Commentary & Deal Flow

The State of Baden-Wuerttemberg, rated Aaa/AA+/AAA (Moody's/S&P/Scope), has mandated Deutsche Bank and DZ BANK as Joint ESG Structuring Coordinators and BNP Paribas, Crédit Agricole CIB, Deutsche Bank, DZ BANK, LBBW and Nordea as Joint Lead Managers to arrange a series of fixed income investor calls to be scheduled on 14-17-Sep. An electronic investor presentation will be made available. BNP Paribas will be coordinating logistics.

An expected €600m WNG, LSA, EuGB 10yr EUR offering will follow, subject to market conditions.

Company Representatives:
Arnim Emrich – Head of Treasury
Stefan Hollnberger – Senior Funding Manager & Sustainable Finance Expert

Call Schedule:
14-Sep-26
Global Investor Call: 14:00-14:45 CET / 13:00-13:45 UKT – Registration via {https://evercall.co/oacc/63972}
Slot #1: 15:00-15:45 CET / 14:00-14:45 UKT
Slot #2: 16:00-16:45 CET / 15:00-15:45 UKT
Slot #3: 17:00-17:45 CET / 16:00-16:45 UKT

15-Sep-26
Slot #4: 08:30-9:15 CET / 07:30-08:15 UKT
Slot #5: 09:30-10:15 CET / 08:30-09:15 UKT
Slot #6: 10:30-11:15 CET / 09:30-10:15 UKT
Slot #7: 11:30-12:15 CET / 10:30-11:15 UKT
Slot #8: 12:30-13:15 CET / 11:30-12:15 UKT
Slot #9: 16:30-17:15 CET / 15:30-16:15 UKT

16-Sep-26
Slot #10: 08:30-9:15 CET / 07:30-08:15 UKT
Slot #11: 09:30-10:15 CET / 08:30-09:15 UKT
Slot #12: 10:15-11:00 CET / 09:15-10:00 UKT
Slot #13: 12:00-12:45 CET / 11:00-11:45 UKT
Slot #14: 13:30-14:15 CET / 12:30-13:15 UKT
Slot #15: 14:30-15:15 CET / 13:30-14:15 UKT
Slot #16: 15:30-16:15 CET / 14:30-15:15 UKT
Slot #17: 16:30-17:15 CET / 15:30-16:15 UKT

17-Sep-26
Slot #18: 10:00-10:45 CET / 09:00-09:45 UKT
Slot #19: 11:00-11:45 CET / 10:00-10:45 UKT
Slot #20: 12:00-12:45 CET / 11:00-11:45 UKT
Slot #21: 14:00-14:45 CET / 13:00-13:45 UKT
Slot #22: 15:00-15:45 CET / 14:00-14:45 UKT
Slot #23: 16:00-16:45 CET / 15:00-15:45 UKT
Slot #24: 17:00-17:45 CET / 16:00-16:45 UKT
Other slots can be made available on request.

• Target Market: retail, professional and eligible counterparties, each as defined in MiFID II and UK MiFIR product governance (all channels for distribution of the Bonds are appropriate)
• UoP: An amount equal to the nominal amount of the issuance will be fully allocated by the Issuer to refinance eligible expenditures for environmentally sustainable activities as defined under Article 3 of Regulation (EU) 2020/852 (the “EU Taxonomy Regulation”), as further specified in the Issuer's European Green Bond Factsheet dated 10-Sep-26. EuGBs issued by the State of Baden-Wuerttemberg under this Factsheet are also aligned with the voluntary guidelines of the ICMA Green Bond Principles 2025.
• Investor Relations & EuGB Documents:
  • EN: {https://fm.baden-wuerttemberg.de/de/finanzen/haushalt/green-bond-bw-en}
  • DE: {https://fm.baden-wuerttemberg.de/de/finanzen/haushalt/green-bond-bw}