Commentary & Deal Flow

Reoffer: 10yr: MS+24bp / 99.933 / 3.258%
Benchmark: 10yr: DBR 2.9% 15-Feb-36 @ 99.285 / B+27.4bp, HR: 101%

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)
• Type: Reg S, Bearer
• Issuer Rating: AAA (Fitch)
• Size: €600m
• Maturity: 13-May-36 (10yr)
• Settlement: 13-May-26 (T+5)
• Coupon: 3.250%, Fixed, annual, act/act ICMA
• Reoffer: 3.258% / 99.933 / MS+24bp
• Reference BM: DBR 2.9% 15-Feb-36 @ 99.285 +27.4bps, HR: 101%
• 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
• Target Market (MiFID II): Eligible Counterparties, Professional and Retail Clients (all distribution channels)
• Timing: TOE 13:38 CET / 12:38 LDN, FTT immediately