Commentary & Deal Flow

Final Books: Above €1.5bn (incl. €300mn JLM)
Benchmark: OBL 2.5% 16-Apr-31, HR: 101%
Hedge Deadline: 12.55 CET / 11.55 UKT

Launched: 5yr: €1bn @ MS+11bp - Books currently above €1.35bn (incl. €300mn JLM)
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
• Coupon: Fixed, annual, ACT/ACT ICMA
• Maturity: 12-May-31 (5yr)
• Settlement: 12-May-26 (T+5)
• 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 to close at 11:15 CET/ 10:15 UKT. Allocations and Pricing later today