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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)
£450
1
EMEA
Apr 16, 2026
Tranche #1
Land Nordrhein-Westfalen (aka State of North Rhine-Westphalia)
BBG021QJ42H8
currency
GBP
size (m)
450.000
maturity
Oct 15, 2029
type
Fixed
tenor
3.500
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
0
guidance
SONIA MS+33 area
spread
33
coupon
4.25%
spread set
-
price
99.73700
yield
4.34%
book size (m)
480
peak book (m)
-
x-covered
1.07
book attrition
-
nic
-
billing & delivering
RBC
active leads
-
joint leads
BAM
,
RBC
,
TDS
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
480
peak book (m)
-
x-covered
1.07
book attrition
-
nic
-
billing & delivering
RBC
active leads
-
joint leads
BAM
,
RBC
,
TDS
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 480; First Pay: 2026-10-15; Registration: Reg S Only; Comments: GBP450m 3.5yr fxd cpn 4.25% at 99.737, yld 4.34%. Spread: SONIA MS+33bps. +21.1bps vs UKT 0.5% Jan-29 MID (mid @ 89.599, bid 89.587; HR 106%);
Deal Comments
Min Size: GBP250m UPDATE: Spread Set at SONIA MS+33
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PRICED: Federal State of North Rhine-Westphalia £450m 4yr Sr Unsec; SONIA+33bp
Apr 16, 2026
LAUNCHED: Federal State of North Rhine-Westphalia £450m 4yr Sr Unsec; SONIA+33bp
Apr 16, 2026
UPDATE: Federal State of North Rhine-Westphalia £250m (min) 4yr Sr Unsec; Spread set at SONIA+33bp
Apr 16, 2026
NEW ISSUE: Federal State of North Rhine-Westphalia £250m (min) 4yr Sr Unsec; SONIA+33a
Apr 16, 2026
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