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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
INDS
PRCD
RHMGR
Rheinmetall AG€500
1EMEA
May 21, 2026
currency
EUR
size (m)
500.000
maturity
May 28, 2031
type
Fixed
tenor
5.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
-
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
MS+100 area
ipt-pxd
-45
guidance
MS+65 area
spread
55
coupon
3.375%
spread set
-
price
99.46700
yield
3.493%
book size (m)
3,900
peak book (m)
6,000
x-covered
7.8
book attrition
-35.00%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
book size (m)
3,900
peak book (m)
6,000
x-covered
7.8
book attrition
-35.00%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
Tranche Comments
Book size: 3900; Registration: Reg S Only; Comments: 68bps vs. OBL 2.5 04/16/2031 @98.57 / 2.813% (HR: 101%). Tax Call: Yes. Par Call: 3m. MWC: Yes. Clean-Up Call: 80%. LEI: 5299001OU9CSE29O6S05;
Guarantor(s)
Federal Republic of Germany
Use of Proceeds
General corporate purposes, including the refinancing of upcoming maturities
Relative Value

COMPS

Rating (M/S/F)

Coupon

Issuance Dt

Maturity

Tenor (ytm)

I-Sprd (BID)

 

HOFP

A2/-/-

4.13%

Oct-23

Oct-28

2.4

33

HOFP

-/A-/-

3.63%

Jun-23

Jun-29

3.1

41

HOFP

A2/-/-

4.25%

Oct-23

Oct-31

5.4

58

RTX

Baa1/BBB+/-

2.15%

May-18

May-30

4

54

MTXGR

Baa2/-/BBB

3.88%

Sep-24

Sep-31

5.3

66

DNFSDC

Baa1/-/-

3.75%

Apr-26

Jun-33

7.1

87

ROLLS

A3/-/A-

3.38%

May-26

May-31

5

51

ROLLS

A3/-/A-

3.88%

May-26

May-36

10

82

AIRFP

A1/-/-

3.38%

May-26

May-33

7

55