Commentary & Deal Flow

Reoffer: 7yr: MS+24bp / 99.609 / 3.564%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 96.205 / B+34.6bp / HR 102%

Allocations 7yr: Final book > €1.1bn (incl. €150m JLM). Peak book above €1.7bn (incl. €150m JLM)

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: 3.5%, annual, Act/Act ICMA
• Size: €750m
• Ranking: Covered Bond
• Settlement: 11-Sep-26 (T+7)
• Maturity: 12-Sep-33 (7yr)
• Reoffer Price: 99.609 equals to MS+24bp
• Reoffer Yield: 3.564%
• Reoffer: MS+24bp / 99.609 / 3.564%
• Benchmark: DBR 2.6 15-Aug-33 @ 96.205 / B+34.6bp / HR 102%
• 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 13-May-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: Priced, TOE 13:33 CET, FTT 13:45 CET