Commentary & Deal Flow

Spread set at: 7yr: MS+16bp - Books above €4.4bn (incl. €150m JLM)
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)
• Books subject at: 10:00 UKT / 11:00 CET
• Listing/Law/Denominations: Düsseldorf / German / €1k+1k
• ISIN: DE000NRW0QR6
• WKN: NRW0QR
• Joint Bookrunners: Commerzbank, Natixis, Nordea, Santander (B&D/DM) 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