Commentary & Deal Flow

Reoffer: 10yr: MS+23bp / 99.186 / 3.724%
Benchmark: 10yr: DBR 3% 15-Aug-36 @ 96.245 / B+27.1bp

Tranche 1 (10yr): Final book over €2bn (incl. €110m JLM).

Launched: 10yr: €600m @ MS+23bp - Books above €1.45bn (incl. €110m JLM)
Book Update: Books over €1bn (excl. JLM)
Guidance: 10yr: MS+24a

• Issuer: Land Baden-Wuerttemberg
• BBG Ticker: BADWUR
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Issuer Rating: Aaa / AA+ / AAA (Moody's/S&P/Scope)
• Size: €600m
• Coupon: 3.625%, Fixed, Annual, ACT/ACT ICMA
• Maturity: 29-Sep-36 (10yr)
• Settlement: 29-Sep-26 (T+6)
• Reoffer: MS+23bp (3.724% / 99.186)
• Benchmark: +27.1bp vs DBR 3% 15-Aug-36 @ 96.245 / 3.453% / (HR 101%)
• Law/List/Denom: German/Stuttgart/1k
• ISIN/WKN: DE000A3H26C0 / A3H26C
• Bookrunners: BNP Paribas, Crédit Agricole CIB, Deutsche Bank, DZ BANK (B&D), LBBW and Nordea
• Fees: The banks will be paid a fee in relation to this transaction
• Joint ESG Structuring Coordinators: Deutsche Bank, DZ BANK
• Use of Proceeds: 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.
• Target Market (MiFID II and UK MiFIR): Eligible Counterparties, Professional and Retail Clients (all distribution channels)
• Books Subject Deadline: 11:00 CET / 10:00 LDN time
• Hedge Deadline: 12.35 CET / 11.35 UKT
• Timing: Priced, TOE 12.44 CET, FTT Immediately