Commentary & Deal Flow

Launched: 10yr: €250m @ MS+31bp - Books above €760mn (incl. €165mn JLM)
Book Update: Orderbooks above €710m (incl. €150m JLM)
Guidance: 10yr: MS+37a

• Issuer: Landesbank Saar (Ticker: SAARLB)
• LEI: 52990050SU0S4QQ4Z793
• Expected Issue Rating: AAA (Fitch)
• Status: Public Sector Covered Bond (Oeffentlicher Pfandbrief)
• Format: Reg S, Bearer
• Issue Size: €250m
• Final Terms: Spread set at MS+31bp
• Settlement: 27-May-26 (T+5)
• Maturity: 27-May-36 (10 years)
• Coupon: Fixed, annual, act/act ICMA, unadjusted
• Denominations: €100,000 + €100,000
• Listing/Law: Frankfurt (Regulierter Markt) / German Law
• ISIN/WKN: DE000SLB4386 / SLB438
• Joint Bookrunners: DekaBank, DZ BANK, Erste Group (B&D), NORD/LB
• MIFID II: Manufacturer target market (MIFID II product governance) are eligible counterparties and professional clients only (all appropriate distribution channels).
• Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities.
• Books Subject: 11:15 CET
• Schedule: Allocations and pricing later today