Commentary & Deal Flow

Final Books above €1.4bn (excl. JLM)

Launched: 10yr: €1bn @ MS+27bp - Books above €1.3bn (excl. JLM)
Size set at: 10yr: €1bn - Books above €1.2bn (excl. JLM)
Guidance: 10yr: MS+28a

• Issuer: NRW.BANK
• Ticker: NRWBK
• LEI: 52990002O5KK6XOGJ020
• Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope - all stable)
• ESG Rating: Prime (C) by ISS ESG
• Guarantor: Federal State of North Rhine-Westphalia (NRW)
• Status: Senior Unsecured, Reg S Bearer, 0% RW, HQLA/Level 1
• Size: €1bn
• Reference Benchmark: DBR 2.9% 15-Feb-36 / HR 102%
• Hedge Deadline: 13.15 CET
• Coupon: Fixed, Act/Act (ICMA)
• Settlement: 15-Jul-26 (T+5)
• Maturity: 15-Jul-36
• Docs/List/Denoms: DIP/DUS+LUX/1k
• ISIN/WKN: DE000NWB0B24/NWB0B2
• Fees: The Joint Bookrunners will be paid a fee in connection with the transaction
• UoP: An amount equivalent to the net proceeds raised from any NRW.BANK Social Bond issued under the NRW.BANK Social Bond Framework dated May 2025 (as amended or restated from time to time, the “NRW.BANK Social Bond Framework”)(including the Notes) will be exclusively applied to finance, in part or in full, new eligible social expenditures (Eligible Social Projects) and/or to refinance, in part or in full, existing Eligible Social Projects as listed in the NRW.BANK Social Bond Framework.
• Target Market: Manufacturer target market (MIFID II/UK MiFIR product governance) is retail, eligible counterparties and professional clients (all distribution channels).
• Bookrunners: Credit Agricole CIB, J.P. Morgan, NORD/LB, UniCredit (B&D)