Commentary & Deal Flow

Reoffer: 5yr: MS+9bp / 99.512 / 3.355%
Benchmark: 5yr: OBL 2.9% Oct-31 #194 @ 99.000 / B+24.3bp / HR 100%

Tranche 1 (5yr): Final Books in excess of €2.6bn (incl. €350m JLM). Peak book in excess of €3.1bn (incl. €350m JLM)

Launched: 5yr: €1.25bn @ MS+9bp - Books in excess of €2.6bn (incl. €350m JLM)
Spread set at: 5yr: MS+9bp - Books in excess of €3.1bn (incl. €350m JLM)
Rev Guidance: 5yr: MS+10a - Books in excess of €3.0bn (incl. €350m JLM)
Guidance: 5yr: MS+12a

• Issuer: Nederlandse Waterschapsbank NV
• Ticker: NEDWBK
• Issuer Ratings: Aaa Stable (Moody's) / AAA Stable (S&P)
• Format: Reg S, Bearer, TEFRA rules apply
• ESG Ratings: Sustainalytics (8.1, Negligible Risk), ISS ESG (C Prime)
• Ranking: Senior, Unsecured, Unsubordinated
• Coupon: 3.25% Fixed, Annual, ACT/ACT, Long first Coupon
• Size: €1.25bn
• Settlement: 15-Sep-26 (T+5)
• Maturity Date: 15-Oct-31
• Re-offer: MS+9, Price 99.512 Yield 3.355%
• Spread: OBL 2.9% Oct-31 #194 +24.3bp (Spot 99.000, Yield 3.112%, HR 100%)
• Clearing: Euroclear/Clearstream
• Listing: Luxembourg
• Docs: The issuer's EUR 75bn Debt Issuance Programme
• Gov Law: Dutch
• Min Denoms: 100k+1k
• Issuer LEI: JLP5FSPH9WPSHY3NIM24
• ISIN: XS3504737001
• Use of Proceeds: The proceeds of the Notes will be utilized for lending to Social Housing Organizations in the Netherlands according to the Issuer's Social Bond Framework.
• Target Market: The manufacturer target market (UK MiFIR/MIFID II product governance) as assessed by the lead managers is eligible counterparties and professional investors (all distribution channels).
• Advertisement: Link to the Social Bond Framework: https://nwbbank.com/application/files/9517/5328/1899/NWB_Bank_Social_Bond_Framework_2025.pdf
• Bookrunners: Danske Bank, Deutsche Bank AB, LBBW, UBS (B&D)
• Timing: TOE: 14:32 UK / 15:32 CET FTT: Immediately