Commentary & Deal Flow

NRW.BANK, the explicitly guaranteed development agency of the German Federal State of North Rhine-Westphalia (NRW), (country: DE) rated Aa1 (stable) / AA (stable) / AAA (stable) / AAA (stable) by Moody’s, S&P, Fitch and Scope & with sustainability rating Prime (C) from ISS ESG, has mandated DekaBank, DZ BANK, NatWest and Nordea for an upcoming inaugural EUR 7-year European Green Bond Benchmark. DZ BANK and NatWest have acted as Joint Sustainability Coordinators.

The transaction is fully aligned with both the European Green Bond Regulation and the ICMA Green Bond Principles. The deal will be launched in the near future, subject to market conditions.

• Manufacturer target market (MIFID II product governance): Retail, eligible counterparties and professional investors (all distribution channels).
• UoP: An amount equivalent to the gross proceeds raised from an NRW.BANK European Green Bond (such as the Notes) will be allocated in full to financial assets refinancing environmentally sustainable economic activities pursuant to Article 3 of Regulation (EU) 2020/852 (Taxonomy Regulation) as further specified in the European Green Bond Factsheet of the Issuer dated April 2026.
• EuGB Documents:
• • DE: NRW.BANK.Green Bond Portal https://www.nrwbank.de/de/die-nrw-bank/investor-relations/green-bonds/
  • EN: NRW.BANK.Green Bond Portal https://www.nrwbank.de/en/about-us/investor-relations/green-bonds/
  • Factsheet: NRW.BANK Green Bond Factsheet https://www.nrwbank.de/.galleries/downloads/investor-relations/Green-Bond/Green-Bonds-englisch/NRWBANK.EuGB-Factsheet-2026.pdf
  • External Review to the Factsheet: https://www.nrwbank.de/.galleries/downloads/investor-relations/Green-Bond/NRW.BANK_EuGBS_Ext-Review.pdf
  • Pre-Issuance Verification of the assets and the sustainable economic activities of the NRW.BANK.EuGB #1-2026: https://www.nrwbank.de/.galleries/downloads/investor-relations/Green-Bond/NRW.BANK.EuGB_pre-issuance-verification.pdf