Commentary & Deal Flow

Books north of €2.75bn (pre-rec)

Guidance: 10.5yr: MS+120a - Books north of €2.75bn (pre-rec)

IPTs: 10.5yr: MS+150a

• Issuer: AusNet Services Holdings Pty Ltd (Ticker: ANVAU, Country: AU)
• LEI: TTMIG9TE1S0X3ZPDHD61
• Guarantors: AusNet Gas Services Pty Ltd (ABN 43 086 015 036); AusNet Asset Services Pty Ltd (ABN 27 075 826 881); AusNet Electricity Services Pty Ltd (ABN 91 064 651 118); AusNet Transmission Group Pty Ltd (ABN 78 079 798 173) together with any Subsidiary of AusNet appointed from time to time
• Issuer Ratings: Baa1 (Stable) Moody's / BBB+ (Stable) S&P
• Expected Issue Ratings: Baa1 Moody's / BBB+ S&P
• Format: Guaranteed Senior Unsecured, Reg S (Cat 1) Bearer Notes, TEFRA D
• Size: €620m
• Tenor: 10.5 years
• Pricing Date: 12-Oct-26
• Settlement Date: 21-Oct-26 (T+7)
• Maturity Date: 21-Apr-37
• Coupon: Fixed (Annual, Act/Act ICMA), subject to short first coupon
• Benchmark Reference: DBR 4.00% 4-Jan-37
• Par Call: 3-month
• Make-Whole Call: Yes (vs Bund)
• Redemption Amount: 100%
• Cross Default: Applicable, refer to T&Cs
• Negative Pledge: Applicable, refer to T&Cs
• Other: CoC Put @ 100% / Tax Call / English Law
• Listing: Australian Securities Exchange
• ISIN: XS3496787642
• Common Code: 349678764
• Documentation: Offering Circular dated 24-Sep-26 and the Amended and Restated Trust Deed dated 5-Jun-23 for the Issuer’s US$8bn Medium Term Note Programme
• Denominations: €100k + €1k
• Use of Proceeds: To repay existing debt and for general corporate purposes
• Clearing System: Euroclear, Clearstream
• Target Market: MiFID II/UK MiFIR professionals/ECPs-only/No PRIIPs KID/UK CCI disclosure document - Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (“KID”) and/or UK CCI disclosure document has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restrictions: As per the Offering Circular. Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law.
• Joint Lead Managers: Barclays (B&D) / BNP Paribas / Goldman Sachs International / HSBC
• Marketing: Direct Link:https://dealroadshow.finsight.com/e/AUSNET2026
• Books Subject: Books subject at 12.15 UKT
• Schedule: Books open, today’s business