Commentary & Deal Flow

Spread set at: 5yr: SARON MS+125bp
Guidance: 5yr: SARON MS+125a
IPTs: 5yr: SARON MS+120/130bp

• Issuer: Africa Finance Corporation (Ticker: AFRFIN)
• Issuer Domicile: Supranational
• Format: Fixed Rate Digital Bonds
• Status: Senior Unsecured
• Issuer Rating: A3 stable / A positive (Moody's/S&P)
• Instrument Rating (exp): A3 / A (Moody's/S&P)
• Issue Size: min. CHF 200mm
• Coupon: 1.49% p.a. (indicative, will price at par)
• Maturity: 5 years (28-Jul-26 to 28-Jul-31)
• Lead Managers: Commerzbank, Deutsche Bank
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Off US$5bn GMTN Program Base Prospectus dated 19-Dec-25
• FinSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Governing Law: English Law
• Covenants: PP, NP, XD
• SIX Listing: 24-Jul-26
• Clearing / Settlement: SIX Digital Exchange AG, with further clearing through SIX SIS AG
• Denomination: CHF 5,000 and integral multiples thereof
• Target Market: Manufacturer target market (MiFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Selling Restrictions: As per the Preliminary Swiss Prospectus
• Timing: Books to close at 11.15am CET, pricing to follow thereafter
• Settle: 28-Jul-26