Commentary & Deal Flow

Guidance: 3yr: MS+3a

• Issuer: State of North Rhine-Westphalia
• Ticker: NRW
• Format: Senior unsecured, Reg S Bearer, 0% RW, HQLA/Level 1
• Issuer Rating: Aa1 / AA / AAA / AAA (Moody's / S&P / Fitch / Scope)
• Size: €1bn WNG
• Coupon: Fixed, annual, ACT/ACT ICMA, short first
• Maturity: 09-Nov-29 (3Y)
• Settlement: 10-Nov-26 (T+5)
• List/Law/Denoms: Düsseldorf / German / €1k+1k
• ISIN/WKN: DE000NRW0Q15 / NRW0Q1
• JLM: Deutsche Bank, Helaba, J.P. Morgan, RBCCM and Societe Generale (B&D)
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Timing: Today's business
• Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFIDII
• Advertisment: The Base Prospectus is available at: https://www.finanzverwaltung.nrw.de/system/files/media/document/file/nrw-dip-update-2026-alleviated-prospectus-final-submission-version.pdf and the Final Terms, when published, will be available http://www.boerse-duesseldorf.de/anleihen/wkn/NRW0Q1