Commentary & Deal Flow

Reoffer: MS+22bp / 99.679 / 3.069%
Benchmark: OBL 2.5 16-Apr-31 #193 @ 99.05 / B+36.5bp / HR 105%

Final Books: Over €2.7bn (incl. €300m JLMs). Peak book over €3bn (pre-rec).

Launched: Long 5yr: €1.25bn @ MS+22bp - Books over €3bn (incl. €300m JLMs – pre rec)
Book Update: Books over €2.5bn (inc. €300m JLMs)
Guidance: Long 5yr: MS+29a

• Issuer: UniCredit Bank GmbH (Ticker: HVB)
• LEI: 2ZCNRR8UK830BTEK2170
• Issue Type: Hypothekenpfandbrief (Mortgage Pfandbrief)
• Label: EU harmonisation label European Covered Bond (Premium)
• Format: Reg S, Bearer
• Issue Rating: Aaa by Moody’s exp.
• Issue size: €1.25bn
• Coupon: 3.000%, Fixed, annual, Act/Act ICMA, short first
• Value Date: 13-May-26 (T+5)
• Maturity: 06-Aug-31
• Reoffer: 99.679%, 3.069%, MS+22bp
• Benchmark: OBL 2.5 16-Apr-31 #193 +36.5bp (Cash 99.05%, HR 105%)
• Leads: BayernLB, Danske Bank, DZ BANK, Erste Group, Helaba, ING, Raiffeisen Bank International, and UniCredit (B&D)
• Listing: Munich
• Target market: Manufacturer target market (MIFID II product governance) is retail, eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) has been prepared
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Denoms/Law: €1k + €1k, German
• ISIN/WKN: DE000HV2A2C5 / HV2A2C
• Timing: TOE 14.20 CET, FTT 14.45 CET
• Advertising: The base Prospectus is available at: https://www.onemarkets.de/de/rechtliches/basisprospekte.html