Book size: 22000; First Pay: 2026-05-15; Registration: Reg S Only; Comments: EUR4bn( EUR1bn retained by issuer) 15.25yr fxd Green cpn 2.60% at 93.552, yld 3.14%. Spread: DBR-1. DBR 2.6% 05/2041 (DE000BU2F009) - conventional twin - @ 93.435 / 3.150%, HR 100%;
Deal Comments
This is EUR4bn deal inc. EUR1bn retention from the issuer
Reoffer: 15yr: DBR-1bp / 93.552 / 3.140%
Benchmark: 15yr: DBR 2.6% May-41 @ 93.435 / 3.150%, HR 100%
Spread set at: 15yr: DBR-1bp - Books above €22bn (incl. €1.2bn JLM interest)
Guidance: 15yr: DBR-0.5bp area
Issuer: Federal Republic of Germany
Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch) (all stable)
Format: Reg S only, Bearer in dematerialised format (German Law), CAC
Selling Restrictions: United States (or to US persons within the meaning of the US Securities Act 1933 – Reg S category 1 only, TEFRA not applicable), Australia or any other jurisdiction in which such offer or solicitation would be unlawful
Size: €4bn (incl. €1bn retention from the issuer)
Maturity: 15-May-41
Coupon: 2.6% Fixed, Annual Act/Act, full first on 15-May-26 incl. 299 days of accrued
Spread: -1bp vs. Reference Bond (MID)
Reference: DBR 2.6% May-41 (DE000BU2F009) - conventional twin - @ 93.435 / 3.150%, HR 100%
Reoffer: 93.552 / 3.140%
Settlement: 10-Mar-26 (T+5)
Listing: All domestic Exchanges
Law: German Law
Denominations: €0.01
Target Market: Eligible, professional and retail counterparties, All distribution channels (MiFID II)
Docs: Standalone issue. Only terms and conditions. No prospectus or any other formal offering document will be produced to allow for the offering of the Bonds in any jurisdiction. The terms and conditions of the Bonds are published in the Federal Gazette (Bundesanzeiger) and will be made available on http://www.deutsche-finanzagentur.de
Fees: The Bookrunners will be paid a fee
ISIN: DE000BU3F007
Bookrunners: BNP Paribas, Danske Bank, Deutsche Bank (B&D/DM), DZ BANK, NatWest and Societe Generale
Green Bond Framework: Federal Republic of Germany Green Bond Framework (version dated 15-Jan-26)
Use of Proceeds: As described in the Green Bond Framework (nominal value)
Stabilisation: FCA/ICMA
Green Bond Framework Link: https://www.deutsche-finanzagentur.de/en/federal-securities/types-of-federal-securities/green-federal-securities/targets-framework
Timing: PRICED. TOE: 12.48 CET