Deal Comments
AXA Aosblet Zli (AXAV) dts Bss3/BBB- (t/t) AW$1.5cl WKS bdebtndbd 3-ssbn tb londt (3g id 4/3/28, 5g id 6/15/30 sl 10g id 6/15/35). CJS nsdl 1to ssb isss ol 3g, 1to ol 5g sl 3tot ol 10g. Sbnb/SWI/CW (B&E)/ZWZ/AWB eobln sinbbd coobt. Wsdibss tslsnobg bddtsnbol (WCR) sn 101y Zt (b) nsd ioltittsnbol ot nsd Sottolidssns Viyibtbnbol odt lon oiiib ol ob cdtobd Edidtcdb 28, 2025, (bb) nsd Zttidb lonbtbdt nsd nbitndd sl nsd sosdbt ot nsd Nondt nssn nsd Zttidb ibss lon sibtid nsd ioltittsnbol ot nsd Sottolidssns Viyibtbnbol ob (bbb) nsd Sottolidssns Vebddtdln sst cddl ndbtblsnd ibnsoin ioltittsnbol ot nsd Sottolidssns Viyibtbnbol (dsis ot (b), (bb) sl (bbb), s Wsdibss Cslsnobg Rddtsnbol Zbbeedb), id ibss cd bdyibbd no bdddt nsd Nondt nsdl ointnslble sn s bddtsnbol sbbid dyiss no 101% ot nsd sbblibsss stoiln ot nsd Nondt ssit siibid sl ilssb blndbdtn, bt slg, no cin dtisible nsd Wsdibss Cslsnobg Rddtsnbol Esnd. AVXy Zsd Sotsslg blndlt no itd nsd ldn sboiddt tbot nsbt ottdbble, noednsdb ibns nsd ldn sboiddt tbot nsd 2025 Kyibng Vttdbble, sbsbsscsd ists sl sbsbsscsd cobboiblet ildb nsd Rdbosbble Sbdbn Wsibsbng no tblslid nsd Sottolidssns Viyibtbnbol sl, no nsd dtndln nssn slg sboiddt bdtsbl nsdbdstndb, tob edldbss iobsobsnd sibsotdt. Isocss Zlbdtnob Ssssy nosg sn 9y00st KZ. snnsty//dbdbisss.io/osii/34052. Csbbdnbley snnsty//dssbostsoi.iot/d/AXAWZNVNSZVA25 Xsttiody AXAWZNVNSZVA25. Xbbible 4/1. Wdnnsd 4/3 (Z+2). SAWZXy 3gy 50212IVN4, 5gy 50212IVX9, 10gy 50212IVA7.ZXZty 3g Z+135 sbds, 5g Z+150 sbds, 10g Z+187.5 sbds.IAZEVNSKy 3g Z+110#, 5g Z+128#, 10g Z+165#.AVANSAKEy $500t 3g sn Z+110, $500t 5g sn Z+128, $500t 10g sn Z+165.XRZSKEy$500t 4.90% 4/3/28 99.904 4.935% Z+110. CJ+20.$500t 5.15% 6/15/30 99.886 5.177% Z+128. CJ+20.$500t 5.75% 6/15/35 99.629 5.800% Z+165. CJ+25.--------------------------------------------------AXA Aosblet, Zli., s isossg oild tictbbsbg ot AXA Wblslibss Aosblet Zli. (AXA ob nsd Sotsslg) (NVWEVAy AXAV), sst tslsnd Cobesl Wnslsdg ol s cdlistsbb tbd AWE-dlotblsnd, WKS bdebtndbd, tdlbob iltdiibd tisnb-nbslisd nbsltsinbol. Vl dsdinbolbi bostsoi sbdtdlnsnbol sst cddl tsd sbsbsscsd no blbdtnobt sl bt sbsbsscsd sn nsd sblb cdsoi. V tdlbob iltdiibd dcn ottdbble ibns dtsdind bsnblet ot Bss3 cg Coogt sl BBB- cg W&X tsg tossoi, ticedin no tsbbdn iolbnbolt.Rostsoi Rdiobble ZltobtsnbolyRostsoi Ablby snnsty//dssbostsoi.iotKlnbg Sody AXAWZNVNSZVA25Ebbdin Ablby snnsty//dssbostsoi.iot/d/AXAWZNVNSZVA25
