Commentary & Deal Flow

Reoffer: 5yr: MS+12bp / 100 / 3.125%
Benchmark: 5yr: OBL 2.9 31 #194 @ 100.138 / B+25.7bp

Final Books: In excess of €1.9bn (incl. €225m JLM). Peak book in excess of €1.9bn.

Spread set at: 5yr: MS+12bp - Books in excess of €1.9bn (incl. €200m JLM interest)
Book Update: Books > €1.4bn (inc €200m JLM)
Guidance: 5yr: MS+14a

• Issuer: Investitionsbank Berlin (IBB)
• LEI: 529900OBCZMX3TFA0673
• Issuer ratings: Aa1 / AAA (Stable) by Moody's and Fitch
• Guarantor: German Federal State of Berlin
• Format: Reg S Bearer (0% RW, Senior Unsecured, LCR Level 1)
• Size: €500m
• Coupon: 3.125% Fixed Rate, Annual, Act/Act (ICMA)
• Settlement: 20-Aug-26 (T+5)
• Maturity: 20-Aug-31
• ISIN: DE000A4DFVS1
• Spread: MS+12bps
• Reoffer: 100 / 3.125%
• Benchmark: +25.7 bps OBL 2.9 31 #194 (@ 100.138 / 2.868% / HR: 97%)
• Law/List/Denoms: German / Munich / €100k+100k
• Bookrunners: BayernLB, CACIB, DB (B&D), DZ, LBBW
• Target Market: The target market for the bonds is professional clients and eligible counterparties, each as defined in MiFID II.
• Fees: The lead managers will be paid a fee in connection to the transaction
• UoP: The proceed will be allocated to Eligible Social Projects as defined in the Social Bond Framework.
• Timing: Priced. TOE: 14:09 UKT / 15:09 CET | FTT immediately.
• Notes: The Social Bond Framework, the Second Party Opinion by ISS ESG and the Investor Presentation can be consulted on IBB's website:
  • English: https://www.ibb.de/en-ir
  • German: https://www.ibb.de/ir