Issuer:Federal State of North Rhine-Westphalia (Land NRW)
Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
Format: Reg S Bearer
Size: £250m (min)
Settle: 23-Apr-26 (T+5)
Maturity: 15-Oct-29
Guidance: SONIA MS (A, A/365) + 33bps area (~UKT 0 ⅞ 10/22/29 (MID) +21bps)
Coupon: Floating Rate, Annual, ACT/ACT (short first to the 15-Oct-26)
Denominations: £100k + £100k
Docs: Issuer's Debt Issuance Programme
Listing: Luxembourg
Governing Law: German
Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) as determined by the Lead Managers is eligible counterparties and professional clients (all distribution channels)
Leads: BofA / RBC (B&D / DM) / TD
Timing: Books open, today's business
Note: Please note that reference Gilt spread will be vs Mid Gilts mark but hedges are executed vs the DM traders bid side