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by Anna Tkachenko

Jun 02, 2026 8:09 AM ET

PRICED: Federal State of Hesse €500m 7yr Sr Unsec FRN; 6mE+15bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Guidance	Spread	GDNC-PXD	ISIN
Federal State of Hesse	7yr	6mE	10-Jun-33	€500m	Sr Unsec	Floating	99.036	6mE+15a	6mE+15	0	DE000A1RQFF4

Reoffer: 7yr: 6mE+15bp / 99.036

Final Books: Above €820m (incl. €350m JLM)

Launched: 7yr: €500m @ 6mE+15bp - Books above €725m (incl. €350m JLM)
Guidance: 7yr: 6mE+15a

Issuer: Federal State of Hesse (Ticker: HESSEN)
BBG Ticker: HESSEN Govt
Issuer Rating: AA+ (stable) S&P / AAA (stable) Scope
Status: Senior, Unsecured, Unsubordinated, RW 0%
Size: €500m
Maturity: 10-Jun-33
Settlement: 10-Jun-26 (T+5)
Reoffer: 6mE+15 bps, 99.036
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: ToE 14:04 CET, FTT immediately