Commentary & Deal Flow

Reoffer: 7.5yr: SARON MS+153 / 100 / 1.9413%
Benchmark: Govt.+174

Launched: 7.5yr: CHF 180m @ SARON MS+153bp
Spread set at: 7.5yr: SARON MS+153bp
IPTs: 7.5yr: SARON MS+150/155bp

• Issuer: Aroundtown SA (Ticker: ARNDTN)
• Issuer Domicile: Luxembourg
• Format: Public Fixed Rate Notes
• Ranking: Senior Unsecured
• Issuer Ratings: BBB (S&P)
• Expected Issue Ratings: BBB (S&P)
• Size: CHF 180m
• Settle: 09-Jul-26
• Maturity: 09-Jan-34
• Coupon: 1.9406% p.a., short 1st. coupon
• Reoffer Price: 100
• Reoffer Yield: 1.9413%
• Reoffer Spread: SARON MS+153
• ISIN: CH1571219398
• Security Number: 157121939
• Bookrunners: Deutsche Bank, Goldman Sachs International, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: EMTN Programme Prospectus dated 09-Jun-26 of the Issuer’s Euro Medium Term Note Programme
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: English Law
• Covenants: PP, NP, XD, COC
• Early Redemption: 3-month par call
• SIX Listing: 07-Jul-26
• Denomination: CHF 5,000 and multiples thereof
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution). Public Offering in Switzerland only. Subject to applicable selling restrictions
• Sales Restrictions: United States and US persons, United Kingdom, European Economic Area (including Belgium), Japan, Israel, Singapore and Canada, as per the Issuer’s EMTN Programme