Commentary & Deal Flow

Hedge Details:
Long 4yr: OBL 2.2 10-Oct-30 / HR 98%
8yr: DBR 2.2 Feb-34 / HR 100%
Hedge Deadline: 1500 UKT

Launched:
Long 4yr: €500m @ MS+100bp
8yr: €500m @ MS+140bp
Guidance: Long 4yr: MS+105bp area 8yr: MS+145bp area
IPTs: Long 4yr: MS+135bp area 8yr: MS+175bp area

• Issuer: Fiserv, Inc.
• Ticker: FISV
• Country: US
• LEI: GI7UBEJLXYLGR2C7GV83
• Issuer Ratings: Baa2 (stable) / BBB (negative) (Moody's / S&P)
• Expected Ratings: Baa2 / BBB (Moody's / S&P)
• Security: Senior Unsecured
• Format: SEC Registered
• Settlement: 23-Jun-26
• Size:
• • Long 4yr: €500m
  • 8yr: €500m
• Maturity:
• • Long 4yr: 15-Oct-30
  • 8yr: 23-Jun-34
• Coupon Type:
• • Long 4yr: Fixed
  • 8yr: Fixed
• Coupon Frequency:
• • Long 4yr: Annual; Short First
  • 8yr: Annual
• Day Count:
• • Long 4yr: Act/Act (ICMA)
  • 8yr: Act/Act (ICMA)
• Optional Redemption:
• • Long 4yr: 1-month par call; make whole call
  • 8yr: 2-month par call; make whole call
• B&D:
• • Long 4yr: J.P. Morgan
  • 8yr: Citigroup
• Active Books: Citigroup, J.P. Morgan, TD Securities, Wells Fargo Securities
• Docs: Nasdaq / New York Law / CoC (101%) / Tax Call / €100,000 x €1,000
• Selling Restrictions: As per the Issuer's Preliminary Prospectus Supplement
• Sales into Canada: Yes, via exemption
• Use of Proceeds: Together with proceeds from the sale of commercial paper and cash from operations, to purchase any and all of the $750.0 million aggregate principal amount of 5.150% Senior Notes and any and all of the $2.0 billion aggregate principal amount of 4.400% Senior Notes, including any premium and accrued and unpaid interest on the tendered notes, pursuant to the tender offer.
• Target Market/PRIIPs: Manufacturer target market (MiFID II and U.K. MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA and the United Kingdom
• Clearing: Euroclear / Clearstream
• Stabilization: Relevant stabilization regulations including ICMA/FCA apply
• ISIN/Common Code:
• • Long 4yr: XS3410940897 / 341094089
  • 8yr: XS3410941192 / 341094119
• Timing: Books open, today's business
• Marketing:
• • Direct Link: www.netroadshow.com/nrs/home/#!/?show=7111dfd0
  • URL: www.netroadshow.com
  • Password: fsrv2026