Commentary & Deal Flow

Reoffer: 7yr: SARON MS+78 / 100 / 1.215%
Benchmark: 7yr: Govt.+94

• Issuer: Victoria Power Networks (Finance) Pty Ltd (ABN 68 101 392 161)
• Ticker: VPNF
• Initial Guarantors: Powercor Australia Ltd and CitiPower Pty Ltd in its personal capacity and in its capacity as trustee of The CitiPower Trust (each, a "Guarantor" and together, the "Guarantors")
• Issuer and Guarantor Domicile: Australia
• Format: Public Fixed Rate Notes
• Status of the Notes: Unsubordinated and unsecured
• Status of the Guarantee: Unconditionally and irrevocably guaranteed on a joint and several basis
• Issuer Rating: S&P: A- (stable)
• Expected Instrument Rating: S&P: A-
• Issue Size: CHF 140m
• Coupon: 1.215% p.a.
• Settlement Date: 10-Jun-26
• Maturity: 10-Jun-33 (7 years)
• Spread/Yield: SARON MS +78.0 // YTM 1.215% // Govt.+94
• Issue Price: 100
• ISIN / Security Number: CH1552014313 / 155201431
• Lead Manager(s): UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: The Issuer’s €5,000,000,000 Guaranteed Euro Medium Term Note Programme as described in the Offering Circular dated 8-Oct-25
• FinSA Prospectus: Yes, delayed prospectus approval, in accordance with art. 51 FinSA
• Governing Law: The Notes will be governed by, and shall be construed in accordance with, English Law
• Covenants: PP, NP, XD
• SIX Listing: 8-Jun-26
• Denomination: CHF 5'000 and multiples thereof
• Sales Restrictions: As per the Offering Circular dated 8-Oct-25