Commentary & Deal Flow

Spread set at: 7yr: SARON MS+40bp
Guidance: 7yr: SARON MS+38/40bp

• Issuer: Fédération des caisses Desjardins du Québec (Ticker: CCDJ)
• Guarantor: CCDQ Covered Bond (Legislative) Guarantor Limited Partnership
• Guarantor Domicile: Canada
• Format: Public Fixed-Rate Covered Bonds
• Issuer Counterparty Rating: Aa1/A+/AA+/AA (Moody's/S&P/Fitch/DBRS)
• Instrument Rating (exp): Aaa/AAA (Moody's/Fitch)
• Issue Size: Min. CHF 160m
• Coupon: 0.8825% p.a. (indicative)
• Maturity: 1-Sep-33 (7 years)
• Spread/Yield: SARON MS+40bp
• Lead Manager(s): Commerzbank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected yes
• Documentation: Off CAD$32bn Global Covered Bond Programme described in the Base Prospectus dated 19-Dec-25 as supplemented by the Supplementary Prospectus dated 25-Feb-26, 27-Mar-26, 14-May-26, and 13-Aug-26 (together the "Prospectus")
• FinSA Prospectus: Delayed prospectus approval, in accordance with art. 51 FinSA
• Governing Law: Laws of the Province of Ontario and federal laws of Canada
• Covenants: PP, XD
• SIX Listing: 28-Aug-26
• Denomination: CHF 5,000
• Sales Restrictions: As per Issuer's Covered Bond Programme
• Target Market: As defined by the manufacturer domiciled in the EEA/UK (MIFID II/UK MiFIR) is eligible counterparties and professional clients only (all channels for distribution), subject to applicable selling restrictions. Prohibition of sales to EEA/UK retail investors apply.
• Timing: Books close at 12:00 CET, pricing to follow shortly thereafter