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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
SSA
PRCD
NRW
Land Nordrhein-Westfalen (aka State of North Rhine-Westphalia)€2,250
1EMEA
Apr 28, 2026
currency
EUR
size (m)
2,250.000
maturity
May 6, 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+27 area
spread
25
coupon
3.30%
spread set
-
price
99.53100
yield
3.356%
book size (m)
5,200
peak book (m)
5,300
x-covered
2.31
book attrition
-1.89%
nic
-3
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
5,200
peak book (m)
5,300
x-covered
2.31
book attrition
-1.89%
nic
-3
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 5200; Registration: Reg S Only; Comments: 27.9bps vs DBR 2.9 02/15/36 @98.51% / 3.077% HR: 101%;
Deal Comments
UPDATE: Spread Set at MS+25
Use of Proceeds
The net proceeds from the issue of the State Treasury Notes will be notionally allocated to Sustainability Projects
Relative Value

10 year @ Guidance of MS+27 area

Implied i-Spread for fresh 10 year @ +28

Outstanding: i-spreads

1.23% 18th May 2035 @ +43.7 (issued 2015)

0.0% 12th Oct 2035 @ +27.8 (issued 2020)

1.25% 12th May 2036 @ +35.8 (issued 2016)

Priced at MS+25

NIC of -3