Commentary & Deal Flow

Final Books €2.35bn (incl. €200m JLM). Peak book above €2.5bn.

Launched: 6y: €1bn @ MS+20bp - Orderbooks above €2.5bn (incl. €200m JLM)
Book Update: Orderbooks above €1.5bn (excl. JLM interest)
Guidance: 6y: MS+26a

• Issuer: Landesbank Baden-Württemberg (Ticker: LBBW)
• LEI: B81CK4ESI35472RHJ606
• Issuer Rating: Aa2, stable (Moody's) / AA-, stable (Fitch) / A (high), stable (DBRS)
• Exp. Issue Rating: Aaa (Moody's)
• Status: Public Sector Covered Bond (Öffentlicher Pfandbrief)
• Label: EU harmonisation label European Covered Bond (Premium)
• Settlement: 29-May-26
• Maturity: 28-May-32
• Issue Size: €1bn
• Coupon: Fixed, Annual, Act/Act ICMA (short first Coupon)
• Denominations: €1,000 + €1,000
• Listing / Law: Stuttgart Stock Exchange / German Law
• Clearing: Clearstream
• Joint Bookrunners: CaixaBank, Commerzbank, LBBW (B&D), Lloyds, Natixis, Scotiabank, TD Securities, UniCredit
• MiFID II/MiFIR: Manufacturer target market (MiFID II/MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID
• Use of Proceeds: General corporate purposes
• Timing: Books to close 12:15 CET
• Documentation: Landesbank Baden-Württemberg’s EUR 50bn Programme for the Issuance of Debt Securities, dated 23-Apr-26, as supplemented from time to time. Available on https://www.lbbw.de/group/news-and-service/investor-relations/issuing-programs/issuing-programmes_ac9nogyp1w_e.html and Final Terms, when available on https://www.lbbw-markets.de