Commentary & Deal Flow

Landeskreditbank Baden-Wuerttemberg – Foerderbank (L-Bank), rated Aaa/AA+/AAA (Moody's/S&P/Fitch), has mandated a syndicate of banks for a potential multi-tranche Senior Unsecured FRN offering in USD, GBP, and CAD. The issuer is currently taking Indications of Interest (IoIs) with a transaction expected for tomorrow's business, subject to market conditions.

• Issuer: Landeskreditbank Baden-Wuerttemberg – Foerderbank (L-Bank)
• Guarantee: Explicitly and unconditionally guaranteed by the German Federal State of Baden-Wuerttemberg
• Format: Senior unsecured bearer notes, Reg S Bearer, TEFRA D (NO SALES INTO USA)
• Rating: Aaa/AA+/AAA (all stable) (Moody’s/S&P/Fitch)
• ESG Rating: AAA/Low Risk/Prime (MSCI/Sustainalytics/ISS ESG)
• Docs/List: DIP/German law/Lux

Tranche 1: 4Y USD SOFR FRN

• Maturity: 30-Apr-30 (4Y)
• Settlement: 30-Apr-26 (T+6)
• Coupon: SOFR +100, Quarterly, ACT/360
• Convention: SOFR Index, where SOFR Index Start and SOFR Index End will be 5 days prior to Interest Period
• Size: US$500m+
• Spread: SOFR DM +33bps
• Leads: Barclays / BMO / DB / JPM / NatWest / RBC
• Denoms: US$200k

Tranche 2: 3Y GBP SONIA FRN

• Maturity: 27-Apr-29 (3Y)
• Settlement: 29-Apr-26 (T+5)
• Coupon: SONIA +100, Quarterly, Act/365F, short first
• Convention: SONIA Index where SONIA Index Start and SONIA Index End will be 5 days prior to Interest Period
• Size: £500m+
• Spread: SONIA DM +32bps
• Leads: Barclays / BMO / DB / JPM / NatWest / RBC
• Denoms: £100k

Tranche 3: 2Y CAD CORRA FRN

• Maturity: 05-May-28 (2Y)
• Settlement: 05-May-26 (T+9)
• Coupon: CORRA +100 Quarterly, ACT/365
• Convention: Compounded Daily CORRA where CORRA Compounded Index Start and CORRA Compounded Index End will be 5 days prior to Interest Period
• Size: C$300m (NO GROW)
• Spread: CORRA DM +25bps
• Leads: BMO / CIBC / RBC / TD
• Denoms: C$10k

• Timing: Taking IoIs on all 3 tranches. Expect tomorrow's business.
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional investors
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus is available at: https://www.bourse.lu/issuer/LKrBkBadenWurtt/43647