Commentary & Deal Flow

Watercare Services Limited, wholly owned by Auckland Council, is New Zealand's largest water utility providing water and wastewater services to approximately 1.8 million people within the Auckland region, where it is a natural monopoly, (ticker: "WATERC", country: New Zealand) rated Aa3 (Stable) by Moody's, has mandated Citi, HSBC, MUFG and Société Générale as Joint Lead Managers to arrange a series of fixed income investor calls to be scheduled commencing 17-Sep-26. An electronic investor presentation will be made available. Citi and Société Générale will be coordinating logistics.

An inaugural benchmark, Reg S, senior secured 7yr € offering will follow, subject to market conditions.