Commentary & Deal Flow

The North American Development Bank (ticker: "NADB"), rated Aa1 (stable) by Moody's and AA (stable) by Fitch, has mandated Deutsche Bank as Sole Bookrunner for a potential CHF-denominated benchmark offering which may follow in the near future, subject to market conditions. The bonds are expected to be rated Aa1 by Moody's and AA by Fitch. Denominations CHF 5k+5k. Listing at SIX. SNB Repo basket eligibility is expected at the discretion of the SNB.