Commentary & Deal Flow

Final Books in excess of US$2bn (excl. JLM). Peak book in excess of US$2.2bn (incl. US$50m JLM interest)

Launched: 3yr: US$1.5bn @ SOFR MS+27bp - Books closed in excess of US$2bn (excl. JLM)
Book Update: Books in excess of US$2.2bn (incl. US$50m JLM interest)
Spread set at: 3yr: SOFR MS+27bp - IOIs in excess of US$1.3bn (excl. JLM)
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$1.5bn
• ISIN: XS3455113186
• Reference Benchmark: CT3 4.125% 15-Jul-29 (HR 102%)
• Leads: Barc / BMO / DB (DM/B&D) / RBC CM
• Denominations: US$1k+US$1k
• Schedule: Today's business
• Books Subject: Global books to close at 13.30 LDN / 14.30 CET / 8.30 NY
• Hedge Deadline: 14:45 LDN / 15:45 CET / 09:45 ET
• 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