Commentary & Deal Flow

Launched: 9yr: €200m @ MS+49bp - Books in excess of €465m (incl. €20m JLM)
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
• ISIN: DE000A460J67
• Format: Inhaberschuldverschreibung, standalone (senior, unsecured), CRD IV/CRR RW 0% and LCR Level 1
• Rating: Not rated
• Issue size: €200m
• Maturity: 14-May-35 (9y)
• Settlement: 13-May-26 (T+7)
• Coupon: Fixed, Annual, Act/Act ICMA, first long
• 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 closed. Allocations & pricing later today.