Commentary & Deal Flow

Reoffer: 5.6yr: MS+140bp / 99.254 / 4.282%
Benchmark: 5.6yr: DBR 0 15-Aug-31 +154.9bps / 86.93% / HR: 110%

Final Books above €3.5bn. Peak book over €3.95bn (pre rec)

Launched: 5.6yr: €500m @ MS+140bp - Books over €3.95bn (pre rec)
Guidance: 5.6yr: MS+150a - Books over €3.3bn (pre-rec)
IPTs: 5.6yr: MS+180/190bp

• Issuer: Clariant International Financial Services (Luxembourg) S.à r.l. (Ticker: CLNVX, Country: LU)
• Issuer LEI: 98450044E5CBJ9BB0A77
• Guarantor: Clariant AG (Country: CH)
• Guarantor LEI: 529900VSEKBY7TMPP349
• Guarantor Rating: BBB- (stable) by S&P
• Issue Rating (exp.): BBB- by S&P
• Format: Reg S Bearer, Cat 2
• Status: Senior, unsecured
• Settlement: 12-Jun-26 (T+6)
• Tranche: 5.6-year
• Maturity: 15-Jan-32
• Size: €500 million
• Reoffer: MS+140bp / 99.254% / 4.282%
• Benchmark Ref: DBR 0 15-Aug-31 +154.9bps / 86.93% / HR: 110%
• Coupon: 4.125% Fixed, Annual, Short first, Act/Act ICMA, following business day convention unadjusted
• ISIN: XS3311989787
• Joint Bookrunners: BofA Securities, Citigroup, Commerzbank, Deutsche Bank, Santander (B&D)
• Docs: Preliminary stand-alone prospectus dated 01-Jun-26
• Denominations: €100k+1k
• Governing Law: Swiss Law
• Terms: Tax Call / Make-Whole Call (B+25) / Change of Control (101%) / Clean-up Call (75%) / 3m Par Call
• Listing: SIX Swiss Exchange, Frankfurt Open Market
• UoP: General corporate purposes, including but not limited to, for refinancing purposes of existing debt
• Selling Restrictions: US, UK, Singapore, Canada (each as further described in the prospectus)
• Sales into Canada: Sales into Ontario only, subject to compliance with applicable law
• Target Market: Manufacturer target market MiFID II/UK MiFIR is eligible counterparties and professional investors only (all distribution channels). No PRIIPs / UK PRIIPs key information document (KID)/CCI Product Summary has been prepared as the Bonds are not available to retail investors in the EEA or the UK. Relevant stabilisation regulations including FCA/ICMA will apply
• Timing: TOE: 15:36 (UKT) / 16:36 (CET) // FTT: 16:00 (UKT) / 17:00 (CET)