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Commentary & Deal Flow

NEW ISSUE: State of Rhineland-Palatinate €250m (WNG) 10yr Sr Unsec Tap; MS+21a

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

Issuer

Term

Maturity

Size

Ranking

Type

Guidance

State of Rhineland-Palatinate

10yr

10-Oct-35

€250m (WNG)

Sr Unsec

Fixed

MS+21a

Guidance: 10yr: MS+21a

  • Issuer: State of Rhineland-Palatinate (Ticker: RHIPAL Govt)
  • Format: Landesschatzanweisung (0% RW, Senior Unsecured)
  • Rating: AAA (stable) by Fitch
  • Tap Size: €250m (WNG) (a certain amount of the issue will be retained by the issuer)
  • Current outstanding: €800m
  • Settlement Date: 13-Apr-26 (T+5)
  • Maturity Date: 10-Oct-35
  • Coupon: 2.75% fixed, annual, act/act ICMA, unadjusted following
  • Guidance: MS+21bps area
  • Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
  • Joint Bookrunners: DekaBank (B&D), LBBW, NORD/LB
  • Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
  • Denoms/Listing: German/Frankfurt/€1,000+€1,000
  • ISIN/WKN: DE000RLP1635 / RLP163
  • Timing: Books open, today's business