Commentary & Deal Flow

Launched:
3yr: €500m @ MS+13bp - Final Books > €800m (incl. €175m JLM) pre-rec
7yr: €1bn @ MS+28bp - Final Books > €1.5bn (incl. €95m JLM) pre-rec

Book Update: Orderbooks above €2.1bn (incl. €145m JLM) - skew to 7y
Guidance: 3yr: MS+16a 7yr: MS+32a

• Issuer: Commerzbank Aktiengesellschaft
• Ticker: CMZB
• LEI: 851WYGNLUQLFZBSYGB56
• Issuer Rating: A1 (Stable) by Moody's / A (Positive) by S&P
• Exp. Issue Rating: Aaa by Moody’s
• Format: Reg. S Cat. 2, TEFRA D
• EU Harmonisation Label: European Covered Bond (Premium)
• Status of the Notes:
• • 3yr: Öffentlicher Pfandbrief (Public Sector Covered Bond)
  • 7yr: Hypothekenpfandbrief (Mortgage Covered Bond)
• Size:
• • 3yr: €500m
  • 7yr: €1bn
• Settlement: 16-Apr-26 (T+5)
• Maturity:
• • 3yr: 16-Apr-29
  • 7yr: 14-Jan-33
• Reference Benchmark:
• • 3yr: OBL 2.1 12-Apr-29 - HR 100%
  • 7yr: DBR 2.5 15-Nov-32 - HR 101%
• Hedge Deadline: 15:00 CET
• ISIN/WKN:
• • 3yr: DE000CZ46CE9 / CZ46CE
  • 7yr: DE000CZ46CD1 / CZ46CD
• Coupon:
• • 3yr: [●]%, fixed, Annual, ACT/ACT (ICMA), following unadjusted
  • 7yr: [●]% (short first), fixed, Annual, ACT/ACT (ICMA), following unadjusted
• Denoms/Law: EUR 1k + EUR 1k / German
• Docs: EUR 90bn Medium Term Note Programme; Securities Note dated 23-May-25 and Registration Document dated 23-May-25, as supplemented on 18-Aug-25, on 13-Nov-25, on 19-Feb-26, on 17-Mar-26 and on 02-Apr-26 (together, the "Base Prospectus")
• Listing: Frankfurt Stock Exchange, Regulated Market
• Global Coordinator: Commerzbank
• Bookrunners: Commerzbank (B&D), Helaba, Mediobanca, Raiffeisen Bank International, RBC Capital Markets & Scotiabank
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Timing: Books open, today's business. Books to close at 12:45 CET.
• Target Market: The manufacturer target market (MIFID II) product governance is professional investors, eligible counterparties and retail investors (all distribution channels)
• Advertisement & Links: The Securities Note is available and the Final Terms, when published, will be available at: https://investor-relations.commerzbank.com/debt-holders-information/emtn-programme/
  The Registration Document, as supplemented is available at: https://investor-relations.commerzbank.com/debt-holders-information/registration-document