Commentary & Deal Flow

Launched: 7yr: €750m @ MS+24bp - Orderbooks above €1.7bn (incl. €150m JLM)
Spread set at: 7yr: MS+24bp
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
• Ranking: Covered Bond
• Settlement: 11-Sep-26 (T+7)
• Maturity: 12-Sep-33 (7yr)
• Reoffer Spread: MS+24bp
• 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 to close 12:00 CET