Commentary & Deal Flow

NRW.BANK, the explicitly guaranteed development agency of the German Federal State of North Rhine-Westphalia (NRW), rated Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope), has mandated Danske Bank, HSBC, LBBW and TD Securities for an upcoming EUR 15-year Social transaction.

The deal will be launched in the near future, subject to market conditions. The proceeds will be used to finance and/or refinance Eligible social expenditures as set out in the Social Bond Framework updated May 2025.

• NRW.BANK Social Bond Framework 2025: https://www.nrwbank.de/.galleries/downloads/investor-relations/Social-Bond/NRW.BANK-Social-Bond-Framework-2025.pdf