Commentary & Deal Flow

Size Update: 5.25yr: Min. CHF 275m
Spread set at: 5.25yr: SARON MS+83bp 10yr: SARON MS+105bp
Guidance: 5.25yr: SARON MS+80/85bp 10yr: SARON MS+100/105bp

• Issuer: BMW International Investment B.V. (Ticker: BMW)
• Guarantor: Bayerische Motoren Werke Aktiengesellschaft
• Guarantor Domicile: Germany
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior, unsecured
• Guarantor Rating: Moody's: A2 (neg.), S&P: A (neg.)
• Instrument Rating (exp): Moody's: A2, S&P: A
• Issue Size:
  • 5.25yr: Min. CHF 275m
  • 10yr: Min. CHF 125m
• Coupon:
  • 5.25yr: 1.4690% p.a. (indicative, will price at par) (30/360, following unadj.) (Short first coupon)
  • 10yr: 1.8275% p.a. (indicative, will price at par) (30/360, following unadj.)
• Maturity:
  • 5.25yr: 5 years 90 days (23-Sep-26 to 23-Dec-31)
  • 10yr: 10 years (23-Sep-26 to 23-Sep-36)
• Spread/Yield:
  • 5.25yr: SARON MS+83
  • 10yr: SARON MS+105
• Lead Manager(s): Deutsche Bank, BNP Paribas
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Issued off BMW Group’s EUR 50bn EMTN Programme dated as of 8-May-26 and supplemented on 24-Jun-26 and 8-Sep-26.
• FinSA Prospectus: Base prospectus is deposited with and recognised by the SIX Prospectus Office. Final terms available in accordance with Art. 45 FinSA.
• Governing Law: German law
• Covenants: PP, NP
• SIX Listing: 23-Sep-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: As set out in the Issuer's EUR 50bn EMTN Programme dated as of 8-May-26 and supplemented on 24-Jun-26 and 8-Sep-26, except for Switzerland (no communications with the U.S., sales into Canada as per notice comprised in Base Prospectus).
• Target Market: As defined by the manufacturer domiciled in the EEA (MIFID II): Eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.
• Schedule: Today's business, books can close at short notice