Commentary & Deal Flow

Reoffer: Aug-56: DBR+0.75bp / 88.301 / 3.53464%
Benchmark: Aug-56: DBR 2.5% 15-Aug-54 (DE000BU2D004) @ 81.80% / 3.52714%, HR 109%

Spread set at: DBR+0.75bp - Books in excess of €36bn (incl. €3.1bn JLM)
Guidance: DBR+1.75a

• Issuer: Federal Republic of Germany
• Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch) (stab/stab/stab)
• Format: Reg S only, Bearer in dematerialised format (German Law), CAC
• Selling Restrictions: United States (or to US persons within the meaning of the US Securities Act 1933 – Reg S category 1 only, TEFRA not applicable), Australia or any other jurisdiction in which such offer or solicitation would be unlawful
• Maturity: 15-Aug-56
• Tap Size: €3.5bn (no retention by the issuer)
• New O/S: €27.5bn
• Coupon: 2.9% Fixed, Ann. ACT/ACT, long first coupon on 15-Aug-26 incl. 427 days of accrued
• Spread: +0.75bp vs. Reference Bond (MID)
• Reference: DBR 2.5% 15-Aug-54 (DE000BU2D004) @ 81.80% / 3.52714%, HR 109%
• Reoffer: 88.301 / 3.53464%
• Settlement: 13-May-26 (T+5)
• Listing: All domestic Exchanges
• Law: German Law
• Denominations: €0.01
• Target market (MIFID II/UK MIFIR): Eligible, professional and retail counterparties (all distribution channels)
• Docs: Stand alone issue. Only terms and conditions document. No prospectus or any other formal offering document will be produced to allow for the offering of the Bonds in any jurisdiction. The terms and conditions document of the Bonds are published in the Federal Gazette (Bundesanzeiger) and will be made available on http://www.deutsche-finanzagentur.de
• Fees: The Bookrunners will be paid a fee in connection to the transaction
• ISIN: DE000BU2D012
• Bookrunners: BofA/Commerzbank(DM, B&D)/GS Bank Europe SE/JPM/MS/Nomura
• Timing: PRICED. TOE 13.35h CET. FTT immediately.