Commentary & Deal Flow

Launched: 4yr: £450m @ SONIA+33bp - Orderbooks closed in excess of £480m (exc. JLM)
Spread set at: 4yr: SONIA+33bp - Orderbooks are in excess of £320m (exc. JLM)
Guidance: 4yr: SONIA+33a (~UKT 0 ⅞ 10/22/29 (MID) +21bp)

• 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: £450m
• Settle: 23-Apr-26 (T+5)
• Maturity: 15-Oct-29
• Spread: SONIA MS (A, A/365) + 33bps
• 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
• Note: Please note that reference Gilt spread will be vs Mid Gilts mark but hedges are executed vs the DM traders bid side