Commentary & Deal Flow

Final Books above €445m (incl. €20m JLM). Peak book in excess of €465m.

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
• Reference Benchmark: DBR 2.5% 15-Feb-35 TWIN
• Hedge Ratio: 102%
• Hedge Deadline: 13:20 CET
• 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: Allocations out. Pricing to follow.