Commentary & Deal Flow

The German Federal State of Berlin (Land Berlin), (ticker: "BERGER", country: Germany) rated Aa1/AAA/AAA by Moody's/Fitch/Scope, has mandated Commerzbank, DekaBank, Goldman Sachs Bank Europe SE, ING, and LBBW to lead manage its upcoming EUR Benchmark Landesschatzanweisung with a maturity of 7 years.

The deal will be launched in the near future subject to market conditions.

• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II /UK MiFIR (all channels for distribution of the bonds are appropriate).