Commentary & Deal Flow

Book Update: USD books in excess of US$735m (incl. US$225m JLM) | GBP books in excess of £550m (incl. £25m JLM)
Spread set: 4yr USD: SOFR+33bp | 3yr GBP: SONIA+32bp, 2yr CAD: CORRA+25bp

• Issuer: Landeskreditbank Baden-Wuerttemberg – Foerderbank (L-Bank)
• Guarantee: Explicitly and unconditionally guaranteed by the German Federal State of Baden-Wuerttemberg
• Format: Senior unsecured bearer notes, Reg S Bearer, TEFRA D (NO SALES INTO USA)
• Rating: Aaa/AA+/AAA (all stable) (Moody's/S&P/Fitch)
• ESG Rating: AAA/Low Risk/Prime (MSCI/Sustainalytics/ISS ESG)
• Docs/List: DIP/German law/Lux
• Maturity:
• • 4yr USD: 30-Apr-30 (4Y)
  • 3yr GBP: 27-Apr-29 (3Y)
  • 2yr CAD: 05-May-28 (2Y)
• Settlement:
• • 4yr USD: 30-Apr-26 (T+6)
  • 3yr GBP: 29-Apr-26 (T+5)
  • 2yr CAD: 05-May-26 (T+9)
• Coupon:
• • 4yr USD: SOFR +100, Quarterly, ACT/360
  • 3yr GBP: SONIA +100, Quarterly, Act/365F, short first
  • 2yr CAD: CORRA +100 Quarterly, ACT/365
• Convention:
• • 4yr USD: SOFR Index, where SOFR Index Start and SOFR Index End will be 5 days prior to Interest Period
  • 3yr GBP: SONIA Index where SONIA Index Start and SONIA Index End will be 5 days prior to Interest Period
  • 2yr CAD: CORRA Compounded Index Rate where CORRA Compounded Index Start and CORRA Compounded Index End will be 5 days prior to Interest Period
• Size:
• • 4yr USD: US$500m+
  • 3yr GBP: £500m+
  • 2yr CAD: C$300m (NO GROW)
• Leads:
• • 4yr USD: Barc(B&D) / BMO / DB / JPM / NatWest / RBC
  • 3yr GBP: Barc(B&D) / BMO / DB / JPM / NatWest / RBC
  • 2yr CAD: BMO / CIBC(B&D) / RBC / TD
• Denoms:
• • 4yr USD: US$200k
  • 3yr GBP: £100k
  • 2yr CAD: C$200k
• ISIN:
• • 4yr USD: XS3358410184
  • 3yr GBP: XS3358409681
  • 2yr CAD: XS3358409921
• Timing: Books close: USD at 13:30 LDN / 8:30 NYC, GBP at 11:00 LDN. Today's business.
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional investors
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus is available at: https://www.bourse.lu/issuer/LKrBkBadenWurtt/43647