Commentary & Deal Flow

Launched: 6.5yr: €500m @ MS+28bp - Orderbook > €1.6bn (excl. JLM)

Guidance: 6.5yr: MS+31a

• Issuer: New Zealand Local Government Funding Agency Limited (Ticker: NZLGFA)
• Issuer Ratings: AA+ (stable) by S&P (foreign currency) / AA+ (negative) by Fitch
• Issue Ratings (Exp): AA+ by S&P and AA+ by Fitch
• Size: €500m
• Status/Format: Senior Unsecured, Reg S, Registered
• Coupon: [•] per cent. per annum (Fixed Rate, Annual, ACT/ACT ICMA, Short First Coupon)
• Settlement: 09-Apr-26 (T+4)
• Maturity: 06-Oct-32 (6.5Y)
• Denomination: €100k + €1k increments thereafter
• Listing: SGX-ST
• Law: The Notes will be governed by, and construed in accordance with, English Law
• Documentation: The Offering Circular dated 09-Sep-25 relating to the Issuer's US$10bn Euro Medium Term Note Programme (“Offering Circular”) and any amendment or supplement thereto including the Preliminary Pricing Supplement dated 31-Mar-26 (the “Preliminary Pricing Supplement”)
• Joint Bookrunners: Barclays (B&D/DM), BNP Paribas, TD Securities, UBS
• ISIN: XS3337424462
• Timing: Books open, today’s business. Books to close at 10.30 UKT / 11.30 CET. Allocations and pricing to follow.