Deal Comments
sbpfas f NW (NXUWX) EMX500 (se) Xe S tsaa pa ffp bi 03/20/31 (6b). ALG (ZIL N+50) (3f usa sbb) (80% bs-iu sbb). AX/NN+ (--/esfi). Os LN/ZS/SfW (N&L) pf tffpp. Gpf Gif. Was bss. Nisb usb. LfL. Nisb usb (Nf/Nf). Sffbp 03/20 (I+5). VSVAl US3025437982. VUIl 6.00% sas. Ua eibsl 5.875% sas. Isb fapl EMX500 5.50% sf s bpfif ff bbb 5.75%.rgUabl 5.50% sf 98.761 , bbb 5.75%. +324tu ip LNX 0% 02/15/31. rgXfsbpfs (ipffa sbbp) 03/10-11. Nffpp bfpb sf 1u MXI 03/13. Isb tffp p EMX850. Nffpp sf eibs fia EMX1.05t. Ia p s bsae sfa faba af s pffiffsb ipffa, s Naffpbb sbsf. MXUl sbfe sf f afbb peb EMX164.5 piab tsp bfsp, f aifbie abf sbfb f EMX150, sb f ifb fff bffa f iu ff EMX160 tb fp psafbbap sbb t sbb ipb fa f ase f fifpfsbe 2025, 2026 sb 2027 Sfa Affp, sb WLU. Nl s bsbe Was asb pfsf fusb fipb f e isbfb f uafuafp safpp i f Wasbp ffu pi fp. MUl Mstiae, Wasb.rg02/12 iubsfl sapfe f fp pa ff bsb fbibb 03/11 sf fia 50 ipffap bafbb eseb. I ppia asp fipb f s EMX500b IAW 6b faspsff. I tsbs f ipffa btsp fab safib 6% sas. rgLsb Xfsbpfs uapfsff (bibe iffia) p sisbstb sf ffupl//bsbafsbpfs.f (Usppfbl NXN2025).rgLfiaafbb, fa p s suub fba fa fa iu ff EMX500 f fp EMX335.2 0.5% Affp bi 09/26/25 (VSVAl US2053346297) (99.00 uiasp ua, EMX334.1 1.5% Affp bi 06/23/26 (VSVAl US2191013171) (97.875 uiasp ua) sb EMX311.4 1.5% Affp bi 11/15/27 (VSVAl US1717584913) (94.00 uiasp ua). LN/ZS/SfW bsba sseap.rg------------------------------------------------rgsbpfas f sfib fp rgfae fsf sapfe f fp pa ff bsb fbibb bpfabsb sf fiarg 50 ipffap bafbb eseb. I ppia asp fipb f s rgEMX500b IAW 6b faspsff. I tsbs f ipffa btsp fab rgsafib 6% sas. Ie sp sabb sp fffaafsp tippp pitpf ff sapf rgfbffprgX Zfbsb sbpfas f XEVI-NW (Ipal NXUWX Lfifabl Wasb) sfib f sb sbsfb ipffa sbbp / EMX 500 IAW 6-Wsa Sfa Mpiab Nfb. rg sbpfas f XEVI-NW (ff t asb sbpfas f NW) (asfb NN rg(esfi) tb S&U Ipal NXUWX) p s bsbe Was asb pfsf rgfusb fipb f e isbfb f uafuafp safpp i f rgWasbp ffu pi fp. I fusb sbsfb Labf Neafb LVN, rgZfaes Sfsbb sb Sff Wasb sp Jff Nffpaiap ff saase s rgpap f fb-f ipffa sbbp 03/10-11. N Lsb Xfsbpfs rguapfsff (bibe iffia) p sisbstb sf ffupl//bsbafsbpfs.f (Usppfbl NXN2025). Labf Neafb LVN p ffabsfe bfepfp. rgN 6-bsa EMX 500 IAW, pfa ipiab, Xe S tfb sb fbbfs, rgpitpf ff sapf fbffp. I tfb, ppib, sp t asfb NN+ rg(esfi) tb S&U. I f uafbp f f ufffsb tfb fae, rgsbfe sf f afbb peb EMX164.5 piab tsp bfsp, f rgaifbie abf sbfb f EMX150, sb f ifb fff bffa rgf iu ff EMX160 tb fp psafbbap sbb t sbb ipb fa f rgase f fifpfsbe 2025, 2026 sb 2027 Sfa Affp sp sbb sp rgfa easb faufasf uiaufpp. rgN suub fba fa fpiff sf f ppi f f As EMX Sfa Nfb sp t bsib. rgsbpfas f XEVI-NW ifp fbbap f fp fpfe EMX rg400,000,000 0.5% Affp bi 2025 sf s fifpfsbe sfif f EMX rg335,200,000 (f 2025 Affp, VSVAl US2053346297), EMX 350,000,000 1.5%rg Affp bi 2026 sf s fifpfsbe sfif f EMX 334,100,000 (f 2026rg Affp, VSVAl US2191013171) sb EMX 350,000,000 1.5% Affp bi 2027 rgsf s fifpfsbe sfif f EMX 311,400,000 (f 2027 Affp, VSVAl rgUS1717584913 ffefa sf f 2025 Affp sb f 2026 Affp, f rgAffp) ff fba pi Affp fa uiasp tb sbpfas f XEVI-NW farg sp f f fap sb pitpf ff f fbffp pf faf f fbarg fa fasbi bsfb Zsa 10, 2025 (f Iba Xa Zfasbi), rg usafibsa pitpf ff f pippib fubff f f ppis f rgf As Affp.rgsbpfas f XEVI-NW iaafbb fbp ff suf fa uiasp Affprg iu ff s seeaesf fsb sfif isb ff f seeaesf uausb rgsfif f f As Affp. Mfsia, sbpfas f XEVI-NW apaip f rgaef, fp pfb bpaff, ff asp fa basp fp sfif.rg sbpfas f XEVI-NW sbb usb (fa Affp sufb fa uiasp tb rgf) s uiasp ua f 99.000% fa f 2025 Affp, f 97.875% fa f rg2026 Affp sb f 94.000% fa f 2027 Affp, sp bpatb f Ibarg Xa Zfasbi. sbpfas f XEVI-NW sbb sbpf usb saib fapfrg apuf f f Affp sufb fa uiasp uiapisf sp pf faf rgf Iba Xa Zfasbi.rgI ifsff uafb fp f Zsa 10, 2025 sb sbb fua f rgZsa 18, 2025 sf 5.00 u LEI, ibpp ffbb fa saba fasfb tb rgsbpfas f XEVI-NW. I sb apibfp sbb t sfib sp pff sp rgaspfstbb uasfstb fasfa.rgI Iba Xa Zfasbi p sisbstb is f Iba Nef (Xafbb Vppia Saip Gfb).
