Commentary & Deal Flow

Reoffer: 5yr: MS+17bp / 99.791 / 3.296%
Benchmark: 5yr: DBR 0% 15-Aug-31 at 86.54% / B+34.4 / HR 109%

5yr: Final Books over €3.15bn (incl. €165m JLM) at reoffer

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)
• EU Harmonisation Label: European Covered Bond (Premium)
• Size: €1bn
• Settlement: 01-Sep-26 (T+6)
• Maturity: 01-Sep-31
• Reoffer: MS+17bp / 99.791 / 3.296%
• Benchmark: DBR 0% 15-Aug-31 at 86.54% / B+34.4 / HR 109%
• ISIN/WKN: DE000CZ46C35 / CZ46C3
• Coupon: 3.25%, fixed, Annual, Act/Act (ICMA), following unadjusted
• Denoms/Law: €1k + €1k / 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
• Timing: TOE 14:46 CET / FTT 15:05 CET
• Target Market: The manufacturer target market (MIFID II) product governance is professional investors, eligible counterparties and retail investors (all distribution channels)
• Advertisement & Links:
  • The Securities Note is available and the Final Terms, when published, will be available at:
  • https://investor-relations.commerzbank.com/debt-holders-information/emtn-programme/
  • The Registration Document, as supplemented is available at:
  • https://investor-relations.commerzbank.com/debt-holders-information/registration-document