Commentary & Deal Flow

Final Books €2.2bn (excl. €20m JLM). Peak book above €2.4bn.

Launched: 7NC6: €750m @ MS+97bp - Books above €2.4bn (excl. €20m JLM)
IPTs: 7NC6: MS+125bp area

• Issuer: Commerzbank Aktiengesellschaft
• Ticker: CMZB
• LEI: 851WYGNLUQLFZBSYGB56
• Issuer Rating: A2 (Stable) by Moody's / A (Positive) by S&P
• Exp. Issue Rating: Baa1 by Moody’s / BBB by S&P
• Format: Reg S Cat. 2, TEFRA D
• Status of the Notes: Non-Preferred Senior Notes (eligible liabilities (MREL))
• Size: €750m
• Settlement: 03-Jun-26 (T+4)
• Reset/Call Redemption Date: 03-Jun-32
• Maturity: 03-Jun-33
• Reference Gilt: DBR 0 15-Feb-32 (HR 110%)
• Coupon: [●]%, fixed, Annual, ACT/ACT, ICMA following unadjusted until Reset Date, then Act/360, modified following adjusted
• Coupon Reset: If the Notes are not redeemed on the Call Redemption Date: 3-month Euribor plus [●]bps p.a., payable quarterly in arrears on each Interest Payment Date from and including the Reset Date until the Maturity Date
• Early Redemption: Early Redemption, in whole but not in part at the Option of the Issuer, for Regulatory Reasons, for Reasons of Taxation and for Minimal Outstanding Aggregate Principal Amount, at par, subject to the Conditions to Redemption and Repurchase being fulfilled, all as set out in the Base Prospectus
• Early Redemption at the Option of the Issuer: Subject to the Conditions to Redemption and Repurchase being fulfilled, the Issuer may, on giving not less than 5 and not more than 60 days' prior notice to the Noteholders, redeem all, but not only some, of the outstanding Notes on the Call Redemption Date
• Early Redemption for Minimal Outstanding Amount (Clean-up Call): Subject to the Conditions to Redemption and Repurchase being fulfilled, the Issuer may, at any time on giving not less than 30 and not more than 60 days' prior notice to the Noteholders, redeem in whole, but not only some, of the outstanding Notes, if at any time 75% or more of the aggregate principal amount of the Notes originally issued have been redeemed or repurchased by the Issuer and cancelled
• Denoms/Law: €100k + €100k / German
• Docs: €90bn Medium Term Note Programme; Securities Note dated 22-May-26 and Registration Document dated 22-May-26 (together, the "Base Prospectus")
• Listing: Frankfurt Stock Exchange, Regulated Market
• ISIN/WKN: DE000CZ46CR1 / CZ46CR
• Global Coordinator: Commerzbank
• Bookrunners: BMO Capital Markets, Commerzbank (B&D), ING, Lloyds & Santander
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Timing: Books open, today's business. Books to go subject at 13:15 CET.
• Hedge Deadline: 15:25 CET
• Target Market: The manufacturer target market (MIFID II) product governance is professional investors and eligible counterparties (all distribution channels)
• Advertisement & Links: The Securities Note is available and the Final Terms, when published, will be available at: https://investor-relations.commerzbank.com/debt-holders-information/emtn-programme/ The Registration Document is available at: https://investor-relations.commerzbank.com/debt-holders-information/registration-document