Commentary & Deal Flow

Reoffer: 4yr: SONIA MS+43bp / 99.804 / 4.682%
Benchmark: 4yr: UKT 0.375% 22-Oct-30 @ 84.323 / B+27.1bp / HR 108%

Final Books > £1.9bn (excl JLM)

Launched: 4yr: £600m @ SONIA MS+43bp - Books > £1.8bn (excl JLM)
Book Update: Books > £1.2bn (excl JLM)
Guidance: 4yr: SONIA MS+45a (indicatively UKT 0.375% Oct-30+28.9bps)

• Issuer: Province of Saskatchewan (Ticker: SCDA)
• Issue Ratings: Aa1/AA/AAL (Moody's/S&P/DBRS, all stable)
• Format: Reg S, Bearer Notes
• Ranking: Senior Unsecured
• Size: £600m
• Maturity: 22-Oct-30
• Settlement: 16-Jun-26 (T+5)
• Coupon: 4.625%, Fixed, Annually, ACT/ACT
• Re-Offer: SONIA MS+43bp / 99.804 / 4.682% an. / 4.628% sa.
• Gilt Ref: +27.1bp versus UKT 0.375% 22-Oct-30 / 84.323 (MID) / 84.303 (BID) / HR 108%
• Denomination: £100k+£1k
• Listing: Luxembourg Euro MTF Market
• 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: PRICED, TOE 14:03 LDN | FTT Immediately
• 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)