• Zero Corporate supply today ahead of busy day tomorrow
  • We count REITs & Finance vehicles as FIG (eg: Equinix & Banque Stellantis)
• Credit indices marginally wider & European govies sold off. Brent Crude is lower yet up from day lows
• Iran rejects claims of a breakthrough in negotiations with Washington (Reuters), with little flex from Tehran on its ‘7 conditions’ & no imminent end in sight
• € IG Corporate issuance for November 2025 delivered €59.8bn, the 2nd busiest month of 2025

CORP:

• No issues today, but focus clearly on tomorrow for the next Hyperscaler, & long awaited trade
  • Meta Platforms Inc set to bring an SEC Registered € offering tomorrow
  • 5-tranche US$ deal in the market today (see CFR US)
    • 5yr, 7yr, 10yr, 20yr & 30yr
    • Books as we print $46.3bn (split $6.8bn, $7.8bn, $10.8bn, $9bn & $11.9bn)
  • 6-tranche € with a L4yr, L6yr, L8yr, 12yr, 18yr & 38yr
    • Unconventional maturities filling holes in redemption profile to ease refi risk
  • Debut € trade, & first major issue outside of the US
  • Size aspirations were said to have been in the c.$20bn area for combined US$ & € trades
  • S&P assigned a negative outlook to their AA- rating on the 30th of October
    • Concerns around the massive capex program & negative free operating cash flow

FIG:

• We had 3 trades today, all priced accordingly to garner solid demand & covers
  • Equinix Europe 2 Fin Corp €2.5bn 4-tranche Green offering was the highlight
  • Collective ‘final’ book in excess of €10.1bn (4.04 X)
  • IPT to Pricing all in by 25bps
  • Avg. NIC +17.5bps (3 shortest tranches were all +15)
  • AXA SA’s €750m Tier 2 was well received with a solid cover of 3.2 X
  • Banque Stellantis €500m 2yr Snr Pref cover of 4.2 X

SSA:

• There had been no € SSA issuance in a week
• Today’s 3 trades were all short (3, 4 & 5yr)
  • NRW delivered a solid €1bn with a cover of 1.6 X
  • NIB’s FRN arguably struggled, pricing only €300m with a last reported book shy of the issue size (0.95 X)
  • BpiFrance €600m tap took the outstanding deal to €1.1bn, with a modest cover of 1.55 X

• Bunds, OATs & Gilts all sold off today
• Bund curve steepened by c.1.5bp 
• OAT’s curve steepened by c.3bp 
  • OAT vs Bund 10yr spread largely unchanged, currently at +161.1bps
• Gilts yields were c.4 to 5bps higher across the curve, which steepened by c.1.5bps
• € swap curve steepened slightly by c.1bp
  • € swap spreads marginally wider, c.1bp at 10yrs
• £ swap curve steepened by c.1.5bp
  • £ swap spreads largely unchanged
• € IG delivered €5.65bn from 6 deals (3 x Corp & 3 x SSA) via 9 tranches
  • €15.8bn WTD or 64.2% of our ‘Supply Survey’ forecast of €24.63bn
  • Last Mon & Tues delivered a combined €16.55bn
• Sterling (£) was active again pricing £2.075bn from 3 deals (3 x FIG) via 3 tranches
  • ING Groep Hold Co’s £500m 7NC6 followed yesterday's €1bn 6NC5
  • ING Bank NV’s £325m 2yr FRN followed yesterday’s €1.25bn 2yr FRN
• Swiss Franc priced Chf390m from 1 deal (1 x FIG) via 2 tranches
  • Not counting yesterday's Chf800m Thermo Fischer trade, today’s Chf390m from BBVA would otherwise had been the largest Swiss Franc trade in 5 weeks
• There was yet again no activity in the US$ Reg S market
• Today’s “Talking Point” (below) looks at hyperscaler supply in €, £ & Chf YTD, including volumes, deal structure & investor demand.
• iTraxx 5yr Europe & the iTraxx Senior & Sub financial indices were marginally wider, currently trading at 64.705 (+0.6%), 73.618 (+0.45%) & 124.819 (+0.66%) respectively (as we print & % △ on the day).
• Vix Index tightened slightly, currently at 20.35 (21.15 this morning)
• Brent Crude fell as low as $101, before pushing back up on news US / Iranian peace talks had been over sold, currently at c.$103.18 (c.$106.39 this morning)
• European equity bourses were all in the red with the FTSE, Dax & CAC 40 all lower by -0.83%, -0.11% & -0.04% respectively
  • YTD: FTSE ↑7.46%, Dax ↑5.97% & CAC 40 ↓1.29%
• A breakdown of today’s primary € IG supply is as follows

• Corporate
  • Total IG: €0
  • Avg. tranche size €0
  • Avg. IPT to Pricing NA
  • Avg. cover NA
• FIG
  • Total IG: €3.75bn
  • Avg. tranche size €625m
  • Avg. IPT to Pricing (covered) €0
  • Avg. IPT to Pricing -26.75 (unsecured) €3.75bn
  • Avg. cover 3.9 X
• SSA
  • Total IG: €1.9bn
  • Avg. tranche size €633m
  • Avg. IPT to Pricing -0.33
  • Avg. cover 1.37 X

• Pipeline:  The European IG pipeline is as follows. 
  • 2 x € Corp (1 x 6-tranche)
  • 1 x € FIG (1 x Subordinated)

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

Talking Point

• With Alphabet issuing in €’s on Monday & Meta expected to follow tomorrow, we take a look at mega cap hyperscaler supply in €, £ & Chf YTD. We include Alphabet, Amazon, Meta, Microsoft & Oracle as our ‘hyperscalers’, namely, the cloud & AI infrastructure platforms. All of which are running massive capex programmes.
• Hyperscalers have priced €29.5bn, £9.75bn & Chf5.875bn YTD, from 7 deals & 41 tranches. All of it from just 2 credits to-date. Alphabet has printed €15bn, £5.5bn & Chf3.055bn across 4 deals; Amazon in turn has printed €14.5bn, £4.25bn & Chf2.82bn across 3 deals. Meta, Microsoft & Oracle have yet to access Europe this year - though Meta is scheduled to come tomorrow.
• The hyperscalers deliver the biggest deals in every market. In €’s they make up 8.2% of € Corp supply & took the top 3 largest € Corp trades of 2026: Amazon €14.5bn, Alphabet €9bn & Alphabet €6bn (joint 3rd with Schneider). In £ they have been the 2 largest Corp deals, & 42.7% of £ Corp volume. In Chf they were also the 2 largest Corp deals, & 37.9% of all Chf Corp volume.
• Alphabet’s €6bn trade yesterday was a third smaller than May’s €9bn, notably dropping the super long tranche they had issued previously (see chart below). Yesterday’s trade had 7 tranches vs. 6, yet the average tranche size was €857m vs. €1.5bn. The curve stopped at 19yr vs. 37yr in May, bringing WAL down to c.8yrs from c.13.5yrs, & the extra tranches went into the short end (2yr FRN & 2yr fixed).
• Demand held up on the smaller size. The final book was €16.1bn (2.68 X) vs. €16.7bn (1.86 X) in May. Pricing was less aggressive, though: average IPT to final was -21.5bps vs. -30.7bps, & average NIC doubled to 18.9bps from 9.4bps. Yesterday’s 19yr tranche was the standout, with a €3.6bn book (3.6 X) & no attrition from peak.
• Amazon’s €14.5bn 8-tranche in March is still the largest € Corp deal YTD. Books peaked at €35.5bn & finished at €27.9bn (1.92 X), 21% attrition after c.26bps of tightening. The drop-off was heaviest at the long end: the 19yr fell 38% from peak & the 13yr 35%.

Euro IG (today)

• Equinix Europe 2 Financing Corporation LLC (rated Baa1 / BBB+ / BBB+ by Moody’s, S&P & Fitch) - guaranteed by Equinix, Inc. - brought their expected € benchmark 4-tranche, SEC-registered, Green offering. Size expectations on all 4 tranches were €500m. IPTs on the 2yr were MS+110 area; the long 6yr at MS+170 area; the 9yr at MS+200 area; & the 12yr at MS+230 area. Combined books were north of €10bn (split €2.4bn, €3.3bn, €2.1bn & €2.2bn respectively). The trade launched as follows: 2yr for €650m at MS+85; L6yr for €700m at MS+145; 9yr for €500m at MS+175; & €650m at MS+205. Total issue size of €2.5bn. Combined final books were over €10.1bn (split €3bn, €3.4bn, €1.8bn & €1.9bn).
  • The borrower is a US REIT specializing in global data centers, network interconnection, & colocation services. Its last foray into the public € markets was a €1.5bn dual-tranche in May of last year, comprised of a €750m 9yr at MS+155 & a €750m 4yr at MS+107. In 2024 they also issued a dual-tranche, made up of a €500m 10yr at MS+132 & a €650m 6.5yr at MS+105.
• Banque Stellantis France (exp. Issue ratings of A3 / BBB+ by Moody’s & S&P) brought a €500m (wng), 2yr, Senior Preferred, Unsecured, Reg S Bearer (Cat2), Dematerialised issue. IPTs were MS+125 to +130. Books were over €1.9bn (pre-rec, at guidance). The deal launched for €500m at MS+97. Final books were over €2.1bn.
  • This is their 2nd public € offering of 2026, having last issued back on January the 14th, when they priced a €500m 3yr Senior Pref like today at MS+57 (35.5bps tighter than IPTs from a book of €2bn). They issued another senior preferred trade a year earlier on the 10th of Jan 2025. That €500m 3yr priced then at MS+90 (35bps tighter than IPTs from a €1.7bn book). As a reminder, this specific issuer is the captive financing arm & credit institution created as a joint partnership between automotive giant Stellantis & Santander Consumer Finance, providing vehicle loans, leases, & insurance to Stellantis customers & dealer networks, as well as consumer savings accounts via Distingo Bank.
• AXA SA (exp. Issue ratings of A1 / A by Moody’s & S&P - long term senior ratings of Aa3 / AA-) brought a 30.5NC10.5 Tier 2 fixed to floating offering with IPTs in the area of MS+225. Short first coupon. First call date 25th May 2037. Books were first called over €2bn, rising to over €2.7bn (pre-rec). Size set at €750m & guidance was given in the area of MS+200. Books grew to over €3bn (good at guidance, pre-rec), The deal launched for €750m at MS+95. Books were over €2.4bn.
  • AXA also issued a Tier 2 30NC10 €750m offering on the 26th of May. The fixed to float trade priced at MS+140 (30bps tighter than IPTs from a €2.5bn book). Prior to that in October of last year it issued a dual tranche which included an RT1 tranche, but also another Tier 2 tranche - a €750m 30.8NS10.8 fixed to float which priced at MS+158 (32bps tighter than IPTs from a book of €1.7bn).

• The German State of North Rheine-Westphalia (Land NRW) (rated Aa1 / AA / AAA / AAA by Moody's, S&P, Fitch & Scope), brought their anticipated 3yr (9th November 2029), senior unsecured, RegS bearer, €1bn (wng) fixed rate offering. Guidance on the notes was in the area of MS+3. Books were first called in excess of €1.1bn (inc. €300m JLMs). The trade launched & priced for €1bn at MS+3. Books closed in excess of €1.6bn (inc. €300m JLMs).
  • NRW’s last public € offering was a €1.25bn 10yr on the 6th of October which priced at MS+26 (2bps tighter than guidance from a €2.5bn book). Prior to that, on the 19th of August, they priced a €1.5bn 7yr at MS+16 (2bps tighter than guidance from a book of €6.5bn).
• Nordic Investment Bank (rated Aaa / AAA by Moody’s & S&P) announced a €300m (wng), Senior, Unsecured, RegS Bearer, 5yr FRN with guidance in the area of ESTR DM+34. Books were above €285m (inc. €25m JLMs) & the trade launched for €300m at ESTR+34.
  • Today’s trade is NIB’s second public € print YTD, having last issued a €1bn 7yr Green issue on the 21st of May at MS+13 (2bps tighter than guidance from a €2.2bn book). Active in other currencies, they issued 2 public € offerings in 2025, with a €1bn 3yr in April & a €750m 7yr in March. Today’s trade is small, yet there are 3 leads on the trade.
• Bpifrance (exp. Issue ratings of Aa3 / A+ by Moody’s & Fitch). Guarantee: Autonomous, unconditional & irrevocable on-demand guarantee from EPIC Bpifrance. They brought a Reg S, Bearer, € benchmark Tap of their existing 2.0% 2nd September 2030 offering. Guidance on the trade was in the area of the interpolated OAT curve +34 (FRTR 2.5% 25/05/2030 mid & FRTR 0% 25/11/2030 mid). Books were first cited as above €720m (inc. €25m JLMs) & spread set at OAT interp +33. Books rose to above €930m (inc. €50m JLMs) & the deal launched for €600m at OAT+33. 
  • This is their 4th unsecured public € offering YTD, having most recently priced a €1.25bn 4.5yr Social bond on the 7th of September at AOT+15 (5bp tighter than guidance from a €4.2bn book). The trade being tapped today was originally an 8yr, issued on the 25th of August 2022 for €500m, pricing at OAT+40. For context ratings of the deal then were Aa2 / AA. While not the smallest outstanding note, €500m certainly was at the lower end versus an avg. issue size since 2023 of their unsecured € trades of €1.118bn. The new outstanding amount was €1.1bn.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Lloyds Bank plc (exp. Issue ratings of Aaa / AAA by Moody’s & Fitch) brought a 5yr, £ benchmark, Reg S Bearer, UK Regulated Covered bond. Guarantor is Lloyds Bank Covered Bonds LLP. Guidance on the trade was in the area of SONIA+56. Books were first called over £1.5bn & spread set at SONIA+52. Books grew to over £1.6bn & the deal launched & priced for £1.25bn at SONIA+52. Final books were over £1.55bn.
  • Lloyds Bank plc’s £ issues are all covered FRN prints with their other trade YTD being a £1.5bn 3yr on the 11th of March, which priced at SONIA+42 (6bps tighter than guidance from a book of £3.3bn). Prior to that we go back to the 30th of October 2025, when they priced a £1bn 5yr at SONIA+47 (5bps tighter than guidance from a £1.75bn book).
• ING Groep N.V. (exp. Issue ratings of Baa1 / A- / A+ / A+ by Moody’s, S&P, Fitch & Scope) brought a £ benchmark, senior unsecured, Hold Co, Reg S Bearer, 7NC6 fixed to floating offering with IPTs in the area of UKT+135. Books were called above £1bn (exc. JLMs), rising to over £1.4bn (exc. JLMs, pre-rec). The trade launched for £500m at UKT+120. Final books were £1.25bn (exc. JLMs).
  • The Hold Co issued only yesterday pricing a €1bn 6NC5 FTF trade. The maturity date of yesterday's € is the same date as today's first call date (9th Nov 2032). This is the Hold Co’s first Sterling trade YTD, having last printed a £500m 6.8NC6 senior unsecured, fixed to floating, offering on the 10th of November last year. That trade priced at UKT’s +100 (15bps tighter than IPTs from a £1.8bn book).
• ING Bank N.V. (exp. Issue ratings of A2 / A+ / AA / AA- by Moody’s, S&P, Fitch & Scope) announced late morning that they were taking IOI’s for a £250m (min), senior unsecured, OpCo, Reg S Bearer, 2yr FRN at a spread of SONIA+85. Books were said to be in excess of £300m (inc. £10m JLMs), rising to above £320m (exc. JLMs, pre-rec), then up to £335m when the deal sized at £325m. Final book was announced as above £325m (inc. £10m JLMs). 
  • Similar to yesterday ING issued both HoldCo & OpCo trades. The way this transaction was announced was a little unorthodox, without IPTs being made public. It was also ING Bank’s first ‘public’ Sterling print. It has issued Sterling notes in the past but they were all £250m or smaller & have since matured. 

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• Banco Bilbao Vizcaya Argentaria S.A. (exp. Issue ratings of A2 / A+ / A by Moody’s, S&P & Fitch) brought a dual-tranche Green, Senior Preferred issue. Initial minimum size on both tranches was Chf100m, with IPTs on a 4yr at SARON MS+75 to +80 & IPTs on a 7yr at SARON MS+90 to +95. The tranches increased their minimums to Chf175m & Chf150m respectively. Spreads set at MS+78 & +93 (both 0.5bp wide of the mid-points of initial pricing ranges). Minimums increased again to Chf200m & Chf175m respectively, pricing at Chf205m & Chf185m, for a total deal size of Chf390m.
  • This is BBVA’s first foray into the Swiss market since November 2022, when they priced a Chf425m dual-tranche offering in the shape of a Chf215m 3yr at SARON MS+108 & a Chf210m 6yr at SARON MS+123.

Week-to-date volumes:

US$ Reg S (today)

• No issues.

Pending Deals & Mandates

Euros (€)

• 28th October: APA Infrastructure Limited (rated Baa2 / BBB by Moody’s & S&P), guaranteed by APA Group Limited, mandated BNP Paribas, BofA Securities, HSBC & J.P. Morgan as Joint Lead Managers to arrange a series of fixed income investor meetings & calls commencing Monday, 2nd November. A Benchmark 10yr € RegS senior unsecured transaction may follow, subject to market conditions.
• 2nd November: Meta Platforms, Inc. (rated Aa3 / AA- by Moody’s & S&P), has asked Citigroup & Morgan Stanley to organize a series of fixed income investor calls.  An electronic presentation has been made available. Morgan Stanley is coordinating logistics. A US$, SEC-registered, benchmark senior unsecured issuance of 5yr, 7yr, 10yr, 20yr, 30yr fixed-rate notes may follow, subject to market conditions. A separate, SEC Registered, € benchmark senior unsecured issuance of Long 4yr, Long 6yr, Long 8yr, 12yr, 18yr, Long 38yr fixed-rate notes may also follow, subject to market conditions.

• 19th October: Sumitomo Life Insurance Company (exp. Issue ratings of A- / A- by S&P & Fitch) mandated JP Morgan, BofA Securities, Goldman Sachs, SMBC Nikko & BNP Paribas to arrange a series of fixed income investor conference calls commencing Monday the 19th October. JP Morgan will be coordinating logistics. A potential € benchmark, Reg S, Fixed to fixed, step-up 30NC10 callable subordinated bond offering will follow, subject to market conditions.

Transaction Details

PRICED: Banco Bilbao Vizcaya Argentaria CHF 205m 4yr & CHF 185m 7yr Green SP; SARON MS+78bp & SARON MS+93bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: SARON MS+78bp / 100 / 1.305% 7yr: SARON MS+93bp / 100 / 1.5375%

Launched: 4yr: CHF 205m @ SARON MS+78bp 7yr: CHF 185m @ SARON MS+93bp
Update: 4yr: New min size CHF 200m 7yr: New min size CHF 175m
Spread set at: 4yr: SARON MS+78bp 7yr: SARON MS+93bp
Update: 4yr: New min size CHF 175m 7yr: New min size CHF 150m
Guidance: 4yr: SARON MS+75/80bp 7yr: SARON MS+90/95bp

• Issuer: Banco Bilbao Vizcaya Argentaria S.A.
• Ticker: BBVASM
• Issuer Domicile: Spain
• Format: Public Fixed-Rate Bonds
• Status: Green Senior Preferred Notes
• Issuer Rating: A2 (Stable) / A+ (Stable) / A (Stable) by Moody's / S&P / Fitch respectively
• Instrument Rating (exp): A2 / A+ / A by Moody's / S&P / Fitch
• Issue Size:
  • 4yr: CHF 205mm
  • 7yr: CHF 185mm
• Coupon:
  • 4yr: 1.305% p.a.
  • 7yr: 1.5375% p.a.
• Maturity:
  • 4yr: 4 years (18-Nov-26 until 18-Nov-30)
  • 7yr: 7 years (18-Nov-26 until 18-Nov-33)
• Issue Price: 100%
• Spread/Yield:
  • 4yr: SARON MS +78.0 // YTM 1.305% // Govt.+91
  • 7yr: SARON MS +93.0 // YTM 1.5375% // Govt.+111
• ISIN / Security Number:
  • 4yr: CH1624853136 / 162485313
  • 7yr: CH1624853144 / 162485314
• Lead Manager(s): Commerzbank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under the Issuers €40bn Global Medium Term Note and Covered Bond Programme dated 17-Jul-26 as supplemented on 2-Nov-26. Eligible liabilities instruments according to Article 72b CRR
• FinSA Prospectus: Delayed prospectus approval, in accordance with art. 51 FinSA
• Governing Law: Spanish
• Covenants: PP
• SIX Listing: 16-Nov-26
• Denomination: CHF 200000
• Use of Proceeds: An amount equal to the net proceeds from the issue of the Notes is intended to be used for financing and/or re-financing specified Green Projects in accordance with certain prescribed eligibility criteria
• Sales Restrictions: As per the Issuers €40bn Global Medium Term Note and Covered Bond Programme dated 17-Jul-26 (except for Switzerland)
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Retail Restrictions: EEA & UK domiciled: Applicable Other: Subject to applicable regulations and restrictions

PRICED: State of North Rhine-Westphalia €1bn 3yr Sr Unsec; MS+3bp

IGC European Market: Deal Flow - SSA

Reoffer: 3yr: MS+3bp / 99.885 / 3.416%
Benchmark: 3yr: OBL 2.5 10-Nov-29 @ 98.399 / B+33.7bp / HR 103%

3yr: Final Books in excess of €1.6bn (incl. €300m JLM). Peak book in excess of €1.6bn (incl. €300m JLM)

Launched: 3yr: €1bn @ MS+3bp - Books in excess of €1.1bn (incl. €300m JLM)
Guidance: 3yr: MS+3a

• Issuer: State of North Rhine-Westphalia
• Ticker: NRW
• Format: Senior unsecured, Reg S Bearer, 0% RW, HQLA/Level 1
• Issuer Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Size: €1bn
• Coupon: 3.375% Fixed, annual, Act/Act ICMA, short first
• Maturity: 09-Nov-29 (3Y)
• Settlement: 10-Nov-26 (T+5)
• Reoffer: MS+3bp / 99.885 / 3.416%
• Benchmark: 33.7bp vs OBL 2.5 10-Nov-29 @ 98.399 / HR 103%
• List/Law/Denoms: Düsseldorf / German / €1k+1k
• ISIN/WKN: DE000NRW0Q15 / NRW0Q1
• JLM: Deutsche Bank, Helaba, J.P. Morgan, RBCCM and Societe Generale (B&D)
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Timing: Priced. TOE 13:20 CET / 12:20 UKT. FTT 13:30
• Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFIDII
• Advertisment: The Base Prospectus is available at: https://www.finanzverwaltung.nrw.de/system/files/media/document/file/nrw-dip-update-2026-alleviated-prospectus-final-submission-version.pdf and the Final Terms, when published, will be available http://www.boerse-duesseldorf.de/anleihen/wkn/NRW0Q1

PRICED: Bpifrance €600m 4yr Sr Unsec; OAT+33bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: OAT Interp+33bp / 91.748 / 4.397%
Benchmark: 4yr: Interpolation FRTR 2.5% 25-May-30 @ 95.074 (MID) / FRTR 0% 25-Nov-30 @ 84.920 (MID)

Tranche 1 (4yr): Books above €930m (incl. €50m JLM Interest)

Launched: 4yr: €600m @ OAT+33bp - Books above €930m (incl. €50m JLM Interest)
Spread set at: 4yr: OAT+33bp - Books above €720m (incl. €25m JLM interest)
Guidance: 4yr: OAT+34a

• Issuer: Bpifrance (ticker: "BPIFRA")
• Guarantee: Autonomous, unconditional and irrevocable on-demand guarantee from EPIC Bpifrance
• Guarantor: EPIC Bpifrance - The Issuer's guarantor is likely to be considered as part of the "French public sector entities linked to the French State" (Government-Related Entities) within the meaning of the rating methodology applied by Fitch. A revision associated with the Issuer's guarantor's rating outlook by Fitch, from "stable" to "negative", could be notified to the Issuer's guarantor, as a result of the revision of the outlook associated with the sovereign rating occurring on 30-Oct-26.
• LEI: 969500STN7T9MRUMJ267
• Form of the Notes: Reg S, Dematerialised Notes – Bearer form
• Issue Ratings: Aa3/A+ (Moody's/Fitch)
• Settlement: 10-Nov-26 (T+5)
• Maturity: 02-Sep-30
• Size: €600m TAP (New size o/s €1.6bn)
• Spread: OAT Interp+33bp
• Reoffer: 91.748 / 4.397%
• Reference Bmk: Interpolation FRTR 2.5% 25-May-30 (95.074 MID) and FRTR 0% 25-Nov-30 (84.920 MID)
• Coupon: 2%, Annual, Act/Act ICMA, full first on 02-Sep-27
• ISIN: FR001400CHQ6 (immediately fungible)
• Listing: Euronext Paris
• Law: French Law
• Denoms: €100k + 100k
• Clearing: Euroclear France
• Joint Bookrunners: Credit Agricole CIB / J.P. Morgan / Santander (DM / B&D)
• Target Market: Manufacturer target market (MIFID II and UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus, any supplements and the final terms will be available at https://www.bpifrance.fr/Investor-Relations
• Documentation: Issuer's Base Prospectus dated 12-Jun-26
• Timing: Priced. TOE 13.51 CET/12.51 UKT. FTT Immediately

PRICED: Lloyds Bank plc £1.25bn 5yr FRN CB; SONIA+52

IGC European Market: Deal Flow - General

Reoffer: 5yr: SONIA+52bp / 100%

5yr: Final Books over £1.55bn. Peak book over £1.6bn (pre-reconciliation)

Launched: 5yr: £1.25bn @ SONIA+52bp - Books over £1.6bn
Spread set at: 5yr: SONIA+52bp - Books over £1.5bn
Book Update: Books over £1.5bn
Guidance: 5yr: SONIA+56a

• Issuer: Lloyds Bank plc
• Ticker: LLOYDS
• Issuer LEI: H7FNTJ4851HG0EXQ1Z70
• Guarantor: Lloyds Bank Covered Bonds LLP
• Guarantor LEI: 213800FRI978XP6HTZ13
• Expected Issue Rating: Aaa (Moody's) / AAA (Fitch)
• Format: Reg S, Bearer, UK Regulated Covered Bond
• Size: £1.25bn
• Tenor: 5yr
• Trade Date: 3-Nov-26
• Issue Date: 10-Nov-26 (T+5)
• Maturity: 10-Nov-31 (soft bullet)
• Coupon: SONIA+52bps, Floating, Compounded Daily SONIA, 5 day lag, Quarterly, ACT/365F
• Business Day Convention: Modified Following
• Reoffer / Reoffer Price: SONIA+52 / 100%
• Documentation: Lloyds Bank plc €60bn Global Covered Bond Programme base prospectus dated 4-Aug-26 as supplemented on 29-Oct-26
• Listing/Governing Law: London (Main Market) / English
• Denominations: £100k + 1k
• ISIN/Common Code: XS3557860486 / 355786048
• Joint Lead Managers: Lloyds (B&D), Barclays, BBVA, LBBW and TD Securities
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
• Selling Restrictions: Reg S (Category 2), TEFRA D. No sales to EEA or UK retail
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No CCI disclosure document has been prepared as not available to retail in the UK. No EU PRIIPs key information document (KID) has been prepared as not available to retail in the EEA
• Timing: Priced / TOE 13:22 UKT / FTT 13:45 UKT

Covered £ FRN
5yr (Nov 2031) @ SONIA+56a

Implied Spread for fresh 5yr @ SONIA+48
Priced at SONIA+52
NIC of +4

PRICED: ING Groep N.V. £500m 7NC6 Sr Unsec; UKT+120bp

IGC European Market: Deal Flow - General

Reoffer: 7NC6: UKT+120bp / 99.543 / 6.092% (S/A)
Benchmark Security: 7NC6: UKT 4 ¼ 07-Jun-32 + 120bps (Px MID 96.888 / Yield 4.892). HR: 104%. Px BID 96.868

Tranche 1 (7NC6): Final book £1.25bn (excl. JLM interest). Peak book above £1.4bn (excl. JLM) pre-rec

Launched: 7NC6: £500m @ UKT+120bp - Books above £1.4bn (excl. JLM) pre-rec
Book Update: Book above £1bn (excl. JLM interest)
IPTs: 7NC6: UKT+135a

• Issuer: ING Groep N.V.
• Issuer LEI: 549300NYKK9MWM7GGW15
• Issuer Ratings: A- stable (S&P), A+ stable (Fitch), AA- stable (Scope)
• Exp. Issue Ratings: Baa1 (Moody's), A- (S&P), A+ (Fitch), A+ (Scope)
• Format: Senior unsecured, unsubordinated, Reg S bearer, New Global Note (NGN) bearer form, Category 2
• Use of Proceeds: General Corporate Purposes
• Settlement Date: 9-Nov-26 (T+4)
• Tranche: 7NC6 FXD-to-FRN
• Maturity Date: 9-Nov-33
• Call Date: 9-Nov-32
• Reoffer: UKT+120bps / 99.543 / 6.092 (S/A)
• Benchmark Security: UKT 4 ¼ 07-Jun-32 + 120bps (Px MID 96.888 / Yield 4.892). HR: 104%. Px BID 96.868
• Size: £500m
• ISIN: XS3563641714
• Coupon: From (and including) the Issue Date up to (but excluding) the Optional Redemption Date, 6% per annum payable semi-annually in arrear on 9 May and 9 November in each year commencing on 9-May-27 and ending on the Optional Redemption Date; Actual/Actual (ICMA), unadjusted; Following Business Day Convention. From (and including) the Optional Redemption Date to (but excluding) the Maturity Date, SONIA Index Average + 145bps, payable quarterly in arrear; Actual/365 (Sterling), Adjusted; Modified Following Business Day Convention
• Waiver of Set-Off: Applicable: Holders of Senior Notes cannot exercise or claim any right of set-off, netting or counterclaim in respect of amounts owed by the Issuer in respect of the Senior Notes
• Optional Redemption: The Issuer may elect to redeem the Notes at 100% of their nominal amount on the Optional Redemption Date, subject to prior permission by the resolution authority
• Early Redemption: Loss Absorption Disqualification Event, subject to prior permission by the competent authority and/or resolution authority, at par plus accrued interest
• Clean-Up Call: Applicable, the Issuer may at any time, on giving not less than 15 nor more than 30 days’ notice, redeem all but not some of the Notes for the time being outstanding at an amount per Note equal to 100% of the Specified Denomination, together with interest (if any) accrued to (but excluding) the date of redemption, if, prior to the date of such notice, 75 per cent. or more in nominal amount of the Notes hitherto issued have been redeemed or purchased and cancelled
• Tax Call: Applicable, upon withholding, or a change in applicable tax treatment as specified in Condition 6(b) of the terms and conditions of the DIP the Issuer may, but shall not be obliged to, on giving not less than 15 nor more than 30 days’ notice, redeem all but not some of the Notes for the time being outstanding at an amount per Note equal to 100% of the Specified Denomination, together with interest (if any) accrued to (but excluding) the date of redemption
• Substitution and Variation: Applicable
• Denomination: £100,000 + £100,000
• Listing / Docs: Euronext Amsterdam, Regulated Market / Issued off the EUR 70bn Debt Issuance Programme of ING Groep N.V. and ING Bank N.V. dated 11-Mar-26, as supplemented from time to time
• Governing Law: Dutch Law
• Joint Bookrunners: BBVA, BMO Capital Markets, ING (B&D), Lloyds, NatWest (DM), Nomura, Wells Fargo Securities
• Target Market: MiFID II / UK MiFIR professionals / ECPs-only - Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in the EEA or in the UK
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Advertisement: Base Prospectus dated 11-Mar-26, as supplemented and as available on https://ing.com/investors/fixed-income-information/debt-securities-ing-groep-nv/senior-bonds and Final Terms, when available on https://ing.com/investors/fixed-income-information/debt-securities-ing-groep-nv/senior-bonds
• TOE: 14.51 UKT / 15.51 CET
• FTT: 15.10 UKT / 16.10 CET
• Pricing Note: Please note that £ pricing will be vs mid Gilts mark as per ICMA guidelines but hedges are executed vs the DM trader's bid side

HoldCo FTF
NC6yr (Oct 2032) @ MS+135a

Implied Spread for fresh NC6yr @ MS+114
Priced at MS+120
NIC of +6

PRICED: ING Bank N.V. £325m 2yr Sr Unsec; SONIA+85bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: SONIA+85bp / 100

Tranche 1 (2yr FRN): Final book above £325m (incl. £10m JLM). Peak book above £335m (incl £10m JLM)

Launched: 2yr: £325m @ SONIA+85bp - Books above £335m (incl £10m JLM)
Book Update: Books above £320m (excl. JLM) pre-rec
Spread set at: 2yr: SONIA+85bp - IOIs > £300m (incl £10m JLM interest)

• Issuer: ING Bank N.V.
• Issuer LEI: 3TK20IVIUJ8J3ZU0QE75
• Issuer Ratings: A2 stable (Moody's), A+ stable (S&P), AA stable (Fitch), AA- stable (Scope)
• Exp. Issue Ratings: A2 (Moody's), A+ (S&P), AA (Fitch), AA- (Scope)
• Format: Senior unsecured, unsubordinated, Reg S bearer, New Global Note (NGN) bearer form, Category 2
• Use of proceeds: General Corporate Purposes
• Settlement Date: 09-Nov-26 (T+4)
• Tranche: 2yr FRN
• Maturity: 09-Nov-28
• Reoffer: SONIA+85bps / 100%
• Size: £325m
• ISIN: XS3565265975
• Coupon: 9 February, 9 May, 9 August, 9 November, in each year, commencing on 09-Feb-27, up to and including the Maturity Date, adjusted in accordance with the Business Day Convention
• Waiver of Set-off: Not applicable
• Early redemption: Not applicable
• Clean-Up Call: Applicable, the Issuer may at any time, on giving not less than 15 nor more than 30 days' notice, redeem all but not some of the Notes for the time being outstanding at an amount per Note equal to 100% of the Specified Denomination, together with interest (if any) accrued to (but excluding) the date of redemption, if, prior to the date of such notice, 75 per cent. or more in nominal amount of the Notes hitherto issued have been redeemed or purchased and cancelled
• Tax Call: Applicable, upon withholding, or a change in applicable tax treatment as specified in Condition 6(b) of the terms and conditions of the DIP the Issuer may, but shall not be obliged to, on giving not less than 15 nor more than 30 days' notice, redeem all but not some of the Notes for the time being outstanding at an amount per Note equal to 100% of the Specified Denomination, together with interest (if any) accrued to (but excluding) the date of redemption
• Substitution and Variation: Not applicable
• Denomination: £100,000 + £100,000
• Listing / Docs: Euronext Amsterdam, Regulated Market / Issued off the EUR 70bn Debt Issuance Programme of ING Groep N.V. and ING Bank N.V. dated 11-Mar-26, as supplemented from time to time
• Governing Law: Dutch Law
• Joint Bookrunners: BBVA, BMO Capital Markets, ING (B&D), Lloyds, NatWest, Nomura, Wells Fargo Securities
• Target Market: MiFID II / UK MiFIR professionals / ECPs-only - Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in the EEA or in the UK
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Advertisement: Base Prospectus dated 11-Mar-26, as supplemented and as available on https://ing.com/investors/fixed-income-information/debt-securities-ing-groep-nv/senior-bonds and Final Terms, when available on https://ing.com/investors/fixed-income-information/debt-securities-ing-groep-nv/senior-bonds
• TOE: 14.53 UKT / 15.53 CET
• FTT: 15.10 UKT / 16.10 CET

PRICED: Nordic Investment Bank €300m 5yr Sr Unsec; ESTR+34bp

IGC European Market: Deal Flow - SSA

Reoffer: 5yr: ESTR+34bp / 100

5yr: Peak book above €285m (incl. €25m JLM interest)

Launched: 5yr: €300m @ ESTR DM+34bp - Books above €285m (incl. €25m JLM interest)
Spread set at: 5yr: ESTR DM+34bp
Guidance: 5yr: ESTR DM+34a

• Issuer: Nordic Investment Bank (Ticker: NIB)
• Ratings: Aaa / AAA (Moody's/S&P, both stable)
• Format: Senior, Unsecured, Reg S Bearer
• Size: €300m
• Settlement: 10-Nov-26 (T+5)
• Maturity: 10-Nov-31
• Coupon: FRN, ESTR +34bps, Quarterly, Act/360
• ESTR Convention: Five-day backward-shifted observation period, no lockout
• Reoffer price: 100% / par
• Spread: ESTR +34bps
• Denoms: 1k + 1k
• Docs: EMTN Programme
• Listing: Nasdaq Helsinki
• Leads: Danske Bank / DZ (B&D) / Santander
• Target Market: The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are Retail / Professional / Eligible Counterparties (all distribution channels)
• ISIN: XS3565263251
• Timing: TOE 14.00 CET PRICED, FTT immediately

PRICED: Equinix Europe 2 Financing Corporation €2.5bn 2yr, Long 6yr, 9yr & 12yr Green Sr Unsec; MS+85bp / MS+145bp / MS+175bp / MS+205bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: MS+85bp / 99.90 / 4.203% Long 6yr: MS+145bp / 99.884 / 4.826% 9yr: MS+175bp / 99.619 / 5.154% 12yr: MS+205bp / 99.552 / 5.502%
Benchmark: 2yr: OBL 2.40% 19-Oct-28 #188 @ 98.78 / B+115.1bp / HR 101% Long 6yr: DBR 2.30% 15-Feb-33 @ 95.01 / B+163.8bp / HR 97% 9yr: DBR 2.60% 15-Aug-35 @ 94.80 / B+186.3bp / HR 97% 12yr: DBR 1.00% 15-May-38 @ 76.83 / B+202.8bp / HR 107%

Tranche 1 (2yr): Final Books €3bn.
Tranche 2 (Long 6yr): Final Books €3.4bn.
Tranche 3 (9yr): Final Books €1.8bn. Peak book north of €2.1bn.
Tranche 4 (12yr): Final Books €1.9bn. Peak book north of €2.2bn.

Launched:
2yr: €650m @ MS+85bp - Books north of €2.4bn
Long 6yr: €700m @ MS+145bp - Books north of €3.3bn
9yr: €500m @ MS+175bp - Books north of €2.1bn
12yr: €650m @ MS+205bp - Books north of €2.2bn
IPTs: 2yr: MS+110a Long 6yr: MS+170a 9yr: MS+200a 12yr: MS+230a

• Issuer: Equinix Europe 2 Financing Corporation
• Issuer LEI: 254900FSZR46BPMCKI50
• Guarantor: Equinix, Inc. (Ticker: EQIX; Country: US)
• Guarantor LEI: 549300EVUN2BTLJ3GT74
• Current Guarantor Ratings: Moody's: Baa1 (Stable) / S&P: BBB+ (Stable) / Fitch: BBB+ (Positive)
• Expected Issue Ratings: Baa1/BBB+/BBB+ (Moody's/S&P/Fitch)
• Format: Senior Unsecured Notes
• Settlement: 09-Nov-26 (T+4)
• Size:
  • 2yr: €650m
  • Long 6yr: €700m
  • 9yr: €500m
  • 12yr: €650m
• Maturity:
  • 2yr: 09-Nov-28
  • Long 6yr: 15-Feb-33
  • 9yr: 09-Nov-35
  • 12yr: 09-Nov-38
• Reoffer:
  • 2yr: MS+85bp / 99.90 / 4.203%
  • Long 6yr: MS+145bp / 99.884 / 4.826%
  • 9yr: MS+175bp / 99.619 / 5.154%
  • 12yr: MS+205bp / 99.552 / 5.502%
• Coupon:
  • 2yr: 4.15% Fixed, Annual, ACT/ACT (ICMA)
  • Long 6yr: 4.8% Fixed, Annual, ACT/ACT (ICMA)
  • 9yr: 5.1% Fixed, Annual, ACT/ACT (ICMA)
  • 12yr: 5.45% Fixed, Annual, ACT/ACT (ICMA)
• First Pay Date:
  • 2yr: 09-Nov-27
  • Long 6yr: 15-Feb-27
  • 9yr: 09-Nov-27
  • 12yr: 09-Nov-27
• MWC:
  • 2yr: B+20bp
  • Long 6yr: B+25bp
  • 9yr: B+30bp
  • 12yr: B+30bp
• Benchmark:
  • 2yr: OBL 2.40% 19-Oct-28 #188 @ 98.78 / B+115.1bp / HR 101%
  • Long 6yr: DBR 2.30% 15-Feb-33 @ 95.01 / B+163.8bp / HR 97%
  • 9yr: DBR 2.60% 15-Aug-35 @ 94.80 / B+186.3bp / HR 97%
  • 12yr: DBR 1.00% 15-May-38 @ 76.83 / B+202.8bp / HR 107%
• Par Call:
  • 2yr: --
  • Long 6yr: Yes, 2-months
  • 9yr: Yes, 3-months
  • 12yr: Yes, 3-months
• ISIN / Common Code:
  • 2yr: XS3560994603 / 356099460
  • Long 6yr: XS3560995089 / 356099508
  • 9yr: XS3560995246 / 356099524
  • 12yr: XS3560995592 / 356099559
• T.O.E.:
  • 2yr: 15.23 UKT
  • Long 6yr: 15.22 UKT
  • 9yr: 15.21 UKT
  • 12yr: 15.20 UKT
• B&D:
  • 2yr: J.P. Morgan
  • Long 6yr: J.P. Morgan
  • 9yr: BNP Paribas
  • 12yr: BNP Paribas
• Docs: SEC Registered / Nasdaq Bond Exchange Listing / New York Law
• Clearing: Euroclear and Clearstream
• Denominations: €100,000 x €1,000
• Selling Restrictions: As per Equinix Europe 2 Financing Corps Preliminary Prospectus Supplement
• UoP: The Issuer intends to use the net proceeds from the offering to finance or refinance one or more Eligible Green Projects
• Sales into Canada: Yes, via exemption
• Stabilization: FCA / ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or UK PRIIPs KID / CCI product summary
• Joint Actives: BNP Paribas, BofA Securities, ING, J.P. Morgan, Santander, Standard Chartered Bank
• Timing: PRICED. FTT TBC subject to termsheet

Green

2yr (Nov 2028) @ MS+110a

Implied Spread for fresh 2yr @ MS+70
Priced at MS+85
NIC of +15

L6yr (Feb 2033) @ MS+170a

Implied Spread for fresh L6yr @ MS+130
Priced at MS+145
NIC of +15

9yr (Nov 2035) @ MS+200a

Implied Spread for fresh 9yr @ MS+160
Priced at MS+175
NIC of +15

12yr (Nov 2038) @ MS+230a

Implied Spread for fresh 12yr @ MS+180
Priced at MS+205
NIC of +25

PRICED: Banque Stellantis France €500m 2yr SP; MS+97bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: MS+97bp / 99.859 / 4.325%
Benchmark: 2yr: OBL 2.4 19-Oct-28 @ 98.780 / B+127.3bp / HR 101%

Tranche 1 (2yr): Final Books >€2.1bn. Peak book >€2.1bn

Launched: 2yr: €500m @ MS+97bp - Books over €1.9bn (pre-rec, at guidance)
IPTs: 2yr: MS+125/130bp

• Issuer: Banque Stellantis France (Ticker: BSTLAF, Country: France)
• Legal Entity Identifier: 969500JK1O192KI3E882
• Issuer Ratings: A3 (Positive) by Moody's / BBB+ (Stable) by S&P
• Expected Issue Ratings: A3 by Moody's / BBB+ by S&P
• Format: Senior Preferred, Unsecured, Reg S Bearer (Cat2), Dematerialised
• Currency / Size: €500m
• Settlement Date: 10-Nov-26 (T+5)
• Maturity: 10-Nov-28 (2yr)
• Reoffer: MS+97bp / 4.325% / 99.859
• Benchmark: OBL 2.4 19-Oct-28 @ 98.780 / B+127.3bp / HR 101%
• Coupon: 4.25% Fixed, Annual, Act/Act (ICMA) Following Unadjusted
• Denoms: €100k x €100k
• Docs: EMTN / Euronext Paris / French Law / 1m Par call / MWC B+20
• ISIN: FR001401C2Q2
• Global Coordinator: Santander (B&D)
• Joint Active Bookrunners: HSBC / Lloyds / Santander / SMBC / UniCredit
• UoP: General corporate purposes
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No Sales to EEA and UK Retail. No PRIIPs KID has been prepared as not available to EEA and UK Retail
• Selling Restrictions: As set out in the Base Prospectus
• Advertisement: Base Prospectus dated 23-Jul-26 as available on https://www.banque-stellantis-france.com/en/results-financial-documentation-debt-issurance-programs/debt-programs
• ToE: 15.34 UKT / 16.34 CET
• FTT: 16.00 UKT / 17.00 CET

Senior Preferred SP
2yr (Nov 2028) @ MS+135a

Implied Spread for fresh 2yr @ MS+90
Priced at MS+97
NIC of +7

PRICED: AXA SA €750m 30.5NC10.5 Sub; MS+195bp

IGC European Market: Deal Flow - General

Reoffer: 30.5NC10.5: MS+195bp / 99.994 / 5.38%
Benchmark: 30.5NC10.5: DBR 4 04-Jan-37 @ 105.53 / DBR+203.2bp / HR 89%

30.5NC10.5: Final Books >€2.4bn. Peak book >€3bn at guidance (pre-rec)

Launched: 30.5NC10.5: €750m @ MS+195bp - Books >€3bn at guidance (pre-rec)
Size set at: 30.5NC10.5: €750m
Guidance: 30.5NC10.5: MS+200a - Books >€2.7bn (pre-rec)
Book Update: Books above €2bn
IPTs: 30.5NC10.5: MS+225a

• Issuer: AXA SA
• LEI: F5WCUMTUM4RKZ1MAIE39
• Notes: EUR750mn Fixed to Floating Rate Ordinary Subordinated Notes due 25-May-57
• Status: Ordinary Subordinated Notes Senior to any Undated Subordinated Notes, any Undated Subordinated Obligations, any prêts participatifs granted to the Issuer, any titres participatifs issued by the Issuer and any Deeply Subordinated Notes issued by the Issuer If the Notes are no longer treated as tier 2 own funds regulatory capital, their rank will, subject to certain conditions, change, and the Notes will become either Senior Notes, 1st Ranking Senior Subordinated Notes or Senior Subordinated Obligations
• Insurer Financial Strength Ratings: Aa2, stable by Moody's, AA-, stable by S&P and A+ (Superior), stable by AM Best
• Issuer's Long-Term Credit Ratings: Aa3, stable by Moody's, AA-, stable by S&P and aa (Superior), stable by AM Best
• Expected Notes Ratings: A1 (hyb) / A (Moody's / S&P)
• Issue Size: EUR750mn
• Reoffer Spread / Yield/ Price: MS+195bp / 5.38% / 99.994%
• Benchmark yield / spread to benchmark: DBR 4 04-Jan-37: 3.348% @ 105.53 / DBR + 203.2bp / HR:89%
• Settlement Date: 06-Nov-26 (T+3)
• First Call Date: 25-May-37
• Optional Redemption: The Issuer may, at its option, redeem all or some only of the Notes then outstanding on (i) the First Call Date or (ii) any Interest Payment Date thereafter at par, subject to the Conditions to Redemption and Purchase
• Scheduled Maturity Date: Interest Payment Date falling on or nearest to 25-May-57 subject to the Conditions to Redemption and Purchase
• Interest: Short First Coupon 5.375%, Fixed rate until First Call Date payable annually in arrear. Thereafter reset on the First Call Date at a rate equal to the sum of 3-month Euribor (subject to Benchmark Discontinuation provision) and the Margin (including 100bps step-up), payable quarterly in arrear
• Margin: Initial credit spread plus 100bps per annum
• Interest Deferral: Interest will be mandatorily deferred in case of Regulatory Deficiency, subject to regulatory waiver The Issuer may elect to defer any interest provided a dividend on ordinary or preference shares has not been declared or paid in the preceding 6 months (provided that the Interest Payment Date is not a Mandatory Interest Deferral Date) Deferred interest payments will constitute Arrears of Interest which are cumulative and not compounding
• Special Event Redemption: The Issuer may redeem all of the Notes at par at any time for tax reasons (Withholding Tax Event, Gross-up Event and Tax Deductibility Event), upon a Regulatory Event, Accounting Event, Rating Methodology Event or clean-up (>= 75%), subject to the Conditions to Redemption and Purchase
• Conditions to Redemption and Purchase: All redemptions are subject to (i) prior Relevant Supervisory Authority approval; (ii) no Regulatory Deficiency; (iii) no Insolvent Insurance Affiliate Winding-up (if then required); subject to regulatory waiver in certain conditions
• Inapplicability Period: The Issuer may waive, at any time and in its sole discretion, its right to redeem the Notes under any of Conditions 7(b), 7(d), 7(e), 7(f) and 7(g) of the terms and conditions of the Drawdown Prospectus for a (definite or indefinite) period of time to be determined by the Issuer (an Inapplicability Period) by notice to the Noteholders in accordance with Condition 14 of the terms and conditions of the Drawdown Prospectus.
• Special Event Substitution/ Variation: As an alternative to early redemption, the Issuer has the option to substitute the Notes (in whole) or vary the terms on any Interest Payment Date without the consent of the Noteholders upon a Regulatory Event, a Rating Methodology Event or an Accounting Event (subject to certain conditions, including the terms of the substitution or variation not being materially prejudicial to the interest of Noteholders)
• Regulatory Deficiency: Non-compliance with Issuer/Group SCR or MCR, or any applicable capital requirements for internationally active insurance groups Regulatory request, for the Issuer to take specified action in relation to payments under the Notes
• Events of Default: None
• Waiver of Set-Off: No holder of any Note may at any time exercise or claim any Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such holder
• Form of the Notes: Reg S Bearer Form / Temporary Global Note to be exchanged for a Permanent Global Note (Classical Global Note)
• Acknowledgement of potential future Statutory Loss Absorption Powers: Applicable
• Format: Reg S, Bearer
• Business Days: Luxembourg, Paris, T2
• Governing Law / Listing: English Law (save for the Status and Subordination provisions governed by French law) / Official List of the Luxembourg Stock Exchange (regulated market)
• Denomination: EUR 100k and integral multiples of EUR 1k in excess thereof up to (and including) EUR 199k
• Clearing Systems: Euroclear and Clearstream Luxembourg
• Selling Restrictions: US, EEA, UK, Belgium, HK, Singapore and Canada (as further described in the Drawdown Prospectus)
• Documentation: Preliminary Drawdown Prospectus dated 03-Nov-26 / Notes issued under AXA's EMTN Programme pursuant to a base prospectus dated 26-Mar-26. Final Drawdown Prospectus to be dated on or around 04-Nov-26
• Use of Proceeds: General corporate purposes, including the refinancing of part of the AXA Group's outstanding debt
• ISIN / Common Code: XS3562291180 / 356229118
• Global Coordinators: Citigroup, Deutsche Bank
• Joint Lead Managers: Barclays, BNP Paribas, Citigroup (B&D), Deutsche Bank, HSBC, Societe Generale
• Target Market: Manufacturer target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary will be prepared as not available to EEA and UK retail investors
• TOE / FTT: TOE: 15:44 UKT / FTT: 16:30 UKT

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Details correct at time of posting