Commentary & Deal Flow

Reoffer: 4yr: SONIA+33bp / 99.737 / 4.340%
Benchmark: 4yr: UKT 0.5% Jan-29 @ 89.599 / B+21.1bp / HR 106%

Final Books: Orderbooks closed in excess of £480m (exc. JLM)

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

• 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
• Price / Yield: 99.737 / 4.340% Annual / 4.294 Semi
• Gilt ref: +21.1bps vs UKT 0.5% Jan-29 MID (mid @ 89.599, bid 89.587; HR 106%)
• Coupon: 4.25%, 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
• ISIN: XS3353891669
• Timing: PRICED. TOE: 13.02 UK. FTT: Immediately.
• Note: Please note that reference Gilt spread will be vs Mid Gilts mark but hedges are executed vs the DM traders bid side