Commentary & Deal Flow

IPTs: 3yr: SOFR MS+29a

• Issuer: Landeskreditbank Baden-Wuerttemberg – Foerderbank (L-Bank)
• Guarantee: Explicitly and unconditionally guaranteed by the German Federal State of Baden-Wuerttemberg
• Format: Senior unsecured bearer notes, Reg S Bearer, TEFRA D (NO SALES INTO USA)
• Rating: Aaa/AA+/AAA (Moody's/S&P/Fitch)
• ESG Rating: AAA/Low Risk/Prime (MSCI/Sustainalytics/ISS ESG)
• Docs/List: DIP/German law/Lux
• Maturity: 30-Jul-29 (3Y)
• Settlement: 30-Jul-26 (T+6)
• Coupon: Fixed, Annual, 30/360
• Size: US$ Benchmark
• IPTs: SOFR MS (SA 30/360) + 29bps area (currently equiv. ~ CT3 +10bps)
• Leads: Barc / BMO / DB / RBC CM
• Denominations: $1k+$1k
• Timing: Taking IOIs, expect pricing tomorrow
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional investors
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus is available at: https://www.bourse.lu/issuer/LKrBkBadenWurtt/43647