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Commentary & Deal Flow

by Jp Albin

Apr 02, 2026 5:04 AM ET

LAUNCHED: State of Rhineland-Palatinate €250m 10yr Sr Unsec Tap; MS+21bp

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

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
State of Rhineland-Palatinate	10yr	10-Oct-35	€250m	Sr Unsec	Fixed	MS+21a	MS+21

Launched: 10yr: €250m @ MS+21bp - Books closed above €200mn (incl. €50mn JLM)
Guidance: 10yr: MS+21a

Issuer: State of Rhineland-Palatinate (Ticker: RHIPAL Govt)
Format: Landesschatzanweisung (0% RW, Senior Unsecured)
Rating: AAA (stable) by Fitch
Size: €250m (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
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. Books to close at 11:00 CET.