Commentary & Deal Flow

Books in excess of €1.45bn (excl. JLM interest)
Spread set at: 10y: MS+25bp - Books in excess of €1.45bn (excl. JLM interest)
Book Update: Books in excess of €1bn (excl. JLM interest)
Guidance: 10y: MS+26a

• Issuer: Federal State of Schleswig-Holstein
• Ticker: SCHHOL
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Expected Rating: AAA (Fitch, stable)
• Issue size: € benchmark
• Maturity: 28-Apr-36 (10y)
• Settlement: 28-Apr-26 (T+5)
• Coupon: Fixed, Annual, Act/Act ICMA
• Spread Set: MS+25bps
• Law/Listing/Denoms: German/Hamburg/€1k+€1k
• Bookrunners: BayernLB, Danske Bank, DekaBank, Goldman Sachs Bank Europe SE, UniCredit (B&D)
• Fees: The banks will be paid a fee in relation to this transaction
• Target market: The manufacturer target market (MIFID II/UK MIFIR product governance) for the bonds is retail, professional and eligible counterparties (all channels for distribution of the bonds are appropriate).
• ISIN/WKN: DE000SHFM1J8 / SHFM1J
• Timing: Books are open, today's business