Commentary & Deal Flow

Launched: 3yr: €750m @ MS+10bp - Orderbooks above €1.85bn (incl. €400m JLM)
Guidance: 3yr: MS+16a

• Issuer: Norddeutsche Landesbank - Girozentrale
• Ticker: NDB Corp
• LEI: DSNHHQ2B9X5N6OUJ1236
• Issue Rating: exp. Aaa (Moody's)
• ESG Rating: C "Prime" (ISS ESG), 22.0 "medium risk" (Sustainalytics), BBB (MSCI), 2 (Sustainable Fitch)
• Issue Type: Green Mortgage Covered Bond (Grüner Hypothekenpfandbrief)
• Label: European Covered Bond (Premium)
• Law: German
• Format: Reg S Bearer
• Coupon: Fixed, annual, Act/Act ICMA
• Issue Size: €750m
• Settlement: 28-May-26 (T+8)
• Maturity: 28-May-29 (3Y)
• Denoms: 1k+1k
• Listing: Hanover Stock Exchange (Regulated Market)
• Documentation: Under NORD/LB's EUR 25bn Programme for the Issuance of Debt Instruments dated 08-May-26, supplemented 13-May-26.
• Use of Proceeds: Green Bond. An amount equivalent to the net proceeds of the Green Financing Instruments is intended to be used, in whole or in part, to finance or refinance new and/or existing green assets, loans and investments ("Eligible Green Assets") in the category Green Buildings, in accordance with the Issuer’s Green Funding Framework (as amended from time to time). The Final Terms relating to any specific Series of Instruments may further specify the relevant categories and allocation of proceeds. Eligible Green Assets are required to comply with the Eligibility Criteria. See “Use of Proceeds” in the Prospectus 08-May-26 and the Issuer’s Green Funding Framework (available on the website of the Issuer alongside the second party opinion).
• Joint Leads: Helaba, LBBW, Natixis (B&D), NORD/LB, RBC Capital Markets
• ISIN/WKN: DE000NLB5503 / NLB550
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the Notes
• MiFID: Target market: professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate).
• Timing: Books open, today's business. Books to close 12:00 CET