Bond Bayern Landesbank 0.0125% ( XS1551726737 ) in GBP

Issuer Bayern Landesbank
Market price 100 %  ▼ 
Country  Germany
ISIN code  XS1551726737 ( in GBP )
Interest rate 0.0125% per year ( payment 1 time a year)
Maturity 20/12/2021 - Bond has expired



Prospectus brochure of the bond Bayerische Landesbank XS1551726737 in GBP 0.0125%, expired


Minimal amount /
Total amount /
Detailed description Bayerische Landesbank (BayernLB) is a German public-sector bank operating primarily in Bavaria, providing a wide range of financial services to corporate and public clients, including financing, investment banking, and asset management.

The Bond issued by Bayern Landesbank ( Germany ) , in GBP, with the ISIN code XS1551726737, pays a coupon of 0.0125% per year.
The coupons are paid 1 time per year and the Bond maturity is 20/12/2021








This document constitutes two base prospectuses of Bayerische Landesbank for the purpose of Art. 8(1) of the Pro-
spectus Regulation (as defined below) and the Luxembourg law of 16 July 2019 relating to prospectuses for securities
(Loi du 16 juillet 2019 relative aux prospectus pour valeurs mobilières et portant mise en oeuvre de règlement
(UE) 2017/1129): (i) the base prospectus of non-equity securities within the meaning of Art. 2(c) of the Prospectus
Regulation "Non-Equity Securities") and (ii) the base prospectus in respect of Pfandbriefe within the meaning of Arti-
cle 2(c) of the Prospectus Regulation (together, the "Prospectus").
Debt Issuance Programme Prospectus
dated 17 May 2021

Bayerische Landesbank
A public law financial institution (rechtsfähige Anstalt des öffentlichen Rechts)
under the laws of the Federal Republic of Germany
EUR 60,000,000,000
Debt Issuance Programme
Application has been made in order for notes in bearer form to be issued under the Programme to be listed on the
official list of the Luxembourg Stock Exchange and to be admitted to trading on the regulated market of the Luxem-
bourg Stock Exchange (the "Regulated Market Bourse de Luxembourg") or on the professional segment of the Reg-
ulated Market of the Luxembourg Stock Exchange during a period of 12 months from the date of this Prospectus. The
Regulated Market Bourse de Luxembourg is a regulated market within the meaning of Directive 2014/65/EU on mar-
kets in financial instruments (as amended, "MiFID II") and appears on the list of regulated markets issued by the
European Commission. Notes issued under the Programme may also be listed on the Frankfurt and Munich stock
exchanges or may not be listed at all.
This Prospectus has been approved by the Commission de Surveillance du Secteur Financier of the Grand Duchy of
Luxembourg (the "CSSF") as competent authority under Regulation (EU) 2017/1129 of the European Parliament and
of the Council of 14 June 2017, as amended (the "Prospectus Regulation"). The CSSF only approves this Prospectus
as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation.
Such approval should not be considered as an endorsement of the issuer or of the quality of the Notes that are the
subject of this Prospectus. Investors should make their own assessment as to the suitability of investing in the Notes.
The Issuer has requested the CSSF in its capacity as competent authority under the Prospectus Regulation and the
Luxembourg Law of 16 July 2019 relating to prospectuses for securities (Loi du 16 juillet 2019 relative aux prospectus
pour valeurs mobilières et portant mise en oeuvre du règlement (UE) 2017/1129 ­ the "Luxembourg Law") to provide
the competent authority in the Federal Republic of Germany with a certificate of approval attesting that the Prospec-
tus has been drawn up in accordance with the Prospectus Regulation ("Notification"). The Issuer may request the
CSSF to provide competent authorities in additional host Member States within the European Economic Area with a
Notification. By approving a prospectus, the CSSF shall give no undertaking as to the economic and financial sound-
ness of the operation or the quality or solvency of the issuer.

Arranger

BayernLB

Dealers

ABN AMRO
BayernLB
BNP PARIBAS
Citigroup
Crédit Agricole CIB
Credit Suisse
Deutsche Bank
J.P. Morgan
NatWest Markets

UBS Investment Bank

This Prospectus will be published in electronic form on the website of the Issuer under https://www.bayernlb.de/in-
ternet/de/blb/resp/investor_relations_5/refinanzierung_1/2021_prospekte/dip_2021_05/dip_2021_05.jsp and on
the website of the Luxembourg Stock Exchange (www.bourse.lu). This Prospectus succeeds the Prospectus dated 18
May 2020. The validity ends upon expiration of 17 May 2022. There is no obligation to supplement the Prospectus in
the event of significant new factors, material mistakes or material inaccuracies when the Prospectus is no longer
valid.




Bayerische Landesbank Debt Issuance Programme Prospectus dated 17 May 2021


RESPONSIBILITY STATEMENT
Bayerische Landesbank (the "Issuer", "BayernLB" or the "Bank") with its registered office in Munich is solely
responsible for the information given in this Prospectus and for the information which will be contained in the
relevant final terms (the "Final Terms"). The Issuer hereby declares that, to the best of its knowledge, the in-
formation contained in this Prospectus is, in accordance with the facts and that this Prospectus makes no omis-
sion likely to affect its import.
NOTICE
This Prospectus should be read and understood in conjunction with any supplement thereto and any document
incorporated therein by reference. Full information on the Issuer and any tranche of Notes is only available on
the basis of the combination of this Prospectus and the Final Terms.
The Issuer has confirmed to the dealers set forth on the cover page and any additional dealer appointed from
time to time under the Programme (each a "Dealer" and together the "Dealers") that this Prospectus contains
all information with regard to the Issuer and the Notes which is material in the context of the Programme and
the issue and offering of the respective Notes thereunder, that the information contained herein with respect
to the Issuer and the Notes is accurate in all material respects and not misleading and that there are no other
facts with respect to the Issuer or the Notes the omission of which would make the Prospectus as a whole or
any of parts, misleading in any material respect and that the Issuer has made all reasonable enquiries to ascer-
tain all facts and to verify the accuracy of all statements contained therein.
No person is authorised to give any information or to make any representation regarding the Issuer or the Notes
which is not contained in or not consistent with this Prospectus or any other document entered into in relation
to the Programme or any written information supplied by the Issuer or any of the Dealers and, if given or made,
such information and representations must not be relied upon as having been authorised by or on behalf of the
Issuer or any of the Dealers.
This Prospectus is valid for 12 months following its date of approval. The delivery of this Prospectus or any Final
Terms and the offering, sale or delivery of any Notes may not be taken as an implication that the information
contained in such documents is accurate and complete subsequent to their respective dates of issue or that
there has been no adverse change in the financial condition of the Issuer since such date or that any other
information supplied in connection with the Programme is accurate at any time subsequent to the date on
which it is supplied or, if different, the date indicated in the document containing the same.
The Issuer has undertaken with the Dealers to publish a supplement to this Prospectus or to publish a new
Prospectus if and when the information therein should become materially inaccurate or incomplete, and has
further agreed with the Dealers to furnish a supplement to this Prospectus in the event of a significant new
factor, material mistake or material inaccuracy relating to the information included in this Prospectus which is
capable of affecting the assessment of the Notes and upon such approval having been given.
To the extent permitted by the laws of any relevant jurisdiction, neither the Arranger nor any Dealer nor any
other person mentioned in this Prospectus, excluding the Issuer, is responsible for the information contained
in this Prospectus or any supplement hereto or any document incorporated by reference, if any, or any Final
Terms and, accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these
persons accepts any responsibility for the accuracy and completeness of the information contained in any of
these documents.
The distribution of this Prospectus, any document incorporated herein by reference and any Final Terms and
the offering, sale and delivery of the Notes in certain jurisdictions may be restricted by law. Persons into whose
ii



Bayerische Landesbank Debt Issuance Programme Prospectus dated 17 May 2021
possession this Prospectus or any Final Terms come are requested by the Issuer and the Dealers to inform
themselves about and to observe any such restrictions.
For a description of certain restrictions on offers, sales and deliveries of Notes and on the distribution of the
Prospectus or any Final Terms and other offering material relating to the Notes, see "Selling Restrictions". In
particular, the Notes have not been and will not be registered under the Securities Act, and will include Notes
in bearer form that are subject to U.S. tax law requirements. Subject to certain exceptions, Notes may not be
offered, sold or delivered within the United States or to U.S. persons.
Each Dealer and/or each further financial intermediary subsequently reselling or finally placing Notes issued
under the Programme is entitled to use the Prospectus as set out in section 3 "Consent to the Use of the
Prospectus".
The language of the Prospectus is English. Any part of this Prospectus in the German language constitutes a
translation. In respect of the issue of any Tranche of Notes under the Programme, the German text of the Con-
ditions may be controlling and binding if so specified in the relevant Final Terms.
The Final Terms in respect of any Notes may include a legend entitled "MiFID II Product Governance" which will
outline the target market assessment in respect of the Notes and which channels for distribution of the Notes
are appropriate under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"). Any person
subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the
target market assessment under the MiFID Product Governance Rules; however, a distributor subject to MiFID II
is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or
refining the target market assessment) and determining appropriate distribution channels. The Final Terms in
respect of any Notes may further include a legend entitled "UK MiFIR Product Governance" which will outline
the target market assessment in respect of the Notes and which channels for distribution of the Notes are
appropriate under the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK
MiFIR Product Governance Rules"). Any distributor should take into consideration the target market assess-
ment; however, a distributor subject to the UK MiFIR Product Governance Rules is responsible for undertaking
its own target market assessment in respect of the Notes (by either adopting or refining the target market
assessment) and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under the MiFID Product Governance Rules and/or the UK MiFIR Product Governance Rules,
any Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the
Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the
MiFID Product Governance Rules and/or the UK MiFIR Product Governance Rules.
If the Final Terms in respect of any Notes include a legend entitled "PROHIBITION OF SALES TO EEA RETAIL
INVESTORS", the Notes are not intended to be offered, sold or otherwise made available to and should not be
offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For
these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in
point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive 2016/97/EU, where that
customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not
a qualified investor as defined in the Prospectus Regulation. Consequently, no key information document re-
quired by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes
or otherwise making them available to retail investors in the EEA has been prepared and, therefore, offering or
selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under
the PRIIPs Regulation.
If the Final Terms in respect of any Notes include a legend entitled "PROHIBITION OF SALES TO UK RETAIL IN-
VESTORS", the Notes are not intended to be offered, sold or otherwise made available to and should not be
offered, sold or otherwise made available to any retail investor in the United Kingdom (the "UK"). For these
purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (8) of
Article 2(1) of Commission Delegated Regulation (EU) 2017/565 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("EUWA"), as amended by the Markets in Financial Instruments
iii



Bayerische Landesbank Debt Issuance Programme Prospectus dated 17 May 2021
(Amendment) (EU Exit) Regulations 2018; or (ii) a customer within the meaning of Article 68(1) of the Financial
Services and Markets Act 2000 (Regulated Activities) Order 2001, where that customer would not qualify as a
professional client as defined in point (8) of Article 2(28) of Regulation (EU) No 600/2014 as it forms part of UK
domestic law by virtue of the EUWA, as amended by the Markets in Financial Instruments (Amendment) (EU
Exit) Regulations 2018. Consequently, no key information document required by Regulation (EU) No 1286/2014
as it forms part of UK domestic law by virtue of the EU-WA (the "UK PRIIPs Regulation") for offering or selling
the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore
offering or selling the Notes or otherwise making them available to any retail investor or in the UK may be
unlawful under the UK PRIIPs Regulation.
Interest amounts payable under Floating Rate Notes, Fixed to Floating Rate Notes and Fixed Rate Notes with
Reset Mechanism are calculated by reference to (i) EURIBOR (Euro Interbank Offered Rate) which is provided
by the European Money Markets Institute ("EMMI"); or (ii) STR (Euro short-term Rate) which is provided by
the European Central Bank; or (iii) SONIA (Sterling Overnight Index Average) which is provided by the Bank of
England; or (iv) SOFR (Secured Overnight Financing Rate) which is provided by the Federal Reserve Bank of New
York; or (v) SARON (Swiss Average Rate Overnight) which is provided by SIX Swiss Exchange ("SIX"); or (vi) the
BBSW (Bank Bill Swap Rate) which is provided by ASX Limited ("ASX"); or (vii) a euro swap rate which is provided
by ICE Benchmark Administration Limited ("IBA"). As at the date of this Prospectus, each of EMMI and ASX
appear whereas the European Central Bank, Bank of England, the Federal Reserve Bank of New York and SIX
and IBA are not included in the register of administrators and benchmarks established and maintained by the
European Securities and Markets Authority (ESMA) pursuant to Article 36 of Regulation (EU) 2016/1011, as
amended (the "Benchmark Regulation"). As far as the Issuer is aware, the transitional provisions in Article 51
of the Benchmark Regulation apply, such that SIX and IBA are not currently required to obtain authorisation or
registration (or, if located outside the European Union, recognition, endorsement or equivalence). As central
banks, the European Central Bank, Bank of England and the Federal Reserve Bank of New York are not subject
to the Benchmark Regulation.
This Prospectus may only be used for the purpose for which it has been published.
Each Dealer and/or each further financial intermediary subsequently reselling or finally placing Notes issued
under the Programme is entitled to use the Prospectus as set out in "Consent to the Use of the Prospectus"
below.
This Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation by anyone in
any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful
to make such an offer or solicitation.
This Prospectus and any Final Terms do not constitute an invitation to subscribe for or purchase any Notes.
In connection with the issue of any tranche of Notes, the Dealer or Dealers (if any) named as the stabilising
manager(s) (or persons acting on behalf of any stabilising manager(s)) in the applicable Final Terms may over-
allot Notes or effect transactions with a view to supporting the price of the Notes at a level higher than that
which might otherwise prevail. However, stabilisation may not necessarily occur. Any stabilisation action
may begin on or after the date on which adequate public disclosure of the terms of the offer of the relevant
tranche of Notes is made and, if begun, may cease at any time, but it must end no later than the earlier of 30
days after the issue date and 60 days after the date of the allotment of the relevant tranche of Notes. Any
stabilisation action or over-allotment must be conducted by the relevant stabilising manager(s) (or person(s)
acting on behalf of any stabilising manager(s)) in accordance with all applicable laws and rules.
In this Prospectus, al references to "EUR", "" or "euro" are to the single currency of certain member states of
the European Union.
The information on any website referenced in the Prospectus, except for information contained in a document
incorporated in this Prospectus by reference which can be viewed on such website, do not form part of the
Prospectus and have not been scrutinized or approved by the CSSF.
iv



Bayerische Landesbank Debt Issuance Programme Prospectus dated 17 May 2021
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement that
does not relate to historical facts and events. They are based on analyses or forecasts of future results and
estimates of amounts not yet determinable or foreseeable. These forward-looking statements are identified by
the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may",
"plan", "predict", "project", "will" and similar terms and phrases, including references and assumptions. This
applies, in particular, to statements in the Prospectus containing information on future earning capacity, plans
and expectations regarding Bayerische Landesbank's business and management, its growth and profitability,
and general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that the Issuer
makes to the best of its present knowledge. These forward-looking statements are subject to risks, uncertain-
ties and other factors which could cause actual results, including Bayerische Landesbank's financial condition
and results of operations, to differ materially from and be worse than results that have expressly or implicitly
been assumed or described in these forward-looking statements. Bayerische Landesbank's business is also sub-
ject to a number of risks and uncertainties that could cause a forward-looking statement, estimate or prediction
in this Prospectus to become inaccurate. Accordingly, investors are strongly advised to read the following sec-
tions of this Prospectus: "Risk Factors" and "Bayerische Landesbank". These sections include more detailed de-
scriptions of factors that might have an impact on Bayerische Landesbank's business and the markets in which
it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not occur.
In addition, neither the Issuer nor the Dealers assume any obligation, except as required by law, to update any
forward-looking statement or to conform these forward-looking statements to actual events or developments.
v



Bayerische Landesbank Debt Issuance Programme Prospectus dated 17 May 2021
TABLE OF CONTENTS
Responsibility Statement ............................................................................................................................ ii
Notice ......................................................................................................................................................... ii
Forward-Looking Statements ...................................................................................................................... v
Table of Contents ....................................................................................................................................... vi
1
General description of the Programme................................................................................................ 1
1.1
Overview over the Programme ................................................................................................ 1
1.1.1
The Programme .......................................................................................................................... 1
1.1.2
Issue procedures ........................................................................................................................ 1
1.1.3
The Notes ................................................................................................................................... 2
1.2
Documentation of Tranches of Notes ....................................................................................... 3
1.2.1
Terms and Conditions ................................................................................................................ 3
1.2.2
Options for sets of Terms and Conditions .................................................................................. 3
1.2.3
Documentation of the Terms and Conditions ............................................................................ 3
1.2.4
Determination of Options and completion of placeholders ...................................................... 4
1.2.5
Controlling Language ................................................................................................................. 4
2
Risk Factors ......................................................................................................................................... 5
2.1
Risk factors regarding the Issuer............................................................................................... 5
2.1.1
Risk factors relating to bank-specific crisis management .......................................................... 5
2.1.2
Business risks.............................................................................................................................. 9
2.1.3
Regulatory risk factors ............................................................................................................. 12
2.1.4
Risks relating to the Issuer's environment ............................................................................... 13
2.2
Risk factors regarding the Notes ............................................................................................. 14
2.2.1
Risks factors in respect of the class and status of the Notes ................................................... 14
2.2.2
Risk factors in respect of the interest rate structure of the Notes .......................................... 27
2.2.3
Further risk factors that may arise from the Terms and Conditions of the Notes ................... 31
2.2.4
Risk factors in respect of conflicts of interest .......................................................................... 32
2.2.5
Risk factors in connection with a purchase or sale of the Notes ............................................. 33
3
Consent to Use the Prospectus .......................................................................................................... 37
4
Bayerische Landesbank ..................................................................................................................... 38
4.1
Information about the Issuer.................................................................................................. 38
4.1.1
Information on the legal organisation of the Issuer ................................................................ 38
4.1.2
Administrative, management and supervisory bodies ............................................................ 41
4.1.3
Organisational structure .......................................................................................................... 45
4.2
Issuer ratings .......................................................................................................................... 45
4.2.1
Assigned issuer ratings ............................................................................................................. 45
4.2.2
Registration under the CRA Regulation.................................................................................... 45
4.2.3
Rating definitions ..................................................................................................................... 46
4.2.4
Notes on the interpretation of issuer ratings .......................................................................... 46
4.3
Business activities .................................................................................................................. 47
4.3.1
Overview .................................................................................................................................. 47
4.3.2
Principal markets ...................................................................................................................... 47
4.3.3
Principal activities .................................................................................................................... 47
4.3.4
Focus 2024 transformation programme .................................................................................. 49
vi



Bayerische Landesbank Debt Issuance Programme Prospectus dated 17 May 2021
4.3.5
Sustainability ratings ................................................................................................................ 49
4.3.6
Protection scheme ................................................................................................................... 52
4.4
Financing ................................................................................................................................ 52
4.4.1
Expected financing of business actitivities ............................................................................... 52
4.4.2
Material changes in the Issuer's borrowing and funding structure ......................................... 56
4.5
Financial information ............................................................................................................. 56
4.5.1
Historical financial information ................................................................................................ 56
4.5.2
Interim and other financial information .................................................................................. 56
4.5.3
Significant change in the Issuer's financial position ................................................................. 60
4.6
Trend information .................................................................................................................. 60
4.6.1
Development of the BayernLB Group in the 2020 financial year ............................................. 60
4.6.2
Recent developments and outlook .......................................................................................... 61
4.6.3
Changes in prospects and financial performance .................................................................... 62
4.7
Alternative performance measures ........................................................................................ 62
4.8
Governmental, legal and arbitration proceedings .................................................................. 63
5
Terms and Conditions of the Notes ................................................................................................... 64
5.1
English language version of the Terms and Conditions of the Notes ....................................... 64
5.1.1
Option I ­ Terms and Conditions for Pfandbriefe .................................................................... 65
5.1.2
Option II ­ Terms and Conditions for Unsubordinated Notes in Standard Format ............... 106
5.1.3
Option III ­ Terms and Conditions for Unsubordinated Notes in Eligible Liabilities Format .. 152
5.1.4
Option IV ­ Terms and Conditions for Subordinated Notes................................................... 202
5.2
German language version of the Terms and Conditions of the Notes (Deutsche Fassung der
Anleihebedingungen) ........................................................................................................... 251
5.2.1
Option I ­ Anleihebedingungen für Pfandbriefe .................................................................... 252
5.2.2
Option II ­ Anleihebedingungen für Nicht Nachrangige Schuldverschreibungen im
Standardformat ...................................................................................................................................... 296
5.2.3
Option III ­ Anleihebedingungen für Nicht Nachrangige Schuldverschreibungen im Format für
Berücksichtigungsfähige Verbindlichkeiten ........................................................................................... 346
5.2.4
Option IV ­ Anleihebedingungen für Nachrangige Schuldverschreibungen .......................... 401
6
Form of Final Terms (Muster der Endgültigen Bedingungen) ........................................................... 455
7
Description of the rules regarding resolutions of holders ................................................................ 481
7.1
General ................................................................................................................................ 481
7.2
Matters to be determined by holders' resolution and binding effect of holders'
resolutions ........................................................................................................................... 481
7.3
Common representative ....................................................................................................... 482
7.4
Procedure for convening meetings and passing resolutions ................................................. 482
7.4.1
Resolutions passed in a meeting of holders ........................................................................... 482
7.4.2
Resolutions passed by vote taken without a meeting ........................................................... 484
7.5
Costs .................................................................................................................................... 485
7.6
Peculiarities in the event of insolvency proceedings ............................................................ 485
7.7
Action to set aside a holders' resolutions ............................................................................. 485
8
Pfandbriefe ...................................................................................................................................... 486
8.1
Introduction ......................................................................................................................... 486
vii



Bayerische Landesbank Debt Issuance Programme Prospectus dated 17 May 2021
8.2
Rules applicable to all types of Pfandbriefe .......................................................................... 487
8.3
Cover pool for Mortgage Pfandbriefe ................................................................................... 488
8.4
Cover pool for Public Sector Pfandbriefe .............................................................................. 488
8.5
Insolvency proceedings ........................................................................................................ 489
8.6
Extension of maturity in case of appointment of a Cover Pool Administrator ...................... 489
9
Selling restrictions ........................................................................................................................... 491
9.1
General ................................................................................................................................ 491
9.2
United States of America ...................................................................................................... 491
9.3
Japan .................................................................................................................................... 492
9.4
European Economic Area ..................................................................................................... 493
9.5
United Kingdom ................................................................................................................... 494
9.6
France .................................................................................................................................. 495
10 General information ........................................................................................................................ 496
10.1
Interests of natural and legal persons involved in the issue or offer ..................................... 496
10.2
Reasons for the offer ............................................................................................................ 496
10.2.1
Use of proceeds ..................................................................................................................... 496
10.2.2
Sustainable Notes................................................................................................................... 496
10.3
Listing and admission to trading information ....................................................................... 499
10.4
Tax warning .......................................................................................................................... 499
10.5
Information relating to protection under the German Deposit Guarantee Act ..................... 499
10.6
Information pursuant to § 36 of the German Act on the Settlement of Disputes with
Consumers (Verbraucherstreitbeilegungsgesetz) ................................................................. 499
11 Documents incorporated by reference and documents available .................................................... 500
11.1
Information incorporated by reference ................................................................................ 500
11.2
Documents available ............................................................................................................ 501
Names and addresses ............................................................................................................................. 502

viii



Bayerische Landesbank Debt Issuance Programme Prospectus dated 17 May 2021
1 GENERAL DESCRIPTION OF THE PROGRAMME
1.1 Overview over the Programme
1.1.1
The Programme
1.1.1.1
Dealers
Under this EUR 60,000,000,000 Debt Issuance Programme, the Issuer may from time to time issue Notes to one
or more of the following Dealers: ABN AMRO Bank N.V., Bayerische Landesbank, BNP Paribas, Citigroup Global
Markets Europe AG, Crédit Agricole Corporate and Investment Bank, Credit Suisse Securities Sociedad de
Valores S.A., Deutsche Bank Aktiengesellschaft, J.P. Morgan AG, NatWest Markets N.V., UBS AG London Branch
and any additional Dealer appointed under the Programme from time to time by the Issuer which appointment
may be for a specific issue or on an ongoing basis (any such entity, a "Dealer", and together the "Dealers").
1.1.1.2
Programme amount
The maximum aggregate principal amount of all Notes outstanding at any one time under the Programme will
not exceed EUR 60,000,000,000 (or its equivalent in other currencies). The Issuer may increase the amount of
the Programme in accordance with the terms of the Dealer Agreement from time to time.
1.1.1.3
Use of proceeds and reasons for the offer
Except as otherwise disclosed in the relevant Final Terms, the net proceeds from each issue will be used for
general financing purposes of the Issuer.
1.1.1.4
Issues through branches of the Issuer
Notes that may be issued by the Issuer acting through its Paris Branch, London Branch or any of its other branch
offices outside of Germany will constitute obligations of the Issuer as a whole and are the same as if the Issuer
had issued such Notes through its head office in Munich.
1.1.1.5
Approval of the Prospectus
Application has been made to the CSSF, which is the Luxembourg competent authority for the purpose of the
Prospectus Regulation, for its approval of this Prospectus.
1.1.2
Issue procedures
1.1.2.1
Placement of Notes
The Notes will be issued on a continuing basis to one or more of the Dealers. Notes may be distributed by way
of public offer or private placements and, in each case, on a syndicated or non-syndicated basis. The method
of distribution of each tranche of Notes (the "Tranche") will be stated in the relevant Final Terms. The Notes
may be offered to qualified and non-qualified investors, unless the applicable Final Terms include a legend
entitled "PROHIBITION OF SALES TO EEA RETAIL INVESTORS" and/or "PROHIBITION OF SALES TO UK RETAIL
INVESTORS".
1.1.2.2
Fiscal Agents
Deutsche Bank Aktiengesellschaft and Bayerische Landesbank have been appointed as fiscal agents and paying
agents (the "Fiscal Agents") under the Programme. Deutsche Bank Aktiengesellschaft will act as fiscal agent
and paying agent in relation to Notes which will initially be deposited (in global form) with, or with a depository
1



Bayerische Landesbank Debt Issuance Programme Prospectus dated 17 May 2021
or a common depository of, any clearing system other than CBF. Bayerische Landesbank or Deutsche Bank Ak-
tiengesellschaft (as indicated in the applicable Final Terms) will act as fiscal agent and paying agent in relation
to Notes that will initially be deposited (in global form) with CBF.
1.1.2.3
Summary
Under this Prospectus a summary will only be drawn up in relation to a particular issue of Notes. Such issue-
specific summary will only be drawn up for Notes with a denomination of less than EUR 100,000. Any such an
issue-specific summary will be annexed to the relevant Final Terms and published separately alongside the Pro-
spectus on the website of the Issuer under https://www.bayernlb.de/internet/de/blb/resp/investor_
relations_5/refinanzierung_1/2021_prospekte/dip_2021_05/dip_2021_05.jsp.
1.1.3
The Notes
1.1.3.1
Tranches and Series of Notes
Notes in bearer form will be issued in Tranches, each Tranche consisting of Notes which are identical in all
respects. One or more Tranches, which are expressed to be consolidated and forming a single series and iden-
tical in all respects, but having different issue dates, interest commencement dates, issue prices and dates for
first interest payments may form a series ("Series") of Notes. Further Notes may be issued as part of an existing
Series.
1.1.3.2
Classes of Notes
Notes under the Programme may be issued as Mortgage Pfandbriefe (Hypothekenpfandbriefe) or Public Sector
Pfandbriefe (Öffentliche Pfandbriefe) in bearer form, as Unsubordinated Notes or as Subordinated Notes. Un-
subordinated Notes under the Programme may be issued as Unsubordinated Notes in Standard Format or as
Unsubordinated Notes in Eligible Liabilities Format. Unsubordinated Notes in Eligible Liabilities Format are in-
tended to be eligible liabilities for the purposes of the minimum requirement for own funds and eligible liabili-
ties ("MREL") to be met by the Issuer for regulatory purposes. They may be issued as preferred senior or as
non-preferred senior liabilities. Unsubordinated Notes in Standard Format are not intended to comply with the
eligibility criteria for eligible liabilities. They will be issued as preferred senior obligations, only. Subordinated
Notes are intended to be available to the Issuer as Tier 2 capital for the purposes of own funds requirements
to be met by the Issuer for regulatory purposes.
1.1.3.3
Currencies, denominations, transferability
Subject to any applicable legal or regulatory restrictions, notably the German Pfandbrief Act (Pfandbriefgesetz),
and requirements of relevant central banks, the Issuer may issue Notes in euro or in any other currency as
agreed by the Issuer and the relevant Dealer(s). Notes will be issued in such denominations as may be agreed
between the Issuer and the relevant Dealer(s) save that the minimum denomination of the Notes will be
EUR 1,000 or, if any currency other than euro, in an amount in such other currency nearly equivalent to
EUR 1,000 at the time of the issue of the Notes. The Notes will be freely transferable.
1.1.3.4
Issue price and yield
Notes may be issued at an issue price which is at par or at a discount to, or premium over, par, as specified in
the applicable Final Terms.
The yield for Notes with fixed interest rates ("Fixed Rate Notes") or of Notes without periodic interest payments
("Zero Coupon Notes"), as specified in the Final Terms, will be calculated by the use of the ICMA (International
Capital Markets Association) method, which determines the effective interest rate of notes taking into account
accrued interest on a daily basis.
2