• Two words that sum up today’s primary market are ‘cautious’ yet ‘functional’. 
• € swap curve flattened with the 2yr back above 3.41 (mid).
• The 10yr OAT / Bund spread is holding at 140 - low 140’s yesterday.
• Gilts rallied throughout the day, with both Bunds & OAT’s selling off.
• Credit indices & spreads tightened throughout the day, as oil held at elevated levels.
• Hotter than expected US CPI release on both headline & core.
  • Price pressures remain sticky, aka inflationary pressures for the Fed.
  • US Treasuries selling off & US$ surging
• € IG delivered €9.1bn from 6 deals (1 x Corp, 1 x FIG & 4 x SSA) via 7 tranches.
  • €23.37bn WTD - 91.65% of our ‘Supply Survey’ Forecast of €25.5bn.
  • Final book covers on today’s Corp & FIG (AT1) supply were both below 2 X.
  • No corporate mandates in the pipeline.
• Outside of €’s we had no supply in Sterling (£), Swiss Franc or US$ Reg S.
• With an AT1 pricing today & another mandated for tomorrow, today’s “Talking Point” (below) looks at € IG Additional Tier 1 primary issuance across YTD.
• iTraxx Europe & the iTraxx Senior & Sub financial indices were all tighter today, but softened post US CPI release, currently at 63.248 (-0.432%), 71.043 (-0.61%) & 119.081 (-0.54%) respectively (as we print & % △ on the day).
• Vix Index is also wider on the day, now at 15.41 (15.27 this morning).
• Brent Crude prices followed a similar trend to recent days, by falling in the morning, bouncing mid-day & falling back again. The price for a barrel currently sits at c.$106.02 (c.$106.23 this morning).
• European equity bourses have managed to stay in the green throughout today’s session with the FTSE, Dax & CAC 40 all higher by +0.40%, +0.70% & +0.73% respectively.
• A breakdown of today’s primary € IG supply is as follows.

• Corporate
  • Total IG: €500m
  • Avg. tranche size €500m
  • Avg. IPT to Pricing -17.5
  • Avg. cover 1.55 X
• FIG
  • Total IG: €400m
  • Avg. tranche size €400m
  • Avg. IPT to Pricing (covered) €0
  • Avg. IPT to Pricing -43.75 (unsecured) €400m
  • Avg. cover 1.88 X
• SSA
  • Total IG: €8.2bn
  • Avg. tranche size €1.64bn
  • Avg. IPT to Pricing -2.2
  • Avg. cover 4.39 X

• Pipeline:  The European IG pipeline is as follows. 
  • 1 x € FIG (1 x AT1)
  • 1 x € SSA (1 x Resilience)

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

Talking Point

• Today we look at € IG AT1 issuance across YTD, which has so far delivered a healthy €15.1bn across 20 deals - not including today's €400m from Banco BPM & the Kommunalkredit Austria trade in the pipe.
• Issuance arrives in short, concentrated bursts, with February, May & September each delivering €3.4 to €3.5bn across 4 to 6 deals, together making up roughly €10.4bn, or c.69% of YTD volume.
• 5 of the 10 months to date, March, July, August, plus the thinner April & June, saw little to no AT1 supply. March's closure lined up with broader risk-off conditions that shut primary markets, while the July to August gap reflects the usual summer lull.
• Volume & deal count don't move in lockstep, with May the clearest example. May had the most deals of any month (6) yet only the second-highest volume (€3.4bn), implying smaller average deal sizes (c.€567m) which is driven more by requirements than typical investor demand.
• February & September, by contrast, hit similar volumes with fewer, larger trades (c.€875m avg.), pointing to more deliberate, benchmark-sized execution from issuers with larger requirements.

Euro IG (today)

• Dell Bank International d.a.c. (exp. Issue rating of Baa2 by Moody’s) brought a €500m (wng) 5yr, senior unsecured, RegS bearer issue with IPTs of MS+110 to +115. Books were first called over €1bn (pre rec) & the deal launched for €500m at MS+95. Final books were over €775m.
  • Dell Bank International DAC (Designated Activity Company) is a licensed financial institution based in Ireland & is directly affiliated with Dell Technologies. It acts as the in-house "captive bank" & financial services arm of Dell Technologies, trading primarily under the name Dell Financial Services (DFS) in Europe. While a bank we are categorising it as a Corp, due to its inextricable links to Dell Tech. Dell International is a frequent issuer in the US$ markets & last issued a $5bn, 4-tranche on September the 9th. Dell Bank last issued in €’s back in June 2024 when they priced a €500m 5yr at MS+85 (25bps tighter than IPTs); prior to that was October 2022 when they brought a €500m 5yr at MS+165 (25bps tighter than IPTs from a book of €600m).

• Banco BPM S.p.A.(senior ratings are Baa1 / BBB+ / BBB+ / BBBH by Moody’s, S&P, Fitch & DBRS - Exp. issue ratings are BB- / BB by Fitch & DBRS) brought a €400m (wng) Additional Tier 1 Reg S, Perpetual NC 6 offering (first reset 21st October 2032). IPTs in the range of 7.125% to 7.25%. The trade launched for €400m at 6.75% (s.a.), with books above €1.5bn. Final books were above €750m.
  • This is the 5th public € offering for the borrower YTD. They issue an AT1 trade every year (eg: Apr 22, Nov 23, Jul 24 & May 25). Last year's deal was a €400m like today (& its 2024 trade), in a PerpNC5 structure pricing at par with a coupon of 6.25%. For context their 2024 deal was PerpNC6.5 which priced to yield 7.25%.

• The African Development Bank (rated Aaa / AAA / AAA / AAA by Moody's, S&P, Fitch & Japan Credit Rating Agency), brought its anticipated 5yr, Social, € benchmark (Global SEC exempt). Guidance on the offering was in the area of MS+11. Books were first called in excess of €1.5bn (inc. €200m JLMs) & the spread set at MS+10. The deal launched for €1bn at MS+10, with books closing in excess of €1.75bn (inc. €200m JLMs).
  • AfDB’s last public € offering was on the 3rd of June, when they priced a €1.25bn 7yr Social bond at MS+14 (2bps tighter than guidance from a book of €2.1bn). AfDB has also issued public trades in 2026 in AUD, US$ & Sterling.
• The Flemish Community (rated AA- by Fitch), delivered their expected € benchmark fixed rate dual tranche transaction, with guidance on a new short 5yr (22nd August 2031) Sustainable bond in the area of OLO+27 (equiv. MS+59 area); while guidance on a new €500m (exp) short 12yr (22nd June 2038) conventional bond came in the area of OLO+28 (equiv. MS+122 area). Spread set at OLO +24 for the short 5yr with a book above €2.35bn (inc. €115m JLMs). For the short 12yr spread set at OLO +26, from a book above €1.35bn (inc. €150m JLMs). The short 5yr launched for €2bn at OLO+24 with the final book having grown to above €3.75bn (inc. €115m JLMs). The short 12yr launched for its expected €500m at OLO+26, from a final book above €2bn (inc. €150m JLMs).
  • This is their 3rd visit to the public € markets, having last printed a €1bn 14.5yr at OLO+19 on July 1st (2bps tighter than guidance from a book of €4.6bn). Prior to that, in February, they brought a €2bn 10.5yr at OLO+17 (4bps tighter than guidance from a book of €14.3bn).
• The European Investment Bank (rated Aaa / AAA / AAA / AAA by Moody's, S&P, Fitch & DBRS), as expected brought their new €3bn (wng) 7yr EARN (15th November 2033). The RegS, Registered, Cat1 offering came with guidance in the area of MS+18. The deal launched early for €3bn at MS+15, from a book of over €33bn (inc. €800m JLMs), rising to close in excess of €37.5bn (inc. €875m JLMs).
  • This trade marks the 8th public € offering of 2026 for the EIB, all of which have been single tranche trades. The most recent print, on the 2nd of September, was a €5bn 5yr Green, EARN issuance, which priced at MS+6 (3bps tighter than guidance from a book of €46.5bn). Their last 7yr print was a €4bn on the 4th of March last year. 
• The Grand Duchy of Luxembourg (rated Aaa / AAA / AAA by Moody’s, S&P & Fitch). Mandated on the 7th of October & post roadshow, they brought their anticipated 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. Guidance on the issue was in the area of MS+22. Books were in excess of €2.6bn (inc. €150m JLMs) when the spread was set at MS+20. The deal launched for €1.7bn at MS+20, with books closing in excess of €3.1bn (inc. €150m JLMs).
  • The borrower last hit the market on the 16th of March with a €2.5bn 10yr senior unsecured trade, priced at MS+19 (3bps tighter than guidance from a large book of €13.5bn). They tapped the market only once with a benchmark trade in 2025; September - again for a €2.5bn 10yr, at MS+30 (5bps tighter than guidance from a book of €18bn). 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.

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)

• No issues.

Week-to-date volumes:

US$ Reg S (today)

• No issues.

Pending Deals & Mandates

Euro (€)

• 14th October: Kommunalkredit Austria AG (rated BBB- by S&P & exp. Issue rating of B+ by S&P), mandated ABN Amro & Morgan Stanley as Joint Lead Managers for a €150m PerpNC5.5, Additional Tier 1 transaction. The transaction is expected to be launched in the near future, subject to market conditions.

• 14th October: Tokyo Metropolitan Government (rated A+ by S&P), mandated Barclays, Crédit Agricole CIB (Structuring Coordinator), Morgan Stanley & Daiwa as Joint Lead Managers. A potential senior unsecured fixed rate 5yr, €400m (exp) may follow, subject to market conditions. The Bonds are intended to be eligible for the Eurosystem credit operations (ECB repo eligible). Reg S only. Use of proceeds will be used to fund existing & future Eligible Projects in accordance with the Metropolis' Resilience Bond Framework. The Metropolis has obtained a Second Party Opinion from Moody's Japan K.K. on 28th August, 2026, on the Resilience Bonds Framework's conformity with the International Capital Markets Association ("ICMA") Green Bond Principles 2025, the ICMA Social Bond Principles 2025 & the ICMA Sustainability Bond Guidelines 2021. The Bonds have also aligned with Climate Bonds Standard version 4.3, the Water Infrastructure Criteria version 3.4, the Electrical Grids & Storage Criteria (March 2022) & the Criteria for Certification under the Climate Bonds Resilience Taxonomy of the Climate Bonds Initiative.

Transaction Details

PRICED: European Investment Bank €3bn 7yr Sr Unsec; MS+15bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+15bp / 99.924 / 3.638%
Benchmark: 7yr: DBR 3.3 Nov-33 (DE000BU27022) / HR 99%

Tranche 1 (7yr): Final Books in excess of €37.5bn (incl. €875m of JLM interest). Peak book in excess of €37.5bn (pre-reconciliation) (JLMs €875m)

Book Update: Books closed in excess of €37.5bn (incl. €875m JLM interest)
Launched: 7yr: €3bn @ MS+15bp - Books over €33bn (including €800m JLM)
Guidance: 7yr: MS+18a

• Issuer: European Investment Bank (EIB)
• Exp. Issue Rating: Aaa / AAA / AAA / AAA (Moody's/S&P/Fitch/Scope, all stable)
• Status: Senior unsecured, 0% RW
• Format: EARN - Reg S, Category 1, Registered Form
• Size: €3bn
• Settlement: 21-Oct-26 (T+5)
• Maturity: 15-Nov-33
• Coupon: 3.625% Fixed, Annual, ACT/ACT, short first coupon to be paid on 15-Nov-26
• Reoffer: MS+15bp / 99.924 / 3.638%
• Benchmark: DBR 3.3 Nov-33 (DE000BU27022) / HR 99%
• Leads: BNP Paribas, BofA Securities (B&D/DM), Credit Agricole CIB and J.P. Morgan
• Listing/Denom: Luxembourg Stock Exchange's Regulated Market / €1k+€1k
• Governing Law: Luxembourg Law
• Timing: TOE: 12.37 UKT / 13.37 CET / FTT Immediately
• ISIN: EU000A4E2K37 / Common Code: 354374609
• Target Market: The manufacturer target markets (UK MiFIR/MiFID II product governance) as assessed by the lead managers are Retail / Professional / Eligible Counterparties (all distribution channels)
• Advertisement: The final Prospectus, when published, will be available at https://www.luxse.com/issuer/BEI/23931
• Hedge Deadline: 12:25 UK / 13:25 CET

PRICED: African Development Bank €1bn 5yr Sr Unsec; MS+10bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: MS+10bp / 99.721 / 3.562%
Benchmark: 5yr: OBL 2.9 Oct-31 @ 98.39 / 3.251% / B+31.1bp / HR 100%

Tranche 1 (5yr): Peak book in excess of €1.75bn (incl. €200m JLM)

Launched: 5yr: €1bn @ MS+10bp - Orderbooks closed in excess of €1.75bn (incl. €200m JLM)
Spread set at: 5yr: MS+10bp - Orderbooks in excess of €1.5bn (incl. €200m JLM)
Guidance: 5yr: MS+11a

• Issuer: African Development Bank
• Ticker: AFDB
• Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch) (all stable)
• Format: Global (SEC exempt)
• Ranking: Senior Unsecured
• Size: €1bn
• Settlement: 21-Oct-26 (T+5)
• Maturity: 21-Oct-31 (5 years)
• Coupon: 3.5%, Annual, Act/Act ICMA
• Reoffer: 5yr: MS+10bp / 99.721 / 3.562%
• Benchmark: 5yr: OBL 2.9 Oct-31 @ 98.39 / 3.251% / B+31.1bp / HR 100%
• Denoms: 1k + 1k
• Listing/Law: Luxembourg / English
• Docs: Issuer's Global Debt Issuance Facility, dated 8-Sep-09 (the "Programme")
• Leads: Barclays, Deutsche Bank, HSBC and Natixis (B&D)
• ISIN: XS3544706750
• Timing: TOE 12.46 UKT / 13.46 CET, FTT immediately
• Target Market: The manufacturer target markets (UK MiFIR/MIFID II product governance) as assessed by the lead managers are eligible counterparties, retail and professional (all distribution channels).
• UoP: An amount equal to the net proceeds of the Notes will be used to finance and/or refinance eligible social projects as further described in the Issuer's Sustainable Bond Framework.
• HR: 100% vs OBL 2.90% Oct-31
• Hedge Deadline: 12.30 UKT / 13.30 CET

PRICED: Grand Duchy of Luxembourg €1.7bn 10yr Sr Unsec; MS+20bp

IGC European Market: Deal Flow - SSA

Reoffer: 10yr: MS+20bp / 99.614 / 3.747%
Benchmark: 10yr: DBR 3 15-Aug-36 / 96.14% / B+27.9bp / HR 102%

Tranche 1 (10yr): Peak book in excess of €3.1bn (incl. €150m JLM interest)

Launched: 10yr: €1.7bn @ MS+20bp - Books in excess of €3.1bn (incl. €150m JLM interest)
Spread set at: 10yr: MS+20bp - Books in excess of €2.6bn (incl. €150m JLM)
Guidance: 10yr: MS+22a

• Issuer: Grand Duchy of Luxembourg
• Ratings: Aaa/AAA/AAA (all stable)
• Format: Reg S only, Unsecured, Digitally Native Securities, 0% RW, HQLA/Level 1, ECB eligible
• Coupon: 3.700%, Annual, ACT/ACT
• Size: €1.7bn
• Maturity: 21-Oct-36
• Settlement: 21-Oct-26 (T+5)
• Reoffer: MS+20bp / 99.614 / 3.747%
• Benchmark: DBR 3 15-Aug-36 / 96.14% / B+27.9bp / HR 102%
• ISIN: LU3534860476
• Bookrunners: Barc / BCEE / BGL BNP Paribas / Citi (B&D) / CACIB
• Docs: Standalone LGB
• Denoms: €1k+1k
• Law: Luxembourg Law
• Clearing: Euroclear, Clearstream
• Listing: Luxembourg Stock Exchange
• DLT Platform Operator: LuxCSD S.A. (D7 Platform)
• Target market: Eligible counterparties, professional and retail (all distribution channels)
• Timing: PRICED. TOE 12.46 UKT / 13.46 CET, FTT immediately
• Advertisement: The Information Memorandum, when published, will be available on the website of the Luxembourg Stock Exchange
• IP link: https://tresorerie.public.lu/dam-assets/fr/publications/investor-presentation/lu-investor-presentation-october-2026.pdf

PRICED: The Flemish Community €2.5bn 5yr & Short 12yr Sr Unsec; OLO+24bp & OLO+26bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: OLO+24bp / 99.864 / 4.034% Short 12yr: OLO+26bp / 99.708 / 4.786%
Benchmark: 5yr: OLO 3.1% 22-Aug-31 @ 96.971 / B+24bp Short 12yr: OLO 1.9% 22-Jun-38 @ 76.564 / B+26bp

Tranche 1 (5yr): Final Books over €3.75bn (incl. €115m JLM). Peak book €3.75bn (pre-reconciliation)
Tranche 2 (Short 12yr): Final Books over €2bn (incl. €150m JLM). Peak book €2bn (pre-reconciliation)

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), HSBC, ING, UniCredit
• Settlement: 21-Oct-26
• Maturity Date:
  • 5yr: 22-Aug-31
  • Short 12yr: 22-Jun-38
• Coupon:
  • 5yr: 4%, Annual ACT/ACT, short first
  • Short 12yr: 4.75%, Annual ACT/ACT, short first
• Reoffer:
  • 5yr: OLO+24bp / 99.864 / 4.034%
  • Short 12yr: OLO+26bp / 99.708 / 4.786%
• Benchmark:
  • 5yr: OLO 3.1% 22-Aug-31 (96.971 / 3.794%) (mid)
  • Short 12yr: OLO 1.9% 22-Jun-38 (76.564 / 4.526%) (mid)
• Guidance:
  • 5yr: OLO+27bps area (~MS+59bps area)
  • Short 12yr: OLO+28bps area (~MS+122bps area)
• Launched:
  • 5yr: OLO+24bp
  • Short 12yr: OLO+26bp
• 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: Priced / TOE short 5y 14.09 CET / TOE short 12y 14.09 CET / FTT immediately

PRICED: Banco BPM €400m PerpNC6 AT1; 6.75%

IGC European Market: Deal Flow - General

Reoffer: PerpNC6: 6.75% / 100 (par) (6.864% on an annual basis)

PerpNC6: Final Books above €750m. Peak book above €1.5bn

Launched: PerpNC6: €400m @ 6.75% - Books above €1.5bn
IPTs: PerpNC6: 7.125/7.250%

• Issuer: Banco BPM S.p.A. (Ticker: BAMIIM)
• LEI: 815600E4E6DCD2D25E30
• Issuer Senior Preferred Ratings (Moody's / S&P / Fitch / DBRS): Baa1 (stable) / BBB+ (positive) / BBB+ (stable) / BBBH (stable)
• Expected Issue Ratings (Fitch / DBRS): BB-/BB
• Notes: Additional Tier 1 EUR Notes
• Format: Reg S, Dematerialised Form
• Status: Direct, unconditional and unsecured obligations of the Issuer ranking pari passu without any preference among themselves and shall rank:
  (a) whilst the Notes constitute, fully or partly, Additional Tier 1 Capital:
  (i) junior to all present or future unsecured and unsubordinated obligations of the Issuer (including depositors of the Issuer), the Issuer's obligations in respect of any Tier 2 Instruments and any other present or future subordinated obligations of the Issuer which rank, or are expressed by their terms to rank, senior to the Notes (including any subordinated instruments that have ceased to qualify in their entirety as Own Funds);
  (ii) pari passu among themselves and with any other present or future obligations of the Issuer which do not rank, or are not expressed by their terms to rank, junior or senior to the Notes (including Additional Tier 1 instruments); and
  (iii) senior to any present or future obligations of the Issuer which rank, or are expressed by their terms to rank, junior to the Notes (including, without limitation, the claims of the shareholders of the Issuer and any other obligations under instruments or items included in the CET1 capital of the Issuer);
  (b) if and when the Notes are fully excluded from Additional Tier 1 Capital but so long as they constitute, fully or partly, Tier 2 Capital:
  (i) junior to (i) all present or future unsecured and unsubordinated obligations of the Issuer (including depositors of the Issuer) and (ii) any other present or future unconditional, unsecured and subordinated obligations of the Issuer which rank, or are expressed by their terms to rank, senior to the Notes (including any subordinated instruments that have ceased to qualify in their entirety as Own Funds);
  (ii) pari passu with (i) the Issuer's obligations in respect of any Tier 2 Instruments, save to the extent any such subordinated obligation rank, or are expressed to rank, senior or junior to the Notes; and (ii) any securities or other obligations of the Issuer that rank, or are expressed to rank, in liquidation or bankruptcy of the Issuer, pari passu with Tier 2 Capital; and
  (iii) senior to any present or future obligations of the Issuer which rank, or are expressed by their terms to rank, junior to the Notes (including, without limitation, the claims of the shareholders of the Issuer and any other present or future obligations under instruments or items included in the CET1 capital of the Issuer, or under Additional Tier 1 instruments);
  (c) if and when the Notes are fully excluded from Additional Tier 1 Capital and Tier 2 Capital:
  (i) junior to all present or future unsecured and unsubordinated obligations of the Issuer (including depositors of the Issuer) and any other present or future unconditional, unsecured and subordinated obligations of the Issuer which rank, or are expressed by their terms to rank, senior to subordinated instruments that have ceased to qualify in their entirety as Own Funds;
  (ii) pari passu with all other present or future subordinated obligations of the Issuer that have ceased to qualify, in their entirety, as Own Funds and with all other subordinated obligations of the Issuer that have such ranking; and
  (iii) senior to any present or future subordinated obligations of the Issuer which rank, or are expressed by their terms to rank, junior to the Notes (including, without limitation, the claims of the shareholders of the Issuer, Additional Tier 1 instruments and Tier 2 Instruments).
  No negative pledge, waiver of set-off.
• Size: €400m
• Pricing Date: 14-Oct-26
• Settlement Date: 21-Oct-26 (T+5)
• Maturity: The Notes are perpetual and have no fixed redemption date. Unless previously redeemed or purchased and cancelled in accordance with the Conditions, the Notes will mature on the date on which voluntary or involuntary winding up, dissolution, liquidation or bankruptcy (including, inter alia, Liquidazione Coatta Amministrativa) proceedings are instituted in respect of the Issuer (otherwise than for the purposes of an Approved Reorganization), in accordance with, as the case may be, (i) a resolution passed at a shareholders' meeting of the Issuer, (ii) any provision of the By-laws of the Issuer (which, as at 19-Oct-26 provide for the duration of the Issuer to expire on 23-Dec-2114, but if such expiry date is extended, maturity of the Notes will be correspondingly adjusted), or (iii) any applicable legal provision, or any decision of any judicial or administrative authority.
• First Reset Date: 21-Oct-32
• Coupon: Fixed rate of 6.75% per annum until the First Reset Date and thereafter reset every 5 years (the "Reset Date") to the aggregate of the Margin plus the then 5-Year Mid-Swap Rate, calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions. Non-cumulative and in each case payable semi-annually.
• Interest Payment Dates: 21 October and 21 April of each year, starting on 21-Apr-27
• Reference Mid-Swap Rate: 3.481%
• Margin: 338.3bps per annum
• Business day count convention: Actual/Actual (ICMA)
• Interest Period Treatment: Following, Unadjusted
• Discretionary Interest Payments: The Issuer may decide in its sole discretion, to cancel (in whole or in part) for an unlimited period any payment of interest on any Interest Payment Date on a non-cumulative basis.
• Mandatory Cancellation of Interest: Mandatory cancellation upon:
  (i) insufficient available Distributable Items; or
  (ii) interest payments on the Notes – when aggregated with other relevant items - exceeding Maximum Distributable Amount; or
  (iii) if ordered so by the Relevant Authority; or
  (iv) upon the occurrence of a Trigger Event.
• Redemption at the Option of the Issuer: The Issuer may, at its sole discretion (but subject to the prior approval of the Relevant Authority and satisfaction of the conditions to redemption), redeem all the Notes then outstanding on (i) the First Reset Date and (ii) any Interest Payment Date thereafter, at their Outstanding Principal Amount (together with accrued and unpaid interest (if any and to the extent not cancelled pursuant to the Conditions) to (but excluding) the date of redemption and any additional amounts due subject to Condition 8.8.
• Clean-up Call: If at least 75% of the initial aggregate principal amount of the Notes has been purchased by, or on behalf of, the Issuer and cancelled, the Issuer may, at its sole discretion (but subject to the prior approval of the Relevant Authority and satisfaction of the conditions to redemption), redeem, in whole or in part, the Notes at their Outstanding Principal Amount (together with accrued and unpaid interest (if any and to the extent not cancelled pursuant to the Conditions) to (but excluding) the date of repayment and any additional amounts due subject to Condition 8.8.
• Redemption due to a Regulatory Event: The Issuer may, at its sole discretion (but subject to the prior approval of the Relevant Authority and satisfaction of the conditions to redemption), redeem the Notes, in whole but not in part, following the occurrence of a Regulatory Event (full or, to the extent permitted under the Applicable Banking Regulations, partial exclusion from Additional Tier 1 capital (Issuer or Group) – see further the Conditions), at their Outstanding Principal Amount (together with accrued and unpaid interest (if any and to the extent not cancelled pursuant to the Conditions) and any additional amounts due subject to Condition 8.8.
• Redemption for tax reasons: The Issuer may, at its sole discretion (but subject to the prior approval of the Relevant Authority and satisfaction of the conditions to redemption), redeem the Notes, in whole or in part, following the occurrence of a Tax Event (reduction of interest deductibility or obligation to pay additional amounts) – see further the Conditions), at their Outstanding Principal Amount (together with accrued and unpaid interest (if any and to the extent not cancelled pursuant to the Conditions) and any additional amounts due subject to Condition 8.8.
• Modification: Upon (i) a Regulatory Event, Alignment Event or a Tax Event, and/or (ii) in order to ensure the effectiveness and enforceability of the Bail-In Power in accordance with the Conditions or in accordance with applicable law, the Issuer shall be entitled, at any time to modify the terms and conditions of the Notes, subject to the approval of the Relevant Authority and satisfaction of the other conditions set out in the Conditions. See further Condition 14.2. Modification subject to new terms and conditions being not materially less favourable to holders, except in respect to a modification made to ensure the effectiveness and enforceability of the Bail-In Power.
• Alignment Event: A change in or amendment to the Applicable Banking Regulations or interpretation thereof, such that the Issuer would be able to issue a capital instrument qualifying as Additional Tier 1 Capital with materially different provisions from those contained in the Conditions, in the reasonable opinion of the Issuer.
• Write-Down following a Trigger Event: If, at any time, the CET1 Ratio (taking into account applicable transitional arrangements) of the Issuer on a solo basis, or the Group on a consolidated basis is less than 5.125% (a "Trigger Event"), then the Issuer shall irrevocably and mandatorily (without any requirement for the consent or approval of the Holders) cancel any interest accrued and reduce the Outstanding Principal Amount by the Write-Down Amount (on a pro rata basis with other Loss Absorbing Instruments) until the CET1 Ratio of the Issuer and/or Group is restored to 5.125% - see further Condition 6.2.
• Principal reinstatement: If a positive Net Income or Consolidated Net Income are recorded, then the Issuer may, in its full discretion and subject to the restrictions by reference to Maximum Distributable Amount, increase the Outstanding Principal Amount of the Notes (on a pro-rata basis with other Loss Absorbing Written-Down Instruments) by an amount not exceeding (together with principal reinstatements of their instruments and relevant discretionary payments) the Maximum Reinstatement Amount and in accordance with the Applicable Banking Regulation – see further Condition 6.3.
• Point of Non Viability: Statutory, see Risk Factors.
• Contractual recognition of statutory bail-in power: Each Noteholder acknowledges and agrees to be bound by the exercise of any Bail-In Power by the Relevant Authority and consents to variations of the Conditions as deemed necessary by the Relevant Authority to give effect to the exercise of the Bail-in Power.
• Redemption Price: 100% of the Outstanding Principal Amount as adjusted from time to time following principal write-down and write-up.
• Use of Proceeds: The net proceeds from the issue of the Notes will be applied by the Issuer for its general corporate purposes and regulatory capital purposes of the Group.
• Investor Presentation: An investor presentation is available on DealRoadshow: URL: https://dealroadshow.finsight.com; Entry Code: DALI2026; Direct Link: https://dealroadshow.finsight.com/e/DALI2026
• Listing: Luxembourg Stock Exchange's Euro MTF.
• Clearing: Monte Titoli.
• Denominations: €200k + €1k.
• Governing Law: Italian Law.
• Documentation: Standalone. Preliminary Prospectus dated 14-Oct-26 (the "Prospectus").
• EU MiFID II and UK MiFIR Target Market: Manufacturer target market (EU MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or the UK.
• Selling Restrictions: The Notes may only be offered and sold outside the United States to non U.S. persons in reliance on Regulation S under the Securities Act. Further selling restrictions are incorporated in the section "Subscription and Sale" of the Prospectus.
• ISIN: IT0005738668
• Joint Global Coordinators: Citi, Goldman Sachs International
• Joint Bookrunners: Banca Akros, Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, Goldman Sachs International (B&D)
• TOE/FTT: TOE 14:11 CET, FTT 14:30 CET

AT1
NC6yr (Oct 2032) @ 7.125%/7.25%
Implied Spread for fresh NC6yr @ 6.75%
Priced at 6.75%
NIC of 0

PRICED: Dell Bank International €500m 5yr Sr Unsec; MS+95bp

IGC European Market: Deal Flow - General

Reoffer: 5yr: MS+95bp / 99.718 / 4.439%
Benchmark: 5yr: OBL 2.9 10-Aug-31 @ 98.258 / B+115.8bp

Tranche 1 (5yr): Final Books EUR >775m. Peak book EUR >1bn (pre rec)

Launched: 5yr: €500m @ MS+95bp - Books EUR >1bn (pre rec)
IPTs: 5yr: MS+110/115bp

• Issuer: Dell Bank International d.a.c. (Ticker: DELL / Country: IE)
• Issuer Rating: Baa2 (stable) by Moody's
• Expected Issue Rating: Baa2 by Moody's
• Format: Senior, Unsecured, Reg S bearer, NGN
• Size: €500m
• Settlement: 27-Oct-26 (T+9)
• Maturity: 28-Oct-31 (5yr)
• Reoffer: MS+95bps / 4.439% / 99.718
• TOE: 14.45 UKT
• Coupon: 4.375% Fixed (Annual, Act/Act, ICMA, Long first)
• Benchmark: OBL 2.9 10-Aug-31 / +115.8bps @ 98.258 Price / HR 98%
• Benchmark ISIN: DE000BU25075
• Docs: Drawdown under existing EMTN Programme Base Listing Particulars dated 14-Jul-26
• Call Option: 3m Par Call / MWC B+20 / Clean-up Call (75%) / Tax Changes Call
• Governing Law: Irish law
• Listing: Euronext Dublin (GEM)
• Denominations: €100k+1k
• Target Market: Manufacturer target market (MiFID II/ UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in the EEA or the UK
• Selling Restrictions: Reg S; TEFRA D Rules apply, no communication with or into the US
• Use of Proceeds: The net proceeds of the sale of the Notes will be used to refinance the outstanding 0.500% senior notes due Oct-26 (the “2026 Notes”), and for general corporate purposes
• ISIN / Common Code: XS3544709002 / 354470900
• LEI: 9P9HXM53DT5S724JQ665
• Joint Lead Managers: BofA Securities (B&D), Deutsche Bank, HSBC, Societe Generale
• FTT: 15.15 UKT
• Marketing: Direct Link: https://dealroadshow.finsight.com/e/DELLBANK26 Link: https://dealroadshow.finsight.com | Entry Code: DELLBANK26

5yr (Oct 2031) @ MS+110-115
Implied Spread for fresh 5yr @ MS+80
Priced at MS+95
NIC of +15

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Details correct at time of posting