Commentary & Deal Flow

Launched: 10yr: €500m @ MS+29bp - Books above €760m (incl. €120m JLM interest)
Book Update: Books above €620m (incl. €95m JLM interest)
Guidance: 10yr: MS+30a

• Issuer: Investitions- und Strukturbank Rheinland-Pfalz
• Ticker: ISBRLP
• LEI: 529900WNKTQZFYP0SH73
• Guarantor: Federal State of Rhineland-Palatinate (rated AAA by Fitch)
• Format: Reg S Bearer (0% rw, senior unsecured, LCR Level 1)
• Issuer Rating: AAA by Fitch
• Issue size: €500m
• Coupon: Fixed rate, annual, act/act ICMA
• Maturity: 23-Jun-36 (10yrs)
• Settlement: 23-Jun-26 (T+5)
• Law/List/Denoms: German / Hamburg / €100k+€100k
• ISIN / WKN: DE000A460KN8 / A460KN
• Joint Leads: BayernLB, Commerzbank, Deutsche Bank, DZ BANK and LBBW
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Target market: The target market for the bonds is professional and eligible counterparties, each as defined in MiFID II (Distribution channel: Non-advised services, execution-only).
• Timing: Books open, today's business
• Books Close: 11:00 UKT / 12:00 CET