Commentary & Deal Flow

Reoffer: 20yr: SARON MS+33bp / 99.23 / 1.261%
Benchmark: 20yr: Govt+66.5bp

Spread set at: 20yr: SARON MS+33bp - Books close at 10.45 am CET
IPTs: 20yr: SARON MS+33a

• Issuer: Nederlandse Waterschapsbank N.V. (BBG: NEDWBK)
• Issuer Ratings: AAA/Aaa (S&P/Moody's)
• Instrument Ratings: AAA/Aaa (S&P/Moody's)
• Format: Reopening Foreign Public Fixed Rate Social Bond
• Ranking: Senior unsecured
• Type: Social Bond
• Issue Size: CHF 70m (new total size CHF 170m)
• Coupon: 1.2175% (30/360; following unadj.)
• Tenor: 19.925 years
• Payment Date: 10-Aug-26
• Maturity: 13-Jul-46
• Issue Price: 99.230%
• Pricing: SARON MS +33.0 bps / YTM 1.261% / Govt66.5 bps
• ISIN/Valor: CH1562934807 / 156293480
• Original Valor: 157'121'928
• Lead Managers: Zürcher Kantonalbank
• Listing: SIX Swiss Exchange, as of 07-Aug-26
• SNB Repoeligibility: At the discretion of the SNB, expected yes (HQLA Level 2a)
• Documentation: Off the Issuer's EUR 75,000,000,000 Debt Issuance Program dated 24-Apr-26 as supplemented from time to time
• FIDLEG/FinSA Prospectus: Prospectus will be available at a later stage in accordance with art. 51 FinSA
• Governing Law: Law of the Netherlands
• Covenants: PP, NP
• Denomination: CHF 5'000 and multiples thereof
• Selling Restrictions: As per EMTN programme. Prohibitions of sales to EEA and/or UK retail investors apply
• Use of Proceeds: The proceeds of the Notes will be utilized for lending to Social Housing Organizations in the Netherlands according to the Issuer’s Social Bond Framework (NWB_Bank_Social_Bond_Framework_2025.pdf)
• Social Bond Framework: https://nwbbank.com/application/files/9517/5328/1899/NWB_Bank_Social_Bond_Framework_2025.pdf