CMZB 4.250% Perpetual Corp (EUR)

Bond Factsheet

Commerzbank AG

Indicative

Full Lot

Bid Price

99.282

Change in Bid Price

remove 0.131

Bid Yield (%)

4.738 %

Change in Bid Yield

0.093

Ask Price

99.763

Change in Ask Price

remove 0.110

Ask Yield (%)

4.400 %

Change in Ask Yield

0.077

Indicative price as of 02 Oct 2026, 4:33pm

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Bond Information

Commerzbank Aktiengesellschaft attracts deposits and offers retail and commercial banking services. The Bank offers mortgage loans, securities brokerage and asset management services, private banking, foreign exchange, and treasury services worldwide.

Bond Issuer

Commerzbank AG

Guarantor

Announcement Date

15 Jun 2021

Issue Date

22 Jun 2021

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 1.013

Modified Duration

0.926 @ 02 Oct 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

4.250

Coupon Type

Variable

Annual Coupon Rate

4.250

Coupon Frequency

Annually

Seniority

Junior Subordinated

Capital Structure

Additional Tier 1

Reference Rate

Reset Date: 09 Apr 2028 and every 5 years thereafter
Reset Rate: 5Y EUR SWAP + 4.387%

ISIN

DE000CZ45WA7

CUSIP

BQ0799453

Bond Currency

EUR

Total Issue Size

500,000,000

Min. Investment Quantity (Nominal)

EUR 200,000

Incremental Quantity (Nominal)

EUR 200,000

Bond Type

High Yield Corporate

Bond Sector

Financials

Bond Sub Sector

Banks

Issuer Credit Rating (S&P/ Fitch)

***/ W.R

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

Others

Bond Feature(s)

Loss Absorption

Additional Tier 1

Upon the occurrence of a Trigger Event, the Current Nominal Amount of each Note shall be reduced by the amount of the relevant write-down.

A "Trigger Event" occurs if, at any time, the common equity tier 1 capital ratio pursuant to Article 92(1)(a) CRR of the Issuer (the "Common Equity Tier 1 Capital Ratio"), determined on either (i) a consolidated basis or (ii) an individual basis, falls below 5.125 per cent. (the "Minimum CET1 Ratio"), provided that (i) while the Trigger Event in respect of the Minimum CET1 Ratio determined on a consolidated basis may occur at any time, (ii) a Trigger Event in respect of the Minimum CET1 Ratio determined on an individual basis shall only occur if the Issuer should, in the future pursuant to the Applicable Supervisory Regulations or an administrative order, be required to comply with the prudential requirements on an individual basis as well and, for this purpose, to determine the Minimum CET1 Ratio on an individual basis. Whether a Trigger Event has occurred shall be determined by the Issuer, the competent authority or any agent appointed for such purpose by the competent authority, and such determination will be binding on the Holders.

For the avoidance of doubt, a Trigger Event may be determined at any time and may occur on more than one occasion.

Write-down.

Upon the occurrence of a Trigger Event, a write-down shall be effected pro rata with all of the Issuer's other AT1 Instruments which provide for a write-down (whether permanent or temporary) or a conversion into common equity tier 1 capital instruments upon the occurrence of such Trigger Event. If upon the occurrence of a Trigger Event other AT1 Instruments are also subject to a write-down or are subject to conversion into common equity tier 1 capital instruments, where the respective conditions provide for a trigger event on a level for the Common Equity Tier 1 Capital Ratio at or above the Minimum CET1 Ratio (together with the Notes the "Relevant AT1 Instruments"), any such write-down or conversion will occur in such order of application or ratio as required in accordance with the Applicable Supervisory Regulations.

Deferral Interest Payment

Non-Cumulative Deferral

The Issuer has the right to cancel all or part of any payment of interest in its sole discretion and at any time. If the Issuer exercises such right, it shall give notice to the Holders in accordance with § 11 without undue delay but no later than on the relevant Interest Payment Date. Any failure to give such notice shall not affect the validity of the decision on the cancellation, shall in no event result in an obligation of the Issuer to make a cancelled interest payment at a later date and shall not constitute a default for any purpose. A notice which has not been given until the relevant Interest Payment Date shall be given without undue delay thereafter.

Issuer Call

The Issuer may redeem the Notes, in whole but not in part, at any time, subject to the prior permission of the competent authority and in accordance with § 5(5), with effect as of any Optional Redemption Date (as defined below) at their Redemption Amount (as defined in § 5(6)) together with interest (if any, and subject to a cancellation of the interest payment pursuant to § 3(8)) accrued to (but excluding) the relevant Optional Redemption Date.

"Optional Redemption Date" means

(i) each Business Day during the period from (and including) 9 October 2027 to (but excluding) the First Reset Date;
(ii) the First Reset Date; and
(iii) each Interest Payment Date following the First Reset Date.

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Coupon Dates	Coupon Receive	Principal Amount	Cash Flow

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