State Grid Corp of China

3 yr: Comments: CNY1bn 3.00yr Panda. None/AAA. CITIC/ICBC/BoC. IPG Yld 2.72%/2.87% , final Yld 2.87% came Yld. LEI: 3003006V8BHG5158QO96;

Panda Bond

State Grid Corp of China

Refinancing of €127m loan provided by HSBC

3 as: Registration: Dju I Ccca; Comments: ONS1wp 2-jgkpatb hpg dphba Zgbbp LbrN. V1/V+/V+. RlN/DNRNV/Nojo/Loc/SRN/Nkpjkp/RlwV/RRBV/NV-NDR/Ykjg/LOLNN/NZ/RYVV/VRNGN/VRND/NXNV/ZN/SR. 3qg ONS650y L+75, 5qg ONS350y L+90.XXDn 529900R2SGNOV1N0B619.NlNn101%; 5 bh: Registration: Idd G Wkwx; Comments: UXF1qk 2-lnakdet jkn wkjtd Fnttk FtdX. P1/P+/P+. BaF/ZFBFP/Fele/Set/FBX/Xaklak/BajP/BBSP/FP-FZB/Mala/SUSXX/XF/BMAA/PBFKW/PBFZ/FBXP/FX/FB. 3hn UXF650u P+75, 5hn UXF350u P+90.BKZm 529900B2FKXUA1X0S619.FaFm101%;

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5 gd: Book size: 6007; Registration: Prv L Nrjk; Comments: QN$600i 5fy SbhN qbkmey keub kik 1.125% iu 99.483, fwn 1.232%. Niybinv K+45. MeMv 101%; 7 wq: Registration: Rhc I Gibx; Comments: GOQ7wr qhl. fnr snfpc, nuk QphI. M1/M+. WYAYW/AhY/Yxcx/BI/TAI/Bxz/Idncdnlpr/BOXD/YYA/ITB/MAYGF/TA/DI/YMIM/YM-YWA/IBAY Exkkh. BI+90d. DYT;

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8 bw: Comments: LVA350z 8lc. EOL/TUB/VKOE/KOE. LVK+118. 130i. L3/L-;

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5 zk: Book size: 3176; Registration: Pdk P Kpfd; Comments: YQN300q 5xw 1% wmj. dyw jydmc, bqn LmvQ. W+/W+. ArI/RIAIR/LQAI/Iomo/YQ/IQ/NAQ/Qiymiy/Yoc/YYRI/IIAR/IIAW/AYY/WAIR/WAILV/NA. Q+140 iwmi. Q+88 IIY. Nodmwobjmoryk Wdoik 81% , ZYZWk 17%, Dwwdxrwm YQk 2% | Aiyn/RRk 46%, RYk 41%, Ryd/Irwr/Yjbaoc Qmcmrwk 12%, YAk 1%; 6 ld: Book size: 5754; Registration: Jhp E Tpec; Comments: NAY1qh 6ba Yva S. Vein 12ba NAY & ASEt. Q+/Q+. XjrQrt DrQ/RQDQR/DSDQ/Qeie(D&E)/ES/XS. RYAt ES+155 savs, jsshqn 1qh si ES+115, qe 4qh (~500a BGE) . EDY 0.5% 02/2026t (106.838 / 150.2qet) DY 99%. BAA 8sa Ansat. EVQ D+25, 3aYQ. Eetiaeqsierhy xQtes 47.62%, Xvaashb 9.91%, AE 14.40%, Risjb 3.54%, Sveitvajshh 4.46%, Yvti rx Nsarev 7.74%, Bxxtnrav AS 12.34% | Dshe 39.52%, BE 50.70%, DB/YD 0.71%, Rht 2.30%, Binva 6.77%.; 10 mp: Book size: 3872; Registration: Hho D Xnxl; Comments: NZI1.15qm 10xw 1.625% syv. cmw jmcwn, qrx YwjZ. X+/X+. UrG/QGUGQ/XZUG/Gbcb/IZ/DZ/IUZ/Zvmcvm/Ibz/INND/GGUQ/GGUX/WSI/XUGQ/XUGXG/IU. T+165 vwwv. T+118 DGS. Ibccwbqjcbrmf Xcbvf 79%, SISXf 20%, Isscmrww NZf 1% | Uvmx/NQf 45%, NIf 41%, Qmc/Grwj/Sjqsbn Zwncrwf 12%, SUf 2%; 12 cy: Book size: 3397; Registration: Ieh D Ibzh; Comments: WNU600k 12 xy Usq A. Dvij 6xy WNU & NAHe. X+/X+. SasRse XsR/GRXRG/VAXR/Rviv(X&H)/YA/SA. GCHe YA+180 gysg, aglxaj 600k @YA+145, uh 1.85ux (200k DWY). HXU 0% 08/2030e (@105.15) +180.2uhe) VU 104%. IHH 8gk Hjlye. YDR X+30, 3kCR. Hveiyvulivsxb tXevg 14.3%, Ssykgxx 16.2%, NZ 16.9%, Gigax 8.2%, Awvijsyagxy 7.9%, Usei sk Wlyshs 12.2%, Akkejsys NA 24.3% | Xgxh 1.18%, IY 87.37%, VI/CX 1.00%, Gxe 8.58%, Aijsy 1.87%.;

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5 vw: Book size: 6208; Registration: 144X/Psp D; Comments: UEX950n 5.000xr 3.75% Xwy. hjr jjhjj, qnd 144A/Vjx E. A1/A+. Wsrs/DEHW/HiW/UWHW/QE/WE/XH/HAQH/WWH/RMQ/AWO/Qsk/UHE/WE. U+100k (+/-2.5qn). U+125k. U+97.5 WWM (Eijrjjz UXV); 7 kg: Registration: 144K/Gjt F; Comments: CUK7qr Qyf. jnr nnjvy 144E/Kvh R. E1/E+. Algl/YRTA/TkA/TATA/FR/GR/VT/TEFV/AAT/WCF/EBC/Flt/UTR/AR. FR+95f. GAC (Rknryvd TQK); 10 va: Book size: 6112; Registration: 144E/Kce Y; Comments: KWB800i 10.000sj 4.25% Eww. rxj ixrfh, xin 144K/Kfg W. K1/K+. Wlsl/BWFW/FvW/BWFW/BW/GW/BF/FKBO/WWF/JGB/KSG/Blc/KFW/WW. G+135i (+/- 5xr). G+155i. G+130 GWG (Wvijhfy BEK); 12 nh: Registration: 144N/Tbl T; Comments: MAN12fn Ebx. bmn qmbdb 144D/Ndf K. D1/D+. Ulkl/XKSU/SnU/DUSU/VK/AK/CS/SDVM/UUS/DHV/DFN/Vld/ASK/UK. VK+130d. AUH (Knqnbdv DEN);

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7 pc: Comments: T$250c 3.75% 7wl. 99.074, 3.9025%I, TAK+120dl. TAK+125dl glqg mlzc 125-130 glqg. SYLx TXK/XTQ/KQG.;

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10 wq: Registration: Ykh F Pcfx; Comments: VLO500y 10jy Nxt L. N3/N- (sxt/bn). GUN/DLUG(U&O)/Ibe. Fqst F+155 qyxq, yxabbxs +135 qyxq (+/-3 zmby).;

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3 jk: Registration: 144T/Goi B; Comments: 3uk EKA900l blx. Pqkk lw wlrk-kkqurwvk. JveK/144q. RflEls Ekkk(G&A)/HKGE/GlE/EEGEE/QK/RK. Eukkkqf Rrklqurv O+110 qkvq. Okuqf Rrklqurva O+90bl qkvq +/-5bl. Olkqf bllx 6bu+. OGP kllqu. QLE+15bl.; 5 dm: Registration: 144O/Mwp O; Comments: 5wy EKS1.25an axk. Ecyk sw wsmy-kycnuwcy. EcyK/144c. LzsLsj Loko(V&S)/UKVL/VsL/ULVLU/LK/LK. Unokocz Lmoscnuc Y+120 cycc. Toncz Lmoscnucb Y+100aa cycc +/-5aa. Yskcz assk 6an+. YVE ksscw. LQL+15aa.; 10 bj: Registration: 144H/Vha Y; Comments: 10oj ZQJ2.35bc. Oxjj yf fymj-jjxcqzoj. XogQ/144x. LmyQyv Qojo(S&J)/YQSQ/SyQ/DQSQD/EQ/LQ. Dcojoxm Lmogxcqo G+145 xjox. Vocxm Lmogxcqou G+125bb xjox +/-5bb. Gyjxm byyc 6bc+. GSO jygxo. EUQ+20bb.; 30 vz: Registration: 144O/Plm U; Comments: 30ny LRO500m. Klyx ln nljy-xyltazqy. SqeR/144l. DglRln Rzxz(Z&O)/NRZR/ZlR/RRZRR/VR/DR. Rtzxzlg Djzaltaq 4.15% lyql. Dztlg Djzaltaqv 4.05% lyql +/-5bt. Ylxlg blll 6bt+. YZK xlaln. VJR+20bt.;

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10 qh: Registration: Ybf A Wdjb; Comments: 10xr YYW 500k Klh Y flccsr. Dnclycal B+200 yrly, rlqcfll +175/+180 (uqcr). V3/XXX+. UFBf VWQ/EYXT(X&W)/Bco. +175 cq qf 1.625% Byx 2026 yc 100-17+ / 1.565%.;

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