Commentary & Deal Flow

Final Books above €920mn (incl. €135m JLM)

Launched: 5yr: €500m @ MS+15bp - Books above €710m (incl. €135m JLM)
Book Update: Books above €660m (incl. €135m JLM)
Guidance: 5yr: MS+16a

• Issuer: Wirtschafts- und Infrastrukturbank Hessen (WIBANK)
• Guarantor: Explicitly, irrevocably and unconditionally guaranteed by the Federal State of of Hesse (AA+ by S&P)
• Format: Senior Unsecured, 0% rw, ECB and PSPP eligible, LCR Level 1
• Issuer Rating: AA+ (stable) by S&P
• Size: €500m
• Coupon: Fixed rate, annual, Act/Act ICMA
• Maturity: 09-Jul-31
• Settlement: 09-Jul-26 (T+5)
• Benchmark: OBL 2.5% 04-Apr-31, HR 104%
• Hedge Deadline: 13.45 CET
• Listing/Law/Denoms: Frankfurt / German Law / €100k+100k
• Docs: Stand alone
• ISIN: DE000A3SJZ92
• Joint Leads: BayernLB, Commerzbank, Helaba (B&D), NORD/LB, Raiffeisen Bank International
• Fees: The Joint Lead Managers will be paid a fee in connection with the transaction.
• Target Market: Eligible counterparties and professional clients only, each as defined in MiFID II (all channels for distribution of the Bonds are appropriate).
• Timing: Books open, today's business. Books to close at 12:00 CET. Allocation and Pricing later today.