Reoffer: 3yr: MS+34bp / 100 / 0.5675% 9yr: MS+45bp / 100 / 0.9975%
Benchmark: 3yr: Govt. +57bp 9yr: Govt. +68bp
Issuer: Watercare Services Limited (Ticker: WATERC)
Ownership: 100% owned by Auckland Council
Issuer Domicile: New Zealand
Domestic / Foreign: Foreign
Format: Public Fixed Rate Notes
Ranking: Senior secured
Status of the Notes: The Notes and the Receipts and Coupons relating to them will constitute (subject to Condition 4) secured obligations of the Issuer and shall at all times rank pari passu without any preference among themselves
Issuer Rating: Moody's Aa3 (st.)
Instrument Rating (exp.): Moody's Aa3
Payment Date: 27-Mar-26
Size:
Tranche 1 (3yr): CHF 100mm
Tranche 2 (9yr): CHF 150mm
Coupon:
Tranche 1 (3yr): 0.5675% p.a.
Tranche 2 (9yr): 0.9975% p.a.
Life:
Tranche 1: 3y
Tranche 2: 9y
Maturity Date:
Tranche 1: 27-Mar-29
Tranche 2: 27-Mar-35
Issue Price:
Tranche 1: 100.000%
Tranche 2: 100.000%
Spread / Yield:
Tranche 1: SARON MS +34bps // YTM 0.5675% // Govt. +57bps
Tranche 2: SARON MS +45bps // YTM 0.9975% // Govt. +68bps
ISIN / Valor:
Tranche 1: CH1533151101 / 153'315'110
Tranche 2: CH1533151119 / 153'315'111
Lead Managers: BNP Paribas, UBS
Listing: SIX Swiss Exchange as of 25-Mar-26
SNB Repoeligibility: At the discretion of the SNB, expected yes (HQLA: L2a)
Documentation: The Issuer’s U.S.$5,000,000,000 Secured Medium Term Note Programme Offering Circular dated 1-Dec-25 as supplemented by the Pricing Supplement relating to the Notes to be entered into on or about [26] March 2026
Governing Law: The Notes will be governed by, and construed in accordance with, English law
FINSA Prospectus: Yes, delayed in accordance with art. 51 para. 2 Finsa
Covenants: PP, NP, XD
Use of Proceeds: The proceeds of the Notes will be used for general corporate purposes of the Issuer
Min. Denomination: CHF 5,000 and integral multiples thereof
Sales Restrictions: As per the Offering Documentation, read together with the Pricing Supplement. Swiss Public Offer: The Notes are offered to the public (including, without limitation, to investors classifying as private clients (Privatkundinnen und -kunden) within the meaning of the Swiss Financial Services Act (the FinSA)) in Switzerland only.
Target Market: As defined by the manufacturer domiciled in the EEA (MiFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions