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Asset Backed Securities
Sovereign, Supranational, and Agency
Regional Government
Parent Companies
Land Nordrhein-Westfalen (aka State of North Rhine-Westphalia)
Land Nordrhein-Westfalen (aka State of North Rhine-Westphalia)
Land Nordrhein-Westfalen (aka State of North Rhine-Westphalia) (NRW)
Deal Details
C/P
Industry
Status
Ticker(s)
Issuer(s)
Size(m)
Tranches
Region
Date
IGC
SSA
PRCD
NRW
Land Nordrhein-Westfalen (aka State of North Rhine-Westphalia)
€1,500
1
EMEA
Aug 19, 2026
Tranche #1
Land Nordrhein-Westfalen (aka State of North Rhine-Westphalia)
BBG024FWXT57
currency
EUR
size (m)
1,500.000
maturity
Aug 26, 2033
type
Fixed
tenor
7.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Aa1
s&p
AA
fitch
AAA
size description
-
re-open/tap
No
ipt
-
ipt-pxd
-2
guidance
Set at MS+16; MS+18 area
spread
16
coupon
3.25%
spread set
-
price
99.41600
yield
3.345%
book size (m)
6,500
peak book (m)
6,500
x-covered
4.33
book attrition
0.00%
nic
-
billing & delivering
SNT
active leads
-
joint leads
CMZ
,
NAT
,
NRD
,
SNT
,
...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
6,500
peak book (m)
6,500
x-covered
4.33
book attrition
0.00%
nic
-
billing & delivering
SNT
active leads
-
joint leads
CMZ
,
NAT
,
NRD
,
SNT
,
...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 6500; Registration: Reg S Only; Comments: DBR 2.6 08/15/33 + 24.8bps (96.920) / 101% HR. Listing: Duesseldorf;
Hide Details
Commentary
All Commentary
CreditFlow: End of Day (Europe IG)
Aug 19, 2026
1 to 1 of 1
Deal Flow
All Deal Flow
PRICED: Federal State of North Rhine-Westphalia €1.5bn 7yr Sr Unsec; MS+16bp
Aug 19, 2026
ALLOCATIONS OUT: Federal State of North Rhine-Westphalia €1.5bn 7yr Sr Unsec; MS+16bp
Aug 19, 2026
LAUNCHED: Federal State of North Rhine-Westphalia €1.5bn 7yr Sr Unsec; MS+16bp
Aug 19, 2026
UPDATE: Federal State of North Rhine-Westphalia € bmk 7yr Sr Unsec; Spread set at MS+16bp
Aug 19, 2026
NEW ISSUE: Federal State of North Rhine-Westphalia € bmk 7yr Sr Unsec; MS+18a
Aug 19, 2026
MANDATE: The German State of North Rhine-Westphalia (Land NRW) Reg S Bearer € bmk 7yr Sr Unsec Offering May Follow
Aug 18, 2026
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