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 which have now successfully concluded.

A 10-year EUR denominated Sustainability Bond Benchmark transaction in LSA format is expected to launch as early as tomorrow, subject to market conditions. Please continue to relay feedback / IOIs to Syndicates.

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