Commentary & Deal Flow

Reoffer: 3.5yr: MS+12bp / 99.798 / 3.567%
Hedge Ref: 3.5yr: OBL 2.40% 18-Apr-30 (DE000BU25042) @ 97.452 / B+38.7bp, HR 101%

Final Books: Above €1.18bn pre-recon (incl. €210m JLM interest)

Launched: 3.5yr: €500m @ MS+12bp - Final books above €1.18bn pre-recon (incl. €210m JLM interest)
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: €500mn
• Coupon: 3.500%, annual, act/act ICMA, unadjusted following
• Settlement: 26-Oct-26 (T+5)
• Maturity: 26-Apr-30 -short first coupon-
• Reoffer: MS+12bp / 99.798% / 3.567%
• Hedge Ref: OBL 2.40% 18-Apr-30 (DE000BU25042) @ 97.452% +38.7bp, HR 101%
• 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
• Timing: Priced, TOE 14:51 CET, FTT 15:00 CET
• Advertisement: The prospectus is available at https://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