Commentary & Deal Flow

Final Books: In excess of €1.7bn (incl. €170m JLM)

Launched: 7yr: €1bn @ MS+19bp - Books closed in excess of €1.7bn (incl. €170m JLM)
Spread set at: 7yr: MS+19bp - Books in excess of €1bn (incl. €170m JLM)
Guidance: 7yr: MS+19a

• Issuer: Federal State of Berlin (Land Berlin)
• LEI: 529900Y6Q7R44JF7XX56
• Ticker: BERGER
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Issuer Rating: Aa1/AAA/AAA (Moody’s/Fitch/Scope)
• Size: €1bn
• Coupon: Fixed annual, ACT/ACT ICMA
• Maturity: 22-Apr-33 (7y)
• Settlement: 22-Apr-26 (T+5)
• Final Spread: MS+19bp
• Reference Gilt: DBR 2.3 33 TWIN (HR: 103%)
• Hedge Deadline: 12:10 UKT / 13:10 CET
• Law/List/Denoms: German/Berlin/1k+1k
• ISIN/WKN/Series: DE000A4DE9P1/ A4DE9P/579
• Joint Leads: Commerzbank, DekaBank, Goldman Sachs Bank Europe SE, ING, and LBBW (B&D)
• Fees: The banks will be paid a fee in relation to this transaction
• Target Market: The manufacturer target market (MIFID II product governance/UK MIFIR) for the bonds is retail, professional and eligible counterparties, each as defined in MiFID II/UK MIFIR (all channels for distribution of the bonds are appropriate).
• Timing: Allocations available, pricing to follow