Commentary & Deal Flow

Reoffer: 10yr: SARON MS+37 / 100 / 1.01% 15yr: SARON MS+42 / 100 / 1.25%
Benchmark: 10yr: Govt.+60 15yr: Govt.+67

• Issuer: Commonwealth Bank of Australia (Ticker: CBAAU)
• Covered Bond Guarantor: Perpetual Corporate Trust Limited in its capacity as trustee of the CBA Covered Bond Trust
• Issuer and Guarantor Domicile: Australia
• Bond Trustee: Deutsche Trustee Company Limited
• Format: Public Fixed Rate Covered Bonds
• Status of the Covered Bonds: Direct, unconditional, unsubordinated and unsecured obligations of the Issuer
• Status of the Covered Bond Guarantee: Direct obligations secured against the assets of the Covered Bond Guarantor and recourse is limited to such assets
• Issuer Rating: Aa2/AA-/AA (Moody's/S&P/Fitch)
• Instrument Rating (exp): Aaa/AAA (Moody's/Fitch)
• Issue Size:
• • 10yr: CHF 110m
  • 15yr: CHF 135m
• Coupon:
• • 10yr: 1.01% p.a.
  • 15yr: 1.25% p.a.
• Settlement Date: 17-Jun-26
• Maturity:
• • 10yr: 17-Jun-36
  • 15yr: 17-Jun-41
• Spread/Yield:
• • 10yr: SARON MS +37.0 // YTM 1.010% // Govt.+60
  • 15yr: SARON MS +42.0 // YTM 1.250% // Govt.+67
• Issue Price:
• • 10yr: 100%
  • 15yr: 100%
• ISIN / Security Number:
• • 10yr: CH1564488729 / 156448872
  • 15yr: CH1564488737 / 156448873
• Lead Manager(s): UBS, BNP Paribas
• SNB Repo-eligibility: At the discretion of the SNB, expected yes
• Documentation: The U.S.$40,000,000,000 CBA Covered Bond Programme, as described in the base prospectus relating to the Programme dated 22-Jul-25, as supplemented on 13-Aug-25, 12-Feb-26 and 10-Mar-26, and as may be further supplemented or amended from time to time (the Prospectus)
• FinSA Prospectus: Delayed approval in accordance with art 51(2) FinSA
• Governing Law: The Covered Bonds and the Bond Trust Deed are governed by English law. The Security Trust Deed is governed by the laws of New South Wales, Australia
• Covenants: PP
• SIX Listing: 15-Jun-26
• Denomination: CHF 5'000 and multiples thereof
• Sales Restrictions: As per the Prospectus (except for Switzerland)
• 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