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Commentary & Deal Flow

NEW ISSUE: NRW.BANK €500m+ 15yr Social Sr Unsec; MS+43a

IGC European Market: Deal Flow - General

Issuer

Term

Maturity

Size

Ranking

Type

Guidance

NRW.BANK

15yr

23-Apr-41

€500m+

Sr Unsec

Fixed

MS+43a


Guidance: 15yr: MS+43a


  • Issuer: NRW.BANK
  • LEI: 52990002O5KK6XOGJ020
  • Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
  • ESG Rating: Prime (C) by ISS ESG
  • Guarantor: Federal State of North Rhine-Westphalia (NRW)
  • Status: Senior unsecured, RegS Bearer, 0% RW, HQLA/Level 1
  • Size: Minimum €500m
  • Coupon: Fixed, Act/Act (ICMA)
  • Settlement: 23-Apr-26 (T+6)
  • Maturity: 23-Apr-41
  • Guidance: MS + 43bps area
  • Docs/List/Denoms: DIP/DUS+LUX/1k
  • Fees: The Joint Bookrunners will be paid a fee in connection with the transaction
  • Target Market: (MiFID II/UK MiFIR Product Governance) Retail, Professional and Eligible Counterparties (all distribution channels)
  • ISIN: DE000NWB0B08
  • Bookrunners: Danske Bank, HSBC, LBBW and TD Securities
  • Timing: Books open, today's business
  • UOP: An amount equivalent to the net proceeds raised from any NRW.BANK Social Bond issued under the NRW.BANK Social Bond Framework dated May 2025 (as amended or restated from time to time, the “NRW.BANK Social Bond Framework”) (including the Notes) will be exclusively applied to finance, in part or in full, new eligible social expenditures (Eligible Social Projects) and/or to refinance, in part or in full, existing Eligible Social Projects as listed in the NRW.BANK Social Bond Framework.