Commentary & Deal Flow

The German State of North Rhine-Westphalia (Land NRW), (country: DE) rated Aa1 (stable)/AA (negative)/AAA (stable)/AAA (stable) by Moody's/S&P/Fitch/Scope, has mandated Barclays, BNP Paribas, Danske Bank, ING, Nomura and NORD/LB to arrange a series of ESG focused virtual 1-1 meetings to be scheduled from Monday 20-Apr to Friday 24-Apr to update investors.

A 10-year EUR denominated Sustainability Bond Benchmark transaction in LSA format will follow, subject to market conditions.

The issue will be aligned with ICMA SBP, GBP and SBG. The framework has received a Second Party Opinion from ISS-Corporate. An amount at least equal to the net proceeds will be notionally allocated to the State’s social and green expenditures (“Eligible Assets”) of the previous budget year as specified in the State’s Sustainability Bond Framework document (dated Jun-25) and Eligible Assets document (Apr-26).

• MiFID II target markets: professional, retail and eligible counterparties (all channels for distribution of the bonds are appropriate).
• Stabilisation: FCA/ICMA
• Further details on NRW's upcoming Sustainability Bond can be found at:
• • EN: https://nachhaltigkeit.nrw.de/en/sustainability-bonds-nrw/sustainability-bond-13-of-the-state-of-north-rhine-westphalia
  • DE: https://nachhaltigkeit.nrw.de/nrw-nachhaltigkeitsanleihen/dreizehnte-nrw-nachhaltigkeitsanleihe
• The general investor presentation can be found at:
• • EN: https://www.finanzverwaltung.nrw.de/investor-presentation
  • DE: https://www.finanzverwaltung.nrw.de/kapitalmarktpraesentation