Commentary & Deal Flow

IPTs: 5yr: SOFR MS+37a

• Issuer: State of North Rhine-Westphalia (BBG Ticker: NRW)
• Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Status: Reg S bearer, Senior unsecured, 0% RW, TEFRA D Rules apply, no communications with or into the US or Canada (excluding Ontario)
• Size: US$ Benchmark
• Maturity: 11-Jun-31 (5Y)
• Settle: 11-Jun-26 (T+6)
• Coupon: Fixed, Annual, 30/360
• IPTs: SOFR MS (S/A, 30/360) +37bps area (currently equivalent to CT5 +11.7bps)
• Docs: Issuer's Debt Issuance Programme
• Listing: Luxembourg Stock Exchange
• Denominations: US$200k + US$200k
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Bookrunners: BMO / CIBC / Citi / Daiwa / Scotiabank
• Timing: Taking IOIs, expect tomorrow's business