3 Questions regarding NORD/LBs Green Pfandbrief 2029

We are very satisfied with the transaction. Especially against the backdrop of a market environment that remains volatile, it has become clear that NORD/LB is viewed as a highly reliable player in the liquid Pfandbrief segment. Demand was high from the outset; the order book exceeded €1.5 billion as early as the first update and ultimately grew to over €1.6 billion, with participation from more than 80 investors. Particularly encouraging was the potential spread narrowing from MS +16 bps to MS +10 bps. In our view, this level represents the tightest spread we have achieved to date this year in the Pfandbrief sector and reflects the very positive investor feedback. The fact that we were able to achieve this on a Monday following a holiday-shortened previous week marked by high market volatility further underscores the quality of the offering and the confidence in our credit. It was also important to us to once again place a significant portion of the issue with core investors from the DACH and Nordic regions, while maintaining a broad order book overall.

A green covered issue combines several aspects that are increasingly crucial for many investors. On the one hand, the Pfandbrief traditionally stands for a very high degree of security and transparency. Combined with a clearly defined green cover pool, this creates a product that meets both regulatory and sustainability-related requirements. On the other hand, we see that, particularly with Green Pfandbriefe, sustainability does not come at the expense of price quality. The current transaction shows that investors are willing to subscribe to substantial volumes when ESG quality, structure, and credit align. Also worth noting is the strong demand from banks, which accounted for around two-thirds of the order book. In our view, this confirms that Green Pfandbriefe have now become an integral part of the liquidity and investment portfolios of many institutions.

Our goal is to remain a reliable and predictable issuer for investors. This includes approaching the market regularly and in tried-and-tested formats. Over the remainder of the year, we intend to issue in both, covered and unsecured, benchmark formats, thereby extending our presence across various segments. At the same time, market timing and product selection remain crucial for successful transactions. We monitor market and are focused on successful executions. From our perspective, this means one thing above all for investors: reliability, transparency, and consistency — qualities that are more important than ever in the current market environment.