Commentary & Deal Flow

Issue size increased by CHF 100m to CHF 350m

Reoffer: 5yr: SARON MS+125 / 100 / 1.4925%
Benchmark: 5yr: Govt + 141bp

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: Public Fixed-Rate Digital Notes
• Ranking: Senior unsecured
• Issuer Rating: A3/A (Moody's/S&P)
• Instrument Rating (exp): A3/A (Moody's/S&P)
• Issue Size: CHF 350m
• Settlement Date: 28-Jul-26
• Maturity Date: 28-Jul-31
• Coupon: 1.4925% p.a. (30/360, following unadj.)
• Reoffer Spread/Yield: SARON MS +125.0 // YTM 1.4925% // Govt + 141
• Reoffer Price: 100%
• ISIN / Valor: CH1484612093 / 148'461'209
• Lead Manager(s): Deutsche Bank, Commerzbank
• 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 multiples thereof
• Selling Restrictions: As per the Preliminary Swiss Prospectus
• 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.