Commentary & Deal Flow

Reoffer: 7yr: SARON MS+112bp / 100.31 / 1.8025%

Launched: 7yr: CHF 130m @ SARON MS+112bp
Spread set at: 7yr: SARON MS+112bp
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: CHF 130m
• Coupon: 1.85% p.a. (30/360; following unadj.)
• Tenor: 7 years
• Payment Date: 03-Nov-26
• Maturity: 03-Nov-33
• Issue Price: 100.31%
• Pricing: SARON MS +112 bps / YTM 1.8025% / Govt+136.0 bps
• ISIN/Valor: CH1606711542 / 160671154
• Lead Manager(s): Zurcher Kantonalbank / BNP Paribas / VP Bank AG (JLNB)
• Listing: SIX Swiss Exchange, as of 02-Nov-26
• 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 200000 and 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