Commentary & Deal Flow

Reoffer: 5yr: MS+18bp / 99.837 / 3.411%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 97.633 / B+35.8bp

5yr: Final book above €2.5bn (incl. €315m JLM interest) good at reoffer. Peak book above €2.5bn (incl. €315m JLM interest)

Launched: 5yr: €500m @ MS+18bp - Book above €2.4bn (incl. €315m JLM interest) pre-rec
Spread set at: 5yr: MS+18bp
Book Update: Books above €1.9bn (incl. €315m JLM)
Guidance: 5yr: MS+25a

• Issuer: Nationale-Nederlanden Bank N.V.
• Issuer Legal Entity Identifier (LEI): 724500BICUQ0LF1AH770
• Guarantor: NN Covered Bond Company B.V.
• Issue Ratings: AAA (S&P)
• Status: Dutch Legislative Covered Bonds
• EU Harmonisation Label: European Covered Bond (Premium)
• Use of Proceeds: General corporate purposes
• Size: €500m
• Spread: MS+18bps
• Price: 99.837%, 3.411%
• Bund ref: OBL 2.5% 16-Apr-31, 97.633% (spread 35.8bps)
• Settlement Date: 08-Sep-26 (T+5)
• Maturity Date: 08-Sep-31 – 5yr soft bullet
• Extended Maturity Date: 08-Sep-32
• Coupon: 3.375%, Fixed Annual
• Coupon payment dates: 8th of September in each year commencing on 08-Sep-27 up to and including the Maturity DateThe 8th day of each month from the Maturity Date up to and including the Extended Due for Payment Date
• Coupon during Extended Maturity: 1 month Euribor + 18 bp, per annum, monthly in arrear, from 08-Sep-31 until 08-Sep-32
• Day Count Fraction until the Maturity Date: Actual/Actual (ICMA)
• Business Day Convention until the Maturity Date: Following Business Day Convention, unadjusted
• Day Count Fraction during Extended Maturity: Actual/360
• Business Day Convention during Extended Maturity: Modified Following Business Day Convention, adjusted
• ISIN: NL0015074CE2
• Denomination: €100k + €100k
• Listing: Euronext Amsterdam
• Governing Law: Dutch Law
• Lead Managers: ABN Amro Bank N.V. (B&D), Helaba, J.P. Morgan, Natixis and Rabobank
• Co-leads: BayernLB and NordLB
• Documentation: Issued under the Nationale-Nederlanden Bank N.V. EUR 12,500,000,000 Covered Bond Programme dated 20-May-26.
• Security Format: New Global Note (NGN) bearer form, Reg S, Tefra D
• Target market: MiFID II / UK MiFIR professionals/ECPs-only – Manufacturer target market (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 CCI product summary has been prepared as not available to retail in EEA or in the UK
• Fees: The banks will be paid a fee by the Issuer in connection to the transaction
• Timing: Priced. TOE 14.58 CET, FTT 15.20 CET