Commentary & Deal Flow

Novartis Capital Corp (NOVNVX) exp Aa3/AA- US$ benchmark SEC registered 8-part sr notes (3y FXD and/or FRN due 3/16/29, 5y FXD and/or FRN due 3/18/31, 7y FXD due 3/18/33, 10y FXD due 3/18/36, 20y FXD due 3/18/46, 30y FXD due 3/18/56). MWC FXD tranches. 1mo par call on 3y FXD (2/16/29), 1mo on 5y FXD (2/18/31), 2mos on 7y (1/18/33), 3mos on 10y (12/18/35), 6mos on 20y (9/18/45), 6mos on 30y (9/18/55). Guarantor: Novartis AG. BNP/Citi (B&D on 10y, 20y, 30y)/DB/JPM (B&D on 3y, 5y, 7y)/Miz joint active books. UOP: General corporate purposes outside of Switzerland, including to repay outstanding borrowings under the bridge loan incurred on February 26, 2026 that was used to finance the acquisition of Avidity Biosciences. Denoms: 2,000 x 1,000. Sales into Canada: yes - via exemption. Pricing 3/16. Settle 3/18 (T+2).

IPTs: 3y T+ 75 area and SOFR Equivalent, 5y T+85 area and SOFR Equivalent, 7y T+95 area, 10y T+100 area, 20y T+110 area, 30y T+120 area.

GUIDANCE: 3y T+45# and SOFR equiv, 5y T+60# and SOFR equiv, 7y T+67#, 10y T+72#, 20y T+80#, 30y T+90#.