Commentary & Deal Flow

NRW.BANK, the explicitly guaranteed development agency of the German Federal State of North Rhine-Westphalia (NRW), (country: Germany) rated Aa1/AA/AAA/AAA by Moody's/S&P/Fitch/Scope, has mandated Credit Agricole CIB, J.P. Morgan, NORD/LB and UniCredit for an upcoming € 10-year Social benchmark transaction.

The deal will be launched in the near future, subject to market conditions.

• Use of Proceeds: The proceeds will be used to finance and/or refinance Eligible social expenditures as set out in the Social Bond Framework updated May 2025.
• Framework: https://www.nrwbank.de/.galleries/downloads/investor-relations/Social-Bond/NRW.BANK-Social-Bond-Framework-2025.pdf
• Target Market: Manufacturer target market (MIFID II/UK MiFIR product governance) is Retail, eligible counterparties and professional clients (all distribution channels).