Commentary & Deal Flow

Guidance:
3yr: SARON MS+55bp area
6yr: SARON MS+75bp area
9yr: SARON MS+85bp area
12yr: SARON MS+95bp area
18yr: SARON MS+105/110bp
25yr: SARON MS+115/120bp

IPTs:
3yr: SARON MS+47/57bp
6yr: SARON MS+67/77bp
9yr: SARON MS+77/87bp
12yr: SARON MS+87/97bp
18yr: SARON MS+102/112bp
25yr: SARON MS+112/122bp

• Issuer: Amazon.com, Inc. (Ticker: AMZN)
• Issuer Domicile: United States of America
• Domestic / Foreign: Foreign
• Format: Public Fixed Rate Bond
• Ranking: Senior unsecured
• Issuer Rating: A1/AA/AA- (Moody's/S&P/Fitch)
• Instrument Rating (exp.): A1/AA/AA- (Moody's/S&P/Fitch)
• Payment Date: 28-May-26
• Size:
• • 3yr: Min. CHF 500m
  • 6yr: Min. CHF 425m
  • 9yr: Min. CHF 375m
  • 12yr: Min. CHF 300m
  • 18yr: Min. CHF 150m
  • 25yr: Min. CHF 150m
• Coupon:
• • 3yr: Ind. 0.8275% p.a. - will price at par
  • 6yr: Ind. 1.1900% p.a. - will price at par
  • 9yr: Ind. 1.4375% p.a. - will price at par
  • 12yr: Ind. 1.6675% p.a. - will price at par
  • 18yr: Ind. 1.9054% p.a. - will price at par (first short)
  • 25yr: Ind. 2.0500% p.a. - will price at par (first short)
• Life:
• • 3yr: 3y
  • 6yr: 6y
  • 9yr: 9y
  • 12yr: 12y
  • 18yr: 17y 357d
  • 25yr: 24y 357d
• Maturity Date:
• • 3yr: 28-May-29
  • 6yr: 28-May-32
  • 9yr: 28-May-35
  • 12yr: 28-May-38
  • 18yr: 25-May-44
  • 25yr: 25-May-51
• Spread / Yield:
• • 3yr: SARON MS +55 area // Ind. YTM 0.8275% // Govt. +69bps
  • 6yr: SARON MS +75 area // Ind. YTM 1.1900% // Govt. +94bps
  • 9yr: SARON MS +85 area // Ind. YTM 1.4375% // Govt. +108bps
  • 12yr: SARON MS +95 area // Ind. YTM 1.6675% // Govt. +124bps
  • 18yr: SARON MS +105/+110bps // Ind. YTM 1.9054% /1.9554% // Govt. +135/+140bps
  • 25yr: SARON MS +115/+120bps // Ind. YTM 2.0500% /2.1000% // Govt. +150/+155bps
• Lead Manager(s): Deutsche Bank, BNP Paribas, JPM
• Admission to Trading: SIX Swiss Exchange as of 26-May-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Prospectus supplement, the accompanying prospectus dated, 6-Feb-26, the documents incorporated by reference into the prospectus supplement and the accompanying prospectus, eligible for automatic recognition in accordance with article 54(2) and will be deposited with SIX Exchange Regulation AG in its capacity as Swiss review body pursuant to article 52 of the FinSA.
• Governing Law: New York Law
• FINSA Prospectus: Prospectus (consisting of Indenture, Registration Statement, Base Prospectus and Prospectus Supplement) to be deposited with the SIX Prospectus Office in reliance on Art. 51(2) and 54(2) of the Swiss Federal Act on Financial Services.
• Covenants: PP, Covenants consistent with outstanding notes
• Early Redemption: 1 Month Par Call on Tranche 1, 3 Month Par Call on Tranche 2 to 6
• Use of Proceeds: For general corporate purposes, which may include, but are not limited to, repayment of debt, acquisitions, investments, working capital, investments in our subsidiaries, capital expenditures, and repurchases of outstanding shares of our common stock
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: In particular, the United States, U.S. Persons (unregistered, Regulation S only), EEA, UK, Canada, Hong Kong, Japan, Singapore, and Taiwan, as set out in the Prospectus.
• Target Market: Target market as defined by the manufacturers domiciled in the EEA and UK (MiFID II / UK MiFIR product governance): (i) Professional investors, (ii) Eligible Counter Parties and (iii) in Switzerland only, retail investors (all channels for distribution), subject to applicable selling restrictions set out in the Prospectus. No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK.
• Timing: Today's business. Books can close at short notice.