Commentary & Deal Flow

Reoffer: SARON MS+28 / 97.661 / 1.098%
Benchmark: Govt.+53

• Issuer: NRW.Bank (Ticker: NRWBK)
• Guarantor: Federal State of North Rhine-Westphalia (NRW)
• Guarantor Domicile: Germany
• Format: Public Fixed-Rate Social Notes
• Status: Senior unsecured
• Guarantor Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Instrument Rating (exp): Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Issue Size (in mm): CHF 50m (new total size of CHF 150m)
• Coupon: 0.925% p.a., short 1st. coupon
• Maturity: 14 years 258 days (24-Jun-26 until 12-Mar-41)
• Issue Price: 97.661%
• Spread/Yield: SARON MS +28.0 // YTM 1.098% // Govt.+53
• ISIN / Security Number: CH1571219240 / 157121924
• Accrued interest: 102 days
• Original ISIN: CH1533150962
• Lead Manager(s): UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA: Level 1)
• Documentation: Off the Issuer’s Alleviated Prospectus of NRW.BANK dated 30-Apr-26
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: German
• Covenants: PP
• SIX Listing: 22-Jun-26
• Denomination: CHF 5000
• Use of Proceeds: An amount equivalent to the net proceeds raised from any NRW.BANK Social Bond issued under the NRW.BANK Social Bond Framework dated May 2025 (as amended or restated from time to time, the NRW.BANK Social Bond Framework) (including the Notes) will be exclusively applied to finance, in part or in full, new eligible social expenditures (Eligible Social Projects) and/or to refinance, in part or in full, existing Eligible Social Projects as listed in the NRW.BANK Social Bond Framework
• Sales Restrictions: In particular, United States of America, European Economic Area, United Kingdom, Belgium, France, Germany, Italy, Luxembourg, Canada, Japan, and/or such other restrictions as may be required in connection with the offering and sale of the Notes. RegS TEFRA D Rules apply, no communications with or into the US.