Commentary & Deal Flow

Reoffer: 2yr: MS-1bp / 99.906 / 2.924%
Benchmark: 2yr: BKO 2.1% Mar-28 @ 98.90 / B+20.1bp / HR 110%

Final Books in excess of €1bn (incl. €200m JLM)

Launched: 2yr: €500m @ MS-1bp - Books in excess of €1bn (incl. €200m JLM)
Guidance: 2yr: MS+0a

• Issuer: Federal State of Saxony-Anhalt (Sachsen-Anhalt)
• LEI: 529900LA98JTSA1MF831
• Issuer Ratings: Aa1/AAA/AAA (Moody’s/Fitch/Scope)
• Format: Landesschatzanweisung (LCR 1, RW 0%) Unsecured / Reg S / Bearer
• Size: €500m
• Settlements: 27-May-26 (T+6)
• Maturity: 26-May-28
• Coupon: 2.875% Annual, Act/Act ICMA, short first coupon
• Yield: 2.924%
• Price: 99.906%
• Spread: MS -1bp
• Benchmark: BKO 2.1% Mar-28 @ 98.90 / B+20.1bp / HR 110%
• Law/List/Denoms: German Law/ Frankfurt / 1k
• Joint Leads: DZ BANK (B&D), 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/Series: DE000A46ZYY5 / A46ZYY / Series 39
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MiFID II)
• Timing: Priced. TOE: 12:51 UKT / 13:51 CET | FTT immediately