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Commentary & Deal Flow

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by Stuart Aylward

May 04, 2026 6:12 AM ET

UPDATE: City of Dortmund €150m (min) 9yr Sr Unsec; Spread set at MS+49bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
City of Dortmund	9yr	14-May-35	€150m (min)	Sr Unsec	Fixed	MS+53a	MS+49

Spread set at: 9yr: MS+49bp - Books above €445m (incl. €20m JLM)
Book Update: Books above €360m (incl. €20m JLM)
Guidance: 9yr: MS+53a

Issuer: City of Dortmund
LEI: 529900JF2PLIO3XZM472
Ticker: DRTMND
Format: Inhaberschuldverschreibung, standalone (senior, unsecured), CRD IV/CRR RW 0% and LCR Level 1
Rating: Not rated
Issue size: min €150m
Maturity: 14-May-35 (9y)
Settlement: 13-May-26 (T+7)
Coupon: Fixed, Annual, Act/Act ICMA, first long
Guidance: MS+53bps area
Listing/Denoms: Duesseldorf / €1k+€1k
Bookrunners: DekaBank, UniCredit (B&D)
Fees: The banks will be paid a fee in relation to this transaction
Target market: The manufacturer target market (MIFID II product governance) for the bonds is retail, professional and eligible counterparties, each as defined in MiFID II (all channels for distribution of the bonds are appropriate).
Timing: Books are open, today's business. Books to close at 12:00 CET.