Commentary & Deal Flow

Rev Guidance: 15yr: MS+42 (+/-1 WPIR) - Orderbook: > €1.2bn (incl. €75m JLM interest)

Guidance: 15yr: MS+43a

• Issuer: NRW.BANK
• LEI: 52990002O5KK6XOGJ020
• Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
• ESG Rating: Prime (C) by ISS ESG
• Guarantor: Federal State of North Rhine-Westphalia (NRW)
• Status: Senior unsecured, Reg S Bearer, 0% RW, HQLA/Level 1
• Size: Minimum €500m
• Coupon: Fixed, Act/Act (ICMA)
• Settlement: 23-Apr-26 (T+6)
• Maturity: 23-Apr-41
• Guidance: MS+42 (+/-1 WPIR)
• Docs/List/Denoms: DIP/DUS+LUX/1k
• Fees: The Joint Bookrunners will be paid a fee in connection with the transaction
• Target Market: (MiFID II/UK MiFIR Product Governance) Retail, Professional and Eligible Counterparties (all distribution channels)
• ISIN: DE000NWB0B08
• Bookrunners: Danske Bank, HSBC, LBBW and TD Securities
• Timing: Books open, today's business
• UOP: An amount equivalent to the net proceeds raised from any NRW.BANK Social Bond issued under the NRW.BANK Social Bond Framework dated May 2025 (as amended or restated from time to time, the “NRW.BANK Social Bond Framework”) (including the Notes) will be exclusively applied to finance, in part or in full, new eligible social expenditures (Eligible Social Projects) and/or to refinance, in part or in full, existing Eligible Social Projects as listed in the NRW.BANK Social Bond Framework.