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Commentary & Deal Flow

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by Jp Albin

Jun 23, 2026 3:01 AM ET

GUIDANCE: NRW BANK US$ bmk 3yr Sr Unsec; SOFR MS+27a

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	IPT	Guidance
NRW BANK	3yr	29-Jun-29	bmk	Sr Unsec	Fixed	SOFR MS+27a	SOFR MS+27a

Guidance: 3yr: SOFR MS+27a - IOIs in excess of US$1.2bn (excl. JLM interest)

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)
Guidance: SOFR MS (SA, 30/360) +27bps area (currently equivalent to CT3+9.0bps)
Coupon: TBD, 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: Books open, today’s business