Commentary & Deal Flow

Launched: 3yr: €500m @ MS+35bp - Books > €1.25bn (incl. €200m JLM)
Spread set at: 3yr: MS+35bp
Book Update: Books > €1bn (incl. €180m JLM)
Guidance: 3yr: MS+40a

• Issuer: Deutsche Pfandbriefbank AG (Ticker: PBBGR)
• LEI: DZZ47B9A52ZJ6LT6VV95
• Expected Issue Rating: Aa1 (Moody's)
• Currency: Euro ("€")
• Size: €500m
• Spread: MS+35bp
• Status: Hypothekenpfandbriefe (“Mortgage Pfandbriefe”) as determined by the German Pfandbrief Act (Pfandbriefgesetz, (“PfandBG”))
• Covered Bond Level: Europäische gedeckte Schuldverschreibung (Premium) / European Covered Bond (Premium)
• Launch Date: 20-Oct-26
• Settlement Date: 27-Oct-26 (T+5)
• Maturity Date: 26-Oct-29
• Coupon: [•], payable annually in arrear, fixed
• Coupon Payment Dates: Short first, 26 October in each year, commencing on 26-Oct-27
• Redemption Amount: 100.00%
• Denominations: €1,000 + 1,000
• Documentation: Under the Issuer’s €50,000,000,000 Debt Issuance Programme; Base Prospectus dated 2-Apr-26, supplemented on 15-May-26 and 18-Aug-26.
• Listing: Regulated Market of the Munich Stock Exchange
• Clearing: Euroclear / Clearstream
• Governing Law: German Law
• ISIN: DE000A3827F9
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties, professional investors and retail clients (all distribution channels).
• Joint Bookrunners: Commerzbank, DekaBank, NatWest, SEB, UBS Investment Bank, UniCredit
• Advertisement: The Base Prospectus is available at https://www.pfandbriefbank.com/en/investors/debt-investors/issuance-programmes/dip/ and Final Terms, when published, will be available at https://www.pfandbriefbank.com/en/investors/debt-investors/final-terms/hypothekenpfandbriefe/
• Books Subject: 10:50 UKT / 11:50 CET
• Timing: Books open, Today's business