New Issue Commentary — SND International (BVI) Co., Ltd.

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

SND International (BVI) Co., Ltd. launched one new issue: a 3year CNY Regulation S fixedrate guaranteed sustainable bond, with initial price guidance in the 2.50% area and timing as early as the day's business. The issue is benchmarksized in CNH, with a stated settlement date of 17 November 2026 (T+5) and a 101% change of control put. Demand, final pricing, and the coupon and maturity dates have not been stated in the commentary. The two commentary emails dated 20261110 are identical IPG notices for this same tranche, so they are reported as one issue.