Commentary & Deal Flow

Benchmark: OBL 2.5% Apr-31 / HR 103%

Launched: 5yr: €1bn @ MS+13bp
Guidance: 5yr: MS+13a

• Issuer: Joint Länder #68 (Ticker: LANDER) (Evenly split among Mecklenburg-Western Pomerania, Rhineland-Palatinate and Schleswig-Holstein)
• LEI: 5299003QUX4NBKKZRE63
• Expected Issue Ratings: AAA (Fitch)
• Format: Landesschatzanweisung (0% rw, senior unsecured), Reg S, Bearer
• Size: €1bn (including €200m retained by the issuer)
• Settlement Date: 09-Jul-26 (T+6)
• Maturity Date: 09-Jul-31 (5Y)
• Coupon: TBD, annual, Act/Act ICMA
• Governing Law: German Law
• Listing: Frankfurt and Hamburg
• Denominations: €1,000
• ISIN / WKN: DE000A460KL2 / A460KL2
• Bookrunners: Commerzbank, DekaBank, HSBC, LBBW (B&D), TD Securities
• Fees: The banks will be paid a fee in relation to this transaction
• Hedge Deadline: 12:10 CET
• Timing: Books open for today's business, will close at 11:15 CET. Allocation and pricing to follow.
• Target Market: Manufacturer target markets (MIFID II product governance and/or UK MiFIR product governance) as assessed by the bookrunners are eligible counterparties, retail and professional clients (all distribution channels)