Commentary & Deal Flow

IPTs: 5yr: SARON MS+100/110bp

• Issuer: Fomento Económico Mexicano, S.A.B. de C.V. (Ticker: FEMSA)
• Issuer Domicile: Mexico
• Format: Public Fixed Rate Notes
• Status: Senior unsecured
• Issuer Rating: BBB+ (stable, S&P) / A (stable, Fitch)
• Instrument Rating (exp): BBB+ (S&P) / A (Fitch)
• Issue Size (in mm): TBD
• Coupon: 1.63% p.a. (indicative)
• Maturity: 5 years (14-Oct-26 until 14-Oct-31)
• Spread/Yield: SARON MS +100.0 /+110.0 // YTM 1.63% /1.73% // Govt.+119 /+129
• Lead Manager(s): Commerzbank, UBS
• Co Manager(s): Basler Kantonalbank
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Standalone
• FinSA Prospectus: Delayed approval of the Swiss Prospectus, in accordance with Article 51(2) FinSA
• Governing Law: Swiss Law
• Covenants: PP, NP, XD, COC
• SIX Listing: 12-Oct-26
• Denomination: CHF 5000
• Use of Proceeds: General corporate purposes
• Sales Restrictions: US Persons, USA, EEA, Mexico, UK
• Target Market: The target market as defined by the manufacturer domiciled in the EEA (MIFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions.
• Timing: Today's business