Commentary & Deal Flow

Reoffer: 15yr: SARON MS+30bp / 100 / 1.1275%

Spread set at: 15yr: SARON MS+30bp
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: 1.1275% p.a. (30/360, following unadj.)
• Settlement Date: 28-Aug-26
• Maturity Date: 28-Aug-41 (15 years)
• Spread/Yield: SARON MS +30.0 / YTM 1.1275% / Govt + 54.3
• Issue Price: 100
• ISIN / Valor: CH1597777692 / 159.777.769
• 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.