12yr: OLO+28a

• Issuer: The Flemish Community (ticker: "FLEMSH")
• LEI: 9676003JDGYZ0V9FF348
• Issuer Rating: AA- (stab outlook, Fitch)
• Issue Rating: AA- (Fitch)
• Format: Reg S
• Ranking: Senior Unsecured
• ESG:
  • 5yr: Sustainable
  • Short 12yr: Conventional
• Issue Size:
  • 5yr: €2bn
  • Short 12yr: €500m
• Bookrunners: Deutsche Bank (B&D/DM), HSBC, ING, UniCredit
• Settlement: 21-Oct-26
• Maturity Date:
  • 5yr: 22-Aug-31
  • Short 12yr: 22-Jun-38
• Coupon:
  • 5yr: Fixed, Annual ACT/ACT, short first
  • Short 12yr: Fixed, Annual ACT/ACT, short first
• Launched:
  • 5yr: OLO+24bp
  • Short 12yr: OLO+26bp
• Guidance:
  • 5yr: OLO+27bps area (~MS+59bps area)
  • Short 12yr: OLO+28bps area (~MS+122bps area)
• Ref:
  • 5yr: OLO 3.1% 22-Aug-31 mid / HR 101%
  • Short 12yr: OLO 1.9% 22-Jun-38 mid / HR 115%
• ISIN:
  • 5yr: BE0390382548
  • Short 12yr: BE0390383553
• Docs: EMTN Programme
• Denominations: €100k + €100k
• UOP: Finance the budget deficit in general and the expenditures for capital participations (ESA-8) and for loans (ESA-9).
• Sustainable UOP add on: In addition, the issuer will allocate an amount equal to the net proceeds to finance and refinance eligible expenditures, as described in the issuer’s Sustainable Finance Framework.
• Listing: Euronext Brussels (regulated market)
• Governing Law: Belgian
• Target market: Manufacturer target market (EU MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in the EEA or the UK.
• Fees: The banks will be paid a fee in relation to this transaction
• Advertisement: https://www.vlaanderen.be/en/finance-flanders/finance/financial-instruments/euro-medium-term-note
• Timing: Today's business
• Hedge Deadline: 13.50 CET / 12.50 UKT