Book size: 1180; Comments: EUR500m 8yr cpn fxd 2.75% at 99.265, yld 2.854%. Spread: MS+22bps. 26.9bps over DBR 2.2 02/15/34 (@97.26), HR 100%. LEI: B81CK4ESI35472RHJ606;
Deal Comments
Final Books: ~€1.18bn (incl. €175m JLM)
Spread set at: 8yr: MS+22bp - Orderbook above €1.2bn (incl. €150m JLM)
Books: 8yr: Above €1bn (ex JLM)
IPTs: 8yr: MS+27bp area
Issuer: Landesbank Baden-Württemberg (LBBW)
LEI: B81CK4ESI35472RHJ606
Issuer Ratings: Aa2 stable/A+/A (high) (Moody's/Fitch/DBRS)
Expected Issue Ratings: Aaa (Moody's)
Status: Public Sector Covered Bond (Öffentlicher Pfandbrief)
Label: EU harmonisation label European Covered Bond (Premium)
Ranking: Covered Bond
Spread vs. Benchmark: 26.9bps over DBR 2.2 02/15/34 (@97.26), HR 100%
Joint Bookrunners: Crédit Agricole CIB, Deutsche Bank, DZ Bank, Erste Group, LBBW (B&D), Nordea and UniCredit
MiFID II/MiFIR: Manufacturer target market (MiFID II/MiFIR product governance) is eligible counterparties, professional clients and retail clients (all distribution channels)
Details: Denominations: €1k + €1k. Annual, Act/Act ICMA
ISIN/WKN/Series: DE000LB4XE11 / LB4XE1 / 878
Clearing: Clearstream
Listing/Law: Stuttgart Stock Exchange / German Law
Documentation: Issuer's €50bn Programme for the issuance of Debt Securities dated 16 April 2025 and supplements thereto available on https://www.lbbw.de/group/news-and-service/investor-relations/issuing-programs/issuing-programmes_ac9nogyp1w_e.html and Final Terms, when available on https://www.lbbw-markets.de
Timing: Priced, TOE 14:51 CET, FTT 15:00 CET. Settlement: 06-Mar-26