Commentary & Deal Flow

Reoffer: 20yr: SARON MS+33 / 100 / 1.2175%

Launched: 20yr: CHF 100m @ SARON MS+33bp
IPTs: 20yr: SARON MS+33a

• Issuer: Nederlandse Waterschapsbank N.V. (Ticker: NEDWBK)
• Issuer Domicile: The Netherlands
• Format: Public Fixed Rate Social Notes
• Status: All Notes will constitute unsecured and unsubordinated obligations of the Company and will rank pari passu without any preference among themselves and with all other present and future unsecured and unsubordinated obligations of the Company, save for those preferred by mandatory provisions of the law.
• Issuer Rating: Aaa/AAA (Moody's/S&P), both stable
• Instrument Rating (exp): Aaa/AAA (Moody's/S&P)
• Issue Size: CHF 100m
• Coupon: 1.2175% p.a.
• Maturity: 13-Jul-46 (20 years)
• Issue Price: 100
• Spread/Yield: SARON MS +33.0 // YTM 1.2175% // Govt.+60
• ISIN / Security Number: CH1571219281 / 157121928
• Lead Manager(s): Commerzbank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA: Level 2a)
• Documentation: Off the Issuer's EUR 75,000,000,000 Debt Issuance Program dated 24-Apr-26 as supplemented from time to time
• FinSA Prospectus: Delayed prospectus approval in accordance with art. 51(2) FinSA
• Governing Law: Laws of the Netherlands
• Covenants: PP, NP
• SIX Listing: 09-Jul-26
• Settle: 13-Jul-26
• Denomination: CHF 5000 and multiples thereof
• Use of Proceeds: The proceeds of the Notes will be utilized for lending to Social Housing Organizations in the Netherlands according to the Issuer’s Social Bond Framework (Social Bond Framework: https://nwbbank.com/application/files/9517/5328/1899/NWB_Bank_Social_Bond_Framework_2025.pdf)
• Target Market: MIFID II product governance / Professional investors, ECPs and retail investors (Switzerland only) type of clients
• Sales Restrictions: As per EMTN programme. Prohibitions of sales to EEA and/or UK retail investors apply