Commentary & Deal Flow

Book Update: Orderbooks in excess of €1.6bn (incl. €375m JLM interest)

Guidance: 7yr: MS+18a

• Issuer: Federal State of Hesse
• Ticker: HESSEN
• Issuer Rating: AA+/AAA (S&P/Scope)
• Status: Landesschatzanweisung (Senior, Unsecured, Unsubordinated, RW 0%)
• Size: €1bn (WNG)
• Maturity: 06-Jul-33
• Settlement: 06-Jul-26 (T+7)
• Guidance: MS + 18bps area
• Coupon: fixed, p.a., act/act (ICMA), annually on July 6
• Law/List/Denoms: German / Frankfurt / 1k
• Joint Leads: Barclays, Commerzbank, Credit Agricole CIB, Danske Bank, DZ BANK, LBBW
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Target Market: Manufacturer target market (MiFID II product governance) is retail, eligible counterparties and professional clients (all distribution channels)
• ISIN/WKN/Series: DE000A1RQFG2 / A1RQFG / 2607
• Timing: Books are open. Today's business