Commentary & Deal Flow

Final books above €1.65bn (incl. €275mn JLM) good at reoffer

Launched: 7yr: €500m @ MS+18bp - Books above €1.4bn (incl. €250mn JLM)
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
• Settlement: 21-May-26 (T+5)
• Maturity: 20-May-33 (7 years)
• Coupon: Fixed, annual, 1st short
• Benchmark: DBR 2.3 15-Feb-33 / HR 104%
• Hedge Deadline: 12:30 CET
• 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 to close at 10:40 CET