Commentary & Deal Flow

Reoffer: 8yr: SARON MS+50bp / 100 / 1.125%
Benchmark: 8yr: Govt + 76.8bp

Tranche 1 (8yr): Peak book north of CHF 100mm

Launched: 8yr: CHF 125m @ SARON MS+50bp
Spread set at: 8yr: MS+50bp - Books north of CHF 100mm
IPTs: 8yr: SARON MS+47/52

• Issuer: North American Development Bank
• Ticker: NADB
• Issuer Domicile: Supranational
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Bonds
• Ranking: Senior unsecured
• Issuer Rating: Aa1/AA (Moody's/Fitch)
• Instrument Rating (exp): Aa1/AA (Moody's/Fitch)
• Issue Size: CHF 125m
• Coupon: 1.125% p.a. (30/360, following unadj.)
• Maturity: 8 years (29-Sep-26 to 29-Sep-34)
• Spread/Yield: SARON MS+50 // YTM 1.125% // Govt + 76.8
• Issue Price: 100%
• ISIN / Valor: CH1604760905 / 160.476.090
• Lead Manager(s): Deutsche Bank
• 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.