Commentary & Deal Flow

Spread set at: 9yr: SARON MS+33bp - Size increased to Min. CHF 160m
IPTs: 9yr: SARON MS+33/34bp

• Issuer: Muenchener Hypothekenbank eG (Ticker: MUNHYP)
• Issuer Domicile: Germany
• Format: New Foreign Public Fixed Rate Bond
• Status: Covered Bond (Hypothekenpfandbrief)
• Type: Green Bond
• Issuer Rating: Aa2 (stable) (Moody's)
• Expected Instrument Rating: Aaa (Moody's)
• Sustainability Rating: MSCI ESG Rating AA, ISS-ESG C+ (Prime), Sustainalytics: Low Risk
• Size: Min. CHF 160m
• Coupon: 0.96% p.a. (indicative)
• Maturity: 27-Aug-35 (9 years)
• IPTs: SARON MS +33.0 /+34.0 // YTM 0.960% /0.970% // Govt.+56 /+57
• Bookrunners: Deutsche Bank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected yes
• Documentation: Off Münchener Hypothekenbank eG's Debt Issuance Programme dated 13-May-26, as supplemented, in accordance with art. 45 para. 3 FinSA
• Governing Law: German
• Covenants: PP
• Listing: SIX on 25-Aug-26
• Denomination: CHF 5,000
• Use of Proceeds: An amount equal to the net proceeds of the Green Pfandbrief will be applied, pursuant to the "Münchener Hyp Green Funding Framework", to new or existing lending through "Green loans" for private customers or certified environmental loans for commercial mortgages
• Green Funding Framework and Second Party Opinion: Münchener Hyp Green Funding Framework and Second Party Opinion are available on the issuer’s website: www.mhb.de/en/investors/reports-and-presentations
• Sales Restrictions: USA, US Persons, EEA, UK, JPN, HK, CAN, AUS
• Target Market: Target market as defined by the manufacturer domiciled in the EEA is eligible counterparties and professional clients (all distribution channels), subject to applicable selling restrictions. Public Offering in Switzerland only
• Timing: Books to close 11.20 CET, pricing to follow shortly thereafter