Commentary & Deal Flow

Spread set at: 10yr: SARON MS+50bp
IPTs: 10yr: SARON MS+49/52bp

• Issuer: Transpower New Zealand Limited (Ticker: TPNZ)
• Ownership: 100% owned by the New Zealand Government
• Issuer Domicile: New Zealand
• Domestic / Foreign: Foreign
• Format: Public Fixed Rate Green Bonds
• Ranking: Senior Unsecured
• Issuer Rating: AA (S&P)
• Expected Issue Ratings: AA (S&P)
• Life: 10y
• Settle: 21-Jul-26
• Maturity Date: 21-Jul-36
• Size: Min. CHF 175m
• Coupon: Ind. 1.06% p.a. - will price at par
• Lead Managers: BNP Paribas, UBS
• Listing: SIX Swiss Exchange as of 17-Jul-26
• SNB Repoeligibility: At the discretion of the SNB, expected yes (HQLA: L2a)
• Documentation: Standalone
• Governing Law: Swiss Law
• FINSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Covenants: PP, NP (with restrictions), XD
• Use of Proceeds: The proceeds of this offer are intended to be allocated in accordance with the Green Financing Framework dated April 2022 (as updated from time to time) ("Framework") to the financing or refinancing of Eligible Green Assets (as defined in the Framework and as updated from time to time in the Green Bond Report available at https://www.transpower.co.nz/our-work/investors/green-financing-framework) that align with the Eligibility Criteria (as defined in the Framework).
• No event of default in relation to Green Financing Framework: If: - the Issuer fails to allocate the proceeds of the Bonds as described in this offer and the Framework; - the Issuer fails to comply with the Framework in any other way; - the Bonds cease to satisfy the Climate Bonds Standard implemented by the Climate Bonds Initiative (including, without limitation, as a result of an amendment to the Climate Bonds Standard); or - the Issuer fails to notify holders that the Bonds cease to comply with the Framework or the Climate Bonds Standard, then, although it’s possible that the Bonds may lose their green classification: - no event of default will occur in relation to the Bonds; and - neither the holders nor the Issuer will have any right for the Bonds to be repaid early.
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: USA, US Persons, EEA, UK. Hong Kong, Japan, Singapore, Republic of Italy, Australia, New Zealand
• Target Market: As defined by the manufacturer domiciled in the EEA and UK (MiFID II / UK MIFIR Product Governance): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions.
• Timing: Today's business. Books can close at short notice