Commentary & Deal Flow

Launched: 3yr: €250m @ MS+5bp - Books subject 10.10 UKT / 11.10 CET
Guidance: 3yr: MS+5a

• Issuer: Investitionsbank des Landes Brandenburg
• Ticker: ILBB
• LEI: 5299009T1JIGA56W7T95
• Guarantor: Federal State of Brandenburg (rated Aaa by Moody's)
• Format: Reg S Bearer (0% rw, senior unsecured, LCR Level 1)
• Selling restrictions: Selling restrictions apply to the US and Japan
• Issuer Rating: AAA (Fitch)
• Exp. Issue Rating: AAA (Fitch)
• Size: €250m
• Coupon: Fixed rate, annual, act/act ICMA, short first
• Settlement: 24-Jun-26 (T+5)
• Maturity: 22-Jun-29 (3Y)
• Law/List/Denoms: German / Frankfurt / 100k+100k
• ISIN: DE000A460NF8
• Reference Benchmark: OBL 2.10% 04-Dec-29 (HR: 106%)
• Hedge Deadline: 10.35 UKT / 11.35 CET
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Joint Leads: DZ BANK, Helaba, LBBW (B&D), Nordea and NORD/LB
• 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: Allocations available. Pricing later today.