Commentary & Deal Flow

Tranche 1 (2yr): Final books >€1.6bn (incl. €225m JLM interest). Peak book >€1.6bn (incl. €225m JLM)

Launched: 2yr: €750m @ MS+7bp - Books > €1.6bn (incl. €225m JLM)
Book Update: Orderbooks above €1.3bn incl. €200m JLM interest
Guidance: 2yr: MS+12a

• Issuer: Landesbank Baden-Württemberg
• Ticker: LBBW
• LEI: B81CK4ESI35472RHJ606
• Issue Type: Hypothekenpfandbrief (Mortgage Pfandbrief)
• Label: EU harmonisation label European Covered Bond (Premium)
• Format: Reg S, Bearer
• Issue Rating: Aaa by Moody's (expected)
• Issue Size: €750m
• Coupon: Fixed, annual, Act/Act ICMA
• Value Date: 23-Oct-26 (T+9)
• Maturity: 23-Oct-28
• Benchmark: BKO 2.7 13-Sep-28, HR 104%
• Leads: DZ Bank, ING, LBBW (B&D), NatWest, NORD/LB, Societe Generale
• Listing: Stuttgart Stock Exchange, Regulated Market
• Law: German
• Settlement: Clearstream Europe AG
• ISIN/WKN: DE000LB2EQY7 / LB2EQY
• Target Market: Manufacturer target market (MiFID II/MiFIR product governance) is eligible counterparties, professional clients and retail (all channels for distribution of the bonds are appropriate). No PRIIPs KID.
• Denoms/Law: €1k + €1k, German law
• Use of Proceeds: General corporate purposes
• Schedule: Books open, today's business
• Books Close: 12:50 CET
• Hedge Deadline: 14:55 CET
• Documentation: Landesbank Baden-Württemberg’s EUR 50bn Programme for the Issuance of Debt Securities, dated 23-Apr-26, as supplemented from time to time. Available at: https://www.lbbw.de/group/news-and-service/investor-relations/issuing-programs/issuing-programmes_ac9nogyp1w_e.html