Commentary & Deal Flow

Book update: Books >€1.1bn (incl 100m JLM)

Guidance: 3yr: MS+45a

• Issuer: Fairstone Bank of Canada
• LEI Number: 894500E7T4VPWVBNGQ73
• Guarantor: FBOC Covered Bond (Legislative) Guarantor Limited Partnership
• Collateral: Canadian legislative covered bond, backed by Canadian residential mortgages
• Format: Reg S (Registered)
• Expected Rating: Aa1/AA(high) (Moody's/DBRS)
• Currency: €
• Ranking: Covered Bond
• Tenor: 3yr
• Total Size: €500m WNG
• Settlement Date: 22-Oct-26 (T+7)
• Maturity Date: 22-Oct-29
• Extended Due for Payment Date: 22-Oct-30
• ISIN: XS3531939968
• Interest Payment Dates: 22-Oct each yr. (commencing 2027) to and incl. Final Maturity Date and if appl. 22nd of each mo. from but excl. Final Maturity Date to and incl. earlier of end of extension period and redemption
• Coupon Type: Fixed, Annual, ACT/ACT (ICMA)
• Coupon Type in Extension: Floating (1 mo. Euribor +-), payable monthly in arrear during extension period
• Target Market: UK MiFIR / MiFID II professionals / ECPs-only / No EU PRIIPs KID or UK CCI disclosure document as not available to retail investors in the EEA or the UK
• Listing: Euronext Dublin
• Denoms: €100k + €1k
• Docs: Issuer's CAD 1,500,000,000 Global Legislative Covered Bond Programme
• Bookrunners: BMO, DZ Bank, LBBW, Natixis, RBCCM (B&D)
• Settlement: Euroclear and Clearstream, Luxembourg
• Schedule: Books open now. Today's business
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available to investors on request from your usual sales contact.
• Selling Restrictions: Regulation S, Category 2, Not Rule 144A eligible, the Covered Bonds may not be offered, sold or distributed, directly or indirectly, in Canada or to or for the benefit of, any resident in Canada, and as otherwise described in the base prospectus. Singapore Sales to Institutional Investors and Accredited Investors only