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Commentary & Deal Flow

by Anna Tkachenko

Jul 09, 2026 8:52 AM ET

PRICED: State of Rhineland-Palatinate €500m 2yr Sr Unsec; MS-2bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
State of Rhineland-Palatinate	2yr	2.750%	17-Jul-28	€500m	Sr Unsec	Fixed	99.829	2.839%	MS-2a	MS-2	0

Reoffer: 2yr: MS-2bp / 99.829 / 2.839%
Benchmark: 2yr: BKO 2.5 14-Jun-28 @ 99.69% / B+17.7bp / HR 104%

Final Books: Above €850mn (excl JLM interest)

Launched: 2yr: €500m @ MS-2bp - Books above €725mn (excl JLM interest)
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 (incl. €100m retained by the issuer)
Coupon: 2.750% 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)
Reoffer: MS-2bp / 99.829% / 2.839%
Benchmark: BKO 2.5 14-Jun-28 / + 17.7bps @ 99.69%, HR 104%
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: PRICED, ToE 14.40 CET / FTT 15.00 CET