Commentary & Deal Flow

Reoffer: 5yr: SOFR MS+34bp / 99.670 / 4.325%
Benchmark: 5yr: CT5 @ 99-22 / B+8.4bp / HR 101%

Final books closed in excess of US$5.3bn (excluding JLM interest)

Launched: 5yr: US$1.5bn @ SOFR MS+34bp - Books in excess of US$4.9bn (excluding JLM interest)
Guidance: 5yr: SOFR MS+35a - IOIs in excess US$3bn, excluding JLM
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 – All Stable)
• 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$1.5bn
• Maturity: 11-Jun-31 (5Y)
• Settlement: 11-Jun-26 (T+6)
• Coupon: 4.25% Fixed, Annual, 30/360
• Reoffer: SOFR MS (S/A, 30/360) +34bps / 99.670% / 4.325 ann% / 4.279 s.a%
• Benchmark: +8.4bps vs CT5 @ 99-22 HR 101%
• Docs: Issuer's Debt Issuance Programme
• Listing: Luxembourg Stock Exchange
• Denoms: US$200k + US$200k
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• ISIN: XS3402929528
• Bookrunners: BMO / CIBC / CITI (B&D) / DAIWA / Scotiabank
• Timing: Priced. TOE 15.18 LDN. FTT Immediately
• Target Mkt: Manufacturer target market ([UK MiFIR] / MiFID II product governance) is eligible counterparties and professional investors
• Advertisement: The Base Prospectus is available at: https://www.finanzverwaltung.nrw.de/system/files/media/document/file/nrw-dip-update-2025-alleviated-prospectus-final-submission-version.pdf