Commentary & Deal Flow

Reoffer: 5yr: 3.95% / 100

IPTs: 5yr: 3.875/4.000%

• Issuer: CPI Property Group (Ticker: CPIPGR)
• Issuer Domicile: Luxembourg
• Domestic / Foreign: Foreign
• Format: Public Fixed Rate Notes
• Ranking: Senior Unsecured Debt
• Issuer Ratings: Ba2/BB (Moody's/S&P)
• Exp Ratings of the Notes: Ba2/BB (Moody's/S&P)
• Life: 5-years
• Issue Date: 26-May-26
• Maturity Date: 26-May-31
• Size: CHF 105m
• Coupon: 3.950% Annual 30/360
• Yield / Spread: 3.950% // SARON MS +345bps // Govt. +352.9bps
• Price: 100
• Lead Manager: Goldman Sachs International
• Listing: Expected to be provisionally admitted to trading on the SIX Swiss Exchange from 26-May-26
• Documentation: Base Prospectus dated 6-May-26 in respect of the Issuer's Euro Medium Term Note Programme and the Swiss prospectus relating to the Notes dated 22-May-26 (the Swiss Prospectus)
• Governing Law: The Notes and any non-contractual obligations arising out of or in connection with the Notes will be governed by, and shall be construed in accordance with, English law.
• Optional Redemption: 3-month Par Call
• Financial Covenants: Consolidated Leverage Ratio shall not exceed 60% (maintenance);Consolidated Secured Leverage Ratio shall not exceed 45%, with carve out up to <50% on two consecutive measurement days (maintenance);Consolidated Coverage Ratio shall not be less than 1.9x (maintenance);for complete definitions, please refer to the Base Prospectus
• Change of Control Put: Yes, at par plus accrued interest; as stipulated in the Base Prospectus
• FINSA Prospectus: Prospectus approval post settlement only, in accordance with art. 51 FinSA
• Use of Proceeds: General corporate purposes, including the repayment of debt
• ISIN / Valor: CH1533656182 / 153365618
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: In particular United States, U.S. persons, European Economic Area, United Kingdom, Belgium, Hong Kong, Singapore and Japan. The selling restrictions relating to Switzerland shall not apply in the context of this transaction
• Target Market: As defined by the manufacturer domiciled in the EEA and UK (MIFID II/UK MIFIR): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions. No EEA PRIIPs KID or UK CCI product summary
• Timing: Priced & allocations out. TOE: 11:11 UKT / 12:11 CET | FTT immediately