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Commentary & Deal Flow

by Jp Albin

May 05, 2026 3:01 AM ET

NEW ISSUE: Federal State of Baden-Wuerttemberg €1bn (no-grow) 5yr Sr Unsec; MS+11a

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance
Federal State of Baden-Wuerttemberg	5yr	12-May-31	€1bn (no-grow)	Sr Unsec	Fixed	MS+11a

Guidance: 5yr: MS+11a

Issuer: Federal State of Baden-Wuerttemberg
Ticker: BADWUR
Format: Landesschatzanweisung (LCR 1, RW 0%) Unsecured / Reg S / Bearer
Issuer Rating: Aaa/AA+/AAA (Moody's/S&P/Scope)
Size: €1bn (no-grow)
Coupon: Fixed, annual, ACT/ACT ICMA
Maturity: 12-May-31 (5yr)
Settlement: 12-May-26 (T+5)
Guidance: MS+11 bps area
Listing: Stuttgart
Governing Law: German
Denominations: €1,000 + €1,000
ISIN: DE000A3H26A4
WKN: A3H26A
Joint Leads: Credit Agricole CIB, DZ BANK (B&D), J.P. Morgan, LBBW, Nordea, Rabobank
Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
Target Market: (MiFID II/ UK MiFIR) Retail, Professional and Eligible Counterparties (all distribution channels)
Timing: Books open for today's business