Commentary & Deal Flow

Spread set at: 8yr: MS+21bp
IPTs: 8yr: SARON MS+21a

• Issuer: Land Sachsen-Anhalt (Ticker: SACHAN)
• Issuer Domicile: Germany
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior unsecured
• Issuer Rating: Aa1 (st.)/AAA (st.)/AAA (st.) (Moody's/Fitch/Scope)
• Instrument Rating (exp): Aa1/AAA/AAA (Moody's/Fitch/Scope)
• Issue Size: Min. CHF 150m
• Coupon: 0.720% p.a. (will price at par) (30/360, following unadj.)
• Maturity: 26-May-34 (8 years)
• Spread/Yield: SARON MS +21.0 // YTM 0.7200% // Govt + 36.7
• Lead Manager(s): Commerzbank, Deutsche Bank
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
• Documentation: Alleviated Base Prospectus dated 06-Mar-26, relating to the issuer debt issuance programme
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: German law
• Covenants: PP
• SIX Listing: 21-May-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: In particular USA, U.S. persons, the European Economic Area, the United Kingdom, Germany, Luxembourg and Japan, in each case as further described in the Alleviated Base Prospectus.
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Timing: Today's business, books can close at short notice
• Settle: 26-May-26