Commentary & Deal Flow

Launched: 3.5yr: £250m @ SONIA MS+33bp
Guidance: 3.5yr: SONIA MS+33a

• Issuer: Nederlandse Waterschapsbank NV (Ticker: NEDWBK)
• LEI: JLP5FSPH9WPSHY3NIM2
• ISIN: XS3375213801
• Ratings: Aaa/AAA (Moody's/S&P)
• Format: Reg S, Bearer
• Size: £250m
• Maturity: 22-Oct-29
• Settlement: 13-May-26 (T+5)
• Coupon: Fixed, annual, act/act, short first
• Spread: SONIA MS+33bps
• Reference Gilt: UKT 0.875% 22-Oct-29
• Hedge Ratio: 107%
• Hedge Deadline: 13:45 UKT / 14:45 CET
• 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 to close at 12:30 LDN / 13:30 CET
• Note: Reference Gilt spread will be vs mid Gilts mark but hedges will be executed vs the DM traders bid side
• 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