Commentary & Deal Flow

Guidance:
3yr: SARON MS+52/57bp
6yr: SARON MS+65/70bp
10yr: SARON MS+80/85bp

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:
• • 3yr: Min. CHF 250mm
  • 6yr: min. CHF 125mm
  • 10yr: min. CHF 125mm
• Coupon (indicative):
• • 3yr: 0.7525% p.a.
  • 6yr: 1.035% p.a.
  • 10yr: 1.3775% p.a.
• Maturity:
• • 3yr: 28-May-29
  • 6yr: 28-May-32
  • 10yr: 28-May-36
• Spread/Yield:
• • 3yr: SARON MS +52.0 /+57.0 // YTM 0.753% /0.803% // Govt.+59 /+64
  • 6yr: SARON MS +65.0 /+70.0 // YTM 1.035% /1.085% // Govt.+77 /+82
  • 10yr: SARON MS +80.0 /+85.0 // YTM 1.378% /1.428% // Govt.+102 /+107
• 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, books may close at short notice
• Settle: 28-May-26