Commentary & Deal Flow

RWE Finance US LLC (RWE), exp Baa2/BBB+ (s/s) by Moody's/Fitch, US$2bn 144A/Reg S no reg rights 2-part Green Sr Notes (10y due 9/18/35 and 30y due 9/18/55). MWC then 3mos par call on 10y and 6mos on 30y. 101 CoC. BNP/Barc (B&D)/JPM/Miz/MS joint active books. Passive: MUFG/Intesa. Guarantor: RWE Aktiengesellschaft (Guarantor Ratings: Baa2 (s) by Moody's / BBB+ (s) by Fitch. Coupon: 10y: Fixed rate, Semi-Annual, 30/360, Following Business Day Convention (Unadjusted), 30y: Fixed rate, Semi-Annual, 30/360, Following Business Day Convention (Unadjusted). Denoms: 150,000 x 1,000. Sale into Canada: Yes - Exemption. Governing Law: New York. UOP: the issuer intends to use the net proceeds from this offering to finance or refinance, in whole or in part, existing and/or future Eligible Green Projects in accordance with the RWE AG’s green financing framework dated June 2023. Pricing 9/15. Settle 9/18 (T+3). 144A CUSIP: 10y: 749983AC6, 30y: 749983AE2. 144A ISIN: 10y: US749983AC66, 30y: US749983AE23.

IPTs: 10y T+145 area, 30y T+155 area.

GUIDANCE: 10y T+115#, 30y T+125#.

LAUNCHED:
$1bn 10y at T+115.
$1bn 30y at T+125.