Comments: CHF160m 15yr fxd cpn 1.01% at 100, yld 1.01%. Spread: SARON MS +36 / Govt.+63.
PP: Yes. NP: Yes;
Deal Comments
Reoffer: 15yr: MS+36 / 100 / 1.01%
Benchmark: 15yr: Govt.+63
Launched: 15yr: CHF 160m @ MS+36bp
Spread set at: 15yr: MS+36bp
Guidance: 15yr: MS+36a
Issuer: Treasury Corporation of Victoria (Ticker: TCV)
Guarantor: Government of Victoria pursuant to Section 32(1) of the Treasury Corporation of Victoria Act 1992 of the State of Victoria
Guarantor Domicile: Australia
Format: Public Fixed-Rate Notes
Status: Senior, Unsecured, and Unsubordinated
Guarantor Rating: Aa2/AA/AA+ (Moody's/S&P/Fitch)
Instrument Rating (exp): Aa2/AA/AA+ (Moody's/S&P/Fitch)
Size: CHF 160m
Settlement Date: 13-Mar-26
Maturity Date: 13-Mar-41
Coupon: 1.01% p.a.
Issue Price: 100
Spread/Yield: SARON MS +36.0 // YTM 1.01% // Govt.+63
ISIN / Security Number: CH1533150988 / 153.315.098
Lead Manager(s): Deutsche Bank, UBS
SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA: Level 1)
Documentation: TCV’s EMTN Programme dated 31-Jan-24
FinSA Prospectus: Delayed prospectus approval in accordance with article 51(2) FinSA
Governing Law: English law
Covenants: PP, NP
SIX Listing: 11-Mar-26
Denomination: CHF 5000
Target Market: As defined by the manufacturer domiciled in the EEA and UK (MIFID II/UK MIFIR): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions.
Sales Restrictions: In accordance with selling restrictions of TCV’s EMTN Program