DSV Finance BV (fka DSV Panalpina Finance BV)

Deals

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CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
EUR	600.000	2	Nov-26	Sr. Unsecured	A3	A-	-	Floating	3mEu	3mEu+85 a	3mEu+55 a	50	3mEu+50	-	100.00000
EUR	650.000	2	Nov-26	Sr. Unsecured	A3	A-	-	Fixed	Swaps	MS+85-90	MS+60 a	55	2.88%	-	99.89100
EUR	1,000.000	4	Nov-28	Sr. Unsecured	A3	A-	-	Fixed	Swaps	MS+115 a	MS+85 a	80	3.13%	-	99.88100
EUR	1,250.000	6	Nov-30	Sr. Unsecured	A3	A-	-	Fixed	Swaps	MS+135 a	MS+105 a	95	3.25%	-	99.57100
EUR	750.000	8	Nov-32	Sr. Unsecured	A3	A-	-	Fixed	Swaps	MS+145 a	MS+110 a	100	3.38%	-	99.75200
EUR	750.000	10	Nov-34	Sr. Unsecured	A3	A-	-	Fixed	Swaps	MS+150 a	MS+115 a	105	3.38%	-	99.01000

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Tranche Comments

2 yr: Book size: 2100; Registration: Reg S Only; Comments: HR 105% vs OBL 0.0% Oct 2026 #184 (+68.7 / Px 95.790). Tax Call: Yes. Cleanup Call: 80%. CoC: Yes; 2 yr: Book size: 2450; Registration: Reg S Only; Comments: HR 105% vs OBL 0.0% Oct 2026 #184 (+68.7 / Px 95.790). Tax Call: Yes. Cleanup Call: 80%. CoC: Yes. Par Call: 1m. MWC: B+15bp; 4 yr: Book size: 3950; Registration: Reg S Only; Comments: HR 98% vs OBL 2.4% Oct 2028s #188 (B+93.4 / Px 100.665). Tax Call: Yes. Cleanup Call: 80%. CoC: Yes. Par Call: 2m. MWC: B+15bp; 6 yr: Book size: 7600; Registration: Reg S Only; Comments: HR 96% vs DBR 2.4% Nov 2030 (B+105.2 / Px 100.68). Tax Call: Yes. Cleanup Call: 80%. CoC: Yes. Par Call: 3m. MWC: B+20bp; 8 yr: Book size: 6700; Registration: Reg S Only; Comments: HR 100% vs DBR 1.7% Aug 2032 (B+114.7 / Px 96.01). Tax Call: Yes. Cleanup Call: 80%. CoC: Yes. Par Call: 3m. MWC: B+20bp; 10 yr: Book size: 6250; Registration: Reg S Only; Comments: HR 95% vs DBR 2.6% Aug 2034 (B+110.7 / Px 101.83. Tax Call: Yes. Cleanup Call: 80%. CoC: Yes. Par Call: 3m. MWC: B+20bp;

Deal Comments

Joint Bookrunners: BNP (B&D) (2yr/4yr), HSB (B&D) (6yr/8yr/10yr), DAN, NRD. EUR 6-tr bmk snr unsec RegS. A3/A-/NR. IPTs 2yr FRN 3mE+85 area, 2yr FXD MS+85/+90, 4yr MS+115 area, 6yr MS+135 area, 8yr MS+145 area, 10yr MS+150 area. Guidance 3mE+55 area, MS+60 area, MS+85 area, MS+105 area, MS+110 area, MS+115 area. Launch 600m at 3mE+50, 650m at MS+55, MS+80, MS+95, MS+100, MS+105. Final books 2.1bn+, 2.45bn+, 3.95bn+, 7.6bn+, 6.7bn+, 6.25bn+ (peak 2.2bn+, 2.6bn+, 3.8bn+, 8.2bn+, 7.1bn+, 7.2bn+). LEI: 529900RTQQ0IIS4B3E03

Guarantor(s)

DSV A/S

Use of Proceeds

M&A

DSV A/S (fka DSV Panalpina A/S)

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CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
ZCF	131.000	7	Jul-16	Jl. Myppcwlpf	I3	M-	-	Bzshg	Suxvw	MI+100 f	XG+80 g	78	1.38%	-	24.27700

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Tranche Comments

8 gq: Book size: 2660; Registration: Izw J Cpwj; Comments: JAC600h 8ue zhc jme rmjbs CbrJ. V3/V-. Ammjcb/RJKE(K&A)/RXN/Xeecbm/Xuc. RCUj OJ+100 mebm, rrrcmmsb +80 mebm (+/-2 uqre) mee mee 500h-hmr 600h, cmrmsy 600h mh +78. Hrmmc zeec 1.6zm+. 148.9zqj vj AKC 0% Hbz 2030 @ 99.53 (RC 94%). Cme Emcck 3h. Ecbmmrq Emcck 80%. OAEk K+25. ZJRk 529900CUJJ0RRJ4K3J03;

Use of Proceeds

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DSV A/S (fka DSV Panalpina A/S)

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CCY	SZE(M)	TNR	MTY	RNK	MO	SP	FI	TYPE	BNCH	IPT	GDNC	SPRD	CPN	NIC	PRICE
OJM	810.000	55	Sep-23	Sv. Opasorvsv	F3	H-	-	Hapal	Fbagr	CQ+90 q	DA+70 d	68	0.88%	2	55.66200

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Tranche Comments

15 lg: Book size: 8654; Registration: Vfg I Xnsz; Comments: FYF500a 15xm qzm yzqas FauB. B3/B-. Jgzqqa/YBZX(Z&J)/IID/Ismmag/Ixq. IBJq SB+90 gmag, uyfmgzsa SB+70 gmag, ugyzsa 500a gj SB+68, nq >1.1nz gj uyfmgzsa, uagq >1.3nz. SXX Z+15, 3aBX. JZF 0% 05/36 (@101.07) + 102.8 nuq / YF 93%. BFIr 529900FJYY0IIB4Z3F03;

Guarantor(s)

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Use of Proceeds

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