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Commentary & Deal Flow

NEW ISSUE: EWE AG €500m (WNG) 8yr Green Sr Unsec; MS+120/125bp

IGC European Market: Deal Flow - General

Issuer

Term

Maturity

Size

Ranking

Type

IPT

EWE Aktiengesellschaft

8yr

28-May-34

€500m (WNG)

Sr Unsec

Fixed

MS+120/125


IPTs: 8yr: MS+120/125bp


  • Issuer: EWE Aktiengesellschaft
  • Issuer LEI: 529900L64X6KZZW19R71
  • Issuer Ratings: Baa1 (stable) (Moody's)
  • Expected Issue Ratings: Baa1 (Moody's)
  • Format: Senior Unsecured Green, Reg S Bearer
  • Ranking: Senior Unsecured
  • Size: €500m (WNG)
  • Tenor: 8-year
  • Maturity: 28-May-34
  • Coupon: Fixed, annual, Act/Act (ICMA)
  • ISIN: DE000A46ZXA7
  • Docs: Debt Issuance Programme Base Prospectus, dated 7-May-26 / 3m Par Call / Tax Call / Clean-up Call (80%)
  • Denomination: €1,000 (minimum purchase amount €100,000 primary)
  • Listing: Regulated Market of the Luxembourg Stock Exchange
  • Governing Law: German law
  • Selling Restrictions: As per the Base Prospectus
  • Use of Proceeds: Finance/refinance Eligible Green Projects under the EWE Green Finance Framework, published in April 2026
  • Green Bond: Green Notes; SPO by Sustainable Fitch
  • Green Financing Framework: The Green Finance Framework and Second Party Opinion are available on: https://www.ewe.com/en/investor-relations/bonds/green-bond
  • Global Coordinator: BNP Paribas, UniCredit (B&D)
  • Green Structuring Advisor: DZ BANK
  • Additional Active Bookrunners: ABN AMRO, Commerzbank, DZ BANK
  • Target Market: Manufacturer target market (MIFID II/ UK MiFIR product governance) is eligible counterparties, professional clients and retail clients, each having (1) at least basic knowledge and/or experience with financial products, (2) a long-term investment horizon, (3) asset accumulation as investment objective, (4) the ability to bear no loss / small losses and (5) the risk tolerance and compatibility of the risk/reward profile corresponding to 3 as Summary Risk Indicator (SRI). (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as this issuance is not considered to be a packaged retail investment product.
  • Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and underlying legislation. The Base Prospectus, any Supplements and the Final Terms, when published, will be available at: https://www.luxse.com
  • NetRoadshow: www.netroadshow.com/nrs/home/#!/?show=95a86503 (Recommended) OR www.netroadshow.com and enter the entry code: EWE2026 (not case-sensitive)
  • Timing: Books open, today’s business
  • Trade Date: 20-May-26
  • Settle: 28-May-26 (T+6)