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Commentary & Deal Flow

NEW ISSUE: NRW.BANK €1.5bn (no-grow) 7yr EuGB Sr Unsec; MS+21a

IGC European Market: Deal Flow - General

Issuer

Term

Maturity

Size

Ranking

Type

Guidance

ISIN

NRW.BANK

7yr

27-May-33

€1.5bn (no-grow)

Sr Unsec

Fixed

MS+21a

DE000NWB0B16


Guidance: 7yr: MS+21a

  • Issuer: NRW.BANK
  • Ticker: NRWBK
  • LEI: 52990002O5KK6XOGJ020
  • Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
  • ESG Rating: Prime (C) by ISS ESG
  • Guarantor: Federal State of North Rhine-Westphalia (NRW)
  • Status: Senior unsecured, RegS Bearer, 0% RW, HQLA/Level 1
  • ESG Format: European Green Bond (EuGB)
  • Size: €1.5bn (no-grow)
  • Coupon: Fixed, Act/Act (ICMA), first short coupon
  • Settlement: 28-May-26 (T+6)
  • Maturity: 27-May-33
  • Guidance: MS + 21 bps area
  • Docs/List/Denoms: DIP/DUS+LUX/1k
  • Fees: The Joint Bookrunners will be paid a fee in connection with the transaction
  • Target Market: (MiFID II Product Governance) Retail, Professional and Eligible Counterparties (all distribution channels)
  • UoP: An amount equivalent to the gross proceeds raised from an NRW.BANK European Green Bond (such as the Notes) will be allocated in full to financial assets refinancing environmentally sustainable economic activities pursuant to Article 3 of Regulation (EU) 2020/852 (Taxonomy Regulation) as further specified in the European Green Bond Factsheet of the Issuer dated April 2026.
  • ISIN: DE000NWB0B16
  • Bookrunners: DekaBank, DZ BANK, NatWest, Nordea
  • Timing: Books open, today's business