Commentary & Deal Flow

Reoffer: 4yr: MS+35bp / 99.971 / 3.133%
Benchmark: OBL 2.4 18-Apr-30 #191 @ 99.095 / B+48.5bp, HR 102%

Final Books in excess of €1.1bn (incl €175m JLM). Peak book in excess of €1.175bn.

Launched: 4yr: €500m @ MS+35bp - Orderbooks in excess of €1.175bn (incl €175m JLM)
Guidance: 4yr: MS+40a

• Issuer: Deutsche Pfandbriefbank AG (Ticker: PBBGR)
• LEI: DZZ47B9A52ZJ6LT6VV95
• Expected Issue Rating: Aa1 (Moody's)
• Currency: Euro ("EUR")
• Size: €500m
• 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: 3.125%, payable annually in arrear, fixed
• Coupon Payment Dates: 07-Jun in each year, commencing on 07-Jun-27, short first
• 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
• ISIN: DE000A3827A0
• 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, DeutscheBank (DM), Helaba (B&D) 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: Today's business
• ToE: 13.25 UKT / 14.25 CET
• FTT: 13.45 UKT / 14.45 CET