Commentary & Deal Flow

Final Books: €1.27bn (incl. €270m JLM)
Launched: 3yr: €500m @ MS+7bp - Books over €1.15bn (incl. 225m JLM)
Guidance: 3yr: MS+13a

• Issuer: Bayerische Landesbank (Ticker: BYLAN)
• LEI: VDYMYTQGZZ6DU0912C88
• Issue Type: Public Sector Covered Bond (Oeffentlicher Pfandbrief), European Covered Bond label (Premium)
• Exp. Issue Rating: Aaa (Moody's)
• Format: RegS, Bearer
• Issue Size: €500m
• Coupon: fixed, annual, act/act ICMA, unadjusted following
• Settlement: 22-Jun-26 (T+5)
• Maturity: 22-Jun-29
• Reference Benchmark: OBL 2.1% 12-Apr-29 (DE000BU25026) / HR 106%
• Hedge Deadline: 13:40 CET / 12:40 UKT
• Denominations: €1k+1k
• Listing/Law: Munich / German
• Documentation: Under Issuer’s EUR 60bn Debt Issuance Programme – Base Prospectus dated 05-Dec-26, last supplemented 19-May-26 (the “DIP Prospectus”) and related documentation
• Joint Bookrunners: BayernLB(B&D), Crédit Agricole CIB, Helaba, ING, Raiffeisen Bank International
• MIFID II: The manufacturer target market is eligible counterparties, professional clients and retail clients (all distribution channels)
• Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities
• ISIN/WKN: DE000BYL0J59 / BYL0J5
• Timing: Pricing to follow shortly
• Advertisement: The prospectus is available at https://www.bayernlb.de/internet/de/blb/resp/meta_7/ueber_uns_1/investor_relations_5/refinanzierung_1/2026_prospekte/dip_2026_05/dip_2026_05.jsp