Commentary & Deal Flow

Reoffer: 6y: MS+20bp / 99.431 / 3.231%
Benchmark: 6y: DBR 1.7 15-Aug-32 @ 93.158 / B+31.6bp / HR 99%

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) / A+, stable (Fitch) / A (high), stable (DBRS)
• Exp. Iss Ratings: 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 (6Y)
• Issue Size: €1bn
• Coupon: 3.125%, Fixed, Annual, Act/Act ICMA (short first Coupon)
• Reoffer: 99.431% , yld 3.231, MS+20bp
• Spread vs. Bmk: 31.6bp over DBR 1.7 15-Aug-32 (@93.158), HR 99%
• Denominations: €1,000 + €1,000
• Listing/Law: Stuttgart Stock Exchange / German Law
• ISIN/WKN/series: DE000LB4XGB2 / LB4XGB / 880
• 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
• Documentation: Issuer’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
• Timing: Priced, TOE 14:51CET, FTT 15:10CET