Commentary & Deal Flow

Reoffer:
3yr: SARON MS+47 / 100 / 0.685%
6yr: SARON MS+68 / 100 / 1.0525%
10yr: SARON MS+83 / 100 / 1.405%

Benchmark:
3yr: Govt +53
6yr: Govt +80
10yr: Govt +104

Launched:
3yr: CHF 355m @ SARON MS+47bp
6yr: CHF 185m @ SARON MS+68bp
10yr: CHF 160m @ SARON MS+83bp

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
• Ranking: Senior unsecured
• Issuer Rating: A3/A/A- (Moody's/S&P/Fitch), all stable
• Expected Instrument Rating: A (S&P)
• Size:
• • 3yr: CHF 355m
  • 6yr: CHF 185m
  • 10yr: CHF 160m
• Maturity:
• • 3yr: 28-May-29 (from 28-May-26)
  • 6yr: 28-May-32 (from 28-May-26)
  • 10yr: 28-May-36 (from 28-May-26)
• Coupon:
• • 3yr: 0.685% p.a. (30/360, following unadj.)
  • 6yr: 1.0525% p.a. (30/360, following unadj.)
  • 10yr: 1.405% p.a. (30/360, following unadj.)
• Reoffer Price: 100
• Reoffer Spread / Yield:
• • 3yr: SARON MS +47.0 / YTM 0.685% / Govt +53
  • 6yr: SARON MS +68.0 / YTM 1.0525% / Govt +80
  • 10yr: SARON MS +83.0 / YTM 1.405% / Govt +104
• ISIN / Valor:
• • 3yr: CH1552014263 / 155.201.426
  • 6yr: CH1552014271 / 155.201.427
  • 10yr: CH1552014289 / 155.201.428
• 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
• Selling 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.
• Settle: 28-May-26