Commentary & Deal Flow

Guidance: 4yr: SONIA MS+45a

• Issuer: Province of Saskatchewan
• Issue Ratings: Aa1/AA/AAL (Moody's/S&P/DBRS)
• Format: Reg S, Bearer Notes
• Size: £ Benchmark
• Ranking: Senior Unsecured
• Maturity: 22-Oct-30
• Settlement: 16-Jun-26 (T+5)
• Coupon: TBC, Fixed, Annually, Act/Act, short first coupon to 22-Oct-26
• Guidance: SONIA MS (A,A/365)+45bps area (indicatively UKT 0.375% Oct-30+28.9bps)
• Denomination: £100k+£1k
• Listing: London Stock Exchange
• Law: Province of Saskatchewan and the federal laws of Canada applicable therein
• Docs: Issuer’s Euro Medium Term Note Programme
• Bookrunners: Barc / BMO (DM/B&D) / CIBC / RBC CM
• Timing: Books open, today's business
• Advertisement: The Offering memorandum and all relevant documents are available at {https://www.saskatchewan.ca/government/budget-planning-and-reporting/investor-relations#borrowing-strategy-and-issuance-documents}
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professionals only (all distribution channels)