Commentary & Deal Flow

Reoffer: 5yr: SARON MS+145bp / 100 / 2.0325%
Benchmark: 5yr: Govt. +162bp

Launched: 5yr: CHF 170m @ SARON MS+145bp
Spread set at: 5yr: SARON MS+145bp
Guidance: 5yr: SARON MS+140/150bp

• Issuer: VIA Outlets B.V.
• Ticker: VIAOUT
• Issuer Domicile: The Netherlands
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Green Bonds
• Ranking: Senior Unsecured
• Issuer Rating: Fitch BBB+ (st.)
• Instrument Rating (exp.): Fitch BBB+
• Size: CHF 170mm
• Coupon: 2.0325% p.a.
• Life: 5y
• Payment Date: 06-Nov-26
• Maturity Date: 06-Nov-31
• Issue Price: 100%
• Spread / Yield: SARON MS +145bps // YTM 2.0325% // Govt. +162bps
• ISIN / Valor: CH1585337715 / 158'533'771
• Lead Manager: BNP Paribas
• Listing: SIX Swiss Exchange as of 04-Nov-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Standalone
• Governing Law: Swiss Law
• FINSA Prospectus: Preliminary prospectus available in accordance with art. 51 FinSA
• Covenants: PP, NP (with restrictions), XD, each in accordance with the Terms of the Bonds, CoC put at 100%
• Financial Covenants: Incurrence of additional financial indebtedness subject to compliance with: Net Total LTV Ratio ≤ 0.60x; Interest Coverage Ratio ≥ 2.00x; Net Secured LTV Ratio ≤ 0.40x
• Early Redemption: 3 month par call
• Use of Proceeds: The net proceeds of the issue of the Bonds will be applied by the Issuer for general corporate purposesIn accordance with the Green Finance Framework, an amount equal to the net proceeds of the issue of the Bonds will be used to finance and/or refinance, in whole or in part, new or existing Eligible Green Projects
• Green Bond Framework: https://www.viaoutlets.com/via-outlets-sustainability
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: In particular the United States of America and to U.S. persons, the United Kingdom, the European Economic Area, Hong Kong, Japan, Singapore, Italy, and Australia
• 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