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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
SSA
PRCD
BYLABO
Bayerische Landesbodenkreditanstalt (BayernLabo)€500
1EMEA
Sep 8, 2026
currency
EUR
size (m)
500.000
maturity
Sep 15, 2036
type
Fixed
tenor
10.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Aaa
s&p
-
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
-
ipt-pxd
-2
guidance
MS+26 area
spread
24
coupon
3.625%
spread set
-
price
99.87600
yield
3.640%
book size (m)
1,890
peak book (m)
1,890
x-covered
3.78
book attrition
0.00%
nic
0
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,890
peak book (m)
1,890
x-covered
3.78
book attrition
0.00%
nic
0
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1890; Registration: Reg S Only; Comments: DBR 3.00% 08/15/2036 (DE000BU2Z072) @ 96.93% / B+27.3bps / HR 101%. LEI: 5299005GH66DVCCLC652. Listing: Munich;
Guarantor(s)
Free State of Bavaria
Relative Value

10yr (Sep 2036) @ MS+26a
Implied Spread for fresh 10yr @ MS+24
Priced at MS+24
NIC of 0


COMPS

Ticker

Issuer

Coupon

Maturity

Size

Mid (i-sprd)

Notes

BYLABO

BayernLB 

2.75%

Sep-33

EUR 500mn 

MS +21 

 

BYLABO

BayernLB 

2.63%

Sep-34

EUR 500mn 

MS +23 

 

BYLABO

BayernLB 

3.25%

Mar-35

EUR 750mn 

MS +24 

 

WIBANK

Wüstenrot Bank 

3.13%

Jan-36

EUR 500mn 

MS +24 

 

NRW

NRW.BANK 

3.30%

May-36

EUR 2,250mn 

MS +22 

 

KFW

KfW (Kreditanstalt für Wiederaufbau) 

3.38%

Jun-36

EUR 3,000mn 

MS +17 

Sustainable

BERGER

Kreissparkasse Berger 

3.38%

Sep-36

EUR 1,250mn 

MS +22