Commentary & Deal Flow

Final Books €3.7bn+ (incl. €450m JLM)

Launched: 5yr: €1bn @ MS+28bp - Books €3.7bn+ (incl. €450m JLM)
Book Update: Books €2.75bn+ (incl. €450m JLM)
Guidance: 5yr: MS+35a

• Issuer: Bank of New Zealand
• LEI: N7LGVZM7X4UQ66T7LT74
• Type: New Zealand legislative Covered Bond, guaranteed as to payments of interest and principal by the Covered Bond Guarantor pursuant to its guarantee, which is secured over the mortgage loans and the related security and its other assets
• Covered Bond Guarantor: CBG Trustee Company Limited as trustee of the BNZ Covered Bond Trust
• Exp. Issue Rating: Aaa/AAA (Moody's/Fitch)
• Format: Reg S (Category 2, TEFRA D rules apply); Bearer Global Covered Bonds; Classic Global Covered Bond, issued off the NZ$10,000,000,000 BNZ Covered Bond Programme dated 14-Nov-25, as supplemented from time to time (the "Programme")
• Size: €1bn
• Ranking: Covered Bond
• Maturity: 27-Aug-31 (5 years), soft bullet maturity
• Coupons: Fixed, Annual, Act/Act (ICMA), Unadjusted
• Denominations: €100k+€1k (up to and including €199,000)
• ISIN / Common Code: XS3476693778 / 347669377
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Programme Documentation: Base prospectus dated 14-Nov-25 relating to the Programme (the "Base Prospectus"), as supplemented from time to time
• Joint-Leads: Deutsche Bank, National Australia Bank, Natixis, Societe Generale and UBS Investment Bank (B&D/DM)
• Schedule: Books open, today's business
• Timing: 27-Aug-26 (T+7)
• Books Subject: 12:15 CET / 11:15 UKT
• Reference Gilt: DBR 0% 15-Aug-31. HR 108%
• Hedge Deadline: 13:55 CET
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
• Advertisement: The Base Prospectus, any Supplements and Final Terms (in each case, relating to the Programme), when published, are available on the website of the Luxembourg Stock Exchange at https://www.luxse.com/programme/Programme-BkOfNewZealand/13746