Commentary & Deal Flow

Reoffer: 3.5yr: SONIA MS+33bp / 99.934 / 4.529%
Benchmark: 3.5yr: UKT 0.875% 22-Oct-29 +17bp (Price: 89.073% MID / Hedge Price: 89.058% BID) / HR: 107%

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

• Issuer: Nederlandse Waterschapsbank NV (Ticker: NEDWBK)
• LEI: JLP5FSPH9WPSHY3NIM24
• 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: 4.500% Annual, Act/Act, short first
• Yield: 4.529% Ann / 4.479% SA
• Price: 99.934%
• Spread: SONIA MS (A, A/365) +33bps
• Benchmark: UKT 0.875% 22-Oct-29 +17bps (Price: 89.073% MID / Hedge Price: 89.058% BID) / HR: 107%
• 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 SDG Housing Bond Framework
• Bookrunners: Barclays (B&D/DM), DB, GSBE SE
• Target Market: Professional & Eligible Counterparties (EU MIFID II/UK MIFIR)
• Timing: Priced: TOE: 14:04 UKT / 15.04 CET | FTT immediately
• Social Bond Framework: https://nwbbank.com/application/files/9517/5328/1899/NWB_Bank_Social_Bond_Framework_2025.pdf
• Funding Programme: https://nwbbank.com/en/investor-relations/funding-programmes