Commentary & Deal Flow

Reoffer: 3yr: MS+5bp / 99.858 / 2.8%
Benchmark: 3yr: OBL 2.10% 04-Dec-29 @ 98.749 / B+23.5 / HR 106%

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 by Fitch
• Exp. Issue Rating: AAA by Fitch
• Size: €250m
• Coupon: 2.75%, fixed rate, annual, act/act ICMA, short first
• Settlement: 24-Jun-26 (T+5)
• Maturity: 22-Jun-29 (3Y)
• Reoffer: MS+5 bps, 99.858%, yld 2.800%
• Benchmark: OBL 2.10% 04-Dec-29 (DE000BU25026) + 23.5 @ 98.749/ HR: 106%
• Law/List/Denoms: German / Frankfurt / 100k+100k
• ISIN: DE000A460NF8
• 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: PRICED, TOE: 11.55 CET, FTT: 12.10 CET