Commentary & Deal Flow

Reoffer: 6yr: MS+23bp / 99.561 / 3.332% Benchmark: 6yr: DBR 1.7 Aug-32 @ 93.25 / B+38.1bp / HR 103%

6yr: Final Books over €1.675bn (incl. €250m JLMs). Peak book over €1.75bn (incl. €250m JLMs - pre rec)

Launched: 6yr: €1bn @ MS+23bp - Books over €1.75bn (incl. €250m JLMs - pre rec) Book Update: Books over €1.7bn (incl. €250m JLMs) Guidance: 6yr: MS+28a

• Issuer: UniCredit Bank GmbH (Ticker: HVB)
• LEI: 2ZCNRR8UK830BTEK2170
• Issue Type: Hypothekenpfandbrief (Mortgage Pfandbrief)
• Label: EU harmonisation label European Covered Bond (Premium)
• Format: Reg S, Bearer
• Issue Rating: Aaa by Moody's exp.
• Issue size: €1bn
• Coupon: 3.25%, Fixed, annual, Act/Act ICMA
• Value Date: 02-Sep-26 (T+5)
• Maturity: 02-Sep-32
• Reoffer: 99.561%, 3.332%, MS+23bps
• Benchmark: DBR 1.7 Aug-32 + 38.1bps (Cash 93.25%, HR 103%)
• Leads: BayernLB, CIBC Capital Markets, DZ BANK, Erste Group, LBBW, Nykredit, and UniCredit (B&D)
• Listing: Munich
• Target market: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK DISC disclosure document has been prepared as the Notes are not available to retail in the EEA or the UK.
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Denoms/Law: 1k + 1k, German
• ISIN/WKN: DE000HV2A2U7 / HV2A2U
• Timing: TOE 14.03CET, FTT 14.30CET
• Advertising: The base Prospectus is available at:https://www.onemarkets.de/de/rechtliches/basisprospekte.html