Commentary & Deal Flow

Reoffer: SARON MS+48 /Govt.+69/ 97.697 / 1.1361%

• Issuer: Compagnie de Financement Foncier (Ticker: CFF)
• Issuer Domicile: France
• Format: Public Fixed Rate Bonds
• Status: Covered Bonds (Obligations Foncières)
• Instrument Rating (exp): Aaa/AAA/AAA (Moody's/S&P/Scope)
• Issue Size (in mm): CHF 150m (new total size of CHF 300m)
• Coupon: 0.885% p.a., short 1st. coupon
• Maturity: 9 years 265 days (11-Jun-26 until 06-Mar-36)
• Issue Price: 97.697%
• Spread/Yield: SARON MS +48.0 // YTM 1.1361% // Govt.+69
• ISIN / Security Number: CH1564488703 / 156448870
• Accrued interest: 95 days
• Original ISIN: CH1533150954
• Lead Manager(s): UBS, ZKB, Natixis (no-books)
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under the issuer’s EUR125bn EMTN Programme
• FinSA Prospectus: Delayed prospectus approval in accordance with art. 51(2) FinSA
• Governing Law: French law
• Covenants: PP
• SIX Listing: 09-Jun-26
• Denomination: CHF 5000
• Sales Restrictions: As per the issuer's EMTN Programme