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Commentary & Deal Flow

by Oleksandr Vynychuk

Jul 09, 2026 4:06 AM ET

UPDATE (BOOKS): 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

Book Update: Books above €575mn (excl JLM interest)
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