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Commentary & Deal Flow

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by Oleksandr Vynychuk

Oct 19, 2026 5:29 AM ET

UPDATE: Bayerische Landesbank €500m (no grow) 3.5yr CB; Spread set at MS+12bp

IGC European Market: Deal Flow - General

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance	Spread Set
Bayerische Landesbank	3.5yr	26-Apr-30	€500m (no grow)	CB	Fixed	DE000BYL0R59	MS+16a	MS+12

Spread set at: 3.5yr: MS+12bp - Orderbook above €1bn (incl. €165m JLM-Interest)

Guidance: 3.5yr: MS+16a

Issuer: Bayerische Landesbank
Ticker: BYLAN
LEI: VDYMYTQGZZ6DU0912C88
Issue Type: Mortgage Covered Bond (Hypothekenpfandbrief), European Covered Bond label (Premium)
Exp. Issue Rating: Aaa (Moody's)
Format: Reg S, Bearer
Issue Size: €500m (no grow)
Spread: MS+12bp
Coupon: Fixed, annual, act/act ICMA, unadjusted following
Settlement: 26-Oct-26 (T+5)
Maturity: 26-Apr-30 (short first coupon)
Denominations: €1k+1k
Listing/Law: Munich / German
Documentation: Under Issuer's €60bn Debt Issuance Programme – Base Prospectus dated 12-May-26, last supplemented 17-Sep-26 (the “DIP Prospectus”) and related documentation
Joint Bookrunners: ABN AMRO, BayernLB(B&D), DZ Bank, HSBC, KBC Bank, Natixis
MIFID II: The manufacturer target market is eligible counterparties, professional clients and retail clients (all distribution channels)
Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities
ISIN/WKN: DE000BYL0R59 / BYL0R5
Schedule: Books open, Today's business; Books to go subject 12:00 CET; Allocation and pricing later today
Advertisement: The prospectus is available athttps://www.bayernlb.de/internet/de/blb/resp/meta_7/ueber_uns_1/investor_relations_5/refinanzierung_1/2026_prospekte/dip_2026_05/dip_2026_05.jsp