30th June 2025

Monday sees a much slower pace of issuance in the EUR Non-Covered-Fig sector, with just one deal out in the market for Eurobank SA, a EUR500m no grow, senior non preferred 3NC2 trade. There is also a fresh mandate from ZKB, with investor calls for a potential 5yr senior unsecured transaction. Another mandate is also in play for SOGECAP, which is starting investor calls regarding a potential PNC 10.5 RT1 deal, in conjunction with a tender offer for one of its older undated subordinated notes. In the USD market we have seen an announcement for a new deal for ABN AMRO Bank N.V., marketing a possible dual part senior preferred fixed rate 3yr and /or FRN.

Non covered FIG saw the only live deal in play on Friday, as CA Auto Bank Spa launched the mandated inaugural 3yr senior green transaction. The EUR500m no grow deal was out with IPTs at m/s+100 and attracted healthy demand allowing final pricing to land at m/s +73 with books seen at EUR2.1bn. Last week saw high demand for the mainly subordinated debt on offer, with two very busy days on Monday and Tuesday, and issuance volumes tailing off into the latter part of the week. Pricing was very aggressive with the majority of deals finalising at or through perceived fair value, which led to a diversity of secondary performance. Market participants expect a slight fall in volumes this week with the average estimate around EUR4bn.

Eurobank SA works 3NC2 senior preferred

**Eurobank S.A., rated Baa1 stable (Moody’s) / BBB- stable (S&P) / BBB- stable (Fitch)/ BBB positive (Morningstar DBRS), has mandated Deutsche Bank, IMI - Intesa Sanpaolo, Jefferies, Santander, Société Générale (B&D) as Joint Bookrunners for a EUR500m (no-grow) 3NC2 due 7 July 2028 Senior Preferred issue, expected ratings Baa1 (Moody’s) / BBB- (S&P) / BBB- (Fitch) / BBB (Morningstar DBRS). Pay date 7 July. Reset Date 7 July 2027. Issuer Call and Optional Redemption Date The Issuer may, subject to Condition 5.13, redeem all (but not some only) of the Instruments on 7 July 2027 (“Optional Redemption (Call) Date”) at the principal amount (“Early Redemption Amount (Call)”) together with any accrued and unpaid interest. Coupon Fixed rate of [●]% p.a. payable annually in arrear up to and including the Reset Date; reset from the Reset Date to a fixed rate equal to the 1-year mid-swap rate prevailing at the Reset Determination Date plus the Reset Margin (no step-up).

IPTs: MS+125bps area

• Eurobank SA last visited the senior preferred space in December 2024, launching a EUR600m 5.25NC4.25 trade at m/s+125, books were seen 5.67x at EUR3.4bn allowing a 30bp tightening from IPTs.
• Today’s new trade is a 3NC2 maturity, and two older deals are being used as comps on list below. The 7% Jan 2029 callable Jan 2028 was issued in Jan 2023, the EUR500m offering priced at yield of 7.125% from IPTs 7.5% with books seen at EUR1.250bn.
• The other line, a 2.25% Mar 2028 callable Mar 2027 is even older. It was launched in Sept 2021. Final yield was 2.375% from a 2.5% IPTs. Books were at EUR790m for the EUR500m deal.
• Based on comps our idea of fv is m/s+95-100 and a source on the deal concurred.
• Final terms were set on the deal at EUR500m at a spread of +90, with books last seen over EUR3.5bn.

Eurobank SA Comps

Ticker Ratings (M/S/F) CPN Call Maturity Size (€m) isprd (bid) Tnr Issuance Date

EUROB Baa1/BBB-/BBB- 2.250 14-Mar-27 14-Mar-28 500 93 1.7 14-Sep-21

EUROB Baa1/BBB-/BBB- 7.000 26-Jan-28 26-Jan-29 500 90 2.6 26-Jan-23

ETEGA Baa1/-/- 4.500 29-Jan-28 29-Jan-29 600 85 2.6 29-Jan-24

TPEIR Baa2/-/- 3.000 03-Dec-27 03-Dec-28 500 102 2.4 03-Jun-25

ABN plans 2-part USD

**ABN AMRO Bank N.V. (“ABNANV”), rated Aa3 (stable) (Moody’s) / A (stable) (S&P) / A (stable) (Fitch), has mandated ABN AMRO Capital Markets (USA) LLC, Goldman Sachs Bank Europe SE, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC (B&D), TD Securities (USA) LLC and Wells Fargo Securities, LLC as Bookrunners for a US$ Benchmark Rule 144A / Reg S two-part Senior Preferred with Fixed Rate and Floating Rate tranches due 7 July 2028, exp ratings Aa3 (Moody’s) / A (S&P) / A+ (Fitch). Pay date 7 July.

IPTs:

USD bmk FXD @ T+70-75bps area

USD bmk FRN @ SOFR equivalent

New to the Pipeline

Zürcher Kantonalbank (BBG: ZKB), rated Aaa/AAA/AAA (all stable) (Moody's/S&P/Fitch) with a state guarantee by the Canton of Zurich, has mandated BNP PARIBAS, Deutsche Bank, UBS Investment Bank and Zürcher Kantonalbank to arrange a series of fixed income investor calls commencing on Monday, 30 June 2025. An investor presentation with voice-over has been made available on DealRoadshow.

BNP PARIBAS is coordinating logistics.

A EUR 500mn WNG 5-year Senior Unsecured Bond, expected to be rated AAA by S&P, is expected to be launched in the near future, subject to market conditions. FCA/ICMA stabilisation applies.

SOGECAP (Ticker: SOGESA), rated A- (stable) by S&P, has mandated Societe Generale as Sole Structuring Advisor and Sole Bookrunner to arrange a series of fixed income investor calls on 30 June 2025. An offering of EUR denominated RegS bearer benchmark perpetual Restricted Tier 1 notes, resettable in year 10.5, will follow subject to market conditions. The notes are expected to be rated BBB- by S&P. The terms and conditions of the notes are described in the preliminary information memorandum dated 30 June 2025

In addition, SOGECAP also announced today an invitation to the Qualifying Holders of its €800m Undated Fixed to Fixed Reset Rate Subordinated Notes (ISIN: FR0012383982) to tender their notes for purchase by the Company for cash up to a Maximum Acceptance Amount (as defined in the Tender Offer Memorandum) upon the terms and subject to the conditions set-out in the tender offer memorandum dated 30 June 2025 (the “Tender Offering Memorandum”) (including, without limitation, the satisfaction of the New Issue Condition (as defined in the Tender Offer Memorandum)) (the “Tender Offer”). Societe Generale is acting as the Dealer Manager on the Tender Offer.

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