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Commentary & Deal Flow

by Anna Tkachenko

May 06, 2026 4:15 AM ET

UPDATE: Free State of Thuringia € bmk 10yr Sr Unsec; Spread set at MS+24bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
Free State of Thuringia	10yr	13-May-36	bmk	Sr Unsec	Fixed	MS+24a	MS+24

Spread set at: 10yr: MS+24bp - Books above €600m (incl. €75m JLM interest)
Guidance: 10yr: MS+24a

Issuer: Free State of Thuringia
BBG Ticker: THRGN
Format: Landesschatzanweisung (0% rw, senior unsecured), Reg S Bearer
Issuer Rating: AAA (Fitch)
Size: € Benchmark
Coupon: Fixed, Annual, ACT/ACT ICMA
Maturity: 13-May-36 (10yr)
Settlement: 13-May-26 (T+5)
Guidance: MS +24bps area
Governing Law: German
Listing: Frankfurt
Denominations: €1,000
ISIN/WKN: DE000A46ZWZ6 / A46ZWZ
Bookrunners: BayernLB, DekaBank (B&D), Deutsche Bank, J.P. Morgan, NORD/LB
Fees: The banks will be paid a fee in relation to this transaction
Timing: Books open, today's business
Target Market (MiFID II): Eligible Counterparties, Professional and Retail Clients (all distribution channels)