Commentary & Deal Flow

Guidance: 2yr: MS+0a

• Issuer: Federal State of Saxony-Anhalt (Sachsen-Anhalt)
• LEI: 529900LA98JTSA1MF831
• Issuer Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope)
• Format: Landesschatzanweisung (LCR 1, RW 0%) Unsecured / Reg S / Bearer
• Size: €500m (no-grow)
• Maturity: 26-May-28
• Settlement: 27-May-26 (T+5)
• Coupon: Fixed, annual, act/act ICMA, short first coupon
• Guidance: MS flat area
• Law: German Law
• Listing: Frankfurt
• Denominations: €1k
• Joint Leads: DZ BANK, Goldman Sachs Bank Europe SE, Helaba, and J.P. Morgan
• Target Market: The manufacturer target markets (MIFID II) is retail, eligible counterparties and professional clients (all distribution channels)
• ISIN/WKN: DE000A46ZYY5 / A46ZYY
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MiFID II)
• Timing: Books open, today's business