Commentary & Deal Flow

Spread set at: 8.75yr: SARON MS+27 - Books to close at 11:45am CET
Guidance: 9yr: SARON MS+27

• Issuer: Nederlandse Waterschapsbank N.V.
• Ticker: NEDWBK
• Issuer Domicile: The Netherlands
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Social Notes
• Ranking: All Notes will constitute unsecured and unsubordinated obligations of the Company and will rank pari passu without any preference among themselves and with all other present and future unsecured and unsubordinated obligations of the Company, save for those preferred by mandatory provisions of the law.
• Issuer Rating: AAA/AAA (Moody's/S&P)
• Instrument Rating (exp): Aaa/AAA (Moody's/S&P)
• Size: Min. CHF 115m
• Coupon: 0.7350% p.a. (30/360, following unadj.)
• Maturity: 8 years 252 days (24-Sep-26 to 06-Jun-35)
• Spread/Yield: SARON MS +27.0 // YTM 0.918% // Govt + 52.6
• Accrued Interest: 108 days
• Original ISIN / Valor: CH1415780126 / 141.578.012
• Lead Manager(s): Deutsche Bank
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 2a)
• Documentation: Off the Issuer's EUR 75,000,000,000 Debt Issuance Program dated 24-Apr-26 as supplemented from time to time
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: Law of the Netherlands
• Covenants: PP, NP
• SIX Listing: 22-Sep-26
• Use of Proceeds: The proceeds of the Notes will be utilized for lending to Social Housing Organizations in the Netherlands according to the Issuer’s Social Bond Framework.
• Social Bond Framework: https://nwbbank.com/application/files/9517/5328/1899/NWB_Bank_Social_Bond_Framework_2025.pdf
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: As per EMTN programme. Prohibitions of sales to EEA and/or UK retail investors apply
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels), subject to applicable selling restrictions. Public Offering in Switzerland only.
• Timing: Books to close at 11:45am CET, pricing to follow thereafter