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Commentary & Deal Flow

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Landesbank Saar (SaarLB)

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Landesbank Saar (SaarLB)

by Anna Tkachenko

May 19, 2026 7:19 AM ET

PRICED: Landesbank Saar €250m 10yr CB; MS+31bp

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Landesbank Saar	10yr	3.5%	27-May-36	€250m	CB	Fixed	99.95	3.506%	MS+37a	MS+31	-6

Reoffer: 10yr: MS+31bp / 99.95 / 3.506%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 97.793% / B+34.1bp / HR 102%

Final Books €750mn+ (incl. €165mn JLM). Peak book above €760mn

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
Exp. Issue Rating: AAA (Fitch)
Status: Public Sector Covered Bond (Oeffentlicher Pfandbrief)
Format: Reg S, Bearer
Issue Size: €250m
Settlement: 27-May-26 (T+5)
Maturity: 27-May-36 (10 years)
Coupon: 3.500%, annual, act/act ICMA, unadjusted
ReOffer: MS+31bp / 99.95% / 3.506% Yield
Benchmark: DBR 2.9 15-Feb-36 (ISIN: DE000BU2Z064)+ 34.1bps @97.793%, HR 102%
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) and 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.
Timing: Priced, TOE: 12:52 CET, FTT: 13:10 CET