Commentary & Deal Flow

Reoffer: 7yr: SARON MS+65bp / 100.047 / 1.0935%
Benchmark: 7yr: Govt + 87.7bp

Launched: CHF 300m @ 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
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior unsecured
• Guarantor Rating: S&P: A (stable)
• Instrument Rating (exp): S&P: A
• Issue Size: CHF 300mm
• Coupon: 1.1000% p.a. (30/360, following unadj.) (Short first coupon)
• Maturity: 7 years 121 days (07-Jul-26 to 08-Nov-33, incl. 3-month par call)
• Spread/Yield: SARON MS +65.0 // YTM 1.0935% // Govt + 87.7
• Issue Price: 100.047%
• ISIN / Valor: CH1562934690 / 156.293.469
• 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 08-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
• SIX Listing: 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.