Commentary & Deal Flow

Reoffer: 7yr: MS+17bp / 99.383 / 2.974%
Benchmark: 7yr: DBR 2.3 15-Feb-33 @ 97.61 / B+27.7 / HR 105%

Final Books: in excess of €1.95bn (incl. €375m JLM interest)

Launched: 7yr: €1bn @ MS+17bp - Orderbooks in excess of €1.75bn (incl. €375m JLM interest)
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+ (stable) S&P / AAA (stable) Scope
• Status: Landesschatzanweisung (Senior, Unsecured, Unsubordinated, RW 0%)
• Size: €1bn
• Maturity: 06-Jul-33
• Settlement: 06-Jul-26 (T+7)
• Reoffer: MS + 17bps / 99.383% / 2.974%
• Benchmark Reference: DBR 2.3 15-Feb-33 (DE000BU2Z007) +27.7bps (97.610% / 2.697% / HR 105%)
• Coupon: fixed 2.875% p.a., act/act (ICMA), annually on July 6
• Law/List/Denoms: German / Frankfurt / 1k
• Joint Leads: Barclays, Commerzbank (B&D), 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: PRICED. TOE 13:22 CET, FTT immediately