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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)
€1,250
1
EMEA
Oct 6, 2026
Tranche #1
Land Nordrhein-Westfalen (aka State of North Rhine-Westphalia)
BBG025P1GH92
currency
EUR
size (m)
1,250.000
maturity
Oct 13, 2036
type
Fixed
tenor
10.000
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
MS+28 area
spread
26
coupon
3.75%
spread set
-
price
99.48400
yield
3.813%
book size (m)
2,500
peak book (m)
2,500
x-covered
2
book attrition
0.00%
nic
-
billing & delivering
DZB
active leads
-
joint leads
BLB
,
DZB
,
HSB
,
LBW
,
...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,500
peak book (m)
2,500
x-covered
2
book attrition
0.00%
nic
-
billing & delivering
DZB
active leads
-
joint leads
BLB
,
DZB
,
HSB
,
LBW
,
...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2500; Registration: Reg S Only; Comments: 35.1 bps vs DBR 3 08/15/36 @ 96.187 / HR 102%. Listing: Düsseldorf;
Hide Details
Commentary
All Commentary
CreditFlow: End of Day (Europe IG)
Oct 6, 2026
1 to 1 of 1
Deal Flow
All Deal Flow
PRICED: State of North Rhine-Westphalia €1.25bn 10yr Sr Unsec; MS+26bp
Oct 6, 2026
ALLOCATIONS OUT: State of North Rhine-Westphalia €1.25bn 10yr Sr Unsec; MS+26bp
Oct 6, 2026
LAUNCHED: State of North Rhine-Westphalia €1.25bn 10yr Sr Unsec; MS+26bp
Oct 6, 2026
UPDATE: State of North Rhine-Westphalia € bmk 10yr Sr Unsec; Spread set at MS+26bp
Oct 6, 2026
UPDATE (BOOKS): State of North Rhine-Westphalia € bmk 10yr Sr Unsec; MS+28a
Oct 6, 2026
NEW ISSUE: State of North Rhine-Westphalia € bmk 10yr Sr Unsec; MS+28a
Oct 6, 2026
MANDATE: State of NRW; Reg S € bmk 10yr Sr Unsec Offering May Follow
Oct 5, 2026
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