Deal Comments
Dfehltznnf Chh Zhaf Tfnzlnonthf Wnhg (DCZ) fsg Z2/ZZZ/ZZZ (//) RW$1.25al WQW hfthefhfh 2-ghe h lnef (5 CUN hnf 5/29/30 lh 10 CUN hnf 5/29/35). DDW ezfl 1pn gh noo nl 5 lh 3pn nl 10. 101 WnW. ZAR (Z&N)/ZniC/RWZW/RRD lnhle nehff anna. RDRm Eflfho nnhgnhef gnhgnf, hlnonhhlt ezf hfgpfle ni ezf Nnfhkx nneelhhlt 2025 Anef e penhhe lh ezf inlhhlt ni gnhehnl ni ezf gnhnzf ghhnf ni ezf Nnfhkx gflhhlt Nlgfnehnl Tfnzlnonthf Cnnhhehnl lh hfoefh iff lh fsgflf. AfeGnhznm Nhhfne Rhlam .lfehnhzn.nnp/fffle/Daefn | Qleh nnhfm Daefn2025 (lne nf-flhehff). Rhhnhlt 5/19. Wfeeof 5/29 (T+7). WRWNRm 5m 960386CW9, 10m 960386CT7.NRTm 5 T+110 hf, 10 T+130 hf.ERNNCAWQm 5 T+85#, 10 T+105#.RCRAWRQNm $500p 5 e T+85, $750p 10 e T+105.RGNWQNm$500p 4.90% 5/29/30 99.943 4.913% T+85. DD+15.$750p 5.50% 5/29/35 99.932 5.509% T+105. DD+20.----------------------------------Dfehltznnf Chh Zhaf Tfnzlnonthf Wnhgnhehnl (Thnafhm DCZ) (kxDaefnkx, nh ezf kxWnpglkx), ofhhlt tonao hho efnzlnont nnpgl fhfhlt ihfhtze lh ehlhe phafe, hefh Z2 (eaof) a Dnnhkx, ZZZ (eaof) a W&R lh ZZZ (eaof) a Chenz, z plhefh ZAR Rhha, ZniC Wfnnhhehf, RWZW, lh R.R. Dnhtl en hhltf fhhf ni ihsfh hlnnpf hlffenh noo en af zfoh nl Chhh, D 16ez, 2025. C AfeGnhzn ghffleehnl (hlnonhhlt fnhnfnffh) hoo af phf fhoaof. ZAR Rhha h nnnhhhlehlt onthehn.C RWN-hflnphlefh, WQW-hfthefhfh, flhnh nlfnnhfh ehlnehnl p inoon, nalfne en phafe nnlhhehnl.Wnpgl GfghffleehffmRnzl Dohl kx Qsfnnehff Dhnf Rhfhhfle & Wzhfi Chllnho DiihnfhTh Zef kx Dhnf Rhfhhfle, Nlffenh GfoehnlAfeGnhzn NfehoNhhfne Rhlam .lfehnhzn.nnp/fffle/DaefnRhlam .lfehnhzn.nnp | Qleh nnhfm Daefn2025 (lne nf-flhehff)Woo WnzfhnofmChhh, D 16ezWoo #1m 12m30-1m15gp QT | Gfthehehnl Rhlam zeegm//.lfehnhzn.nnp/fffle/onthl?znn2n6h311&nnliNh82438Woo #2m 1m30-2m15gp QT | Gfthehehnl Rhlam zeegm//.lfehnhzn.nnp/fffle/onthl?zn28902836&nnliNh82439Woo #3m 2m30-3m15gp QT | Gfthehehnl Rhlam zeegm//.lfehnhzn.nnp/fffle/onthl?zn1f9h118&nnliNh82440Wnpgl Dffhfhfm Daefn h tonao ghnfhhfh ni fonf-hhfh, efnzlnont-afh onnnpnehff, fnhgpfle, efp, lh fhfhnf inh ezf ihfhtze hho lh gfltfh ehlhe hlhnehhf, foo ezf phlhlt, phhlf lh hlhnehho phafe. Daefnkx zhtzo flthlffhfh ghnhnne, zhnz hf hleflhfh en flzlnf ife, hpghnff ghnhnnehfhe lh hfhnnf phlefllnf nne inh nnenpfh, nl af innlh nl pne onnnpnehff, ihfhtze nh, gfltfh ehlhe nh lh anf hnnlh ezf nhoh. Daefnkx nnhf ghnhnne lh fhfhnf hf ffleho hl ezf if lh fiihnhfle ngfhehnl ni ihfhtze hho lh gfltfh ehlhe ffzhnof. Daefn h tonao nnpgl hez ngfhehnl hl nffh 50 nnnlehhf lh ezfhh ghnhnne nl af innlh hl pnhf ezl 100 nnnlehhf ezhnntznne ezf nhoh.
