Book size: 1650; Registration: Reg S Only; Comments: EUR1bn NG 5yr fxd cpn 2.75% at 99.581, yld 2.841%. Spread: MS+16bps. +28.0 vs OBL 2 ½ 31 #193 (@99.70);
Deal Comments
Reoffer: 5yr: MS+16bp / 99.581 / 2.841%
Benchmark: 5yr: OBL 2.5 2031 #193 @ 99.70 / B+28.0
Final Books: In excess of €1.65bn (incl. €400m JLM)
Launched: 5yr: €1bn @ MS+16bp - Orderbook in excess of €1.15bn (incl. €375m JLM interest)
Guidance: 5yr: MS+16a
Issuer: Investitionsbank Berlin (IBB)
Guarantor: German Federal State of Berlin
BBG Ticker: IBB
Format: Reg S Bearer (0% RW, senior unsecured, LCR Level 1)
Rating: Aa1/AAA (Moody's/Fitch)
Size: €1bn
Settlement: 24-Mar-26 (T+5)
Maturity: 24-Mar-31
Coupon: 2.75% Fixed Rate, Annual, Act/Act ICMA
Spread: MS+16bp
Reoffer: 2.841% / 99.581
ISIN/Series: DE000A3828Q4
Law/List/Denoms: German / Munich / €100k+100k
Fee: The lead managers will be paid a fee in connection to the transaction
Bookrunners: CACIB, Danske Bank, DekaBank, Helaba, JPM (B&D/DM), NORD/LB
Target Market: The target market for the bonds is professional clients and eligible counterparties, each as defined in MiFID II.
Timing: Priced. 14:36 CET TOE. FTT immediately.
Investor Presentation: https://www.ibb.de/media/dokumente/investor-relations/ibb-investor-presentation-january-2026.pdf