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Commentary & Deal Flow

by Jp Albin

Aug 19, 2026 2:54 AM ET

NEW ISSUE: Federal State of North Rhine-Westphalia € bmk 7yr Sr Unsec; MS+18a

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance
Federal State of North Rhine-Westphalia	7yr	26-Aug-33	bmk	Sr Unsec	Fixed	MS+18a

Guidance: 7yr: MS+18a

Issuer: Federal State of North Rhine-Westphalia
Ticker: NRW Govt
Format: Senior unsecured, Reg S Bearer, 0% RW, HQLA/Level 1
Issuer Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
Size: € Benchmark
Coupon: Fixed, annual, ACT/ACT ICMA
Maturity: 26-Aug-33 (7yr)
Settlement: 26-Aug-26 (T+5)
Guidance: MS+18 bps area
Listing/Law/Denominations: Düsseldorf / German / €1k+1k
ISIN: DE000NRW0QR6
WKN: NRW0QR
Joint Bookrunners: Commerzbank, Natixis, Nordea, Santander and UniCredit
Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
Timing: Books open for today's business
Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFID II