Commentary & Deal Flow

Joint Länder #68 (Evenly split among Mecklenburg Western-Pomerania, Rhineland-Palatinate and Schleswig-Holstein), rated AAA by Fitch, has mandated Commerzbank, DekaBank, HSBC, LBBW and TD Securities to lead manage its upcoming 5yr €1bn (no-grow) fixed rate Landesschatzanweisung. Launch and pricing is expected in the near future, subject to market conditions. A certain amount of the issue will be retained by the issuer.

• Target Market: The manufacturer target market (MiFID II / UK MiFIR) as assessed by the lead managers is retail, eligible counterparties and professionals (all distribution channels).