Commentary & Deal Flow

Reoffer: 8yr: SARON MS+95 / 100 / 1.415%

Spread set at: 8yr: SARON MS+95bp
IPTs: 8yr: SARON MS+95/105bp // Ind. YTM 1.4075%/1.5075%

• Issuer: Severn Trent Utilities Finance Plc (Ticker: SVTLN)
• Guarantor: Severn Trent Water Limited
• Guarantee: The Notes will be unconditionally and irrevocably guaranteed by the Guarantor
• Domestic / Foreign: Foreign
• Guarantor Domicile: United Kingdom
• Format: Public Fixed-Rate Sustainable Notes
• Ranking: Senior Unsecured
• Rating Split: Guarantor: Baa1/BBB+ (Moody's/Fitch), Issue: Baa1/A- (Moody's/Fitch)
• Life: 8yr
• Settlement Date: 07-Aug-26
• Maturity Date: 07-Aug-34
• Size: CHF 180m
• Coupon: 1.415% p.a.
• Reoffer Price: 100
• Reoffer Yield: 1.415%
• Reoffer Spread: SARON MS+95
• ISIN: CH1564881964
• Lead Managers: BNP Paribas, UBS, Mizuho (JLNB)
• Listing: SIX Swiss Exchange as of 05-Aug-26
• SNB Repo eligibility: At the discretion of the SNB, expected no
• Documentation: Base Prospectus dated 16-Jul-25, as supplemented, amended and/or updated from time to time. Prospective investors are informed that the Issuer is expected to publish an update of the Base Prospectus on or around 16-Jul-26
• Governing Law: English law
• FINSA Prospectus: Yes, delayed in accordance with art. 51 para. 2 Finsa
• Covenants: PP, NP, XD
• Use of Proceeds: The Notes are intended to be issued as Sustainable Notes. Accordingly, an amount equal to the net proceeds from the issue will be allocated by the Issuer to Eligible Sustainable Investments as set out in the Group’s Sustainable Finance Framework, which for this issuance will fall within Green Eligible Categories. A Second Party Opinion has been obtained from DNV Business Assurance Services Limited
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: In particular, European Economic Area, United States of America, Belgium, Japan, Singapore and United Kingdom in accordance with the Selling Restrictions set out the Base Prospectus
• Target Market: The manufacturer target market (MiFID II / MIFIR Product Governance) is eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions