Commentary & Deal Flow

Guidance: 3.5yr: SONIA MS+33a

• Issuer: Nederlandse Waterschapsbank NV (Ticker: NEDWBK)
• LEI: JLP5FSPH9WPSHY3NIM2
• Ratings: Aaa/AAA (Moody's/S&P)
• Format: Reg S, Bearer
• Size: £ benchmark
• Maturity: 22-Oct-29
• Settlement: 13-May-26 (T+5)
• Coupon: Fixed, annual, act/act, short first
• Guidance: SONIA MS (A, A/365) + 33bps area (indicatively UKT 0.875% Oct-29 +19.5bps)
• Denomination: £100k+£1k
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Governing Law: Dutch Law
• Docs: Issuer’s Debt Issuance Programme
• Use of Proceeds: The proceeds of the Notes will be utilized for lending to Social Housing Organizations in the Netherlands according to the Issuer’s Social Bond Framework
• Bookrunners: Barclays (B&D/DM), DB, GSBE SE
• Target Market: Professional & Eligible Counterparties (EU MIFID II/UK MIFIR)
• Timing: Books open, today’s business
• Social Bond Framework: https://nwbbank.com/application/files/9517/5328/1899/NWB_Bank_Social_Bond_Framework_2025.pdf
• Funding programmes: https://nwbbank.com/en/investor-relations/funding-programmes