Commentary & Deal Flow

Launched: 5yr: €1bn @ MS+17bp - Books above €2.7bn (incl. €165m JLM)
Spread set at: 5yr: MS+17bp
Book Update: Books above €2.2bn (incl. €90m JLM)
Guidance: 5yr: MS+23a

• Issuer: Commerzbank Aktiengesellschaft
• Ticker: CMZB
• LEI: 851WYGNLUQLFZBSYGB56
• Issuer Credit Rating: A2 (Stable) by Moody's / A (Stable) by S&P
• Exp. Issue Rating: Aaa by Moody's
• Format: Reg S Cat. 2, TEFRA D
• Issue Type: Hypothekenpfandbrief (Mortgage Covered Bond)
• Size: €1bn
• Settlement: 01-Sep-26 (T+6)
• Maturity: 01-Sep-31
• ISIN/WKN: DE000CZ46C35 / CZ46C3
• Spread set at: MS+17bp
• Coupon: [●]%, fixed, Annual, Act/Act (ICMA), following unadjusted
• Denominations: €1k + €1k
• Governing Law: German
• Docs: Pursuant to the €90bn Medium Term Note Programme of the Issuer; Securities Note dated 22-May-26 and Registration Document dated 22-May-26 and supplemented on 21-Aug-26 (together, “the Base Prospectus”)
• Listing: Frankfurt Stock Exchange, Regulated Market
• Global Coordinator: Commerzbank
• Bookrunners: Commerzbank (B&D), Danske Bank, DZ Bank, IMI-Intesa Sanpaolo, LBBW, Nordea & SEB
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Books subject: 12:00 CET
• Schedule: Books open, today's business. Expect allocations and pricing to follow.
• Target Market: The manufacturer target market (MIFID II) product governance is professional investors, eligible counterparties and retail investors (all distribution channels)
• EU Harmonisation Label: European Covered Bond (Premium)