Commentary & Deal Flow

Reoffer: 3.5yr: SARON MS+37 / 100 / 0.6625% 6yr: SARON MS+41 / 100 / 0.8175%
Benchmark: 3.5yr: Govt.+51 6yr: Govt.+56

• Issuer: Kiwibank Limited
• Ticker: KIWI
• Issuer Domicile: New Zealand
• Issuer Rating: A1/AA (Moody's/Fitch)
• Instrument Rating (exp): Aaa/AAA (Moody's/Fitch)
• Format: Public Fixed Rate Covered Bonds
• Size:
• • 3.5yr: CHF 170m
  • 6yr: CHF 105m
• Settlement Date: 16-Apr-26
• Maturity:
• • 3.5yr: 16-Oct-29
  • 6yr: 16-Apr-32
• Coupon:
• • 3.5yr: 0.6624% p.a., short 1st. coupon
  • 6yr: 0.8175% p.a.
• Issue Price: 100
• Spread:
• • 3.5yr: SARON MS +37.0
  • 6yr: SARON MS +41.0
• Yield:
• • 3.5yr: 0.6625%
  • 6yr: 0.8175%
• ISIN / Security Number:
• • 3.5yr: CH1540977308 / 154097730
  • 6yr: CH1540977316 / 154097731
• Lead Manager(s): UBS
• Covered Bond Guarantor: Unconditionally and irrevocably guaranteed as to payments of interest and principal by Kiwi Covered Bond Trustee Limited, in its capacity as trustee of the Kiwi Covered Bond Trust
• Status of the Covered Bonds: Direct, unconditional, unsubordinated and unsecured obligations of the Issuer
• Status of the Covered Bond Guarantee: Direct obligations of the Covered Bond Guarantor, secured against the assets from time to time of the Kiwi Covered Bond Trust and recourse to the Covered Bond Guarantor is limited to such assets
• SNB Repo-eligibility: At the discretion of the SNB, expected yes
• Documentation: Information Memorandum dated 26-Mar-26 relating to the Issuer’s Off NZD5 billion Kiwibank Covered Bond Programme, as supplemented from time to time (the “Information Memorandum”)
• FinSA Prospectus: Delayed approval in accordance with art 51(2) FinSA
• Governing Law: The Covered Bonds and the Bond Trust Deed are governed by English law. The Security Deed and certain other Transaction Documents are governed by New Zealand law
• Covenants: PP
• SIX Listing: 14-Apr-26
• Denomination: CHF 5'000 and multiples thereof
• Sales Restrictions: As per the Information Memorandum