Commentary & Deal Flow

Final Books in excess of €38bn (incl. €3.35bn JLM interest)

Launched: 30yr: €4bn @ DBR+0.4bp - Books closed in excess of €38bn (incl. €3.35bn JLM interest)
Book Update: Books in excess of €32bn (incl. €3.35bn JLM interest) - Books subject at 09:45 CET / 10:45 UKT
Spread set at: 30yr: DBR+0.4bp

• Issuer: Federal Republic of Germany
• Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch) (stab/stab/stab)
• Format: Reg S only, Bearer in dematerialised format (German Law), CAC
• Selling Restrictions: United States (or to US persons within the meaning of the US Securities Act 1933 – Reg S category 1 only, TEFRA not applicable), Australia or any other jurisdiction in which such offer or solicitation would be unlawful
• Maturity: 25-Aug-56
• Tap Size: €4bn
• Retention: No retention
• Current O/S: €29.5bn
• Coupon: 2.9% Fixed, Ann. Act/Act
• Final Spread Set: +0.4bp the number vs. DBR 2.5% 15-Aug-54 (DE000BU2D004) - MID
• Reference Gilt: DBR 2.5% 15-Aug-54 (DE000BU2D004)
• Hedge Ratio: 109%
• Hedge Deadline: 11:45 UKT / 12:45 CET
• Settlement: 25-Aug-26 (T+5)
• Listing: All domestic Exchanges
• Law: German Law
• Denoms: €0.01
• Target Market: (MIFID II/UK MIFIR) Eligible, professional and retail counterparties (all distribution channels)
• Docs: Stand alone issue. Only terms and conditions document. No prospectus or any other formal offering document will be produced to allow for the offering of the Bonds in any jurisdiction. The terms and conditions document of the Bonds are published in the Federal Gazette (Bundesanzeiger) and will be made available on http://www.deutsche-finanzagentur.de
• Fees: The Bookrunners will be paid a fee in connection to the transaction
• ISIN: DE000BU2D012
• Bookrunners: Barclays / BNP / Citi (B&D/DM) / DB / JPM / NatWest
• Timing: Books open / Today's business