No results found for "".

Commentary & Deal Flow

by Jp Albin

Apr 02, 2026 6:32 AM ET

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

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

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
State of Rhineland-Palatinate	10yr	2.75%	10-Oct-35	€250m	Sr Unsec	Fixed	95.803	3.27%	MS+21a	MS+21	0

Reoffer: 10yr: MS+21bp / 95.803 / 3.27%
Benchmark: DBR 2.6 15-Aug-35 @ 96.83 / B+27.8bp, HR 99%

Final books above €210mn (incl. €50mn JLM)

Launched: 10yr: €250m @ MS+21bp
Guidance: 10yr: MS+21a

Issuer: State of Rhineland-Palatinate
Ticker: RHIPAL
Rating: AAA (stable) by Fitch
Format: Landesschatzanweisung (0% RW, Senior Unsecured)
Tap Size: €250m (incl. €50m retained by the issuer)
New Outstanding Size: €1,050m
Settlement Date: 13-Apr-26 (T+5)
Maturity Date: 10-Oct-35
Coupon: 2.75% fixed, annual, act/act ICMA, unadjusted following (185 days accrued)
Reoffer: MS+21bp / 95.803 / 3.27%
Benchmark: DBR 2.6 15-Aug-35 / + 27.8bps @96.830%, HR 99%
Joint Leads: DekaBank (B&D), LBBW and NORD/LB
Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
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: PRICED. TOE: 11.54 CET / FTT: immediately