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Commentary & Deal Flow

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Land Saarland (aka State of Saarland)

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Land Saarland (aka State of Saarland)

by Anna Tkachenko

May 13, 2026 6:57 AM ET

PRICED: Federal State of Saarland €500m 7yr Sr Unsec; MS+18bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Federal State of Saarland	7yr	3.125%	20-May-33	€500m	Sr Unsec	Fixed	99.623	3.186%	MS+19a	MS+18	-1

Reoffer: 7yr: MS+18bp / 99.623 / 3.186%
Benchmark: 7yr: DBR 2.3 15-Feb-33 @ 96.25 / B+26.7bp

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
Format: Landesschatzanweisung (0% rw, senior unsecured)
Issuer Rating: AAA (Fitch)
Size: €500m
Coupon: 3.125% fixed, annual, act/act ICMA, unadjusted following, 1st short
Settlement: 21-May-26 (T+5)
Maturity: 20-May-33 (7 years)
Reoffer: MS+18bp / 99.623 / 3.186%
Benchmark: +26.7bps vs DBR 2.3 15-Feb-33 TWIN (96.25)
Joint Leads: BayernLB, Deutsche Bank, LBBW, 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
Timing: Priced / TOE 12.50 CET / FTT immediately