Commentary & Deal Flow

Launched: 7yr: €500m @ MS+26bp - Book above €2.35bn (incl. €125m JLM interest) pre-rec
Book Update: Books above €2bn (excl. JLM)
Guidance: 7yr: MS+33a

• Issuer: Nationale-Nederlanden Bank N.V.
• Issuer Legal Entity Identifier (LEI): 724500BICUQ0LF1AH770
• Guarantor: NN Covered Bond Company B.V.
• Issue Ratings: AAA (S&P)
• Status: Dutch Legislative Covered Bonds
• EU Harmonisation Label: European Covered Bond (Premium)
• Use of Proceeds: The Issuer will allocate an equivalent amount to the net proceeds for the financing and/or refinancing, in whole or in part, of an Eligible Green Loan Portfolio, in accordance with certain prescribed eligibility criteria as defined in NN Bank Green Bond Framework
• Size: €500m
• Settlement Date: 18-May-26 (T+5)
• Maturity Date: 18-May-33 - 7yr soft bullet
• Extended Maturity Date: 18-May-34
• Coupon: Fixed Annual
• Coupon during Extended Maturity: 1 month Euribor + [■] bp, per annum, monthly in arrear, from 18-May-33 until 18-May-34
• Day Count Fraction until the Maturity Date: Actual/actual (ICMA)
• Business Day Convention until the Maturity Date: Following Business Day Convention, unadjusted
• Day Count Fraction during Extended Maturity: Actual/360
• Business Day Convention during Extended Maturity: Modified Following Business Day Convention, adjusted
• ISIN: NL00150742Z9
• Denomination: €100k + €100k
• Listing: Euronext Amsterdam
• Governing Law: Dutch Law
• ESG Structurer: ING
• Lead Managers: Deutsche Bank, DZ BANK, ING, J.P. Morgan and Rabobank
• Documentation: Issued under the Nationale-Nederlanden Bank N.V. EUR 12,500,000,000 Covered Bond Programme dated 23-Jul-25, as supplemented on 28-Apr-26.
• Security Format: Bearer, Classic Global Notes, RegS, Tefra D
• Target market: MiFID II / UK MiFIR professionals/ECPs-only – Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA or in the UK
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Timing: Books open, today's business
• Books Subject: 11:15 CET
• Advertisement: The investor presentation, base prospectus and any supplements thereto are available, and the final terms, when published, will be available at: https://www.nn-group.com/investors/nn-bank/covered-bonds-1.htm The Green Bond Framework, Second Party Opinion and relevant ESG documentation is available: https://www.nn-group.com/investors/nn-bank/green-bonds.htm