Commentary & Deal Flow

Reoffer: 7yr: MS+24bp / 99.234 / 3.249%
Benchmark: 7yr: DBR 2.3 15-Feb-33 TWIN (DE000BU2Z007) @ 96.30% / B+33.7bp (HR 105%)

Final Books: Above €720m (incl. €80m JLM)

Launched: 7yr: €250m @ MS+24bp - Books above €830m (incl. €80m JLM)
Book Update: Books above €750m (incl. €80m JLM)
Guidance: 7yr: MS+30a

• Issuer: Kreissparkasse Köln (Ticker: KRSKOE)
• LEI: 529900RTSGHDD7OOSO86
• Status of the Notes: Mortgage Covered Bond (Hypothekenpfandbrief), Reg S Bearer, Permanent Global Note, LCR Level 2a & ECB eligible
• Label: European Covered Bond (Premium)
• Exp. Issue Rating: Aaa (Moody's)
• Issue Size: €250m
• Tenor: 7-year
• Settlement Date: 29-May-26 (T+6)
• Maturity Date: 30-May-33
• Coupon: 3.125% p.a., fixed, annual, act/act ICMA, following, unadjusted, long first coupon
• Re-Offer: 99.234% / 3.249% / MS+24 bps
• Benchmark: DBR 2.3 15-Feb-33 TWIN (DE000BU2Z007) + 33.7 bps @ 96.30% (HR 105%)
• Denominations: €100,000 + 100,000
• Listing: Börse Düsseldorf, Unregulated Market (Freiverkehr)
• Governing Law: German Law
• ISIN / WKN: DE000A5JCXR0 / A5JCXR
• Documentation: Kreissparkasse Köln's Base Prospectus ("Basisprospekt"), dated 5-Sep-25, supplemented on 2-Dec-25 and 2-Jan-26
• MIFID II: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID as not available to retail in the EEA.
• Joint Lead Managers: Commerzbank (B&D), Erste Group and LBBW
• Fees: The Banks will be paid a fee by the issuer in respect of the placement of the securities
• Timing: TOE: 14:42 CET // FTT: 15:00 CET