Deutsche Kreditbank AG (DKB) (DKRED)

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Deutsche Kreditbank AG (DKB) (DKRED)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	FNCL	PRCD	DKRED	Deutsche Kreditbank AG (DKB)	€1,000		1	EMEA	Jul 1, 2026

Tranche #1Deutsche Kreditbank AG (DKB)

currency

EUR

size (m)

1,000.000

maturity

Jul 9, 2038

type

Fixed

tenor

12.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Covered Bond

moody's

Aaa

s&p

fitch

size description

re-open/tap

ipt

ipt-pxd

-5

guidance

MS+42 area

spread

coupon

3.375%

spread set

price

99.82500

yield

3.393%

book size (m)

1,455

peak book (m)

1,630

x-covered

1.46

book attrition

-10.74%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

1,455

peak book (m)

1,630

x-covered

1.46

book attrition

-10.74%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 1455; Registration: Reg S Only; Comments: DBR 1.00% 05/15/2038 (DE0001102598) @ 79.48%, B+30.1bps, HR 113%. LEI: 5299900K16YGKC8BES892. Listing: Munich. Deal Stats: By Geography: Germany 55%, BeNeLux: 14%, Southern Europe: 12%, AT/CH: 11%, UK/IR: 3%, Others: 3%, Nordics: 2%. By Investor Type: Banks 57%, AM/Funds: 30%, Ins/PF: 10%, CB/OI: 2%, Others: 1%;

Deal Comments

UPDATE: Spread Set at MS+37

Relative Value

Covered

12yr (July 2038) @ MS+42 area

Implied Spread for fresh 12yr @ MS+33

Priced at MS+37
NIC of +4

COMPS
Ticker	Coupon	Maturity	Size	I-Sprd Mid	Notes
DKRED	3.25%	Jun-45	500mn	+43bp	-
DKRED	3.50%	Feb-41	1,000mn	+41bp	-
DKRED	3.00%	Feb-40	500mn	+36bp	Social Housing
DKRED	2.88%	Mar-36	500mn	+27bp	Social Housing

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CreditFlow: End of Day (Europe IG)	Jul 1, 2026

Jul 1, 2026

1 to 1 of 1

	PRICED: Deutsche Kreditbank €1bn 12yr CB; MS+37bp	Jul 1, 2026
	ALLOCATIONS OUT: Deutsche Kreditbank €1bn 12yr CB; MS+37bp	Jul 1, 2026
	LAUNCHED: Deutsche Kreditbank €1bn 12yr CB; MS+37bp	Jul 1, 2026
	UPDATE: Deutsche Kreditbank € bmk 12yr CB; Spread set at MS+37bp	Jul 1, 2026
	UPDATE (BOOKS): Deutsche Kreditbank € bmk 12yr CB; MS+42a	Jul 1, 2026
	NEW ISSUE: Deutsche Kreditbank € bmk 12yr CB; MS+42a	Jul 1, 2026
	MANDATE: Deutsche Kreditbank Inv Calls; € bmk 12y CB Offering May Follow	Jun 30, 2026

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Deutsche Kreditbank AG (DKB) (DKRED)

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