Commentary & Deal Flow

Launched: 2yr: €100m @ MS+2bp

• Issuer: Federal State of Saxony-Anhalt (Sachsen-Anhalt)
• Issuer Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope)
• Issue Type: Senior, Unsecured, Unsubordinated, Landesschatzanweisung (crypto security under German eWpG)
• Format: Standalone documentation, Bearer Bond
• Risk Weighting: 0%
• DLT/Network: The decentralised blockchain network SWIAT operated by SWIAT GmbH
• Size: €100m
• Maturity: 29-Jun-28 (2yr)
• Settlement: 29-Jun-26 (T+0)
• Coupon: Fixed, annual, act/act ICMA
• Reoffer: MS+2bp
• Benchmark: BKO 2.5% Jun-28 / HR 101%
  Hedge Deadline: 10:45 CET
• Law/Denoms: German Law, €100,000 + €100,000
• Sole Lead Manager (B&D): DekaBank
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels).
• ISIN/WKN/Series: DE000A460KG2 / A460KG / 40
• Timing: Books open until 10:00 CET today.