Commentary & Deal Flow

Guidance: 3yr: UKT+250a

• Issuer: BTG Pactual Europe S.A.
• Ticker: BTGPEU
• Format: Reg S, Registered Notes
• Status: Senior
• Expected Issue Ratings:* Baa3 (Moody’s) (expected)
• Size: £250m (WNG)
• Tenor: 3yr
• Settlement: 02-Nov-26 (T+6)
• Maturity: 02-Nov-29
• Price Guidance: UKT+250a
• Benchmark: UKT 0.875 22-Oct-29
• Coupon / Day-Count Fraction: Fixed, Semi-annual, Actual / Actual (ICMA)
• Target Market: MiFID II professionals/ECPs-only/No PRIIPs or UK PRIIPs KID or CCI Product Summary – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID)/CCI Product Summary has been prepared as not available to retail in EEA or the UK.
• Denomination: £100,000
• Governing Law: English Law
• Listing: Luxembourg Stock Exchange (Euro MTF)
• Clearing System: Euroclear and Clearstream, Luxembourg
• Business Days & Convention: London, T2, Following, Unadjusted
• Global Coordinator: BMO Capital Markets (B&D)
• Joint Lead Managers: BMO Capital Markets, Natixis, Banco BTG Pactual S.A. – Cayman Branch
• Early Redemption: The Notes may be redeemed at the option of the Issuer, in whole but not in part, for taxation reasons (Condition 6(c)), on giving not less than 30 nor more than 60 days' notice. The Notes may also become immediately due and payable following an Event of Default (Condition 9).
• Redemption Price: 100%
• Documentation: This document must be read in conjunction with the Issuer’s US$2,000,000,000 Global Medium-Term Note Programme dated 13-Jan-26, as supplemented
• ISIN / Common Code: XS3550651544 / 355065154
• Schedule: Books open, today's business
• Selling Restrictions: Regulation S Category 2, TEFRA not applicable, as set out in the Base Prospectus. Prohibition of sales to EEA and UK Retail Investors applicable. No sales into Italy. See section titled “Subscription and Sale and Transfer and Selling Restrictions” of the Base Prospectus and the final terms for the issue of the Notes for further information.
• Stabilization: FCA/ICMA
• Advertisement: The Base Prospectus, as supplemented on 21-Oct-26, and applicable Final Terms (when published) will be available on: https://www.luxse.com/programme/Programme-BTGPactualEuro/25028