Commentary & Deal Flow

Guidance: 7yr: 6mE+15a

• Issuer: Federal State of Hesse (Ticker: HESSEN)
• Issuer Rating: AA+ (stable) S&P / AAA (stable) Scope
• Status: Senior, Unsecured, Unsubordinated, RW 0%
• Size: €500m (WNG)
• Maturity: 10-Jun-33
• Settlement: 10-Jun-26 (T+5)
• Guidance: 6mE+15 bps area
• Coupon: 6mE flat, semi annual, act/360 (mod. following, adjusted)
• Interest Payment Dates: Semi annual payments on 10 June, 10 December, from and including 10-Dec-26 to (and including) the maturity date, subject to adjustment in accordance with the Business Day.
• Law/List/Denoms: German / Frankfurt / 1k
• Joint Leads: BayernLB, DekaBank (B&D), DZ BANK, Helaba, NORD/LB
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Target Market: Manufacturer target market (MiFID II product governance) is retail, eligible counterparties and professional clients (all distribution channels)
• ISIN/WKN/Series: DE000A1RQFF4 / A1RQFF / 2606
• Timing: Books are open. Today's business