Commentary & Deal Flow

4yr: Final Books above €1.65bn (incl. €150m JLM). Peak book > €1.8bn (incl. €150m JLM)

Launched: 4yr: €1bn @ MS+11bp - Books above at reoffer €1.65bn (incl. €150m JLM interest)
Spread set at: 4yr: MS+11bp - Book > €1.8bn (incl. €150m JLM)
Book Update: Orderbooks above €1.5bn (incl. €150m JLM interest)
Guidance: 4yr: MS+17a

• Issuer: Landesbank Baden-Württemberg (Ticker: LBBW)
• LEI: B81CK4ESI35472RHJ606
• Issuer Rating: Aa2, stable (Moody's) / AA-, stable (Fitch) / A (high), stable (DBRS)
• Exp. Issue Rating: Aaa (Moody's)
• Status: Public Sector Covered Bond (Öffentlicher Pfandbrief)
• Label: EU harmonisation label European Covered Bond (Premium)
• Settlement: 17-Sep-26 (T+8)
• Maturity: 17-Sep-30
• Issue Size: €1bn
• Coupon: Fixed, Annual, Act/Act ICMA
• Denominations: €1k + €1k
• Listing / Law: Stuttgart Stock Exchange / German Law
• Clearing: Clearstream
• Joint Bookrunners: BMO Capital Markets, Erste Group, LBBW (B&D), Nordea, RBC Capital Markets, Santander
• MiFID II/MiFIR: Manufacturer target market (MiFID II/MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID
• Use of Proceeds: General corporate purposes
• Timing: Books open, today's business
• Books to be closed: 13:00 CET
• Hedges: OBL 2.4 18-Apr-30 #191 HR 111%
• ISIN: DE000LB4XHY2
• Hedge deadline: 15:10 CET
• Documentation: Landesbank Baden-Württemberg’s €50bn Programme for the Issuance of Debt Securities, dated 23-Apr-26, as supplemented from time to time. Available on https://www.lbbw.de/group/news-and-service/investor-relations/issuing-programs/issuing-programmes_ac9nogyp1w_e.html and Final Terms, when available on https://www.lbbw-markets.de
• Issuing Programs Disclaimer: https://www.lbbw.de/group/news-and-service/investor-relations/issuing-programs/issuing-programmes_ac9nogyp1w_e.html