Commentary & Deal Flow

Spread set at: 15yr: SARON MS+38bp
IPTs: 15yr: SARON MS+38a

• Issuer: Queensland Treasury Corporation (Ticker: QTC)
• Guarantor: The Treasurer of the State of Queensland on behalf of The Government of Queensland
• Guarantor Domicile: Australia
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes, Reg S
• Ranking: Unsecured and Unsubordinated
• Guarantor Rating: Aa1/AA+ (Moody's/S&P)
• Expected Instrument Rating: Aa1/AA+ (Moody's/S&P)
• Issue Size: Min. CHF 165m
• Coupon: 1.270% p.a. (indicative)
• Day Count: 30/360, following unadjusted
• Settlement Date: 11-Jun-26
• Maturity Date: 11-Jun-41 (15 years)
• Spread/Yield: SARON MS +38.0 // YTM 1.2700% area // Govt + 58.2 area
• Lead Managers: Deutsche Bank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
• Documentation: Off the Issuer’s U.S.$10,000,000,000 Euro Medium Term Note Facility ("Facility") dated 28-Jan-26
• FinSA Prospectus: Base prospectus is deposited with and recognised by the Swiss Prospectus Office pursuant to art. 54(2) FinSA.
• Governing Law: English law
• Covenants: Pari Passu, Cross Default (as per the Facility)
• Use of Proceeds: The net proceeds from the sale of the Notes will be used to finance the activities of the State of Queensland and its Government Bodies.
• SIX Listing: 09-Jun-26
• Denomination: CHF 100,000 and multiples thereof
• Selling Restrictions: As per the Facility. RegS TEFRA D Rules apply, no communications with or into the US or Canada.
• Target Market: Manufacturer target market (MiFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Timing: Books to close at 11:50 CET, pricing to follow shortly thereafter.