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Commentary & Deal Flow

by Jp Albin

May 05, 2026 7:37 AM ET

PRICED: Federal State of Baden-Wuerttemberg €1bn 5yr Sr Unsec; MS+11bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Federal State of Baden-Wuerttemberg	5yr	3.000%	12-May-31	€1bn	Sr Unsec	Fixed	99.790	3.046%	MS+11a	MS+11	0

Reoffer: 5yr: MS+11bp / 99.790 / 3.046%
Benchmark: 5yr: OBL 2.5% 16-Apr-31 @ 98.602 / B+24.3bp / HR 101%

Final Books: Above €1.5bn (incl. €300mn JLM)

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
Settlement Date / Issue Date: 12-May-26 (T+5)
Maturity: 12-May-31 (5yr)
Reoffer: MS+11 bps / 99.790% / 3.046%
Benchmark: +24.3 bps vs. OBL 2.5% 16-Apr-31 @ 98.602 / HR: 101%
Coupon: 3.000% Fixed, annual, ACT/ACT ICMA
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: PRICED, TOE: 13:22 CET, FTT: 13:40 CET