Commentary & Deal Flow

Guidance: MS+40a

• Issuer: Deutsche Pfandbriefbank AG (Ticker: PBBGR)
• LEI: DZZ47B9A52ZJ6LT6VV95
• Expected Issue Rating: Aa1 (Moody's)
• Currency: Euro ("EUR")
• Size: €500m (WNG)
• Guidance: MS+40bps area
• Status: Hypothekenpfandbriefe (“Mortgage Pfandbriefe”) as determined by the German Pfandbrief Act (Pfandbriefgesetz, (“PfandBG”))
• Launch Date: 01-Jun-26
• Settlement Date: 09-Jun-26 (T+6)
• Maturity Date: 07-Jun-30
• Coupon: Fixed, payable annually in arrear
• Coupon Payment Dates: 07-Jun in each year, commencing on 07-Jun-27, short first coupon
• Redemption Amount: 100%
• Denominations: €1,000
• Documentation: Under the Issuer’s €50bn European Covered Bond (Premium) Programme dated 02-Apr-26 as supplemented on 15-May-26.
• Listing: Regulated Market of the Munich Stock Exchange
• Clearing: Euroclear / Clearstream
• Governing Law: German Law
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties, professional investors and retail clients (all distribution channels).
• Joint Bookrunners: Banco Bilbao Vizcaya Argentaria S.A., Crédit Agricole Corporate and Investment Bank, Deutsche Bank, Helaba and NORD/LB
• Advertisement: The Base Prospectus is available at https://www.pfandbriefbank.com/en/investors/debt-investors/issuance-programmes/dip/ and Final Terms, when published, will be available at https://www.pfandbriefbank.com/en/investors/debt-investors/final-terms/hypothekenpfandbriefe/
• Timing: Books open, Today's business