Commentary & Deal Flow

Reoffer: 3yr: SOFR MS+26bp / 99.791 / 4.326%
Benchmark: 3yr: T 4 1/8 15-Jun-29 @ 99-25 1/4 / +7.9bp / HR 102%

Final Books: In excess of US$1.8bn (excl. JLM)

Launched: 3yr: US$1bn @ SOFR MS+26bp - Books in excess of US$1.7bn (excluding JLM interest)
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$1bn
• 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)
• Coupon: 4.250% Fixed, Annual, 30/360, short first to 29-Jun-27
• Reoffer: 99.791 / 4.326% (ann.) / SOFR MS+26bp
• Benchmark: +7.9bps vs T 4 1/8 15-Jun-29 (CT3) @ 99-25 1/4 (4.201%) HR 102%
• ISIN: XS3426448992
• Listing/Law: Luxembourg/German
• Denominations: US$2k
• Docs: Issuer's Debt Issuance Programme
• 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: Priced - 15:11 LDN / 16:11 CET. FTT immediately.