Commentary & Deal Flow

IPTs: 3yr: SOFR MS+27a

• Issuer: NRW BANK
• LEI: 52990002O5KK6XOGJ020
• Guarantor: German Federal State of North Rhine-Westphalia
• Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
• Size: US$ Benchmark
• Format: Reg S only, Bearer, TEFRA D, No communication/sales with or into the US
• Settlement: 30-Jun-26 (T+5)
• Maturity: 29-Jun-29 (3 years)
• IPT: SOFR MS (SA, 30/360) +27bps area (currently equivalent to CT3+8.9bps)
• Coupon: Fixed, Annual, 30/360, short first to 29-Jun-27
• Listing/Law: Luxembourg/German
• Denominations: US$2k
• Docs: Issuer's Debt Issuance Programme (alleviated prospectus dated 30-Apr-26)
• Target Mkt: Retail, Eligible counterparties and professionals (all distribution channels, EU MiFID II)
• Fees: Joint Bookrunners will be paid a fee in connection to the transaction
• Bookrunners: Citi, Daiwa, RBC CM, Scotiabank
• Timing: Taking IOIs, expect tomorrow’s business