Commentary & Deal Flow

Final Books €1.15bn+ (incl. €300m JLM). Peak book above €1.9bn (incl. €400m JLM)

Launched: 15yr: €1bn @ MS+35bp - Books above €1.9bn (incl. €400m JLM)
Spread set at: 15yr: MS+35bp - Books above €1.9bn (incl. €400m JLM)
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
• Coupon: Fixed, annual, ACT/ACT ICMA
• Maturity: 10-Jun-41 (15yr)
• Settlement: 10-Jun-26 (T+6)
• Guidance: MS+37a
• Benchmark: DBR 2.6 15-May-41 TWIN, HR: 104%
• Hedge Deadline: 12:30 CET / 11.30 UKT
• 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. Books to close at 11:15 CET/ 10:15 UKT. Allocations and Pricing later today.