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Free Hanseatic City of Bremen

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Free Hanseatic City of Bremen

by Anna Tkachenko

Jun 10, 2026 6:22 AM ET

PRICED: Free Hanseatic City of Bremen €500mn 10yr Sr Unsec; MS+24bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Free Hanseatic City of Bremen	10yr	3.25%	17-Jun-36	€500mn	Sr Unsec	Fixed	99.212	3.344%	MS+24a	MS+24	0

Reoffer: 10yr: MS+24bp / 99.212 / 3.344%
Benchmark: DBR 2.9 15-Feb-36 @ 98.660% / B+28.4 / HR 101.7%

Final Books: above €590mn (incl. €175mn JLM)
Launched: 10yr: €500mn @ MS+24bp - Books above €580mn (incl. €175mn JLM)
Guidance: 10yr: MS+24a

Issuer: Free Hanseatic City of Bremen
Ticker: BREMEN Govt
Format: Landesschatzanweisung (0% rw, senior unsecured)
Issuer Rating: AAA (Fitch)
Size: €500mn
Settlement: 17-Jun-26 (T+5)
Maturity: 17-Jun-36
Coupon: 3.25% fixed, annual, ACT/ACT ICMA, annually on June 17
Re-Offer: 99.212% px / 3.344% yld / MS+24 bps
Benchmark: DBR 2.9 15-Feb-36 (@98.660%) + 28.4 bps, HR 101.7%
Law/List/Denoms: German Law / Hamburg / €1k+1k
Target market: Eligible counterparties, professional clients and retail clients each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
Fees: The banks will be paid a fee in relation to this transaction
ISIN/WKN/Series: DE000A5ENMT7 / A5ENMT / 282
Joint Leads: DekaBank, DZ BANK (B&D), Erste Group, Helaba, Rabobank
Timing: TOE: 12:15 CET / FTT: 12:25 CET