Commentary & Deal Flow

Guidance: MS+17a

• Issuer: Federal State of Berlin (Land Berlin)
• LEI: 529900Y6Q7R44JF7XX56
• Ticker: BERGER
• Ratings: Aa1/AAA/AAA (Moody's/Fitch/Scope)
• Format: Landesschatzanweisung (0% rw)
• Ranking: Senior Unsecured
• Size: €500m (WNG)
• Settlement Date: 13-Jul-26 (T+5)
• Maturity Date: 22-Apr-33
• Guidance: MS+17 bps area
• ISIN: DE000A4DE9P1
• Coupon: 3.000%, Fixed, Annual
• Day Count Basis: ACT/ACT ICMA
• Governing Law: German
• Listing: Berlin
• Denominations: €1k+1k
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II /UK MiFIR (all channels for distribution of the bonds are appropriate).
• Fees: The banks will be paid a fee in relation to this transaction
• Lead Managers: BayernLB (B&D), Crédit Agricole CIB, Danske Bank, DZ BANK and Rabobank
• Timing: Books are open. Today’s business.
• Notes: Tap of the existing 3.000% 22-Apr-33 bond.