Commentary & Deal Flow

Update:
3yr: Revised Guidance SARON MS+47/52bp
6yr: Spread set at SARON MS+68bp
10yr: Spread set at SARON MS+83bp

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 330m
  • 6yr: Min CHF 180m
  • 10yr: Min CHF 150m
• 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
• Pricing:
• • 3yr: Revised Guidance SARON MS+47/52
  • 6yr: Spread set at SARON MS+68
  • 10yr: Spread set at SARON MS+83
• 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: Books close 12.50pm CET, pricing to follow thereafter.
• Settle: 28-May-26