Commentary & Deal Flow

Reoffer: 9yr: SARON MS+33 / 100.236 / 0.9725%
Benchmark: 9yr: Govt.+56

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: Moody's: Aa2 (stable)
• Instrument Rating (exp): Moody's: Aaa
• Sustainability Rating: MSCI ESG Rating AA, ISS-ESG C+ (Prime), Sustainalytics: Low Risk
• Issue Size: CHF 170m
• Settlement Date: 27-Aug-26
• Maturity: 27-Aug-35 (9 years)
• Coupon: 1.00% p.a.
• Issue Price: 100.236%
• Spread/Yield: SARON MS +33.0 // YTM 0.9725% // Govt.+56
• ISIN / Security Number: CH1593190973 / 159.319.097
• Lead Manager(s): 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
• SIX Listing: 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
• Target Market: Target market (MiFID II product governance) as defined by the manufacturer domiciled in the EEA is eligible counterparties, professional clients and retail clients, the latter in Switzerland only (all distribution channels), subject to applicable selling restrictions
• Sales Restrictions: USA, US Persons, EEA, UK, JPN, HK, CAN, AUS