Commentary & Deal Flow

Final book over €650m (incl. €140m JLM). Peak book above €730m.

Launched: 10yr: €600m @ MS+24bp - Books above €700m (incl. €140m JLM interest)
Book Update: Books above €730m (incl. €140m JLM interest)
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: €600m
• Spread: MS+24bp
• Reference Gilt: DBR 2.9 15-Feb-36 (HR: 101%)
• Hedge Deadline: 13:15 CET / 12:15 UKT
• Coupon: Fixed, Annual, ACT/ACT ICMA
• Maturity: 13-May-36 (10yr)
• Settlement: 13-May-26 (T+5)
• 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: Today's business
• Target Market (MiFID II): Eligible Counterparties, Professional and Retail Clients (all distribution channels)