Commentary & Deal Flow

Reoffer: 10yr: MS+29bp / 99.874 / 3.265%
Benchmark: 10yr: DBR 2.9% 15-Feb-36 @ 99.79 / B+33.9bp (HR: 101%)

Final Books: €700m (incl. €120m JLM interest). Peak book above €760m.

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
• Size: €500m
• Coupon: 3.250%, Fixed rate, annual, act/act ICMA
• Maturity: 23-Jun-36 (10yrs)
• Settlement: 23-Jun-26 (T+5)
• Reoffer: MS+29bp, 99.874%, yld 3.265%
• Benchmark: +33.9 bps vs. DBR 2.9% 15-Feb-36 @ 99.79 (HR: 101%)
• Law/List/Denoms: German / Hamburg / 100k+100k
• ISIN / WKN: DE000A460KN8 / A460KN
• Joint Leads: BayernLB, Commerzbank, Deutsche Bank, DZ BANK (B&D) 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: PRICED, TOE: 12:38 UKT, 13:38 CET / FTT: 12:50 UKT, 13:50 CET