Commentary & Deal Flow

Reoffer: 2yr: MS+2bp / 99.775 / 2.742%
Benchmark: 2yr: BKO 2.5% Jun-28 @ 99.94% / B+21.5bp / HR 101%

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: 2.625% Fixed, annual, act/act ICMA
• Reoffer: MS+2bp / 2.742% / 99.775
• Benchmark: BKO 2.5% Jun-28 (99.940%) +21.5bps, HR 101%
• Law/Denoms: German Law, €100,000 + €100,000
• Sole Lead Manager: DekaBank
• Fees: The Bookrunner will be paid a fee in connection to the transaction (MIFID II)
• 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: Priced, TOE: 11:14 CET, FTT: 11:30 CET