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Commentary & Deal Flow

NEW ISSUE: State of Rhineland-Palatinate €500m (WNG) 2yr Sr Unsec; MS-2a

IGC European Market: Deal Flow - SSA

Issuer

Term

Maturity

Size

Ranking

Type

Guidance

ISIN

State of Rhineland-Palatinate

2yr

17-Jul-28

€500m (WNG)

Sr Unsec

Fixed

MS-2a

DE000RLP1692


Guidance: 2yr: MS-2a


  • Issuer: State of Rhineland-Palatinate
  • Ticker: RHIPAL
  • Format: Landesschatzanweisung (0% rw, senior unsecured)
  • Issuer Rating: AAA (Fitch, stable)
  • Size: €500mn WNG (incl. €100m retained by the issuer)
  • Coupon: fixed, annual, act/act ICMA, unadjusted following, first coupon date 15-Jul-27, last long coupon period
  • Settlement: 15-Jul-26 (T+4)
  • Maturity: 17-Jul-28 (2 years)
  • Joint Leads: DekaBank, LBBW (B&D)
  • Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
  • Denoms/Listing: German/Frankfurt/€1k+1k
  • ISIN/WKN: DE000RLP1692/ RLP169
  • Timing: Books open for today's business