Commentary & Deal Flow

Reoffer: 2yr: MS+7bp / 99.8 / 3.48%
Benchmark: 2yr: BKO 2.7 13-Sep-28 @ 99.235 / B+37.1bp / HR 104%

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
• Issuer Rating: Aa2, stable (Moody's) / AA-, stable (Fitch) / A (high), stable (DBRS)
• Issue Rating: Aaa (Moody's)
• Status: Mortgage Covered Bond (Hypothekenpfandbrief)
• Label: EU harmonisation label European Covered Bond (Premium)
• Format: Reg S, Bearer
• Settlement: 23-Oct-26, T+9
• Maturity: 23-Oct-28 (2Y)
• Issue Size: EUR 750 million
• Coupon: 3.375%, Fixed, Annual, Act/Act ICMA
• Reoffer: 99.80%, yld 3.48%, MS+7bps
• Spread vs. Bmk: 37.1bps over BKO 2.7 13-Sep-28 (@99.235%), HR 104%
• Denominations: EUR 1k + EUR 1k
• Listing/Law: Stuttgart Stock Exchange / German Law
• ISIN/WKN/Series: DE000LB2EQY7 / LB2EQY
• Clearing: Clearstream
• Joint Bookrunners: DZ Bank, ING, LBBW (B&D), NatWest, NORD/LB, Societe Generale
• MIFID II/MIFIR: Manufacturer target market (MiFID II/MiFIR product governance) is eligible counterparties, professional clients (all distribution channels). No PRIIPs KID.
• Use of Proceeds: General corporate purposes
• Documentation: Issuer's EUR 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
• Timing: Priced, TOE 15:15 CET, FTT 15:30 CET