Commentary & Deal Flow

Final books over €1.3bn (incl. €255mn JLM interest).

Launched: 4.5yr: €1bn @ MS+10bp - Orderbooks in excess of €1bn (excl. JLM interest)
Guidance: 4.5yr: MS+10a

• Issuer: Federal State of Hesse (Ticker: HESSEN)
• Issuer Rating: AA+/AAA (S&P/Scope)
• Ranking: Landesschatzanweisung (Senior, Unsecured, Unsubordinated, RW 0%)
• Size: €1bn
• Maturity: 14-Oct-30
• Settlement: 14-Apr-26 (T+7)
• Spread: MS+10 bps
• Coupon: Fixed, payable annually on 14 October, act/act (ICMA), short first coupon
• Reference Benchmark: OBL 2.2% 10-Oct-30 (HR 100%)
• Hedge Deadline: 13:10 CET
• Governing Law: German
• Listing: Frankfurt
• Denominations: €1,000
• Joint Leads: BayernLB, BNP Paribas, Commerzbank, Helaba (B&D), Raiffeisen Bank International, UniCredit
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Target Market: Manufacturer target market (MiFID II product governance) is retail, eligible counterparties and professional clients (all distribution channels)
• ISIN: DE000A1RQFC1
• WKN: A1RQFC
• Series: 2603
• Timing: Books to close at 11:30 (CET). Allocation and pricing to follow.