• Credit indices tighter, European govies rallied & Brent Crude pushed through $100, currently at 98.64.
• Busiest Mon-Wed for € IG (€27.05bn) since w/c 21st Sept (€34.45)
• Meta sets a new European orderbook record.

CORP:

• Meta Platforms Inc, €9bn 6-tranche SEC registered 6-tranche deal stole the show
  • Huge €53bn collective book for debut € (5.89 X)
    • Breakdown of book not yet available & final book TBC
    • New record, breaking Anheuser-Busch InBev’s €31bn book from 2016 
  • Very generous terms offered initially & arguably demand was underestimated
  • IPTs to launch came in 30 to 32bps, only to be revised a further 5bps tighter across all tranches after a strong bid in the grey market (detailed analysis below)
    • Very rare for spreads to be tightened after being set
    • Engie did so for their Hybrid offering in April
  • IPT’s to Pricing 35 to 37bps
  • Alphabet’s €6bn 7-tranche offering on Monday had avg. IPT to pricing of -21.43

FIG:

• Demand was good today as borrowers offered sensible pricing
  • Mapfre SA, €1bn dual-tranche was the day highlight
    • 3yr senior €500m offered a NIC of +5 & a peak book of €2.5bn (5 X)
    • 15NC5 Tier 2 €500m, commanded a peak book of €3.2bn (6.4 X)
    • IPT to Pricing -30bp & -35bp respectively
  • Intesa SanPaolo’s €1.25bn senior non-preferred
    • Peak book of €4.25bn, final of €3.9bn (3.12 X)
    • IPT to Pricing -32.5bp

• Bunds, OATs & Gilts all rallied today, notably OAT’s
• Bund curve flattened by c.1.5bp 
• OAT’s yields fell 9 to 12bps from 2 to 30yrs as the curve flattened by c.3bp 
  • OAT vs Bund 10yr spread tightened to +153bps
• Gilts yields were c.7 to 9bps lower across the curve, which flattened c.1.5bps
• € swaps tightened c.3 to 5bps
  • € swap spreads marginally wider by c.1bp 10yrs & in
• £ swap curve flattened by c.3bp
  • £ swap spreads little changed
• € IG delivered €11.25bn from 3 deals (1 x Corp & 2 x FIG) via 9 tranches
  • €27.05bn WTD or 109.8% of our ‘Supply Survey’ forecast of €24.63bn
• No supply in either the Sterling (£) or Swiss Franc markets
• US$ Reg S priced $1.25bn from 1 deal (1 x FIG) via 1 tranche
  • ING Groep $1.25bn PNC5, with an impressive final book of >$8.75bn (7 X)
  • 5th public offering from ING this week
  • Aside from Prudential's Tier 2 on the 27th of Oct, today's print is the first financial Reg S trade since a Nat West FRN on the 17th of August
• Today’s “Talking Point” (below) looks at € AT1 supply YTD, including monthly volumes, deal sizes, issuer nationality & how Nov-Dec 2025 compare.
• iTraxx 5yr Europe & the iTraxx Senior & Sub financial indices were all notably tighter, currently trading at 62.2 (-4.4%), 70.552 (-4.72%) & 118.527 (-5.65%) respectively (as we print & % △ on the day).
• Vix Index tightened, currently at 17.63 (20.83 this morning)
• Brent Crude fell by c.$3, currently at c.$98.64 (c.$104.13 this morning)
• European equity bourses were all comfortably stronger with the FTSE, Dax & CAC 40 all higher by +2.01%, +2.53% & +2.35% respectively
  • YTD: FTSE ↑9.28%, Dax ↑8.28% & CAC 40 ↓0.72%
• A breakdown of today’s primary € IG supply is as follows

• Corporate
  • Total IG: €9bn
  • Avg. tranche size €1.5bn
  • Avg. IPT to Pricing -36.33
  • Avg. cover TBD 
• FIG
  • Total IG: €2.25bn
  • Avg. tranche size €750m
  • Avg. IPT to Pricing (covered) €0
  • Avg. IPT to Pricing -32.5 (unsecured) €2.25bn
  • Avg. cover 4.84 X
• SSA
  • Total IG: €0
  • Avg. tranche size €0
  • Avg. IPT to Pricing NA
  • Avg. cover NA

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

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

Talking Point

• Today we look at € AT1 supply YTD. € AT1s have delivered €15.6bn across 22 deals (23 tranches) so far in 2026. That’s already above full-year 2025 (c.€15.4bn across 20 deals). November has yet to see a € print.
• Issuance comes in short, concentrated bursts. February, May & September each delivered €3.4bn to €3.5bn, together 67% of YTD volume. March, July & August saw no supply, & April & June had one €750m deal each. October added €1.05bn across 3 deals (Banco BPM, Kommunalkredit & Belfius).
• Volume & deal count don’t move together. May had the most deals (6) but averaged just c.€567m, while February & September matched its volume with larger trades (c.€875m avg.). October’s €350m average was the smallest of the year. Overall, the average € AT1 is €709m vs. €760m in 2025.
• By nationality, Italy leads with €4.9bn across 6 deals (31%), ahead of Germany at €3.65bn (23%) & France at €2.75bn (18%). These 3 make up 72% of YTD volume, with Austria next at 10%.
• That’s a clear shift from 2025, when Spain led with €4.5bn (c.29%) & Italy printed just €1bn. This year Spain has had only Unicaja’s €500m, while Italy’s volume is up almost 5x.
• Germany’s total is concentrated in Deutsche Bank. Its two €1.25bn trades make it the largest € AT1 issuer YTD (€2.5bn, 68% of German volume). France’s 3 deals (BNP, SocGen & Crédit Agricole) average c.€917m, the largest of any country.
• Nov & Dec 2025 offer little precedent. Deutsche Bank’s €1bn PerpNC9 (6.75%) on 24th November was the only € AT1 across the two months, & there was no December supply. Its book was still above €7.5bn.
• With supply already ahead of last year, we expect a quiet run-in, with one or two opportunistic trades at most.

Euro IG (today)

• Meta Platforms, Inc. (exp. Issue ratings of Aa3 / AA- by Moody’s & S&P) brought its anticipated debut / inaugural € offering with a 6-tranche, senior unsecured, SEC Registered print. Tranches were as follows, with all IPTs in the ‘area’ of: Long 4yr at MS+140, Long 6yr at MS+170, Long 8yr at MS+195, 12yr at MS+240, 18yr at MS+300, Long 38yr at MS+370. Spreads set in the same order at MS+108, MS+140, MS+165, MS+208, MS+268 & MS+338. Size expectations were managed with a max deal size of €9bn, with initial tranches cited as (exp) in turn: €1.75bn, €1bn, €1bn, €1.5bn, €1.5bn & €1.5bn. Collective books were said to be over €53bn. Launch spreads tightened in 5bps across the curve & the max deal size was hit as follows: Long 4yr for €1.75bn at MS+103, Long 6yr for €1.25bn at MS+135, Long 8yr for €1bn at MS+160, 12yr for €1.75bn at MS+203, 18yr for €1.75bn at MS+263, Long 38yr for €1.5bn at MS+333.
  • This is not only Meta’s debut € trade, but its first major capital raise outside of their domestic US$ market. The deal has been rumoured for months & seemed destined not to happen following their recent massive equity raise. Investor calls began on Monday with initial size aspirations in the c.$20bn area for both their combined $ & € offerings. Yesterday they priced $15bn via 5 tranches (5, 7, 10, 20 & 30yr). Books were $59.5bn (split $8.7bn, $10.4bn, $14bn, $11.5bn & $14.9bn). Worth noting that S&P assigned a negative outlook to their AA- rating as recently as the 30th of October, citing concerns around the massive capex program & negative free operating cash flow.
    • Ratings pecking order of relevant credits
      • Microsoft: Aaa / AAA
      • Nvidia: Aa1 / AA
      • Alphabet: Aa2 / AA+
      • Meta: Aa3 / AA-
      • Amazon: A1 / AA

• Mapfre, S.E. brought a benchmark, dual-tranche offering comprised a €500m (wng) 3yr, senior  (exp. Issue rating of A by S&P); & a €500m (wng) 15NC5, Reg S, Tier 2  (exp. Issue rating of BBB+ by S&P). IPTs on the 3yr were in the area of MS+95. IPTs on the Tier 2 were in the area of MS+200. Combined orderbooks first came in above €3.25bn (exc. JLMs), increasing to over €3.5bn (exc. JLMs). The 3yr senior launched for €500m at MS++65, from a book over €2.4bn (sxc. JLMs); the Tier 2 launched for €500m at MS+165, from a book in excess of €3bn. Books for the 3yr rose to over €2.5bn (exc. JLMs) & in excess of €3.2bn (exc. JLMs) for the Tier 2.
  • Mapfre’s last public € trade was a Tier 2 on the 1st of June, when they priced a €500m 11NC10 FRR at MS+145 (32.5bps tighter than IPTs from a €2.5bn book. On the senior side they last launched a dual-tranche on the 13th of January this year, which delivered a €500m 6yr at MS+65 (35bps tighter than IPTs from a €3.35bn book), & a €500m 10yr at MS+87 (33bps tighter than IPTs from a €1.9bn book). 
• Intesa Sanpaolo S.p.A. (exp. Issue ratings of Baa2 / BBB / BBB+ by Moody’s, S&P & Fitch) brought a 5NC4 Senior Non-Preferred, Reg S offering. IPTs on the trade were MS+125 to +130. Books were first called over €2.5bn (exc. JLMs), rising to in excess of €4.25bn (exc. JLMs, pre-rec). The deal launched for €1.25bn at MS+95. Final books closed in excess of €3.9bn.
  • Their last public syndicated € offering was also a senior non-preferred, back on the 15th of June. The €1.25bn 8NC7 Green, FTF issue priced at MS+88 (32bps tighter than IPTs from a €2.6bn book & a NIC of +3). Intesa have also printed two €500m SNP trades with single leads; a 3NC2 at MSS+69 & a 4NC3 FRN at 3mth€+77.

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)

• ING Groep N.V. (exp. Issue ratings of BBB- / BBB / BBB by S&P, Fitch & Scope) announced a US$ benchmark Reg S, Perpetual NC November 2031 Additional Tier 1, Contingent Convertible Capital, Hold Co offering. IPTs on the trade were in the area of 8.25% (s.a. coupon). Books were first reported over $5bn (exc. JLMs), rising to over $6.l75bn. The trade launched fr $1.25bn at 7.75% (50bps tighter than IPTs).
  • This is effectively the 5th public offering from ING in 3 days. 2 of these recent trades were for the Hold Co - like today - a €1bn, 6NC5 FTF & a £500m, 7NC6 FTF. Their most recent Reg S US$ AT1 was back on the 3rd of February, when they priced a £1.5bn PerpNC7.75 FTF at 6.5% (50bps in from IPTs & from a book of $6bn). Worth noting that their AT1 prior to that (2nd Sept 2025) was a Global registered offering, rather than a Reg S. This was a $1.5bn PerpNC7, which priced at 7.0% (37.5bps tighter than IPTs from a $7.2bn book).

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. Investor marketing concluding today (4th November) & the company is now focused on a €500m (exp) 10yr Senior Unsecured bond. 

• 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: Mapfre €500m 3yr Sr Unsec & €500m 15NC5 T2; MS+65bp & MS+165bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+65bp / 99.672 / 3.993% 15NC5: MS+165bp / 99.515 / 4.987%
Benchmark: 3yr: OBL 2 ½ 29 #190 @ 98.42 / B+92.2bp / HR 102% 15NC5: OBL 2.9 31 #194 @ 98.95 / B+185.8bp / HR 97%

Tranche 1 (3yr): Final Books in excess of €2.5bn (excl. JLM)
Tranche 2 (15NC5): Final Books in excess of €3.2bn (excl. JLM)

Launched:
3yr: €500m @ MS+65bp - Books in excess of €2.4bn (excl. JLM)
15NC5: €500m @ MS+165bp - Books in excess of €3bn (excl. JLM)
Book Update: Combined Orderbooks above €3.5bn (excl. JLM)
IPTs: 3yr: MS+95a 15NC5: MS+200a

• Issuer: Mapfre, S.A.
• Ticker: MAPSM
• Issuer LEI: 95980020140005693107
• Instrument:
  • 3yr: EUR Fixed Rate Senior Notes
  • 15NC5: EUR Fixed Rate Reset Tier 2 Notes
• Issuer Credit Rating: A (S&P, Stable) / A (Fitch, Stable)
• Expected Issue Rating:
  • 3yr: A (S&P)
  • 15NC5: BBB+ (S&P)
• Status of the Notes:
  • 3yr: The payment obligations of the Issuer under the Notes on account of principal constitute direct, unconditional, unsubordinated and unsecured obligations (créditos ordinarios) of the Issuer.
  • 15NC5: Tier 2 Notes (Condition 3(d) of the terms and conditions of the Tier 2 Notes of the Base Prospectus applies).
• Form of the Notes: Reg S, Cat 2, Dematerialized book-entry form (anotaciones en cuenta), registered with Iberclear.
• Aggregate Nominal Amount: EUR 500mn (each tranche)
• Spread:
  • 3yr: MS+65bps and OBL 2 ½ 29 #190 + 92.2bps (98.42%) HR: 102%
  • 15NC5: MS+165bps and OBL 2.9 31 #194 + 185.8bps ( 98.95%) HR 97%
• Reoffer:
  • 3yr: 99.672% (3.993% yld)
  • 15NC5: 99.515 % ( 4.987% yld)
• Settlement Date / Issue Date: 12-Nov-26 (T+6)
• Scheduled Maturity Date:
  • 3yr: 12-Nov-29
  • 15NC5: 12-Nov-41 (subject to Condition 6(b) (Deferral of Redemption and Purchase) and Condition 6(c) (Conditions to Redemption, Substitution, Variation and Purchase))
• Redemption Basis:
  • 15NC5: Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on the Scheduled Maturity Date at 100% of their Outstanding Principal Amount.
• Redemption Amount:
  • 3yr: 100% of Nominal Amount
• Issuer Call Option:
  • 15NC5: On the First Reset Date and on the Second Reset Date, the Issuer may elect to redeem all, but not some only, of the Notes at 100% of their Outstanding Principal Amount together with any accrued and unpaid interest (subject to Condition 6(b) (Deferral of Redemption and Purchase) and Condition 6(c) (Conditions to Redemption, Substitution, Variation and Purchase)).
• Residual Maturity Call Option:
  • 3yr: At any time from (and including) 12-Aug-29 (3 months prior to the Scheduled Maturity Date) to (but excluding) the Scheduled Maturity Date, the Issuer may elect to redeem all, but not some only, of the Notes at 100% of the nominal amount together with any accrued and unpaid interest.
• Interest Basis:
  • 15NC5: Fixed Rate Reset Notes.
• Reset Dates:
  • 15NC5: 12-Nov-31 (the “First Reset Date”) and 12-Nov-36 (the “Second Reset Date”)
• Coupon:
  • 3yr: 3.875 %. Interest payable annually in arrear every 12 November, commencing on 12-Nov-27 until the Scheduled Maturity Date.
  • 15NC5: 4.875% Fixed, annual, payable in arrear, following unadjusted, from (and including) the Issue Date to (but excluding) the First Reset Date. On the First Reset Date, interest resets at the 5-year Euro Mid-Swap Rate + 165bp (the “First Margin”), applicable from (and including) the First Reset Date to (but excluding) the Second Reset Date. [Note: First Margin - Equal to the Reoffer Spread vs 5 yr Mid-swap Rate at Pricing Date] On the Second Reset Date, interest resets at the 5-year Euro Mid-Swap Rate + 265bp (the “Subsequent Margin”), applicable from (and including) the Second Reset Date to (but excluding) the Scheduled Maturity Date. [Note: Subsequent Margin to equal the First Margin + 100bp]
• Interest Payment Dates: 12 November in each year up to and including the Scheduled Maturity Date, commencing on 12-Nov-27
• Day Count Fraction:
  • 3yr: Act / Act (ICMA)
  • 15NC5: Actual / Actual (ICMA)
• Business Day Convention: Following, unadjusted
• Additional Business Centres:
  • 15NC5: Not Applicable
• Reset Reference Rate:
  • 15NC5: 5yr Euro Mid-swap Rate
• Mandatory deferral of Interest:
  • 15NC5: If any of the following Regulatory Deficiency Interest Deferral Events has occurred and is continuing or would occur if payment of interest were made: (i) any event (including any breach of any Regulatory Solvency Capital Requirement or any Regulatory Minimum Capital Requirement applicable to the Issuer or all or part of the Group) which under Solvency II and/or under the Relevant Rules means that the Issuer must defer or suspend payment of interest, (ii) the Relevant Regulator prohibiting the Issuer from making payments of interest, or (iii) the Issuer being unable to meet regularly its due and payable liabilities.
• Arrears of Interest:
  • 15NC5: Cash cumulative, non-compounding. Arrears of Interest may, subject to Regulatory Deficiency Interest Deferral Event not occurring / continuing, be paid in whole or in part at any time at the option of the Issuer upon not less than 14 days' notice. Arrears of Interest must be paid in full upon (i) the next Interest Payment Date which is not a Mandatory Interest Deferral Date and on which the scheduled payment of interest is made or is required to be made, (ii) the date on which a Winding-Up of the Issuer occurs, or (iii) the date of any redemption or purchase of the Notes.
• Mandatory deferral of Redemption:
  • 15NC5: If any of the following Regulatory Deficiency Redemption Deferral Events has occurred and is continuing or would occur if redemption or purchase were made: (i) any event (including any breach of any Regulatory Solvency Capital Requirement or any Regulatory Minimum Capital Requirement applicable to the Issuer or the Group, or upon an Insolvent Insurer Winding-Up) which under Solvency II and/or under the Relevant Rules means that the Issuer must defer or suspend, in full or in part, repayment or redemption of the Notes, (ii) the Relevant Regulator prohibiting the Issuer from making payments of principal, or (iii) the Issuer being unable to meet regularly its due and payable liabilities.
• Early Redemption Events:
  • 15NC5: The Notes may be redeemed prior to their Scheduled Maturity Date in the case of a Tax Event, following a Capital Disqualification Event, in the case of a Clean-Up Call Option (75% threshold) and following a Ratings Methodology Event Redemption of the Notes is subject to compliance with Condition 6(b) and 6(c), as applicable, and may be suspended or postponed in certain circumstances.
• Redemption Due to Tax Event:
  • 3yr: If a Tax Event has occurred (i.e., as a result of a change in the applicable laws or regulations the Issuer is no longer entitled to claim a deduction in respect of any payments relating to the Notes or the amount of such deduction is materially reduced), then the Issuer may, having given not less than 15 nor more than 30 days’ notice to the Holders, elect to redeem at any time all, but not some only, of the Notes at 100% of the nominal amount, together with any accrued and unpaid interest.
  • 15NC5: If a Tax Event has occurred (i.e., as a result of a change in the applicable laws or regulations the Issuer is no longer entitled to claim a deduction in respect of any payments relating to the Notes or the amount of such deduction is materially reduced), then the Issuer may, having given not less than 15 nor more than 30 days’ notice to the Holders, elect to redeem at any time all, but not some only, of the Notes at 100% of their Outstanding Principal Amount, together with any accrued and unpaid interest.
• Clean-up Call Option:
  • 3yr: If 75% or more of the aggregate principal amount of the Notes has been purchased by the Issuer or any of the subsidiaries of its Group and/or redeemed, the Issuer may, having given not less than 15 nor more than 30 days’ notice to the Holders, redeem all, but not some only, of the Notes at 100% of the nominal amount together with any accrued and unpaid interest.
  • 15NC5: If 75% or more of the aggregate principal amount of the Notes has been purchased by the Issuer or any of the subsidiaries of its Group and/or redeemed, the Issuer may, having given not less than 15 nor more than 30 days’ notice to the Holders, redeem all, but not some only, of the Notes at 100% of their Outstanding Principal Amount, together with any accrued and unpaid interest.
• Redemption Due to Ratings Methodology Event:
  • 15NC5: If a Ratings Methodology Event has occurred, then the Issuer may, having given not less than 15 nor more than 30 days’ notice to the Holders, elect to redeem at any time all, but not some only, of the Notes at 100% of their Outstanding Principal Amount, together with any accrued and unpaid interest.
• Redemption Due to Capital Disqualification Event:
  • 15NC5: If a Capital Disqualification Event has occurred (i.e., as a result of (or a change in the interpretation by any court or authority entitled to do so of) the Relevant Rules, the Notes (in whole or in part) have ceased to be eligible to qualify for inclusion in own funds as Tier 2 Capital), then the Issuer may, having given not less than 15 nor more than 30 days’ notice to the Holders, elect to redeem at any time all, but not some only, of the Notes at 100% of their Outstanding Principal Amount, together with any accrued and unpaid interest.
• Substitution and Variation:
  • 15NC5: If a Tax Event, a Capital Disqualification Event or a Ratings Methodology Event has occurred, then the Issuer may, having given not less than 15 nor more than 30 days' notice to the Holders but without any requirement for the consent or approval of the Holders, at any time either substitute all (but not some only) of the Notes for, or vary the terms of all (but not some only) the Notes so that they remain or, as appropriate, become, Qualifying Tier 2 Securities.
• Events of Default:
  • 3yr: In accordance with Condition 6 of the Senior Notes in the Base Prospectus.
• Documentation: Issuer’s EUR 5,000,000,000 EMTN Programme Base Prospectus dated 22-Oct-26, approved by and registered with the Spanish Securities Market Commission (CNMV) (the “Base Prospectus”).
• Listing: AIAF (Spanish regulated Fixed Income Securities Market)
• Clearing System: Iberclear
• Specified Denominations: EUR 100,000 x 100,000
• ISIN:
  • 3yr: ES0324244013
  • 15NC5: ES0224244147
• Common Code:
  • 3yr: 356363205
  • 15NC5: 356363264
• Governing Law: Spanish law
• Use of Proceeds: The Issuer intends to apply the net proceeds from the sale of the Notes to repay outstanding amounts under the Acquisition Facility related to the completed acquisition of Safety Insurance Group, Inc., and for general corporate purposes, including the refinancing of maturing debt.
• Global Coordinators: Citi (B&D), Deutsche Bank.
• Joint Lead Managers: Barclays, BBVA, BofA Securities, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, Morgan Stanley and Santander.
• 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 to investors on request from your usual sales contract.
• Target Market/PRIIPS/CCI: Manufacturers' target market (MiFID II product governance / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs key information document (KID) has been prepared for the EEA and no disclosure document required by the FCA Product Disclosure Sourcebook document (DISC) has been prepared for the UK, as the Notes are not intended to be offered, sold or otherwise made available to retail investors in the EEA nor intended to be offered, sold, distributed or otherwise made available to retail investors (as defined for UK MiFIR purposes) in the UK.
• Selling Restrictions: As per the Base Prospectus. Regulation S, Category 2. TEFRA Not applicable.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus for the purposes of the Prospectus Regulation. A copy of the Base Prospectus may be obtained by eligible investors from the Joint Lead Managers and is available on the Issuer’s corporate website (www.mapfre.com) and on the website of the CNMV (www.cnmv.es). The final terms relating to the Notes to which this Term Sheet relates will be prepared and made available to the public in accordance with the Prospectus Regulation (the “Final Terms”). The Final Terms (when published) will be, available on the Issuer’s corporate website (www.mapfre.com) and on the website of the CNMV (www.cnmv.es).
• Timing: Priced TOE: 14:25 UKT FTT: 14:55 UKT

PRICED: Intesa Sanpaolo €1.25bn 5NC4 SNP FXD/FRN; MS+95bp

IGC European Market: Deal Flow - General

Reoffer: 5NC4: MS+95bp / 99.834 / 4.296%
Benchmark: 5NC4: OBL 2.2 10-Oct-30 @ 96.680 / B+118.5bp / HR 101%

Tranche 1 (5NC4 FXF): Final books > €3.9bn. Peak book over €4.25bn (excl. JLMs, pre-rec)

Launched: 5NC4: €1.25bn @ MS+95bp - Books over €4.25bn (excl. JLMs, pre-rec)
Book Update: Books over €2.5bn (excl. JLMs)
IPTs: 5NC4: MS+125/130a

• Issuer: Intesa Sanpaolo S.p.A.
• LEI Code: 2W8N8UU78PMDQKZENC08
• Issuer Rating: A3 (Stable) / BBB+ (Positive) / A- (Stable) / A (Stable) (Moody's / S&P / Fitch / DBRS)
• Expected Issue Rating: Baa2 / BBB / BBB+ / AL (Moody's / S&P / Fitch / DBRS)
• Status of the Notes: Direct, unconditional, unsubordinated, unsecured and non-preferred obligations ranking (i) junior to Senior Preferred Notes and any other unsecured and unsubordinated obligations of Intesa Sanpaolo which rank, or are expressed to rank by their terms and/or by provision of law, senior to the Senior Non-Preferred Notes, including claims arising from the excluded liabilities within the meaning of Article 72a(2) of the CRR; (ii) pari passu without any preferences among themselves, and with all other present or future obligations of Intesa Sanpaolo which do not rank or are not expressed by their terms to rank junior or senior to the relevant Senior Non-Preferred Notes; and (iii) in priority to any subordinated instruments and to the claims of shareholders of Intesa Sanpaolo, pursuant to Article 91, section 1-bis, letter c-bis of the Consolidated Banking Act, as amended from time to time, and any relevant implementing regulation which may be enacted for such purposes by any Relevant Authority, as described in Condition 4(b) (Status - Senior Non-Preferred Notes issued by Intesa Sanpaolo) of the Terms and Conditions of the Dematerialised Notes
• Format: 5-year (callable in year 4), Regulation S, Dematerialised
• Size: €1.25bn
• Pricing Date: 04-Nov-26
• Settlement Date: 11-Nov-26 (T+5)
• Maturity Date: 11-Nov-31
• Optional Redemption Date: 11-Nov-30
• Call Option: The Notes may be redeemed at the option of the Issuer in whole or in part on the Optional Redemption Date at par, subject to certain conditions, including prior permission of the Relevant Authority
• Redemption: 100% of the nominal value
• Reoffer spread/price : M/S +95bps / 99.834 / OBL 2.2 10-Oct-30 #192 Corp +118.5 bps (Spot:96.680, 101% HR)
• Issue Yield: 4.296%
• Reset Margin: 95bps
• Coupon: 4.25% p.a. payable annually in arrear up to and including the Optional Redemption Date. If not redeemed on the Optional Redemption Date, Reset Coupon payable quarterly until the Maturity Date
• Reset Coupon: If not redeemed on the Optional Redemption Date, coupon resets to prevailing 3 months Euribor + Re-offer Spread (no step-up)
• Interest Payment Dates: Every 11 November in each year starting from 11-Nov-27, and if not redeemed on the Optional Redemption Date will switch to quarterly in respect of the Interest Periods from the Optional Redemption Date to the Maturity Date
• Business Day Convention and Day Count Fraction: Fixed rate: Following (unadjusted); Actual/Actual (ICMA); FRN: Following; Actual/360
• Business Days: T2
• Stabilisation: Relevant stabilisation regulations will apply
• Stabilisation Manager: IMI-Intesa Sanpaolo
• Issuer Call due to MREL Disqualification Event: Redeemable at any time (during the fixed rate period) or on any Interest Payment Date (during the floating rate period) at the option of the Issuer at par upon a MREL Disqualification Event, in whole but not in part, subject to certain conditions set out in the Terms and Conditions of the Dematerialised Notes (including prior permission of the Relevant Authority). Condition 9(g) of the Terms and Conditions of the Dematerialised Notes
• Redemption for tax reasons: The Notes may be redeemed at the option of the Issuer in whole, but not in part, (up to and including the Optional Redemption Date at any time, or if not redeemed on the Optional Redemption Date, in respect of the Interest Periods from the Optional Redemption Date to the Maturity Date, on any Interest Payment Date) for tax reasons (obligation to pay additional amounts as a result of change or amendment to tax legislation) as defined in Condition 9(b) of the Terms and Conditions of the Dematerialised Notes, subject to certain conditions, including prior permission of the Relevant Authority
• Variation: Upon a MREL Disqualification Event, an Alignment Event and/or to ensure the effectiveness and enforceability of Condition 20 (Acknowledgment of the Italian Bail-in Power) of the Terms and Conditions of the Dematerialised Notes, the Issuer may at any time vary the terms of the Notes so that they remain or, as appropriate, become Qualifying Senior Non-Preferred Notes, subject to certain conditions (including receipt of the consent from the Relevant Authority), as outlined in Condition 15(e) of the Terms and Conditions of the Dematerialised Notes
• Events of Default: No Event of Default for the Notes shall occur other than in the context of an insolvency or liquidation in respect of the Issuer.
• Clean-up Call Option: Applicable. If 75 per cent. of the initial aggregate principal amount of the Notes have been redeemed or purchased by, or on behalf of, the Issuer and cancelled, the Issuer may, at its option redeem the outstanding Notes, in whole but not in part, at the Clean-Up Redemption Amount, subject to certain conditions, including prior permission of the Relevant Authority. Condition 9(h) of the Terms and Conditions of the Dematerialised Notes
• Clean-Up Redemption Amount: 100%
• Waiver of Set-Off: Each holder of a Note unconditionally and irrevocably waives any right of set-off, netting, counterclaim, abatement or other similar remedy which it might otherwise have under the laws of any jurisdiction in respect of such Note (Condition 4(b) of the Terms and Conditions of the Dematerialised Notes)
• Bail-in Acknowledgment: Acknowledgement of the Italian Bail-in Power (Condition 20 of the Terms and Conditions of the Dematerialised Notes)
• Documentation: Intesa Sanpaolo €70,000,000,000 Euro Medium Term Note Programme dated 04-Dec-25, as supplemented on 04-Feb-26, 09-Jun-26 and 03-Aug-26
• Governing Law: Italian Law
• Selling Restrictions: As per Base Prospectus (RegS, TEFRA D rules apply. No communications with or into the U.S.; no sales into Canada)
• Denominations: €150,000 and integral multiples of Euro 1,000 in excess thereof
• Settlement: Euronext Securities Milan (Monte Titoli)
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU or UK PRIIPs Key Information Document (KID) or UK CCI product summary has been prepared as not available to retail in the EEA or in the UK.
• Listing: Luxembourg Stock Exchange Regulated Market
• Use of Proceeds: General Funding Purposes
• ISIN: IT0005744658
• Joint Bookrunners: BNP Paribas, Deutsche Bank, Goldman Sachs International, IMI-Intesa Sanpaolo (B&D), J.P. Morgan, Morgan Stanley, Nomura, Société Générale
• Documentation: The Base Prospectus and any supplements are available, together with the Final Terms, when published, on https://www.luxse.com/programme/Programme-IntesaSPBLux/12575
• Timing: TOE 14:52 UKT / 15:52 CET
• FTT: 15:15 UKT / 16:15 CET

PRICED: ING Groep N.V. US$1.25bn PerpNC5 AT1; 7.75%

IGC European Market: Deal Flow - General

Reoffer: PerpNC5: 7.75% / 100

PerpNC5: Final Books >US$8.75bn. Peak book >US$8.75bn

Launched: PerpNC5: US$1.25bn @ 7.75% - Books >US$6.75bn
Yield set at: PerpNC5: 7.75%
Book Update: Books >US$5bn (excl. JLM)
IPTs: PerpNC5: 8.25%a

• Issuer: ING Groep N.V.
• LEI: 549300NYKK9MWM7GGW15
• Securities: Perpetual Additional Tier 1 Contingent Convertible Capital Securities (with SOFR mid-swaps reset)
• Issuer Ratings: A- (Stable) / A+ (Stable) / AA- (Stable) (S&P/Fitch/Scope)
• Exp. Issue Ratings: BBB- (S&P) / BBB (Fitch) / BBB (Scope)
• Status: Unsecured and subordinated obligations of the Issuer and rank pari passu and without any preference among themselves. The rights and claims of the Holders and the Couponholders are subordinated as described in the conditions of the Securities, in accordance with and subject to mandatory applicable law
• Waiver of Set-off: Applicable
• Size: US$1.25bn
• Maturity: Perpetual NC Nov-2031
• Reoffer: 100%, 7.750% S/A, 7.900% A
• Exp. Settlement Date: 12-Nov-26 (T+6)
• Legal Format: Reg S (Cat 2), Bearer, Tefra D
• First Reset Date: 16-Nov-31
• Reset Dates: The applicable First Reset Date and each five-year anniversary thereof
• Interest Payment Dates: Semi-annually in arrear on 16 May and 16 November in each year, for the first time on 16-May-27 (Long First Coupon)
• Initial Fixed Rate: 7.750% from and including 12-Nov-26 to, but excluding, the First Reset Date
• Interest Rate Following Any Reset Date: The rate of interest will be reset on each Reset Date to the rate per annum equal to the sum of the applicable 5-year SOFR mid-swap rate on the relevant Reset Determination Date plus 343.4bps, from and including the relevant Reset Date to (but excluding) the next following Reset Date, subject to benchmark discontinuation provisions
• Interest Payments Discretionary: The Issuer may, at its discretion, elect to cancel any interest payment, in whole or in part, which is otherwise scheduled to be paid on an Interest Payment Date or redemption date. Mandatory cancellation of Interest (in whole or in part) upon: (i) insufficient Distributable Items; (ii) Maximum Distributable Amount restrictions under CRD / BRRD or any other analogous restrictions; (iii) a Trigger Event or Liquidation Event having occurred. Any interest not paid shall be cancelled or deemed cancelled and shall not accumulate. The non-payment of any interest shall not constitute a default for any purpose
• Optional Redemption: The Issuer may, at its option, elect to redeem all, but not only some, of the Capital Securities (i) on the First Reset Date or (ii) on any Interest Payment Date thereafter, at their Redemption Price
• Redemption for Taxation Reasons: If a Tax Event has occurred and is continuing, then the Issuer may redeem all, but not only some, of the Capital Securities at any time at par, subject to the prior permission of the Competent Authority
• Redemption for Regulatory Reasons: If a Regulatory Event has occurred and is continuing, then the Issuer may redeem all, but not only some, of the Capital Securities at any time at par, subject to the prior permission of the Competent Authority
• Clean-up Call: Applicable at 75%, subject to the prior permission of the Competent Authority
• Substitution and Variation: Applicable. If a Regulatory Event, Tax Event or an Alignment Event has occurred and is continuing then the Issuer may substitute such Capital Securities, or vary the terms of such Capital Securities, in whole but not in part, so that the substituted Capital Securities are, or that the Capital Securities remain, Compliant Securities
• Mandatory Conversion: If a Trigger Event occurs, the Capital Securities shall be converted, in whole and not in part, into Ordinary Shares at the Conversion Price. A “Trigger Event” shall occur if at any time the Group CET1 Ratio is less than 7.00%
• Conversion Price: The highest of (i) the Current Market Price per ordinary share translated into US$ at the Prevailing Rate, (ii) US$8.76 per ordinary share (the “Floor Price”), subject to certain anti-dilution adjustments, and (iii) the nominal value of an ordinary share of the Issuer translated into US$ at the Prevailing Rate
• Agreement & Acknowledgment With Respect to the Exercise of Statutory Loss Absorption Powers: Applicable
• Events of Default and Remedies: None
• Documentation: Standalone. Preliminary offering circular dated 04-Nov-26 (the “Offering Circular”)
• Governing Law: Dutch Law
• Use of Proceeds: General corporate purposes and to strengthen the capital base of the Issuer
• Denominations: US$200,000 and integral multiples of US$1,000 in excess thereof, up to and including US$399,000.
• Expected Listing: Application has been made to Euronext Dublin for the Capital Securities to be admitted to its Official List and to trading on its Global Exchange Market.
• Prohibition of Sales to Each Retail Investor: 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 EEA or in the UK. UK FCA CoCo restriction. No sales to retail clients (as defined in COBS 3.4) in the UK.
• Global Coordinators: ING (B&D) and Morgan Stanley
• Joint Lead Managers and Joint Bookrunners: Goldman Sachs Bank Europe SE, HSBC, ING, Morgan Stanley, Standard Chartered Bank AG
• ISIN / Common Code: XS3556786013 / 355678601
• Target Market: Manufacturer target market (EU MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).
• Stabilisation: Relevant stabilisation regulations, including FCA/ICMA stabilisation apply
• Timing: Priced. TOE: 15:34 UKT / FTT: 15:55 UKT

LAUNCHED: Meta Platforms €9bn Long 4yr, Long 6yr, Long 8yr, 12yr, 18yr & Long 38yr Sr Unsec; MS+103bp, MS+135bp, MS+160bp, MS+203bp, MS+263bp & MS+333bp

IGC European Market: Deal Flow - General

Launched:
Long 4yr: €1.75bn @ MS+103bp
Long 6yr: €1.25bn @ MS+135bp
Long 8yr: €1bn @ MS+160bp
12yr: €1.75bn @ MS+203bp
18yr: €1.75bn @ MS+263bp
Long 38yr: €1.5bn @ MS+333bp

Spread set at:
Long 4yr: MS+108bp
Long 6yr: MS+140bp
Long 8yr: MS+165bp
12yr: MS+208bp
18yr: MS+268bp
Long 38yr: MS+338bp

IPTs:
Long 4yr: MS+140a
Long 6yr: MS+170a
Long 8yr: MS+195a
12yr: MS+240a
18yr: MS+300a
Long 38yr: MS+370a

• Joint Bookrunners: Citi / MS
• Issuer: Meta Platforms, Inc. (Ticker: META; Country: US)
• LEI: BQ4BKCS1HXDV9HN80Z93
• Current Issuer Ratings: Aa3 (Stable) / AA- (Stable) (Moody's / S&P)
• Expected Issue Ratings: Aa3 / AA- (Moody's / S&P)
• Format: Senior Unsecured Notes
• Settlement: 12-Nov-26 (T+6)
• Docs: SEC Registered / Nasdaq Listing / New York Law
• Size:
  • Long 4yr: €1.75bn
  • Long 6yr: €1.25bn
  • Long 8yr: €1bn
  • 12yr: €1.75bn
  • 18yr: €1.75bn
  • Long 38yr: €1.5bn
• Total Deal Size: €9bn
• Books Subject: 13:00 UKT / 14:00 CET
• Book Status: Books now closed
• Coupon: Fixed, Annual, ACT/ACT (ICMA), Short First for Long 4yr, Long 6yr, Long 8yr and Long 38yr; Long First for 12yr and 18yr
• MWC: Yes for all tranches
• Bund Reference: DBR 0.0% 15-Feb-31 (DE0001102531) for Long 4yr; DBR 2.3% 15-Feb-33 (DE000BU2Z007) for Long 6yr; DBR 2.5% 15-Feb-35 (DE000BU2Z049) for Long 8yr; DBR 1.0% 15-May-38 (DE0001102598) for 12yr; DBR 2.5% 04-Jul-44 (DE0001135481) for 18yr; DBR 2.9% 15-Aug-56 (DE000BU2D012) for Long 38yr
• Par Call: Yes, 1-month for Long 4yr; Yes, 2-months for Long 6yr; Yes, 3-months for Long 8yr; Yes, 3-months for 12yr; Yes, 6-months for 18yr; Yes, 6-months for Long 38yr
• ISIN / Common Code: XS3552752217 / 355275221 (Long 4yr); XS3552752480 / 355275248 (Long 6yr); XS3552752563 / 355275256 (Long 8yr); XS3552800800 / 355280080 (12yr); XS3552801014 / 355280101 (18yr); XS3552801287 / 355280128 (Long 38yr)
• B&D: MS for Long 4yr, Long 6yr, Long 8yr and 12yr; Citi for 18yr and Long 38yr
• Clearing: Euroclear and Clearstream
• Denominations: 100,000 x 1,000
• Selling Restrictions: As per Meta Platforms, Inc.'s Preliminary Prospectus Supplement
• UoP: Meta Platforms, Inc. intends to use the net proceeds from this offering for general corporate purposes
• Marketing: eRed
• Deal Roadshow: www.netroadshow.com/nrs/home/#!/?show=27e9494b (Recommended) or visit www.netroadshow.com and enter the requested entry code: Meta26 (not case-sensitive)
• Sales into Canada: Yes, via exemption
• Sales into Japan: Yes, via exemption
• Stabilization: FCA/ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC Disclosure Document
• Joint Book-Running Managers: Citigroup / Morgan Stanley
• Timing: Today's business

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Details correct at time of posting