New Issue Commentary — KIWIBANK LIMITED

Dealer commentary on this issuer’s latest new issue, summarised.

Narrative: KIWIBANK LIMITED mandated ANZ, Barrenjoey, CBA and Westpac as Joint Lead Managers on 9 November 2026 for a potential A$ 4.5year benchmark senior unsecured bond under its A$ Debt Issuance Programme, subject to market conditions. The notes are expected to be RBA repoeligible and rated AA (Fitch) and A1 (Moody's). A group investor update call was scheduled for the same day with the Treasurer and Chief of Finance and Operations, and a replay was subsequently made available. The available commentary contains no final pricing, initial price talk, coupon, size, or order book color, so the deal's demand and spread outcome cannot be assessed from these emails.