Commentary & Deal Flow

The German State of North Rhine-Westphalia (Land NRW), rated Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope), has mandated Commerzbank, Natixis, Nordea, Santander and UniCredit to lead manage its new 7-year EUR Reg S Bearer benchmark transaction maturing 26-Aug-33.

The deal is expected to be launched in the near future, subject to market conditions.

• Joint Bookrunners: Commerzbank, Natixis, Nordea, Santander and UniCredit
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate).
• Stabilisation: ICMA/FCA stabilisation applies.