Commentary & Deal Flow

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