Commentary & Deal Flow

Reoffer: 5yr: MS+13bp / 99.669 / 2.872%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 99.500% / B+26.4bp / HR 103%

• Issuer: Joint Länder #68 (Ticker: LANDER)
• Note: Evenly split among Mecklenburg Western-Pomerania, Rhineland-Palatinate and Schleswig-Holstein
• Ranking: Landesschatzanweisung (0% rw, senior unsecured)
• Format: Reg S, Bearer
• Expected Rating: AAA (Fitch)
• LEI: 5299003QUX4NBKKZRE63
• Size: €1bn
• Retention: €200m will be retained by the issuer
• Settlement: 09-Jul-26 (T+6)
• Maturity: 09-Jul-31 (5Y)
• Coupon: 2.800% fixed, annual, Act/Act ICMA
• Re-Offer: 99.669 px / 2.872% yld / MS+13 bps
• Benchmark: OBL 2.5 16-Apr-31 (@99.500%) + 26.4 bps, HR 103%
• Law/List/Denoms: German Law / Frankfurt and Hamburg / 1k
• 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
• Timing: TOE: 12:37 CET
• 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)