Commentary & Deal Flow

IPTs:
3yr: SARON MS+57/62bp
6yr: SARON MS+67/72bp
10yr: SARON MS+82/87bp

• Issuer: The Slovak Republic acting through the Ministry of Finance of the Slovak Republic and represented by the Debt and Liquidity Management Agency (ARDAL) (Ticker: SLOVAK)
• Issuer Domicile: Slovakia
• Format: Public Fixed Rate Notes
• Issuer Rating: A3/A/A- (Moody's/S&P/Fitch), all stable
• Expected Instrument Rating: A (S&P)
• Status: Senior unsecured
• Size: TBD
• Coupon (indicative):
• • 3yr: 0.8175% p.a.
  • 6yr: 1.070% p.a.
  • 10yr: 1.4125% p.a.
• Maturity:
• • 3yr: 28-May-29
  • 6yr: 28-May-32
  • 10yr: 28-May-36
• Spread/Yield:
• • 3yr: SARON MS +57.0 /+62.0 // YTM 0.8175% /0.8680% // Govt.+64 /+69
  • 6yr: SARON MS +67.0 /+72.0 // YTM 1.070% /1.120% // Govt.+80 /+85
  • 10yr: SARON MS +82.0 /+87.0 // YTM 1.4125% /1.4630% // Govt.+104 /+109
• Lead Manager(s): Deutsche Bank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Standalone
• FinSA Prospectus: Prospectus approval post settlement only, in accordance with art. 51 FinSA. Preliminary prospectus dated 05-May-26
• Governing Law: Swiss Law
• Covenants: PP, NP
• Listing: SIX Swiss Exchange on 26-May-26
• Denomination: CHF 5'000 and multiples thereof
• Sales Restrictions: In particular U.S.A., U.S. persons, European Economic Area, United Kingdom, and the Slovak Republic as set out in the prospectus
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Timing: Today's business
• Settle: 28-May-26