Commentary & Deal Flow

Reoffer: 3yr: SARON MS+60bp / 100 / 0.86% 7yr: SARON MS+72bp / 100 / 1.22%
Benchmark: 3yr: Govt.+73bp 7yr: Govt.+96bp

Launched:
3yr: CHF 175m @ SARON MS+60bp - Books subject
7yr: CHF 225m @ SARON MS+72bp - Books subject
Guidance: 3yr: SARON MS+60/65bp 7yr: SARON MS+72/77bp
IPTs: 3yr: SARON MS+63/68bp 7yr: SARON MS+75/80bp

• Issuer: Chubb INA Holdings LLC
• Guarantor: Chubb Limited
• Ticker: CB
• Issuer Domicile: USA
• Instrument Rating (exp): A2/A/A (Moody's/S&P/Fitch)
• Format: Public fixed rate bonds
• Ranking: Senior, unsecured and unsubordinated obligations of the Issuer ranking pari passu
• Size:
  • 3yr: CHF 175m
  • 7yr: CHF 225m
• Settlement Date / Payment Date: 24-Aug-26
• Maturity Date:
  • 3yr: 24-Aug-29
  • 7yr: 24-Aug-33
• Coupon:
  • 3yr: 0.8600% p.a.
  • 7yr: 1.2200% p.a.
• Issue Price:
  • 3yr: 100.000%
  • 7yr: 100.000%
• Spread/Yield:
  • 3yr: SARON MS+60bps / YTM 0.8600% / Govt.+73bps
  • 7yr: SARON MS+72bps / YTM 1.2200% / Govt.+96bps
• ISIN/Valor:
  • 3yr: CH1564881998 / 156'488'199
  • 7yr: CH1564882004 / 156'488'200
• Lead Manager(s): Deutsche Bank, BNP Paribas, UBS
• Listing: SIX Swiss Exchange as of 21-Aug-26
• SNB Repo eligibility: At the discretion of the SNB, expected no
• Documentation: Standalone CHF documentation, including a Preliminary Prospectus dated 17-Aug-26. The Bonds, if issued, will be issued on the basis of, and the terms of the Bonds (the "Terms of the Bonds") will be set out in, the prospectus relating to the Bonds.
• Governing Law: Swiss Law
• FINSA Prospectus: Prospectus approval post-settlement only, in accordance with art. 51(2) Swiss Financial Services Act of 15 June 2018
• Covenants: PP
• Early Redemption: For both tranches: 1 Month Par Call, Clean-up Call, Tax Redemption Call
• Use of Proceeds: General corporate purposes
• Denomination: CHF 5,000
• Sales Restrictions: The Bonds are subject to restrictions on the offering, sale, and delivery both generally and specifically in the United States of America and to US persons, the European Economic Area (the "EEA"), and United Kingdom (the "UK")
• Target Market: As defined by the manufacturer(s) domiciled in the EEA or UK (MiFID II and UK MiFIR): Eligible counterparties, professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.