Commentary & Deal Flow

Book Update: Books above €1bn (incl. €200m JLM)

Guidance: 7yr: MS+19a

• Issuer: Federal State of Saarland
• Ticker: SAARLD Govt
• Issuer Rating: AAA (Fitch)
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Size: €500m no-grow
• Guidance: MS +19 bps area
• Settlement: 21-May-26 (T+5)
• Maturity: 20-May-33 (7 years)
• Coupon: Fixed, annual, 1st short
• Day Count: Act/Act (ICMA)
• Business Day Convention: Unadjusted Following
• Joint Leads: BayernLB, Deutsche Bank, LBBW (B&D), NORD/LB, UniCredit
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
• Denominations: €1,000
• Listing: Frankfurt
• ISIN: DE000A383U41
• WKN: A383U4
• Schedule: Books open, today's business