Commentary & Deal Flow

Guidance: 7yr: SARON MS+110/120bp

• Issuer: VP Bank AG (BBG: VBPSW)
• Issuer Domicile: Liechtenstein
• Domestic / Foreign: Foreign (SBI Domestic segment expected)
• Format: Public Fixed Rate Bond
• Ranking: Senior Non-Preferred
• Issuer Rating: Moody's: A1 (st.)
• Exp. Instrument Rating: Moody's: A3
• Issue Size: min. CHF 100m
• Coupon: ind. 1.8% p.a. (30/360; following unadj.)
• Tenor: 7 years
• Payment Date: 03-Nov-26
• Maturity: 03-Nov-33
• ind. Pricing: SARON MS +110.0/+120.0 bps / YTM 1.787/1.887% / Govt +133.8/+143.8 bps
• Lead Managers: Zürcher Kantonalbank / BNP Paribas / VP Bank AG (JLNB)
• Listing: SIX Swiss Exchange
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Standalone
• Governing Law: Swiss law, except for status, which is governed by the law of the Principality of Liechtenstein
• FIDLEG/FinSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Covenants: PP
• Denomination: CHF 200'000 and integral multiples thereof
• Selling Restrictions: USA, US Persons, EEA, UK
• 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, books can close at short notice