Commentary & Deal Flow

Reoffer: 6.5yr: MS+28bp / 99.844% / 3.154%
Benchmark: 6.5yr: DBR 1.700% 15-Aug-32 @ 94.04% / B+42.1bp / HR 104%

Final Books > €1.8bn (excl. JLM)

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: 3.125% per annum (Fixed Rate, Annual, ACT/ACT ICMA, Short First Coupon)
• Settlement: 09-Apr-26 (T+4)
• Maturity: 06-Oct-32 (6.5Y)
• Spread: MS+28bp / DBR 1.700% due Aug-32 + 42.1bp (94.04% / 2.733%/ HR 104%)
• Reoffer: 3.154% / 99.844%
• 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: Priced. TOE 1:22pm CET, FTT immediately