Commentary & Deal Flow

Reoffer: 4yr: MS+10bp / 99.718 / 3.201%
Benchmark: 4yr: OBL 2.4% 18-Apr-30 @ 98.28 / B+29.9bp / HR 110%

Tranche 1 (4yr): Final Books €1.25bn+ (incl. €200m JLM). Peak book above €1.3bn (incl. €200m JLM)

Launched: 4yr: €750m @ MS+10bp - Books above €1.3bn (incl. €200m JLM)
Spread set at: 4yr: MS+10bp - Books above €1.25bn (incl. €200m JLM)
Guidance: 4yr: MS+15a

• Issuer: Bayerische Landesbank (Ticker: BYLAN)
• LEI: VDYMYTQGZZ6DU0912C88
• Issue Type: Public Sector Covered Bond (Oeffentlicher Pfandbrief), European Covered Bond label (Premium)
• Exp. Issue Rating: Aaa (Moody's)
• Format: Reg S, Bearer
• Issue Size: €750mn
• Coupon: 3.125%, annual, Act/Act ICMA, unadjusted following
• Settlement: 31-Aug-26 (T+5)
• Maturity: 02-Sep-30 -long first coupon-
• Reoffer: MS +10bps / 99.718% / yield 3.201%
• Hedge Ref: OBL 2.4% 18-Apr-30 @ 98.28%, B+ 29.9bps, HR 110%
• Denominations: €1k+1k
• Listing/Law: Munich / German
• Documentation: Under Issuer’s EUR 60bn Debt Issuance Programme – Base Prospectus dated 12-May-26, last supplemented 19-May-26 (the “DIP Prospectus”) and related documentation
• Joint Bookrunners: BayernLB(B&D), Erste Group, Natixis, RBC Capital Markets, UniCredit
• MiFID II: The manufacturer target market is eligible counterparties, professional clients and retail clients (all distribution channels)
• Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities
• ISIN/WKN: DE000BYL0RA8 / BYL0RA
• Timing: Priced / TOE 13:48 CET / FTT 13:55 CET
• Advertisement: The prospectus is available at https://www.bayernlb.de/internet/de/blb/resp/meta_7/ueber_uns_1/investor_relations_5/refinanzierung_1/2026_prospekte/dip_2026_05/dip_2026_05.jsp