Commentary & Deal Flow

Spread set at: 8yr: MS+50 - Books north of CHF 100mm
IPTs: 8yr: SARON MS+47/52

• Issuer: North American Development Bank
• Ticker: NADB
• Issuer Domicile: Supranational
• Domestic / Foreign: Foreign
• Issuer Rating: Aa1/AA (Moody's/Fitch)
• Instrument Rating (exp): Aa1/AA (Moody's/Fitch)
• Format: Public Fixed-Rate Bonds
• Issue Size: Min. CHF 100mm
• Ranking: Senior unsecured
• Lead Manager(s): Deutsche Bank
• Maturity: 29-Sep-34 (8 years)
• Coupon: 1.060% p.a. (indicative, will price at par)
• Spread/Yield: MS+50
• Interest Payment Dates: 30/360, following unadj.
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 2a)
• Documentation: Standalone
• FinSA Prospectus: No prospectus required in accordance with Art. 37(1) (h.) FinSA
• Governing Law: Swiss law
• Covenants: Pari Passu, Negative pledge, Cross Default, each in accordance with the Terms of the Bonds
• SIX Listing: 25-Sep-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: U.S. Persons, United States of America, EEA, the United Kingdom and general selling restrictions
• Target Market: Manufacturer target market (MiFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.
• Timing: Books to close at 11:00AM CET, pricing to follow thereafter