Commentary & Deal Flow

Reoffer: 12yr: G+125bp / 98.311 / 6.583%
Benchmark: 12yr: UKT 3.750% Jan-38 @ 87.170 (mid), 87.150 (bid)

Final Books: 12yr: £840m (pre-rec)

Launched: 12yr: £400m @ G+125bp - Books closed £840m (pre-rec)
Guidance: 12yr: G+125bp - Books north of £1bn
IPTs: 12yr: G+145a

• Issuer: Vonovia SE (Ticker: ANNGR, Country: DE)
• Issuer LEI: 5299005A2ZEP6AP7KM81
• Issuer Rating: Baa1 (stable) by Moody's / BBB+ (stable) by S&P / BBB+ (stable) by Fitch / A- (negative) by Scope
• Exp. Issue Rating: Baa1 by Moody's / BBB+ by Fitch
• Format: Senior, Unsecured, Reg S Bearer, TEFRA D
• Settlement: 18-May-26 (T+5)
• Size: £400m
• Maturity Date: 18-May-38 (12 year)
• Ref Benchmark: UKT 3.750% Jan-38 @ 87.170 (mid), 87.150 (bid)
• Reoffer: 98.311 / Mid Gilts +125bps / 6.583% Ann yield / 6.478% S/A yield
• Coupon: 6.375%, Fixed, Annual, ACT/ACT (ICMA)
• ISIN: XS3349838204
• Docs: DIP / Lux. Listing (regulated market) / German Law / £100k + £100k / Tax Call / MWC (G+20) / CoC Put / 3m Par Call
• Selling Restrictions: General, U.S. (Reg S), EEA, UK, Singapore, Japan, Switzerland and Canada as set out in the Debt Issuance Programme, dated 23-Mar-26, and supplemented as of 08-May-26
• Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Covenants:
• • Limitations on Incurrence of Debt:
  • • 1. Total Debt / Total Assets ≤ 60%
    • 2. Secured Debt / Total Assets ≤ 45%
  • Maintenance of Consolidated Coverage Ratio and Total Unencumbered Assets:
  • • 3. Interest Coverage Ratio (LTM Adjusted EBITDA to LTM Net Cash Interest) ≥ 1.8x
    • 4. Total Unencumbered Assets / Unsecured Debt ≥ 125%
• UoP: General Corporate Purposes including the refinancing of existing debt
• MiFID II and/or UK MiFIR Target Market: Eligible Counterparties and Professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary has been prepared as not available to retail investors in the UK or the EEA or elsewhere
• Joint Active Books: BofA, GSBE (B&D), MS, SG
• Timing: PRICED / ToE: 15.34 UKT / FTT: 16.00 UKT
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus, its supplement and the final terms relating to the Notes, when published, will be available on the website of the Luxembourg Stock Exchange (www.luxse.com).