Commentary & Deal Flow

IPTs: 15yr: SARON MS+28/30bp

• Issuer: Land Sachsen-Anhalt (Ticker: SACHAN)
• Issuer Domicile: Germany
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior unsecured
• Issuer Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope)
• Expected Issue Ratings: Aa1/AAA/AAA (Moody's/Fitch/Scope)
• Size: CHF 100m
• Coupon: 1.130% p.a. (indicative, will price at par) (30/360, following unadj.)
• Maturity: 15 years (28-Aug-26 to 28-Aug-41)
• IPTs: SARON MS +28.0 / 30.0 // YTM 1.130% / 1.150% // Govt + 54.5 / 56.5
• Lead Managers: Deutsche Bank, BNP Paribas
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
• Documentation: Alleviated Base Prospectus dated 6-Mar-26, relating to the issuer debt issuance programme
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: German law
• Covenants: PP
• Listing: 26-Aug-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: In particular USA, U.S. persons, the European Economic Area, the United Kingdom, Germany, Luxembourg and Japan, in each case as further described in the Alleviated Base Prospectus.
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Timing: Today's business, books can close at short notice