Commentary & Deal Flow

Final Books: €1.65bn (incl. €110m JLM) good at reoffer

Launched: 5yr: €500m @ MS+55bp - Books above €1.5bn (incl. €110m JLM)
Book Update: Books €1.25bn (incl. 110m JLMs)
IPTs: 5yr: MS+80bp area

• Issuer: Norddeutsche Landesbank - Girozentrale
• BBG Ticker: NDB
• LEI: DSNHHQ2B9X5N6OUJ1236
• Issuer Rating: Aa2 (stable) by Moody’s / AA- (stable) by Fitch
• Exp. Issue Rating: Aa2 (Moody´s), AA- (Fitch)
• ESG Rating: C "Prime" (ISS ESG), 22.0 "medium risk" (Sustainalytics), BBB (MSCI), 2 (Sustainable Fitch)
• Status of the Notes: Senior Preferred Notes, direct, unconditional, unsubordinated and unsecured liabilities of the Issuer (MREL eligible)
• Form of the Notes: Bearer Notes
• ECB Eligibility: The issue is expected to be ECB eligible
• Size: €500m
• Trade Date: 08-Jun-26
• Settlement Date: 17-Jun-26 (T+7)
• Maturity Date: 17-Jun-31 (5yr)
• Coupon: Fixed, annual, Act/Act ICMA, unadjusted following
• Hedge Reference: OBL 2 ½ 16-Apr-31 (DE000BU25067), HR 101%
• Hedge Deadline: 15.00 CET / 14.00 UKT
• Business Days: T2
• Denoms / Listing / Law: €1,000 + €1,000 / Hanover Stock Exchange (Regulated Market)/ German
• ISIN / WKN: DE000NLB5545 / NLB554
• Clearing: Clearstream Europe
• Documentation: Under NORD/LB's €25bn Programme for the Issuance of Debt Instruments dated 08-May-26, supplemented 13-May-26 (together, the “Prospectus”).
• Selling Restrictions: As set out in the respective section “Selling Restrictions” of the Prospectus (as defined above)
• Early Redemption: At par due to taxation reasons (issuer required to pay additional amounts); an MREL Event. All subject to certain conditions, incl. the prior permission of the competent regulatory authority.
• Joint Lead Managers: ABN AMRO (B&D), BayernLB, Erste Group, IMI - Intesa Sanpaolo and NORD/LB
• Use of Proceeds: Green Bond. An amount equivalent to the net proceeds of the Green Financing Instruments is intended to be used, in whole or in part, to finance or refinance new and/or existing green assets, loans and investments ("Eligible Green Assets") in the category Green Buildings, in accordance with the Issuer’s Green Funding Framework (as amended from time to time). The Final Terms relating to any specific Series of Instruments may further specify the relevant categories and allocation of proceeds. Eligible Green Assets are required to comply with the Eligibility Criteria. See “Use of Proceeds” in the Prospectus 8 May 2026 and the Issuer’s Green Funding Framework (available on the website of the Issuer alongside the second party opinion).
• Target market: The target market for the bonds is eligible counterparties, professional clients and retail clients, each as defined in MiFID II / UK MiFIR product governance (all channels for distribution of the bonds are appropriate).
• Advertising: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus, Supplements and the Final Terms, when published, will be available on: https://www.nordlb.de/unsere-leistungen/kapitalmarktportal/prospekte (German) and https://www.nordlb.com/our-products-services/capital-market-portal (English)
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in respect of the placement of the securities.
• Timing: Pricing shortly after.