Commentary & Deal Flow

€€€ NEW SSA MANDATE – FEDERAL REPUBLIC OF GERMANY AUG-56 TAP €€€

The Federal Republic of Germany, rated Aaa/AAA/AAA (Moody's/S&P/Fitch) (all stable), has mandated BofA Securities, Commerzbank AG, Goldman Sachs Bank Europe S.E., J.P. Morgan, Morgan Stanley, and Nomura as joint lead managers for an upcoming syndicated tap.

The transaction will be a €3.5bn (no-grow and may include retention) increase of the existing 30-year DBR Benchmark, due 15-Aug-56 (ISIN: DE000BU2D012). The deal will be launched and priced in the near future, subject to market conditions.

Remaining members of the Bund Issues Auction Group will be invited into the co-lead group. FCA/ICMA stabilisation applies. MiFID II target markets are eligible counterparties, professionals and retail (all distribution channels).