Arsenale Group – Contemplates to issue a EUR 300m senior secured bond-05/19/2026

Research evidence excerpt

Arsenale Group – Contemplates to issue a EUR 300m senior secured bond-05/19/2026

Pareto High Yield Daily

19 MAY 2026

/

Sector Credit Research Arsenale Group – Contemplates to issue a EUR 300m senior secured

bond Key numbers 6 day change Last 1D 1M 6M 12M

• Arsenale contemplates to issue a 4-year EUR 300m senior secured bond, with OsloOMXSPIBørs Benchmark 2,040.01,071.6 1.10.6 %% -4.13.6 %% 28.88.5 %% 30.910.5 %%

proceeds intended to refinance existing mezzanine debt and fund the OSX 109.2 3.4 % 12.1 % 54.8 % 89.7 %

remaining hotel and luxury train developments Oil price 110.7 -1.3 % 22.4 % 74.2 % 68.8 %

• Founded in 2020 by the Barletta and Rovati families together with Nicola iTraxx 5Y (generic) 280.1 0 bps 0 bps 5 bps -7 bps

Bulgari’s Annabel Holding, the company has received EUR ~680m of NIBOR 3m 4.55 0 bps 11 bps 32 bps -7 bps

committed equity and equity-in-kind contributions since inception, with EUR NIBOR 3Y swap 4.98 0 bps 32 bps 87 bps 81 bps

~360m contributed in parallel with the contemplated transaction NIBOR 5Y swap 4.79 0 bps 29 bps 72 bps 70 bps

• Arsenale is an Italian ultra-luxury hospitality platform focused on ownership, STIBOR 3m 2.00 -3 bps -11 bps 7 bps -33 bps STIBOR 3Y swap 2.62 -1 bps 14 bps 37 bps 41 bps

development and operation of prime hotel assets and luxury train STIBOR 5Y swap 2.76 -3 bps 13 bps 30 bps 40 bps

experiences, including partnerships with globally recognised brands such as

US SOFR 3.55 -4 bps -17 bps -40 bps -76 bps

Orient Express and Soho House US SOFR 3Y swap 3.93 1 bps 42 bps 60 bps 26 bps

• The portfolio provides meaningful tangible asset backing, with total NAV of US SOFR 5Y swap 3.98 1 bps 42 bps 58 bps 28 bps

EUR >900m covering the contemplated bond issue by ~3x EURIBOR 3m 2.23 -5 bps -1 bps 16 bps 11 bps