Commentary & Deal Flow

IPTs: 4yr:SARON MS+75/85bp 8yr: SARON MS+95/105bp

• Issuer: PPG Industries, Inc. (Ticker: PPG)
• Issuer Domicile: United States of America
• Domestic / Foreign: Foreign
• Format: Public Fixed Rate Bonds
• Ranking: Senior Unsecured
• Issuer Rating: A3/BBB+/BBB+ (Moody's/S&P/Fitch)
• Expected Instrument Rating: A3/BBB+/BBB+ (Moody's/S&P/Fitch)
• Payment Date: 03-Jun-26
• Tranche 1:
• • Size: TBD
  • Coupon: Ind. 1.1775% p.a. - will price at par
  • Life: 4y
  • Maturity Date: 03-Jun-30
  • Spread / Yield: SARON MS +75/+85bps // Ind. YTM 1.1775% /1.2775% // Govt. +88/+98bps
• Tranche 2:
• • Size: TBD
  • Coupon: Ind. 1.6248% p.a. - will price at par (first short)
  • Life: 7y 359d
  • Maturity Date: 02-Jun-34
  • Spread / Yield: SARON MS +95/+105bps // Ind. YTM 1.6248% /1.7248% // Govt. +115/+125bps
• Lead Manager: BNP Paribas
• Listing: SIX Swiss Exchange as of 01-Jun-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Standalone
• Governing Law: Swiss Law
• FINSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Covenants: PP, NP
• Early Redemption: 1 Month Par Call on Tranche 1, 3 Month Par Call on Tranche 2, Clean-up Call at 85% at Par, Tax call
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: USA, US Persons, EEA, UK
• Target Market: As defined by the manufacturer domiciled in the EEA (MiFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions
• Timing: Today's business