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by Jp Albin

Apr 01, 2026 8:00 AM ET

PRICED: Federal State of Hesse €1bn 4.5yr Sr Unsec; MS+10bp

IGC European Market: Deal Flow - GeneralIGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Federal State of Hesse	4.5yr	2.875%	14-Oct-30	€1bn	Sr Unsec	Fixed	99.919	2.897%	MS+10a	MS+10	0

Reoffer: 4.5yr: MS+10bp / 99.919 / 2.897%
Benchmark: 4.5yr: OBL 2.2% 10-Oct-36 @ 98.14% / B+25.8bp / HR 100%

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+ (stable) S&P / AAA (stable) Scope
Status: Landesschatzanweisung (Senior, Unsecured, Unsubordinated, RW 0%)
Size: €1bn
Issue Date: 01-Apr-26
Maturity: 14-Oct-30
Settlement: 14-Apr-26 (T+7)
Reoffer: MS + 10 bps / 99.919% / 2.897%
Benchmark Reference: OBL 2.2% 10-Oct-36 +25.8bps (2.639% / 98.14% / HR 100%)
Coupon: fixed 2.875% p.a., act/act (ICMA), annually on October 14, short first coupon
Law/List/Denoms: German / Frankfurt / 1k
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/WKN/Series: DE000A1RQFC1 / A1RQFC / 2603
Timing: ToE 13:49 CET, FTT immediately