Commentary & Deal Flow

Reoffer: 10yr: MS+30bp / 99.541 / 3.305%
Benchmark: 10yr: DBR 0% 15-May-36 @ 74.47% / B+29.7bp / HR 116%

Final Books €3.4bn (incl. €350m JLM).

Launched: 10yr: €1bn @ MS+30bp - Orderbook at €2.7bn (incl. €300m JLM)
Book Update: Books above €2bn (incl. €300m JLM)
Guidance: 10yr: MS+36a

• Issuer: DZ HYP AG
• Ticker: DZHYP
• Issuer ESG Rating: ISS-Corporate (C+ / Prime), Sustainalytics (15.5 / low risk), Sustainable Fitch (2 / entity and framework)
• Issue Type: Mortgage Pfandbrief, European Covered Bond (Premium)
• Format: Reg S, bearer Tefra C
• Expected Issue Rating: Aaa/AAA (Moody's/S&P)
• Size: €1bn
• Coupon: 3.25% fixed, annual act/act ICMA 251, short first cpn
• Value Date: 09-Jun-26 (T+5)
• Maturity Date: 30-May-36
• Reoffer: MS +30bps - yld 3.305% - 99.541%
• Benchmark: DBR 0% 15-May-36 +29.7 bps @spot 74.47%, h/r 116%
• Leads: Barclays, BMO, Commerzbank, DZ BANK (B&D/DM), ING, Nordea, NORD/LB
• Listing: Hamburg Stock Exchange (Regulated market)
• Denoms/Law: €1,000 + €1,000, German
• ISIN/WKN/Series: DE000A4DFKT2 / A4DFKT / 1288
• Target Market: The target market for the bonds is eligible counterparties, professional clients and retail clients, each as defined in MiFID II (all channels for distribution of the bonds are appropriate).
• Use of proceeds: DZ HYP intends to use the proceeds from the issuance of Green Pfandbriefe to finance and refinance eligible green assets as defined in the issuer’s Green Bond Framework dated December 2024, which is published on the issuer’s website (https://dzhyp.de/en/investor-relations/informations-for-investors/green-bonds/). In addition, DZ HYP publishes an annual Green Bond Reporting, consisting of an allocation report and an impact report, available under ‘Reports’ at the same link.
• Advertisement: The Prospectus dated 11-May-26 is available at https://www.luxse.com/programme/Programme-DZHyp/12937 and the Final Terms, when published, will be available at https://www.dzhyp.de/en/investor-relations/informations-for-investors/debt-issuance-programme/
• Public offer restrictions: Public offer (retail) may be made in Luxembourg and Germany during the Offer Period on 08 and 09-Jun-26. Elsewhere in the EEA subject to any national restrictions onoffers in such EEA states, offers to qualified investors (as defined in the Prospectus Regulation) may be made. See Prospectus and Final Terms for further details.
• Timing: PRICED - toe 15:35 CEST / 14:35 BST, FTT 15:50 CEST / 14:50 BST