Commentary & Deal Flow

Final Books: In excess of US$1.8bn (excl. JLM)

Launched: 3yr: US$1bn @ SOFR MS+26bp - Books in excess of US$1.7bn (excluding JLM interest)
Guidance: 3yr: SOFR MS+27a - IOIs in excess of US$1.2bn (excl. JLM interest)
IPTs: 3yr: SOFR MS+27a

• Issuer: NRW.BANK
• LEI: 52990002O5KK6XOGJ020
• Guarantor: German Federal State of North Rhine-Westphalia
• Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Size: US$1bn
• Format: Reg S only, Bearer, TEFRA D, No communication/sales with or into the US
• Settlement: 30-Jun-26 (T+5)
• Maturity: 29-Jun-29 (3 years)
• ISIN: XS3426448992
• Coupon: TBD, Fixed, Annual, 30/360, short first to 29-Jun-27
• Reference Benchmark: CT3 (T 4 1/8 15-Jun-29), HR 102%
• Hedge Deadline: 14:50 LDN / 15:50 CET
• Listing/Law: Luxembourg/German
• Denominations: US$2k
• Docs: Issuer's Debt Issuance Programme (alleviated prospectus dated 30-Apr-26)
• Target Mkt: Retail, Eligible counterparties and professionals (all distribution channels, EU MiFID II)
• Fees: Joint Bookrunners will be paid a fee in connection to the transaction
• Bookrunners: Citi, Daiwa, RBC CM (DM/B&D), Scotiabank
• Timing: EMEA/Asia books to close at 11:00 LDN / 12:00 CET. Americas books to close at 8:00 NY / 13:00 LDN. Pricing to follow.