Commentary & Deal Flow

Books Update: Orderbooks in excess of €1.6bn (incl. €400m JLM interest)
Guidance: 15yr: MS+37a

• Issuer: Federal State of Baden-Wuerttemberg
• Ticker: BADWUR
• Format: Landesschatzanweisung (LCR 1, RW 0%) Unsecured / Reg S / Bearer
• Issuer Rating: Aaa/AA+/AAA (Moody's/S&P/Scope)
• Size: €1bn (no-grow)
• Coupon: Fixed, annual, ACT/ACT ICMA
• Maturity: 10-Jun-41 (15yr)
• Settlement: 10-Jun-26 (T+6)
• Guidance: MS+37 bps area
• Listing/Law/Denoms: Stuttgart / German / €1k+1k
• ISIN/WKN: DE000A3H26B2/ A3H26B
• Joint Leads: BNP Paribas, Commerzbank, Deutsche Bank (B&D), J.P. Morgan, LBBW, NORD/LB
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
• Timing: Books open for today's business