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Commentary & Deal Flow

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by Anna Tkachenko

Jul 02, 2026 8:02 AM ET

PRICED: Wirtschafts- und Infrastrukturbank Hessen €500m 5yr Sr Unsec; MS+15bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Wirtschafts- und Infrastrukturbank Hessen	5yr	2.875%	09-Jul-31	€500m	Sr Unsec	Fixed	99.757	2.928%	MS+16a	MS+15	-1

Reoffer: 5yr: MS+15bp / 99.757 / 2.928%
Benchmark: 5yr: OBL 2.5% 04-Apr-31 @ 99.365 / B+28.9bp (HR 104%)

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: 2.875% fixed, annual, Act/Act ICMA
Maturity: 09-Jul-31
Settlement: 09-Jul-26 (T+5)
Reoffer: 2.928% / MS+15 bps / 99.757%
Benchmark: OBL 2.5% 04-Apr-31, +28.9 bps @ spot 99.365% (HR 104%)
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
Target Market: Eligible counterparties and professional clients only, each as defined in MiFID II (all channels for distribution of the Bonds are appropriate).
Timing: Priced, TOE 13:54 CET / FTT 14:15 CET