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Commentary & Deal Flow

by Oleksandr Vynychuk

Sep 02, 2026 4:30 AM ET

UPDATE (BOOKS): Norddeutsche Landesbank - Girozentrale €750m WNG 7yr CB; MS+30a

IGC European Market: Deal Flow - General

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance
Norddeutsche Landesbank - Girozentrale	7yr	12-Sep-33	€750m WNG	CB	Fixed	DE000NLB57X5	MS+30a

Book Update: Orderbooks above €1.65bn (incl. €150m JLM)
Guidance: 7yr: MS+30a

Issuer: Norddeutsche Landesbank - Girozentrale
Ticker: NDB
LEI: DSNHHQ2B9X5N6OUJ1236
Issue Rating: exp. Aaa (Moody's)
Issue Type: Mortgage Covered Bond (Hypothekenpfandbrief)
Label: European Covered Bond (Premium)
Law / Format: German / Reg S Bearer
Coupon: Fixed, annual, Act/Act ICMA, first long coupon (12-Sep-27)
Size: €750m WNG
Ranking: Covered Bond
Settlement: 11-Sep-26 (T+7)
Maturity: 12-Sep-33 (7yr)
Guidance: MS+30a
Denominations: 1,000 + 1,000
Listing: Hanover Stock Exchange (Regulated Market)
Documentation: Under NORD/LB's EUR 25bn Programme for the Issuance of Debt Instruments dated 8-May-26, supplemented 31-Aug-26
Joint Leads: Credit Agricole CIB, DZ Bank, Helaba, ING, NORD/LB and UniCredit (B&D)
ISIN/WKN: DE000NLB57X5 / NLB57X
Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the Notes
MiFID: Target market: professional, retail and eligible counterparties as defined in MiFID II (all channels for distribution of the bonds are appropriate)
Timing: Books open, today's business