Commentary & Deal Flow

The Federal State of Saxony-Anhalt (Sachsen-Anhalt), rated Aa1/AAA/AAA (Moody's/Fitch/Scope), has mandated DekaBank as Sole Lead Manager for its debut EUR blockchain-based digital bond. The lead manager is available for meetings and calls on request while taking Indications of Interest (IOIs).

A €100m (Exp.) 2-year Senior Unsecured offering is expected to follow, with bookbuilding and pricing targeted for the week of 29th June, subject to market conditions.

• Issuer: Federal State of Saxony-Anhalt (Sachsen-Anhalt)
• Issuer Rating: Aa1/AAA/AAA (Moody’s/Fitch/Scope)
• Issue Type: Senior, Unsecured, Unsubordinated, Landesschatzanweisung (crypto security under German eWpG)
• Format: Standalone documentation, Bearer Bond
• Risk Weighting: 0%
• DLT/Network: The decentralised blockchain network SWIAT operated by SWIAT GmbH
• Size: €100m (Exp.)
• Maturity: 29-Jun-28 (2yr)
• Settlement: 29-Jun-26 (T+0)
• Coupon: Fixed, annual, act/act ICMA
• Reoffer: MS+ []bps (the number)
• Law/Denoms: German Law, €100k + €100k
• Sole Lead Manager: DekaBank
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels).
• ISIN/WKN/Series: DE000A460KG2 / A460KG / 40
• Timing: Taking IOIs, with bookbuilding / pricing / value date targeted for the week of 29th June, subject to market conditions.