Commentary & Deal Flow

Spread set at: 7yr: SARON MS+65bp
IPTs: 7yr: SARON MS+60/65bp

• Issuer: Würth Finance International BV (Ticker: WURTH)
• Guarantor: Adolf Würth GmbH & Co. KG
• Issuer Domicile: The Netherlands
• Format: Public Fixed-Rate Notes
• Ranking: Senior unsecured
• Guarantor Rating: S&P: A (stable)
• Instrument Rating (exp): S&P: A
• Issue Size: CHF300m
• Coupon: 1.100% p.a. (indicative) (30/360, following unadj.) (Short first coupon)
• Maturity: 08-Nov-33
• IPTs: SARON MS +60.0 / 65.0bp // YTM 1.056% / 1.106% // Govt +82.9 / 87.9bp
• Lead Manager(s): Deutsche Bank, UBS, ZKB
• Co-Manager(s): Raiffeisen Schweiz
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under the Issuer’s €4bn EMTN Programme Base Prospectus dated 8-May-26
• Early Redemption: 3-month Par Call, Clean-up Call (80% threshold)
• Use of Proceeds: General corporate purposes
• FinSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Governing Law: German law
• Covenants: PP, NP, XD, CoC
• Listing: SIX on 06-Jul-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: USA, US Persons, EEA, UK
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Timing: Today's business. Books to close at 11:30AM CET, pricing to follow shortly thereafter.
• Settle: 07-Jul-26