Commentary & Deal Flow

IPTs: 6yr: MS+105bp area 11yr: MS+140bp area

• Issuer: RWE Finance Europe B.V.
• Guarantor: RWE Aktiengesellschaft
• Issuer LEI: 5299009OE63JPUILOJ73
• Guarantor LEI: 529900GB7KCA94ACC940
• Guarantor Ratings: Baa2 (Stable Outlook) by Moody’s, BBB+ (Stable Outlook) by Fitch
• Expected Issue Ratings: Baa2 by Moody’s, BBB+ by Fitch
• Format: Senior Unsecured, Reg S Bearer, Green Bond
• Tranche:
• • Green 6yr
  • Green 11yr
• Size: € Benchmark (each tranche)
• Maturity:
• • 6yr: 06-Jul-32
  • 11yr: 06-Jul-37
• IPTs:
• • 6yr: MS + 105bps area
  • 11yr: MS + 140bps area
• Coupon:
• • 6yr: Fixed, Annually, ACT/ACT
  • 11yr: Fixed, Annually, ACT/ACT
• Par Call: 3m Par Call
• ISIN:
• • 6yr: XS3430748759
  • 11yr: XS3430748676
• Denominations: €1,000 - minimum purchase amount of €100,000 in the primary market
• Docs: DIP / Lux. Listing / German Law / Tax Call / CoC Put (at 100%) / 3m Par Call / Clean-up Call (80%)
• Selling Restrictions: As set out in the Debt Issuance Programme Prospectus, Reg S, Cat 2, TEFRA D
• Use of Proceeds: Finance and refinance new and existing Green Projects that satisfy the Eligible Asset criteria defined in the Green Financing Framework
• Target Market: The target market for the bond is eligible counterparties, professional clients and retail investors, each as defined in MIFID II/ UK MiFIR (all channels for distribution, with appropriateness check). No EEA PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as these issuances are not considered to be packaged retail investment products
• Global Coordinator: Goldman Sachs Bank Europe SE (B&D)
• Active Bookrunners: BayernLB, BNP Paribas, Commerzbank, Goldman Sachs Bank Europe SE, UniCredit
• Passive Bookrunners: DZ Bank, Helaba, LBBW
• Timing: Books open, today's business
• Settlement: 06-Jul-26 (T+7)