Commentary & Deal Flow

Reoffer: 7yr: MS+19bp / 99.241 / 3.248%
Benchmark: 7yr: DBR 2.3% Feb-33 @ 95.975% / B+28.1bp / HR 105%

Final book closed above €3.3bn (incl. €50m JLM)

Spread set at: 7yr: MS+19bp - Orderbook above €2.7bn (incl. €50m JLM)
Guidance: 7yr: MS+21a

• Issuer: NRW.BANK
• Ticker: NRWBK
• LEI: 52990002O5KK6XOGJ020
• Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
• ESG Rating: Prime (C) by ISS ESG
• Guarantor: Federal State of North Rhine-Westphalia (NRW)
• Status: Senior unsecured, RegS Bearer, 0% RW, HQLA/Level 1
• ESG Format: European Green Bond (EuGB)
• Size: €1.5bn
• Coupon: 3.125%, Act/Act (ICMA), short first coupon
• Settlement: 28-May-26 (T+6)
• Maturity: 27-May-33
• Reoffer: 99.241 / MS +19bp / 3.248%
• Benchmark: DBR 2.3% Feb-33 @ 95.975% / +28.1bp / HR 105%
• Docs/List/Denoms: DIP/DUS+LUX/1k
• Fees: The Joint Bookrunners will be paid a fee in connection with the transaction
• Target Market: (MiFID II Product Governance) Retail, Professional and Eligible Counterparties (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.
• ISIN: DE000NWB0B16
• Bookrunners: DekaBank, DZ BANK, NatWest (B&D), Nordea
• Timing: PRICED / TOE 15.35 CET / 14.35 LDN / FTT immediately