Commentary & Deal Flow

IPTs: 5.5yr: MS+95/100bp

• Issuer: Norddeutsche Landesbank - Girozentrale
• BBG Ticker: NDB
• LEI: DSNHHQ2B9X5N6OUJ1236
• Issuer Rating: Aa2 (stable) by Moody's / AA- (stable) by Fitch)
• Exp. Issue Rating: Aa2 (Moody's), AA- (Fitch)
• Status of the Notes: Senior Preferred Notes, direct, unconditional, unsubordinated and unsecured liabilities of the Issuer (MREL eligible)
• Form of the Notes: Bearer Notes
• Use of Proceeds: General financing purposes of the Issuer
• ECB Eligibility: The issue is expected to be ECB eligible
• Size: exp. €500mn
• Trade Date: 19-Oct-26
• Settlement Date: 28-Oct-26 (T+7)
• Maturity Date: 28-Apr-32 (5.5yr)
• IPT: MS+95-100bp
• Coupon: Fixed, annual, Act/Act ICMA, unadjusted following, Short first
• Business Days: T2
• Denoms / Listing / Law: €1,000 + €1,000 / Hanover Stock Exchange (Regulated Market)/ German
• ISIN / WKN: DE000NLB6TG1 / NLB6TG
• Clearing: Clearstream Europe
• Documentation: Under NORD/LB's €25bn Programme for the Issuance of Debt Instruments dated 08-May-26, supplemented 13-May-26 and 31-Aug-26 (together, the “Prospectus”).
• Selling Restrictions: As set out in the respective section “Selling Restrictions” of the Prospectus (as defined above)
• Early Redemption: At par due to taxation reasons (issuer required to pay additional amounts); an MREL Event. All subject to certain conditions, incl. the prior permission of the competent regulatory authority.
• Joint Lead Managers: Barclays, BofA Securities, Deutsche Bank (B&D), DZ Bank, IMI-Intesa Sanpaolo and NORD/LB
• Target Market: The target market for the bonds is eligible counterparties, professional clients and retail clients, each as defined in MiFID II / UK MiFIR product governance (all channels for distribution of the bonds are appropriate).
• Advertising: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus, Supplements and the Final Terms, when published, will be available on: https://www.nordlb.de/unsere-leistungen/kapitalmarktportal (German) and https://www.nordlb.com/our-products-services/capital-market-portal (English)
• Fees: The Joint Lead Managers will be paid a fee by the Issuer in respect of the placement of the securities.
• Timing: Books open, today's business